Press Release

Press Release

May 07, 2026

LIGARE AVIATION LIMITED
Rating Downgraded, Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	53.90	ACUITE C \| Reaffirmed \| Issuer not co-operating*	-	RBI
Bank Loan Ratings	0.00	94.99	ACUITE D \| Downgraded \| Issuer not co-operating*	-	RBI
Bank Loan Ratings	0.00	219.44	ACUITE D \| Reaffirmed \| Issuer not co-operating*	-	RBI
Bank Loan Ratings	0.00	40.00	-	ACUITE D \| Reaffirmed \| Issuer not co-operating*	RBI
Total Outstanding	0.00	408.33	-	-	-
Total Withdrawn	0.00	0.00	-	-	-
* The issuer did not co-operate; based on best available information.

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

Acuité has downgraded its long-term rating to ‘ACUITE D’ (read as ACUITE D) from ‘ACUITE C’ (read as ACUITE C) on the Rs. 94.99 Cr. bank facilities of Ligare Aviation Limited.

Acuité has reaffirmed the long-term and short-term rating of 'ACUITE D' (read as ACUITE D) on the Rs. 259.44 Cr. bank facilities of Ligare Aviation Limited.

Acuité has also reaffirmed the long-term rating of ‘ACUITE C’ (read as ACUITE C) on the Rs. 53.90 Cr. proposed bank facilities of Ligare Aviation Limited.

The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.

Rationale for Downgrade:

The downgrade is based on the Publicly available information, owing to delays in servicing the debt obligations by Ligare Aviation Limited (LAL).

About the Company

Delhi based, Ligare Aviation Limited (LAL) incorporated in 1996 provides non-scheduled charter services. The erstwhile Religare Aviation Limited was changed to LAL in 2012. The present promoters of the company are Mr. Rahul Kwatra, Ms. Shivangi Singh, Ms. Reena, Mr. Gopinath Mohan Gopakumar and Ms. Shrestha Dev Burman.

Unsupported Rating

Not Applicable

Non-cooperation by the issuer/borrower:

Acuité has been requesting for information and clarifications from the rated entity regarding the material event. However, the issuer/borrower failed to communicate and furnish such information before the due date. Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

Limitation regarding information availability

This rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower) . Acuite endeavoured to gather information about the entity/industry from the public domain. Any rating with the suffix 'Issuer not cooperating' is assigned without any management interaction with the issuer entity or any data / information from the entity. Sometimes this non co-operation by a rated entity may be due to a result of deterioration in the credit risk profile of the entity. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

Rating Sensitivity

Potential triggers (individual or collective) for an upward rating action:

No information provided by the issuer / available for Acuite to comment upon

Potential triggers (individual or collective) for a downward rating action:

Not Applicable

Liquidity Position

No information provided by the issuer / available for Acuite to comment upon

Outlook: Not Applicable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 17 (Actual)	FY 16 (Actual)
Operating Income	Rs. Cr.	25.42	22.73
PAT	Rs. Cr.	(116.30)	(187.29)
PAT Margin	(%)	(457.51)	(823.96)
Total Debt/Tangible Net Worth	Times	(2.42)	(4.96)
PBDIT/Interest	Times	(0.70)	(2.48)

Status of non-cooperation with previous CRA

Not Applicable

Any other information

None

Applicable Criteria

• Service Sector: https://www.acuite.in/view-rating-criteria-50.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on complexity levels of the rated instrument

In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
16 Sep 2025	Term Loan	Long Term	75.00	ACUITE C (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	5.00	ACUITE C (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	14.99	ACUITE C (Reaffirmed & Issuer not co-operating*)
	Proposed Term Loan	Long Term	53.90	ACUITE C (Reaffirmed & Issuer not co-operating*)
	Bank Guarantee (BLR)	Short Term	40.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	69.44	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	150.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
18 Jun 2024	Cash Credit	Long Term	5.00	ACUITE C (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	75.00	ACUITE C (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	14.99	ACUITE C (Reaffirmed & Issuer not co-operating*)
	Proposed Term Loan	Long Term	53.90	ACUITE C (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	150.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Bank Guarantee (BLR)	Short Term	40.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	69.44	ACUITE D (Reaffirmed & Issuer not co-operating*)
21 Mar 2023	Cash Credit	Long Term	5.00	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B-)
	Term Loan	Long Term	75.00	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B-)
	Term Loan	Long Term	14.99	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B-)
	Proposed Term Loan	Long Term	53.90	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B-)
	Term Loan	Long Term	150.00	ACUITE D (Downgraded & Issuer not co-operating* from ACUITE B-)
	Bank Guarantee (BLR)	Short Term	40.00	ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A4)
	Term Loan	Long Term	69.44	ACUITE D (Downgraded & Issuer not co-operating* from ACUITE B-)
* The issuer did not co-operate; based on best available information.

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
YES BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	40.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
RBL Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE D \| Downgraded \| Issuer not co-operating* ( from ACUITE C )
Not Applicable	Not avl. / Not appl.	Proposed Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	53.90	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
YES BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	150.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
YES BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	69.44	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
AXIS BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	75.00	Simple	ACUITE D \| Downgraded \| Issuer not co-operating* ( from ACUITE C )
RBL Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	14.99	Simple	ACUITE D \| Downgraded \| Issuer not co-operating* ( from ACUITE C )

* The issuer did not co-operate; based on best available information.

Disclosure of list of non-cooperative issuers

• Listed :- https://www.acuite.in/Non-Cooperative_Issuer_Listed.php
• Unlisted :- https://www.acuite.in/Non-Cooperative_Issuer_Unlisted.php

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Sahil Sawant
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:
A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	SEBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11	Fixed Deposits raised by NBFCs, Banks, HFCs, FIs	RBI
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts	SEBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs)	RBI
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁴ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁶	Not applicable

⁶ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.