Gravita India financials and balance sheet

NSE: GRAVITABSE: 533282Minerals & MiningSmall Cap

₹1,343.20₹18.50 (1.36%)BSE ₹1,343.50

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,361.70.

52-week range of traded prices to 23 Oct 2026

₹1,266.90Low, 2 Apr 2026₹1,913.60High, 29 Dec 2025

Next results date: the board meets on 27 Oct 2026 to consider: financial results and dividend.

Market cap: ₹9,914 Cr507th largest listed
P/E: 25.3
P/B: 4.0
Dividend yield: Nonein the last 12 months
ROE: 17.3%
ROCE: 12.5%
Debt to equity: 0.30
Volume, NSE: 1,85,27145.5% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Gravita India annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹4,265 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 1.6% 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

Revenue4,265
Materials and goods−3,418
Employee costs−182
Other expenses−231
Operating profit435
Depreciation−39
Other income+77
One-off items0.0
Finance costs−25
Profit before tax448
Tax−70
Net profit378

What the company owns

Plant, investments and other assets₹1,378 Cr
Inventory₹1,023 Cr
Receivables₹431 Cr
Current investments₹383 Cr
Cash and bank₹202 Cr

What pays for it: net worth and liabilities

Net worth₹2,458 Cr
Borrowings₹732 Cr
Other liabilities₹159 Cr
Owed to suppliers₹67 Cr

Gravita India 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. A segment at a loss has no share of profit.Gravita India segment results by quarter

Revenue by segment

₹4,265 CrTotal

Lead₹3,771 Cr88.4% of total
Aluminium₹365 Cr8.5% of total
Plastics₹70 Cr1.7% of total
Copper₹52 Cr1.2% of total
Turnkey Projects₹5 Cr0.1% of total
Others₹3 Cr0.1% of total

Profit by segment

Lead₹454 Cr93.9% of total
Aluminium₹17 Cr3.5% of total
Plastics₹9 Cr1.9% of total
Copper₹2 Cr0.5% of total
Turnkey Projects₹1 Cr0.3% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Lead
Revenue, ₹ crore
1,057
1,199
1,233
1,870
2,333
2,781
3,419
3,771
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
59
92
95
173
210
275
376
454
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Aluminium
Revenue, ₹ crore
113
80
95
207
339
255
341
365
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
6
7
16
29
28
16
27
17
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Plastics
Revenue, ₹ crore
56
77
131
105
78
84
70
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−3
−3
18
15
12
11
9
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Copper
Revenue, ₹ crore
52
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Turnkey Projects
Revenue, ₹ crore
18
10
4
6
19
41
20
5
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
7
1
−1
0
12
21
5
1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
54
2
1
2
5
6
4
3
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−2
0
0
−1
1
0
1
−4
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	1,242	1,348	1,410	2,216	2,801	3,161	3,869	4,265
Company revenue, as in its results	1,242	1,348	1,410	2,216	2,801	3,161	3,869	4,265
Revenue	1,057	1,199	1,233	1,870	2,333	2,781	3,419	3,771
Revenue growth	–	13.5%	2.8%	51.7%	24.8%	19.2%	23.0%	10.3%
Profit	59	92	95	173	210	275	376	454
Profit growth	–	55.6%	3.7%	81.9%	21.0%	31.3%	36.8%	20.6%
Margin	5.6%	7.7%	7.7%	9.3%	9.0%	9.9%	11.0%	12.0%
Return on capital	26.0%	28.7%	23.5%	27.9%	36.3%	31.7%	34.8%	36.1%
Assets	336	416	526	695	891	1,132	1,275	1,381
Liabilities	109	96	120	74	313	264	192	124
Capital employed	227	320	406	621	578	868	1,083	1,257
Revenue	113	80	95	207	339	255	341	365
Revenue growth	–	−28.6%	18.4%	117.1%	63.9%	−24.8%	33.8%	6.9%
Profit	6	7	16	29	28	16	27	17
Profit growth	–	15.1%	131.3%	81.4%	−1.8%	−42.7%	63.9%	−35.9%
Margin	5.3%	8.6%	16.7%	14.0%	8.4%	6.4%	7.8%	4.7%
Return on capital	9.3%	20.2%	32.2%	60.9%	33.7%	243.9%	17.2%	20.4%
Assets	71	38	55	102	197	165	224	127
Liabilities	7	4	6	55	113	158	69	43
Capital employed	64	34	49	47	84	7	155	84
Revenue	–	56	77	131	105	78	84	70
Revenue growth	–	–	37.1%	69.8%	−20.5%	−25.3%	8.2%	−16.6%
Profit	–	−3	−3	18	15	12	11	9
Profit growth	–	–	–	–	−15.6%	−21.9%	−2.4%	−21.6%
Margin	–	−6.1%	−4.2%	13.5%	14.4%	15.0%	13.6%	12.8%
Return on capital	–	−8.4%	−11.1%	52.6%	169.8%	28.4%	33.7%	15.6%
Assets	–	46	37	46	21	61	46	64
Liabilities	–	5	8	13	13	20	12	7
Capital employed	–	41	29	34	9	41	34	57
Revenue	–	–	–	–	–	–	–	52
Profit	–	–	–	–	–	–	–	2
Margin	–	–	–	–	–	–	–	4.7%
Return on capital	–	–	–	–	–	–	–	0.4%
Assets	–	–	–	–	–	–	–	833
Liabilities	–	–	–	–	–	–	–	275
Capital employed	–	–	–	–	–	–	–	558
Revenue	18	10	4	6	19	41	20	5
Revenue growth	–	−44.0%	–	–	–	–	−51.2%	–
Profit	7	1	−1	0	12	21	5	1
Profit growth	–	−81.5%	–	–	–	–	−77.5%	–
Margin	37.4%	12.4%	−31.9%	8.5%	61.6%	51.2%	23.6%	25.8%
Return on capital	27.4%	5.2%	−4.1%	3.2%	33.5%	119.2%	33.3%	–
Assets	27	25	29	25	40	27	28	5
Liabilities	3	1	2	10	5	9	14	11
Capital employed	24	24	27	15	35	18	14	−6
Revenue	54	2	1	2	5	6	4	3
Revenue growth	–	−96.5%	–	–	–	–	–	–
Profit	−2	0	0	−1	1	0	1	−4
Margin	−3.6%	−9.5%	7.6%	−90.2%	14.3%	7.0%	29.9%	−145.5%
Return on capital	−4.7%	−6.0%	2.2%	−29.1%	–	–	108.7%	−5.5%
Assets	46	3	3	18	2	1	3	79
Liabilities	4	0	0	13	3	4	2	12
Capital employed	42	3	3	5	−1	−3	1	68
	0	–	–	–	–	–	–	–
Profit	0	–	–	–	–	–	–	–
Assets	93	–	–	–	–	–	–	–
Liabilities	246	–	–	–	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Gravita India quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 4 Jun	Mar 2020Filed 18 Jul	Mar 2021Filed 20 May	Mar 2022Filed 24 May	Mar 2023Filed 3 May	Mar 2024Filed 2 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
Revenue from operations	656	1,029	1,242	1,348	1,410	2,216	2,801	3,161	3,869	4,265
	–	941	1,183	1,250	1,298	2,005	2,603	2,877	3,545	3,830
Materials and goods bought	508	809	1,035	1,091	1,132	1,744	2,282	2,561	3,173	3,418
Employee costs	–	–	63	67	73	103	134	131	159	182
Other expenses	–	–	84	92	93	159	187	185	212	231
Operating profit before depreciation	–	89	59	97	112	211	198	284	324	435
Operating margin	–	8.6%	4.7%	7.2%	7.9%	9.5%	7.1%	9.0%	8.4%	10.2%
Materials, % of revenue	–	–	83.4%	81.0%	80.3%	78.7%	81.5%	81.0%	82.0%	80.1%
Employee costs, % of revenue	–	–	5.1%	5.0%	5.2%	4.6%	4.8%	4.2%	4.1%	4.3%
Other expenses, % of revenue	–	–	6.8%	6.9%	6.6%	7.2%	6.7%	5.8%	5.5%	5.4%
Depreciation and amortisation	7	9	12	18	20	21	24	38	29	39
Operating profit after depreciation	–	80	47	79	92	190	174	246	295	396
Other income	1	2	5	1	7	8	93	78	112	77
Finance costs	–	17	23	28	28	34	39	49	43	25
Profit before one-off items and tax	41	64	30	52	71	165	228	274	363	448
One-off items	0	0	0	−5	0	0	0	0	0	0
Profit before tax	41	64	30	47	71	165	228	274	363	448
	8	17	10	10	14	16	24	32	51	70
Current tax	–	13	9	11	15	16	31	37	54	69
Deferred tax	–	3	1	−1	−1	0	−7	−5	−3	0
Share of profit of joint ventures and associates	0	–	0	0	0	–	–	–	–	–
	30	48	19	37	57	148	204	242	313	378
Belonging to the company's shareholders	30	44	15	33	52	139	201	239	312	379
Belonging to outside owners of subsidiaries	–	–	4	3	4	9	3	3	1	0
Other comprehensive income	–	–	1	2	1	−2	0	−11	−17	40
Total comprehensive income	–	–	20	39	58	147	204	231	296	419
Net margin	4.6%	4.6%	1.6%	2.7%	4.0%	6.7%	7.3%	7.7%	8.1%	8.9%
Net margin without joint ventures and associates	4.6%	–	1.6%	2.7%	4.0%	–	–	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2017: the statement does not state its finance costs, which operating profit is worked out from, so operating profit is not given.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 4 Jun	Mar 2020Filed 18 Jul	Mar 2021Filed 20 May	Mar 2022Filed 24 May	Mar 2023Filed 3 May	Mar 2024Filed 2 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
	204	230	278	401	602	851	2,078	2,458
	199	225	269	387	589	837	2,070	2,452
Share capital	14	14	14	14	14	14	15	15
Reserves	186	211	255	373	575	824	2,055	2,437
Belonging to outside owners of subsidiaries	5	5	9	14	13	13	8	7
	240	255	227	387	344	545	282	732
Repayable after a year	28	43	51	110	90	249	190	123
Repayable within a year	212	212	175	278	254	296	92	610
	335	329	387	469	492	490	232	806
Trade payables	98	85	159	77	89	68	40	67
Other financial liabilities	11	22	32	88	116	104	72	82
Other liabilities	10	6	14	16	19	17	12	27
Provisions	0	0	0	1	1	1	5	12
Tax owed	4	4	7	9	13	5	11	8
	34	54	62	128	112	261	205	152
Other financial liabilities	–	5	3	8	14	2	3	3
Other liabilities	–	0	0	0	0	0	0	0
Provisions	3	4	4	9	7	10	12	12
Deferred tax	2	3	2	2	0	0	0	15
Total assets	573	614	726	998	1,205	1,602	2,515	3,417
	203	204	196	245	342	426	556	1,068
Plant in use, after depreciation	136	169	161	191	266	342	422	769
Plant being built	46	15	13	42	46	43	39	48
Intangible assets	1	12	11	0	7	6	7	7
Goodwill	0	1	0	0	0	0	6	163
Property held to earn rent	0	0	0	0	0	0	0	0
Investments	0	0	0	0	0	0	0	30
Loans given	3	3	3	0	0	0	0	6
Other financial assets	0	0	0	3	8	9	48	8
Deferred tax	0	0	0	0	6	12	16	0
Other assets	18	4	6	8	8	13	17	37
	370	410	531	752	864	1,176	1,959	2,349
Inventories	183	224	358	513	596	675	617	1,023
Trade receivables	96	68	59	110	137	264	275	431
Cash and cash equivalents	12	11	11	23	30	36	95	80
Other bank balances	10	10	9	9	8	63	313	121
Current investments	0	0	0	0	1	17	491	383
Loans given	1	1	3	2	1	0	6	7
Other financial assets	4	14	6	20	47	84	91	93
Tax paid in advance	1	1	0	1	0	0	0	0
Other assets	62	81	85	73	43	38	71	211
Net debt	218	235	207	355	305	430	−616	148

Borrowings are counted again inside the liabilities due within a year and after a year. 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.

₹ crore	Mar 2021Filed 20 May	Mar 2022Filed 24 May	Mar 2023Filed 3 May	Mar 2024Filed 2 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
	77	10	200	42	282	169
	88	25	224	92	333	233
	−34	−204	−84	−259	−83	−208
Receivables	8	−51	−40	−130	−18	7
Inventories	−133	−156	−88	−53	58	−175
Payables	73	−60	36	−22	−28	−2
Other working capital	18	63	8	−54	−95	−38
Tax paid	−12	−15	−24	−50	−51	−64
Capital spending	21	73	108	98	107	216
Free cash flow	55	−63	92	−56	175	−46
	−19	−70	−106	−158	−864	−364
Plant and property sold	0	3	1	0	1	1
Interest received	1	1	1	11	16	30
	−57	72	−87	121	640	178
Borrowings raised	43	176	21	241	−86	−67
Borrowings repaid	−59	−45	−64	−41	−175	316
Interest paid	−28	−34	−39	−48	−44	−24
Lease payments	−2	−2	0	0	0	0
Dividends paid	7	24	4	30	35	46
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	981	0
Net change in cash	1	12	7	5	59	−17

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.Gravita India dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 4 Jun	Mar 2020Filed 18 Jul	Mar 2021Filed 20 May	Mar 2022Filed 24 May	Mar 2023Filed 3 May	Mar 2024Filed 2 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
Earnings per share	₹4.43	₹6.42	₹2.26	₹4.82	₹7.72	₹20.60	₹29.72	₹34.88	₹45.11	₹52.02
Diluted earnings per share	₹4.39	₹6.39	₹2.25	₹4.82	₹7.72	₹20.60	₹29.72	₹34.88	₹45.11	₹52.02
Dividend per share	₹0.60	₹0.70	₹0.30	₹0.70	₹1.10	₹3.00	₹4.35	₹5.20	₹6.35	–
Book value per share	–	–	₹28.99	₹32.62	₹38.95	₹56.02	₹85.29	₹121.27	₹280.48	₹332.20
Dividend payout	13.6%	10.9%	13.3%	14.6%	14.5%	14.9%	14.9%	15.0%	15.0%	–
Shareholder yield	–	–	–	–	1.2%	1.1%	0.1%	0.4%	−7.0%	0.5%
Market cap at the year end (₹ crore)	349	1,071	558	231	625	2,194	3,346	6,895	13,521	9,729

Ratios

Consolidated, years to March.Gravita India PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 4 Jun	Mar 2020Filed 18 Jul	Mar 2021Filed 20 May	Mar 2022Filed 24 May	Mar 2023Filed 3 May	Mar 2024Filed 2 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
Revenue growth	52.1%	57.0%	20.6%	8.5%	4.6%	57.2%	26.4%	12.9%	22.4%	10.2%
Operating profit growth	–	–	−33.8%	66.0%	14.8%	88.5%	−6.3%	43.5%	14.3%	34.2%
Net profit growth	593.3%	57.2%	−59.3%	88.7%	55.4%	161.2%	37.5%	18.7%	29.1%	20.9%
Earnings per share growth	592.2%	44.9%	−64.8%	113.3%	60.2%	166.8%	44.3%	17.4%	29.3%	15.3%
	–	–	7.8%	15.6%	21.2%	42.5%	41.2%	33.5%	21.5%	16.8%
	–	–	–	7.9 pts	5.6 pts	21.3 pts	−1.3 pts	−7.7 pts	−12.0 pts	−4.7 pts
From the net margin	–	–	–	7.6 pts	8.0 pts	14.7 pts	6.0 pts	2.2 pts	2.2 pts	2.1 pts
From asset turnover	–	–	–	0.7 pts	−1.8 pts	8.0 pts	−0.5 pts	−5.0 pts	−5.9 pts	−5.5 pts
From borrowing	–	–	–	−0.4 pts	−0.6 pts	−1.4 pts	−6.8 pts	−4.9 pts	−8.4 pts	−1.3 pts
Return on capital employed	–	–	10.6%	16.3%	18.2%	24.1%	18.4%	17.6%	12.5%	12.4%
Cash conversion	–	–	–	–	134.7%	6.8%	98.1%	17.5%	90.2%	44.7%
Interest cover	–	4.6	2.0	2.8	3.3	5.7	4.4	5.0	6.8	16.0
Debt to equity	–	–	1.18	1.11	0.82	0.97	0.57	0.64	0.14	0.30
Receivable days	–	–	28	18	15	18	18	31	26	37
Inventory days	–	–	64	75	115	107	95	96	71	109
Payable days	–	–	35	29	51	16	14	10	5	7
Cash conversion cycle, days	–	–	58	65	80	109	99	117	92	139
Working capital days	–	–	66	74	77	87	76	100	87	134
Asset turnover	–	–	2.17	2.27	2.10	2.57	2.54	2.25	1.88	1.44
Assets per rupee of net worth	–	–	2.87	2.80	2.71	2.63	2.26	1.97	1.42	1.31
Sales per rupee of plant	–	–	9.16	7.99	8.73	11.60	10.51	9.24	9.16	5.55
Capital spending to depreciation	–	–	–	–	1.04	3.54	4.52	2.58	3.69	5.55
Plant being built, % of plant in use	–	–	34.1%	8.7%	8.4%	22.2%	17.1%	12.5%	9.3%	6.2%

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: 12.8%
Cash from operations against operating profit: 38.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	25.8%	24.8%	15.1%
Profit growth, yearly rate	56.2%	48.5%	23.5%
Return on equity, average	–	31.1%	23.9%
Return on capital employed, average	–	17.0%	14.2%
Operating margin, average	8.1%	8.8%	9.2%
Net margin, average	5.6%	7.7%	8.2%
Asset turnover, average	–	2.14	1.86
Cash conversion cycle, days, average	–	111	116
Interest cover, average	5.6	7.6	9.3
Debt to equity, average	–	0.52	0.36

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	704	494	169
Cash from investing	−1,561	−1,385	−364
Cash from financing	924	939	178
Capital spending	602	421	216
Dividends paid	139	111	46
Shares bought back	0	0	0
Shares issued for cash	981	981	0
Borrowings raised	–	–	67
Borrowings repaid	641	532	316

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	–	–	–	–	6	6	6	5	4	5
Altman Z-scorePublished threshold 1.81	–	–	3.91	3.60	3.96	5.95	7.42	9.38	22.58	9.33
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.78	−1.13	−2.01	−1.18	−2.03	−1.93
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−0.05	24.16	9.97	25.48	43.44	19.32
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.70	0.42	0.69	0.53
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−38.54	−16.66	27.48	−1.43	80.05	−18.33	46.40
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	17.49	55.64	−10.42	−14.72	0.87	−32.45	58.17
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	2.15	−0.40	0.17	−0.16	1.00	1.06	3.30
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.29	1.03	0.85	0.46	0.38	0.36	0.12
Effective tax ratePublished threshold 17.16 per cent	20.02	25.78	34.44	22.05	19.85	9.83	10.33	11.63	13.91	15.60
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	0.80	0.00	−6.46	0.00	1.28

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
12 Jun 2026	ICRA Limited (opens in a new tab)	Interchangeable limits-Others	[ICRA]AA /[ICRA]A1+Review, Upgrade	Stable	745
12 Jun 2026	ICRA Limited (opens in a new tab)	Fund-based-Others	[ICRA]AAReview, Upgrade	Stable	1,000
10 Jun 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA-; IND A1+Review, Other	Positive	150
16 Sep 2025	ICRA Limited (opens in a new tab)	Interchangeable-Others	[ICRA]AA- /[ICRA]A1+Review, Re-affirm	Stable	100

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