Bharat Heavy Electricals financials and balance sheet

NSE: BHELBSE: 500103Electrical EquipmentLarge Cap

₹387.50₹11.40 (2.86%)BSE ₹387.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹398.90.

52-week range of traded prices to 23 Oct 2026

₹229.54Low, 24 Oct 2025₹464.00High, 14 Oct 2026

Market cap: ₹1,34,930 Cr98th largest listed
P/E: 46.9
P/B: 5.0
Dividend yield: 0.36%
ROE: 11.3%
ROCE: 10.7%
Debt to equity: 0.23
Volume, NSE: 1,45,64,34737.0% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Bharat Heavy Electricals annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 2 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out.

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue33,782
Materials and goods−22,983
Employee costs−6,468
Other expenses−1,989
Operating profit2,342
Depreciation−316
Other income+808
One-off items0.0
Finance costs−756
Profit before tax2,078
Tax−538
Joint ventures+61
Net profit1,600

What the company owns

Plant, investments and other assets₹44,188 Cr
Inventory₹13,335 Cr
Cash and bank₹11,867 Cr
Receivables₹6,796 Cr

What pays for it: net worth and liabilities

Other liabilities₹31,360 Cr
Net worth₹26,147 Cr
Owed to suppliers₹10,492 Cr
Borrowings₹8,187 Cr

Bharat Heavy Electricals business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Bharat Heavy Electricals segment results by quarter

Revenue by segment

₹33,782 CrTotal

Power₹25,407 Cr75.2% of total
Industry₹8,375 Cr24.8% of total

Profit by segment

Power₹2,451 Cr59.3% of total
Industry₹1,684 Cr40.7% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Power
Revenue, ₹ crore
23,405
14,960
11,386
15,361
17,499
17,710
20,937
25,407
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2,812
804
−1,246
1,949
1,400
1,657
1,216
2,451
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Industry
Revenue, ₹ crore
5,944
5,534
4,910
4,792
4,637
5,211
7,402
8,375
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
437
−211
−857
−41
433
137
1,262
1,684
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	29,349	20,495	16,296	20,153	22,136	22,921	28,339	33,782
Company revenue, as in its results	30,349	21,490	17,309	21,211	23,365	23,893	28,339	33,782
Revenue	23,405	14,960	11,386	15,361	17,499	17,710	20,937	25,407
Revenue growth	–	−36.1%	−23.9%	34.9%	13.9%	1.2%	18.2%	21.3%
Profit	2,812	804	−1,246	1,949	1,400	1,657	1,216	2,451
Profit growth	–	−71.4%	–	–	−28.2%	18.3%	−26.6%	101.6%
Margin	12.0%	5.4%	−10.9%	12.7%	8.0%	9.4%	5.8%	9.6%
Return on capital	13.8%	4.0%	−7.4%	11.4%	7.7%	8.8%	7.4%	14.7%
Assets	45,186	42,665	35,955	37,196	40,666	39,562	45,455	49,209
Liabilities	24,824	22,386	19,222	20,096	22,367	20,671	29,076	32,518
Capital employed	20,362	20,279	16,733	17,100	18,300	18,891	16,379	16,691
Revenue	5,944	5,534	4,910	4,792	4,637	5,211	7,402	8,375
Revenue growth	–	−6.9%	−11.3%	−2.4%	−3.2%	12.4%	42.1%	13.1%
Profit	437	−211	−857	−41	433	137	1,262	1,684
Profit growth	–	–	–	–	–	−68.3%	821.0%	33.4%
Margin	7.4%	−3.8%	−17.4%	−0.9%	9.3%	2.6%	17.1%	20.1%
Return on capital	10.6%	−4.5%	−21.7%	−1.2%	14.0%	5.9%	57.2%	60.0%
Assets	9,372	9,463	8,442	8,194	8,235	8,418	9,241	10,542
Liabilities	5,252	4,800	4,493	4,754	5,141	6,081	7,034	7,735
Capital employed	4,121	4,663	3,949	3,440	3,094	2,337	2,206	2,807

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Bharat Heavy Electricals quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 13 Jun	Mar 2021Filed 11 Jun	Mar 2022Filed 23 May	Mar 2023Filed 26 May	Mar 2024Filed 22 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May
Revenue from operations	29,507	29,075	30,349	21,490	17,309	21,211	23,365	23,893	28,339	33,782
	28,410	27,105	28,207	21,727	20,450	20,476	22,648	23,280	27,098	31,440
Materials and goods bought	17,133	–	17,764	13,713	11,582	14,522	15,897	16,807	18,845	22,983
Employee costs	–	–	6,261	5,409	5,378	5,519	5,701	5,629	5,923	6,468
Other expenses	–	–	4,182	2,605	3,490	434	1,051	844	2,329	1,989
Operating profit before depreciation	1,097	1,970	2,142	−237	−3,141	736	717	613	1,242	2,342
Operating margin	3.7%	6.8%	7.1%	−1.1%	−18.1%	3.5%	3.1%	2.6%	4.4%	6.9%
Materials, % of revenue	–	–	58.5%	63.8%	66.9%	68.5%	68.0%	70.3%	66.5%	68.0%
Employee costs, % of revenue	–	–	20.6%	25.2%	31.1%	26.0%	24.4%	23.6%	20.9%	19.1%
Other expenses, % of revenue	–	–	13.8%	12.1%	20.2%	2.0%	4.5%	3.5%	8.2%	5.9%
Depreciation and amortisation	850	787	475	503	473	314	260	249	272	316
Operating profit after depreciation	247	1,183	1,667	−741	−3,615	421	456	364	970	2,026
Other income	714	678	678	564	348	355	489	546	465	808
Finance costs	351	255	287	508	374	356	521	731	748	756
One-off items	0	0	0	0	0	0	0	0	0	0
Profit before tax	609	1,606	2,058	−685	−3,640	420	423	179	687	2,078
	130	777	842	809	−896	26	2	−40	212	538
Current tax	298	579	735	2	16	−77	−111	−113	23	3
Deferred tax	−168	198	107	808	−912	103	113	73	189	535
Share of profit of joint ventures and associates	−24	−391	–	26	44	50	56	64	59	61
	455	438	1,215	−1,468	−2,700	445	477	282	534	1,600
Belonging to the company's shareholders	455	438	1,215	−1,468	−2,700	446	477	282	534	1,600
Belonging to outside owners of subsidiaries	–	–	–	–	–	−1	–	0	0	–
Other comprehensive income	–	–	−119	−274	20	77	−17	−83	−163	−1
Total comprehensive income	–	–	1,096	−1,742	−2,680	522	461	200	371	1,600
Net margin	1.5%	1.5%	4.0%	−6.8%	−15.6%	2.1%	2.0%	1.2%	1.9%	4.7%
Net margin without joint ventures and associates	1.6%	2.9%	–	−7.0%	−15.9%	1.9%	1.8%	0.9%	1.7%	4.6%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 28 May	Mar 2020Filed 13 Jun	Mar 2021Filed 11 Jun	Mar 2022Filed 23 May	Mar 2023Filed 26 May	Mar 2024Filed 22 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May	Sep 2026Half yearFiled 14 Oct
	31,400	28,652	25,972	26,507	26,828	24,439	24,722	26,147	26,752
	31,400	28,661	25,984	26,507	26,828	24,439	24,722	26,147	26,752
Share capital	696	696	696	696	696	696	696	696	696
Reserves	30,703	27,964	25,287	25,810	26,132	23,742	24,026	25,450	26,056
Belonging to outside owners of subsidiaries	–	−9	−12	–	–	–	–	–	0
	2,553	5,023	4,951	4,830	5,454	8,856	9,015	8,187	6,018
Repayable after a year	95	75	53	35	34	24	162	168	146
Repayable within a year	2,457	4,948	4,897	4,795	5,420	8,833	8,852	8,019	5,872
	23,056	22,677	20,360	21,371	23,351	25,333	28,226	32,302	30,222
Trade payables	11,375	8,898	6,684	7,750	9,896	8,696	9,541	10,492	9,342
Other financial liabilities	2,068	1,487	930	1,124	1,277	1,418	1,241	1,313	1,313
Other liabilities	4,578	4,258	4,681	4,636	3,962	4,067	6,777	10,553	11,490
Provisions	2,485	3,086	3,169	3,067	2,797	2,318	1,815	1,919	2,205
Tax owed	91	0	–	0	–	0	0	0	0
	9,960	9,456	8,908	8,366	9,190	9,234	15,135	17,737	19,866
Other financial liabilities	92	159	217	215	256	326	423	411	450
Other liabilities	3,616	2,953	2,832	2,213	2,606	4,103	9,794	13,413	15,694
Provisions	5,455	5,261	3,926	3,771	4,101	2,489	2,586	2,355	2,360
Trade payables	703	1,008	1,881	2,132	2,194	2,293	2,171	1,343	1,217
Total assets	64,416	60,784	55,240	56,244	59,370	59,006	68,083	76,186	76,841
	26,076	28,073	26,897	28,382	29,288	24,460	25,323	24,730	26,271
Plant in use, after depreciation	2,884	2,739	2,429	2,336	2,409	2,511	2,862	2,933	–
Plant being built	223	307	403	422	345	282	162	399	–
Intangible assets	83	79	62	62	67	63	84	65	56
Intangible assets being developed	12	7	16	9	9	26	34	96	122
Property held to earn rent	0	0	0	0	0	0	0	1	1
Investments	669	3	4	3	3	1	0	0	0
Stakes in joint ventures and associates	–	159	182	202	232	254	276	302	798
Loans given	83	83	0	0	0	0	0	0	0
Other financial assets	0	0	97	87	84	206	716	259	421
Deferred tax	3,515	2,766	3,671	3,530	3,423	4,201	4,068	3,533	3,168
Trade receivables	3,935	5,270	3,180	3,204	3,416	3,225	3,047	2,427	2,479
Other assets	14,672	16,660	16,852	18,527	19,300	13,690	14,075	14,716	15,898
	38,340	32,711	28,343	27,862	30,082	34,546	42,760	51,455	50,570
Inventories	8,113	8,908	7,194	6,560	6,756	7,221	9,869	13,335	15,588
Trade receivables	12,010	7,109	4,035	3,025	3,128	4,785	5,884	6,796	7,239
Cash and cash equivalents	796	1,403	1,527	733	1,561	1,835	439	1,435	239
Other bank balances	6,708	5,016	5,174	6,421	5,082	4,322	7,173	10,431	10,182
Loans given	157	135	0	0	0	0	0	0	0
Other financial assets	162	128	233	212	278	240	301	332	530
Tax paid in advance	0	229	404	119	226	229	137	203	308
Other assets	10,394	9,784	9,776	10,793	13,051	15,913	18,955	18,923	16,484
Net debt	−4,951	−1,395	−1,751	−2,324	−1,189	2,699	1,402	−3,680	−4,403

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 11 Jun	Mar 2022Filed 23 May	Mar 2023Filed 26 May	Mar 2024Filed 22 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May	Sep 2026Half yearFiled 14 Oct
	562	660	−742	−3,713	2,192	5,837	1,907
	752	251	−852	−3,935	2,111	5,827	1,989
	3,869	−532	−1,192	−4,633	850	3,873	429
Receivables	3,984	1,881	92	−2,469	−1,003	−539	−812
Inventories	1,537	603	−192	−503	−2,633	−3,402	−2,268
Payables	−1,341	1,301	2,104	−963	847	182	−1,274
Other working capital	−310	−4,317	−3,196	−698	3,639	7,630	4,783
Tax paid	−190	409	110	222	81	10	−82
Capital spending	250	169	188	233	282	589	86
Free cash flow	311	491	−930	−3,945	1,910	5,248	1,821
	−43	−1,125	1,480	1,331	−2,731	−3,035	95
Plant and property sold	2	7	8	9	13	13	5
Interest received	343	258	251	399	372	649	186
Dividends received	0	30	26	42	38	38	24
	−396	−322	89	2,656	−857	−1,806	−3,198
Borrowings raised	0	0	640	3,423	−13	−845	−2,141
Borrowings repaid	−100	−88	0	−39	0	0	0
Interest paid	−222	−183	−355	−589	−701	−709	−233
Lease payments	−73	0	0	0	−55	−77	−338
Dividends paid	1	0	139	139	87	175	487
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0	0
Net change in cash	123	−787	828	274	−1,396	996	−1,196

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Bharat Heavy Electricals dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 13 Jun	Mar 2021Filed 11 Jun	Mar 2022Filed 23 May	Mar 2023Filed 26 May	Mar 2024Filed 22 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May
	₹1.24	₹1.19	₹3.35	−₹4.22	−₹7.75	₹1.28	₹1.37	₹0.81	₹1.53	₹4.60
As stated that year	₹1.86	₹1.19	₹3.35	−₹4.22	−₹7.75	₹1.28	₹1.37	₹0.81	₹1.53	₹4.60
	₹1.24	₹1.19	₹3.35	−₹4.22	−₹7.75	₹1.28	₹1.37	₹0.81	₹1.53	₹4.60
As stated that year	₹1.86	₹1.19	₹3.35	−₹4.22	−₹7.75	₹1.28	₹1.37	₹0.81	₹1.53	₹4.60
	₹1.05	₹1.82	₹2.00	–	–	₹0.40	₹0.40	₹0.25	₹0.50	₹1.40
As declared that year	₹1.58	₹1.82	₹2.00	–	–	₹0.40	₹0.40	₹0.25	₹0.50	₹1.40
Book value per share	–	–	₹90.18	₹82.31	₹74.62	₹76.12	₹77.05	₹70.18	₹71.00	₹75.09
Dividend payout	85.0%	152.5%	57.3%	–	–	31.2%	29.2%	30.8%	32.6%	30.5%
Shareholder yield	–	–	–	–	0.0%	0.0%	0.6%	0.2%	0.1%	0.2%
Market cap at the year end (₹ crore)	39,859	29,867	27,517	7,243	16,975	17,184	24,392	86,111	75,362	85,485

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Bharat Heavy Electricals PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 13 Jun	Mar 2021Filed 11 Jun	Mar 2022Filed 23 May	Mar 2023Filed 26 May	Mar 2024Filed 22 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May
Revenue growth	12.0%	–	–	−29.2%	−19.5%	22.5%	10.2%	2.3%	18.6%	19.2%
Operating profit growth	–	79.7%	8.7%	–	–	–	−2.6%	−14.5%	102.7%	88.6%
Net profit growth	–	−3.7%	177.4%	–	–	–	7.3%	−40.9%	89.2%	199.7%
Earnings per share growth	–	−4.0%	181.5%	–	–	–	7.0%	−40.9%	88.9%	200.7%
	–	–	3.9%	−4.9%	−9.9%	1.7%	1.8%	1.1%	2.2%	6.3%
	–	–	–	−8.8 pts	−5.0 pts	11.6 pts	0.1 pts	−0.7 pts	1.1 pts	4.1 pts
From the net margin	–	–	–	−10.5 pts	−6.3 pts	11.2 pts	0.0 pts	−0.8 pts	0.7 pts	3.3 pts
From asset turnover	–	–	–	1.8 pts	1.5 pts	0.4 pts	0.1 pts	0.0 pts	0.2 pts	0.3 pts
From borrowing	–	–	–	−0.1 pts	−0.2 pts	0.0 pts	0.0 pts	0.1 pts	0.2 pts	0.6 pts
Return on capital employed	–	–	4.9%	−2.2%	−11.7%	1.3%	1.4%	1.1%	2.9%	5.9%
Cash conversion	–	–	–	–	–	148.5%	−155.3%	−1,315.6%	410.5%	364.8%
Interest cover	0.7	4.6	5.8	–	–	1.2	0.9	0.5	1.3	2.7
Debt to equity	–	–	0.08	0.18	0.19	0.18	0.20	0.36	0.36	0.31
Receivable days	–	–	144	121	85	52	49	73	76	73
Inventory days	–	–	167	237	227	165	155	157	191	212
Payable days	–	–	234	237	211	195	227	189	185	167
Cash conversion cycle, days	–	–	77	121	101	22	−23	41	82	119
Working capital days	–	–	123	145	130	71	86	182	203	165
Asset turnover	–	–	0.47	0.34	0.30	0.38	0.40	0.40	0.45	0.47
Assets per rupee of net worth	–	–	2.05	2.08	2.12	2.12	2.17	2.31	2.59	2.84
Sales per rupee of plant	–	–	10.52	7.85	7.13	9.08	9.70	9.52	9.90	11.52
Capital spending to depreciation	–	–	–	–	0.53	0.54	0.72	0.93	1.04	1.86
Plant being built, % of plant in use	–	–	7.7%	11.2%	16.6%	18.1%	14.3%	11.2%	5.6%	13.6%

Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. Interest cover is left blank for the years to Mar 2020 and Mar 2021: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.2%
Cash from operations against operating profit: 249.2%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	2.5%	14.3%	13.1%
Profit growth, yearly rate	–	–	49.7%
Return on equity, average	–	2.6%	3.2%
Return on capital employed, average	–	2.5%	3.3%
Operating margin, average	1.9%	4.1%	4.6%
Net margin, average	−0.3%	2.4%	2.6%
Asset turnover, average	–	0.42	0.44
Cash conversion cycle, days, average	–	48	81
Interest cover, average	–	1.3	1.5
Debt to equity, average	–	0.29	0.35

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	4,235	4,316	5,837
Cash from investing	−4,080	−4,435	−3,035
Cash from financing	−240	−7	−1,806
Capital spending	1,461	1,103	589
Dividends paid	541	402	175
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings repaid	127	39	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	4	7	6	4	8	8
Altman Z-scorePublished threshold 1.81	–	–	2.02	1.32	1.28	1.55	1.65	2.70	2.28	2.36
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.20	−2.50	−2.36	−1.77	−2.49	−2.61
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−5.55	1.63	−0.45	4.50	1.69	−1.67
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	−3.15	−1.75	1.79
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−11.62	−23.78	−47.58	−6.73	50.71	4.35	−3.71
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	32.60	−3.70	−34.20	−6.48	1.15	24.56	13.15
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−1.93	1.57	3.35	10.41	11.83	10.63	0.19
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.86	2.46	1.91	1.04	0.80	0.26	1.03
Effective tax ratePublished threshold 17.16 per cent	21.41	48.37	40.94	–	–	6.13	0.48	−22.14	30.83	25.91
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−91.21	−25.59	−146.48	18.99	25.41

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
11 Aug 2026	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		5,000
11 Aug 2026	India Ratings and Research Private Limited (opens in a new tab)	Issuer Rating	IND AAReview, Upgrade	Stable
11 Aug 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA; IND A1+Review, Other	Stable	85,000
3 Jul 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAReview, Upgrade	Stable	9,500
3 Jul 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		68,996
16 Jun 2026	CARE Ratings Limited (opens in a new tab)	Commercial Paper	CARE A1+Review, Re-affirm		400
16 Jun 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE AAReview, Upgrade	Stable	9,500
16 Jun 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT/ ST-BG/LC	CARE AA / CARE A1+Review, Upgrade	Stable	70,500

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.