Dr. Reddy's Laboratories financials and balance sheet

NSE: DRREDDYBSE: 500124Pharmaceuticals & BiotechnologyMid Cap

₹1,229.50₹9.50 (0.77%)BSE ₹1,224.50

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,239.00.

52-week range of traded prices to 23 Oct 2026

₹1,101.00Low, 23 Jul 2026₹1,414.90High, 29 Jun 2026

Next results date: the board meets on 23 Oct 2026 to consider: financial results.

Market cap: ₹1,02,624 Cr104th largest listed
P/E: 31.8
P/B: 2.7
Dividend yield: 0.65%
ROE: 9.0%
ROCE: 6.8%
Debt to equity: 0.16
Volume, NSE: 15,50,20651.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Dr. Reddy's Laboratories annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹33,700 Cr, year to Mar 2026

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. Lease payments were 1.9% of operating profit in the first full year.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue33,700
Materials and goods−12,239
Employee costs−5,991
Other expenses−9,017
Operating profit6,454
Depreciation−2,059
Other income+1,358
One-off items0.0
Finance costs−374
Profit before tax5,379
Tax−1,235
Joint ventures+13
Net profit4,158

What the company owns

Plant, investments and other assets₹33,175 Cr
Receivables₹10,123 Cr
Inventory₹7,653 Cr
Current investments₹3,823 Cr
Cash and bank₹3,349 Cr

What pays for it: net worth and liabilities

Net worth₹38,231 Cr
Other liabilities₹10,561 Cr
Borrowings₹6,294 Cr
Owed to suppliers₹3,038 Cr

Dr. Reddy's Laboratories 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.Dr. Reddy's Laboratories segment results by quarter

Revenue by segment

₹34,427 CrTotal

Global Generics₹29,946 Cr87.0% of total
Pharmaceutical Services and Active Ingredients₹4,267 Cr12.4% of total
Others₹214 Cr0.6% of total

Profit by segment

Global Generics₹16,970 Cr95.7% of total
Pharmaceutical Services and Active Ingredients₹600 Cr3.4% of total
Others₹158 Cr0.9% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Global Generics
Revenue, ₹ crore
12,306
13,826
15,476
17,965
21,395
24,567
28,981
29,946
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
7,192
7,845
9,111
10,327
13,272
15,427
17,961
16,970
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Pharmaceutical Services and Active Ingredients
Revenue, ₹ crore
3,040
3,209
3,928
3,750
3,720
4,130
4,387
4,267
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
616
622
944
683
473
693
918
600
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
206
278
281
287
313
392
215
214
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
120
163
206
216
191
242
167
158
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	16,027	18,108	19,738	22,171	25,427	29,089	33,583	34,427
Company revenue, as in its results	15,448	17,517	19,048	21,545	24,670	28,011	32,644	33,700
Revenue	12,306	13,826	15,476	17,965	21,395	24,567	28,981	29,946
Revenue growth	–	12.4%	11.9%	16.1%	19.1%	14.8%	18.0%	3.3%
Profit	7,192	7,845	9,111	10,327	13,272	15,427	17,961	16,970
Profit growth	–	9.1%	16.1%	13.3%	28.5%	16.2%	16.4%	−5.5%
Margin	58.4%	56.7%	58.9%	57.5%	62.0%	62.8%	62.0%	56.7%
Revenue	3,040	3,209	3,928	3,750	3,720	4,130	4,387	4,267
Revenue growth	–	5.5%	22.4%	−4.5%	−0.8%	11.0%	6.2%	−2.7%
Profit	616	622	944	683	473	693	918	600
Profit growth	–	1.0%	51.9%	−27.6%	−30.7%	46.4%	32.5%	−34.6%
Margin	20.3%	19.4%	24.0%	18.2%	12.7%	16.8%	20.9%	14.1%
Revenue	206	278	281	287	313	392	215	214
Revenue growth	–	35.1%	1.2%	2.1%	8.8%	25.5%	−45.2%	–
Profit	120	163	206	216	191	242	167	158
Profit growth	–	36.0%	26.6%	5.0%	−11.6%	26.9%	−31.3%	–
Margin	58.1%	58.5%	73.1%	75.2%	61.1%	61.8%	77.4%	73.9%
Revenue	475	795	52	169	–	–	–	–
Revenue growth	–	67.3%	−93.4%	–	–	–	–	–
Profit	418	774	48	159	–	–	–	–
Profit growth	–	85.2%	−93.8%	–	–	–	–	–
Margin	88.0%	97.4%	92.2%	94.2%	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Dr. Reddy's Laboratories quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 17 May	Mar 2020Filed 20 May	Mar 2021Filed 14 May	Mar 2022Filed 19 May	Mar 2023Filed 12 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 12 May
Revenue from operations	14,196	14,281	15,448	17,517	19,048	21,545	24,670	28,011	32,644	33,700
	11,724	11,930	12,270	15,047	15,178	17,778	18,321	20,078	24,097	27,247
Materials and goods bought	3,445	4,040	4,495	5,554	6,079	7,442	7,658	8,209	9,980	12,239
Employee costs	–	–	3,356	3,380	3,630	3,886	4,647	5,030	5,580	5,991
Other expenses	–	–	4,419	6,112	5,469	6,450	6,016	6,839	8,537	9,017
Operating profit before depreciation	2,472	2,351	3,178	2,470	3,870	3,768	6,349	7,933	8,547	6,454
Operating margin	17.4%	16.5%	20.6%	14.1%	20.3%	17.5%	25.7%	28.3%	26.2%	19.1%
Materials, % of revenue	–	–	29.1%	31.7%	31.9%	34.5%	31.0%	29.3%	30.6%	36.3%
Employee costs, % of revenue	–	–	21.7%	19.3%	19.1%	18.0%	18.8%	18.0%	17.1%	17.8%
Other expenses, % of revenue	–	–	28.6%	34.9%	28.7%	29.9%	24.4%	24.4%	26.2%	26.8%
Depreciation and amortisation	1,027	1,077	1,135	1,163	1,229	1,165	1,250	1,470	1,704	2,059
Operating profit after depreciation	1,446	1,274	2,043	1,307	2,641	2,603	5,099	6,463	6,843	4,395
Other income	172	155	338	621	291	484	1,056	894	1,097	1,358
Finance costs	63	79	89	98	97	96	143	171	283	374
One-off items	0	0	0	0	0	0	0	0	0	0
Profit before tax	1,554	1,350	2,292	1,830	2,836	2,991	6,012	7,186	7,658	5,379
	297	438	386	−140	932	879	1,541	1,623	1,954	1,235
Current tax	310	175	471	662	817	1,101	814	1,946	2,258	1,395
Deferred tax	−13	263	−85	−802	115	−222	727	−323	−304	−159
Share of profit of joint ventures and associates	–	–	44	56	48	70	37	15	22	13
	1,292	947	1,950	2,026	1,952	2,183	4,507	5,578	5,725	4,158
Belonging to the company's shareholders	1,292	947	1,950	2,026	1,952	2,183	4,507	5,578	5,655	4,196
Belonging to outside owners of subsidiaries	–	–	0	–	–	–	–	0	70	−38
Other comprehensive income	–	–	−109	−65	540	−290	−12	−66	205	740
Total comprehensive income	–	–	1,841	1,961	2,492	1,893	4,495	5,512	5,930	4,897
Net margin	9.1%	6.6%	12.6%	11.6%	10.2%	10.1%	18.3%	19.9%	17.5%	12.3%
Net margin without joint ventures and associates	–	–	12.3%	11.2%	10.0%	9.8%	18.1%	19.9%	17.5%	12.3%

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 17 May	Mar 2020Filed 20 May	Mar 2021Filed 14 May	Mar 2022Filed 19 May	Mar 2023Filed 12 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 12 May	Sep 2026Half yearFiled 23 Oct
	14,024	15,599	17,642	19,212	23,286	28,255	33,927	38,231	39,126
	14,024	15,599	17,642	19,212	23,286	28,255	33,550	37,892	38,807
Share capital	83	83	83	83	83	83	83	84	84
Reserves	13,941	15,516	17,559	19,129	23,203	28,171	33,466	37,808	38,724
Belonging to outside owners of subsidiaries	0	0	–	0	–	0	378	339	319
	3,413	1,784	2,944	3,283	1,347	1,652	4,185	6,294	5,826
Repayable after a year	2,200	130	630	575	128	380	380	0	0
Repayable within a year	1,213	1,653	2,315	2,708	1,219	1,272	3,805	6,294	5,826
	5,897	7,214	8,104	9,766	8,572	9,588	13,034	16,747	15,430
Trade payables	1,367	1,525	1,811	2,266	2,268	2,614	2,648	3,038	3,236
Other financial liabilities	2,274	2,861	2,461	2,633	2,931	3,632	4,184	4,919	4,179
Other liabilities	547	651	877	1,028	1,286	1,144	1,319	1,192	1,072
Provisions	479	467	502	587	653	692	776	870	833
Tax owed	18	57	139	544	214	234	303	435	285
	2,545	412	871	769	427	1,021	2,465	3,145	3,075
Other financial liabilities	10	0	0	0	–	219	426	1,264	1,192
Other liabilities	208	206	162	167	203	314	226	301	240
Provisions	79	75	51	26	20	24	30	34	36
Deferred tax	47	2	29	1	76	84	1,404	1,547	1,608
	22,466	23,225	26,617	29,747	32,285	38,864	49,427	58,123	57,631
Held for sale or for a demerger	–	–	15	–	–	–	–	–	–
	11,016	10,188	11,792	11,636	11,591	14,059	24,409	27,944	27,899
Plant in use, after depreciation	4,913	4,778	4,732	4,887	5,654	6,249	7,298	10,078	–
Plant being built	473	436	954	1,280	975	1,351	2,399	1,460	–
Intangible assets	1,812	1,581	2,914	2,687	3,018	3,627	9,614	10,506	10,417
Goodwill	466	491	560	547	547	550	1,314	1,480	1,488
Intangible assets being developed	2,461	1,099	611	14	55	68	66	0	0
Investments	81	33	496	167	66	106	239	894	634
Stakes in joint ventures and associates	253	276	338	432	470	420	481	567	587
Other financial assets	73	79	77	277	73	121	888	292	528
Deferred tax	432	1,220	1,069	1,277	705	1,058	1,833	2,219	2,290
Trade receivables	11	174	12	5	–	–	0	0	0
Other assets	41	21	31	63	28	509	276	448	480
	11,450	13,037	14,810	18,111	20,694	24,805	25,018	30,179	29,732
Inventories	3,358	3,507	4,541	5,088	4,867	6,355	7,109	7,653	8,118
Trade receivables	3,987	5,028	4,964	6,676	7,249	8,030	9,042	10,123	10,140
Cash and cash equivalents	223	205	1,483	1,485	578	711	1,465	1,537	1,329
Other bank balances	0	0	0	934	1,152	1,017	995	1,812	2,263
Current investments	2,253	2,369	1,974	2,017	4,450	4,405	3,331	3,823	3,282
Other financial assets	247	448	308	348	618	2,270	370	2,241	1,156
Tax paid in advance	340	438	275	329	269	–	0	0	0
Other assets	1,042	1,042	1,265	1,233	1,512	2,018	2,707	2,990	3,444
Net debt	937	−790	−513	−1,154	−4,833	−4,480	−1,606	−879	−1,048

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 14 May	Mar 2022Filed 19 May	Mar 2023Filed 12 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 12 May	Sep 2026Half yearFiled 23 Oct
	3,570	2,811	5,887	4,543	4,643	5,674	435
	4,142	3,555	6,959	6,548	6,642	7,399	1,117
	−829	−1,382	−786	−1,662	−2,477	−323	−1,635
Receivables	208	−1,701	−575	−805	−1,028	−672	18
Inventories	−988	−533	−265	−1,845	−1,275	−860	−1,027
Payables	286	441	2	346	34	279	186
Other working capital	−335	411	53	642	−207	930	−812
Tax paid	−572	−744	−1,071	−2,005	−1,999	−1,353	−682
Capital spending	974	1,466	1,132	1,640	2,750	2,331	582
Free cash flow	2,596	1,345	4,755	2,903	1,892	3,343	−147
	−2,266	−2,639	−4,137	−4,028	−5,102	−6,549	812
Plant and property sold	9	37	8	106	51	31	100
Companies bought	−1,551	−33	0	0	−5,310	−315	0
Interest received	122	87	78	134	337	152	201
Dividends received	0	0	0	45	0	0	0
	−30	−242	−2,686	−376	1,186	829	−1,469
Borrowings raised	1,059	352	0	929	2,449	2,026	0
Borrowings repaid	−374	0	−1,938	−380	0	0	−484
Interest paid	−132	−135	−185	−227	−348	−444	−278
Lease payments	−75	−79	−102	−115	−129	−126	−72
Dividends paid	415	415	498	665	666	666	666
Shares bought back	0	0	0	0	139	0	0
Shares issued	27	33	16	81	19	40	32
Net change in cash	1,275	−70	−936	139	726	−47	−221

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.Dr. Reddy's Laboratories dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 17 May	Mar 2020Filed 20 May	Mar 2021Filed 14 May	Mar 2022Filed 19 May	Mar 2023Filed 12 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 12 May
	₹15.51	₹11.42	₹23.51	₹24.44	₹23.53	₹26.31	₹54.29	₹67.04	₹67.89	₹50.41
As stated that year	₹77.53	₹57.08	₹117.53	₹122.22	₹117.67	₹131.57	₹271.47	₹335.22	₹67.89	₹50.41
	₹15.47	₹11.39	₹23.47	₹24.40	₹23.47	₹26.24	₹54.18	₹66.92	₹67.79	₹50.35
As stated that year	₹77.37	₹56.96	₹117.33	₹121.99	₹117.34	₹131.21	₹270.90	₹334.59	₹67.79	₹50.35
	₹4.00	₹4.00	₹4.00	₹5.00	₹5.00	₹6.00	₹8.00	₹8.00	₹8.00	₹8.00
As declared that year	₹20.00	₹20.00	₹20.00	₹25.00	₹25.00	₹30.00	₹40.00	₹40.00	₹8.00	₹8.00
	–	–	₹168.96	₹187.71	₹212.04	₹230.92	₹279.55	₹338.75	₹402.27	₹453.79
On that year's share count	–	–	₹844.80	₹938.56	₹1,060.20	₹1,154.59	₹1,397.73	₹1,693.75	₹402.27	₹453.79
Dividend payout	25.7%	35.0%	17.0%	20.5%	21.3%	22.9%	14.8%	12.0%	11.8%	15.9%
Shareholder yield	–	–	–	–	0.5%	0.5%	0.6%	0.6%	0.8%	0.6%
Market cap at the year end (₹ crore)	43,625	34,515	46,169	51,855	75,100	71,484	76,980	1,02,720	95,475	1,04,738

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.Dr. Reddy's Laboratories PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 17 May	Mar 2020Filed 20 May	Mar 2021Filed 14 May	Mar 2022Filed 19 May	Mar 2023Filed 12 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 12 May
Revenue growth	–	0.6%	8.2%	13.4%	8.7%	13.1%	14.5%	13.5%	16.5%	3.2%
Operating profit growth	–	−4.9%	35.2%	−22.3%	56.7%	−2.6%	68.5%	25.0%	7.7%	−24.5%
Net profit growth	−35.4%	−26.7%	106.0%	3.9%	−3.7%	11.8%	106.5%	23.8%	2.6%	−27.4%
Earnings per share growth	−33.9%	−26.4%	105.9%	4.0%	−3.7%	11.8%	106.3%	23.5%	1.3%	−25.7%
	–	–	13.9%	13.7%	11.7%	11.8%	21.2%	21.6%	18.3%	11.7%
	–	–	–	−0.2 pts	−1.9 pts	0.1 pts	9.4 pts	0.4 pts	−3.3 pts	−6.6 pts
From the net margin	–	–	–	−1.2 pts	−1.6 pts	−0.1 pts	9.5 pts	1.9 pts	−2.8 pts	−5.1 pts
From asset turnover	–	–	–	1.5 pts	0.0 pts	0.0 pts	0.9 pts	−0.2 pts	−1.1 pts	−2.0 pts
From borrowing	–	–	–	−0.5 pts	−0.3 pts	0.2 pts	−1.0 pts	−1.2 pts	0.6 pts	0.6 pts
Return on capital employed	–	–	11.7%	7.5%	12.8%	11.6%	20.7%	21.6%	18.0%	9.9%
Cash conversion	–	–	–	–	182.9%	128.8%	130.6%	81.5%	81.1%	136.5%
Interest cover	22.8	16.2	23.0	13.3	27.2	27.2	35.7	37.8	24.2	11.8
Debt to equity	–	–	0.24	0.11	0.17	0.17	0.06	0.06	0.12	0.16
Receivable days	–	–	94	105	95	113	107	105	101	110
Inventory days	–	–	273	230	273	250	232	283	260	228
Payable days	–	–	111	100	109	111	108	116	97	91
Cash conversion cycle, days	–	–	256	235	259	252	231	271	264	247
Working capital days	–	–	101	102	107	112	106	135	112	136
Asset turnover	–	–	0.69	0.77	0.76	0.76	0.80	0.79	0.74	0.63
Assets per rupee of net worth	–	–	1.60	1.54	1.50	1.53	1.46	1.38	1.43	1.51
Sales per rupee of plant	–	–	3.14	3.67	4.03	4.41	4.36	4.48	4.47	3.34
Capital spending to depreciation	–	–	–	–	0.79	1.26	0.91	1.12	1.61	1.13
Plant being built, % of plant in use	–	–	9.6%	9.1%	20.2%	26.2%	17.2%	21.6%	32.9%	14.5%

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: 7.8%
Cash from operations against operating profit: 87.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	12.1%	11.0%
Profit growth, yearly rate	7.7%	16.5%	−2.4%
Return on equity, average	–	16.9%	17.2%
Return on capital employed, average	–	16.3%	16.5%
Operating margin, average	20.6%	23.4%	24.6%
Net margin, average	12.8%	15.6%	16.6%
Asset turnover, average	–	0.74	0.72
Cash conversion cycle, days, average	–	253	261
Interest cover, average	23.9	27.3	24.6
Debt to equity, average	–	0.12	0.12

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	23,558	14,860	5,674
Cash from investing	−22,456	−15,680	−6,549
Cash from financing	−1,290	1,638	829
Capital spending	9,320	6,721	2,331
Dividends paid	2,909	1,997	666
Shares bought back	139	139	0
Shares issued for cash	189	140	40
Borrowings raised	5,756	5,404	2,026
Borrowings repaid	2,318	380	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	–	–	–	–	5	6	8	6	4	4
Altman Z-scorePublished threshold 1.81	–	–	5.48	6.34	7.33	6.37	7.98	8.64	6.12	5.25
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.76	−2.33	−2.58	−2.22	−2.03	−2.54
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	2.60	7.13	8.89	14.23	14.01	9.36
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.42	1.08	0.95	0.96
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	12.72	−10.00	21.38	−5.93	−2.77	−3.93	8.72
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−19.14	20.06	−10.38	−7.25	23.38	−9.72	−14.97
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.71	−0.43	0.29	1.98	6.74	−3.71	6.39
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.42	0.81	0.97	0.48	0.65	0.87	0.30
Effective tax ratePublished threshold 17.16 per cent	19.08	32.43	16.83	−7.67	32.87	29.38	25.64	22.59	25.52	22.96
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	4.52	7.82	−5.31	−0.59	−2.18

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
21 Jul 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA+; IND A1+Review, Re-affirm	Stable	4,100
9 Jan 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Others	[ICRA]AA+Review, Re-affirm	Stable	2,000

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