HFCL financials and balance sheet

NSE: HFCLBSE: 500183Telecom - ServicesSmall Cap

Formerly Himachal Futuristic Communications

₹240.07₹11.48 (4.56%)BSE ₹240.45

Share price at the NSE close on 23 Oct 2026. Previous close ₹251.55.

52-week range of traded prices to 23 Oct 2026

₹59.82Low, 27 Jan 2026₹282.25High, 21 Oct 2026

Under NSE's long-term additional surveillance, stage IV, on the list for 23 Oct 2026. The exchange puts a share here when its price has moved unusually, and trading in it carries extra conditions.
Delivery only: shares bought must be paid for in full, with no selling on the same day.

Market cap: ₹36,745 Cr400th largest listed
P/E: 42.4
P/B: 6.5
Dividend yield: 0.08%
ROE: 17.7%
ROCE: 18.3%
Debt to equity: 0.32
Volume, NSE: 95,07,204

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹4,949 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 1.4% 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

Revenue4,949
Materials and goods−3,202
Employee costs−445
Other expenses−540
Operating profit762
Depreciation−157
Other income+65
One-off items0.0
Finance costs−242
Profit before tax428
Tax−98
Net profit329

What the company owns

Plant, investments and other assets₹4,730 Cr
Receivables₹2,212 Cr
Inventory₹1,416 Cr
Cash and bank₹468 Cr
Current investments₹41 Cr

What pays for it: net worth and liabilities

Net worth₹4,949 Cr
Borrowings₹1,713 Cr
Other liabilities₹1,198 Cr
Owed to suppliers₹1,007 Cr

HFCL 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.HFCL segment results by quarter

Revenue by segment

₹4,949 CrTotal

Telecom Product₹2,931 Cr59.2% of total
Turnkey Contracts and Services₹1,875 Cr37.9% of total
Defence Product and Services₹77 Cr1.5% of total
Others₹67 Cr1.3% of total

Profit by segment

Telecom Product₹764 Cr100.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Telecom Product
Revenue, ₹ crore
1,352
843
1,205
2,055
2,638
1,862
2,475
2,931
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
169
133
155
274
403
220
133
764
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Turnkey Contracts and Services
Revenue, ₹ crore
3,386
2,996
3,218
2,672
2,104
2,603
1,589
1,875
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
252
327
353
314
170
367
253
−113
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Defence Product and Services
Revenue, ₹ crore
77
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−5
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
0
0
0
2
0
1
67
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
−1
0
2
0
−1
−2
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	4,738	3,839	4,423	4,727	4,743	4,465	4,065	4,949
Company revenue, as in its results	4,738	3,839	4,423	4,727	4,743	4,465	4,065	4,949
Revenue	1,352	843	1,205	2,055	2,638	1,862	2,475	2,931
Revenue growth	–	−37.6%	43.0%	70.5%	28.4%	−29.4%	32.9%	18.4%
Profit	169	133	155	274	403	220	133	764
Profit growth	–	−21.1%	16.3%	77.3%	47.0%	−45.5%	−39.3%	473.2%
Margin	12.5%	15.8%	12.8%	13.3%	15.3%	11.8%	5.4%	26.1%
Return on capital	–	19.8%	25.1%	44.3%	41.2%	14.9%	8.9%	28.6%
Assets	–	1,206	1,305	1,574	1,981	2,248	3,199	3,978
Liabilities	–	533	688	956	1,002	774	1,698	1,306
Capital employed	–	673	617	619	979	1,474	1,502	2,672
Revenue	3,386	2,996	3,218	2,672	2,104	2,603	1,589	1,875
Revenue growth	–	−11.5%	7.4%	−17.0%	−21.3%	23.7%	−38.9%	18.0%
Profit	252	327	353	314	170	367	253	−113
Profit growth	–	29.7%	7.9%	−11.2%	−45.8%	115.7%	−31.0%	–
Margin	7.5%	10.9%	11.0%	11.7%	8.1%	14.1%	15.9%	−6.0%
Return on capital	–	31.5%	23.9%	17.0%	8.7%	15.7%	9.8%	−4.6%
Assets	–	2,126	3,400	2,824	2,901	3,416	3,502	3,765
Liabilities	–	1,087	1,920	978	937	1,078	921	1,323
Capital employed	–	1,040	1,480	1,845	1,964	2,338	2,581	2,443
Revenue	–	–	–	–	–	–	–	77
Profit	–	–	–	–	–	–	–	−5
Margin	–	–	–	–	–	–	–	−6.6%
Return on capital	–	–	–	–	–	–	–	−2.6%
Assets	–	–	–	–	–	–	–	257
Liabilities	–	–	–	–	–	–	–	59
Capital employed	–	–	–	–	–	–	–	198
Revenue	0	–	0	0	2	0	1	67
Profit	0	–	−1	0	2	0	−1	−2
Margin	–	–	–	19.0%	130.5%	–	−260.0%	−3.1%
Return on capital	–	–	–	1.6%	273.5%	6.2%	−39.9%	−17.2%
Assets	–	–	0	4	4	6	5	34
Liabilities	–	–	1	1	3	0	2	22
Capital employed	–	–	−1	3	1	6	3	12
	–	0	–	–	–	–	–	–
Profit	–	−3	–	–	–	–	–	–
Assets	–	1	–	–	–	–	–	–
Liabilities	–	1	–	–	–	–	–	–
Capital employed	–	0	–	–	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.HFCL quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 17 May	Mar 2020Filed 6 Jun	Mar 2021Filed 11 May	Mar 2022Filed 2 May	Mar 2023Filed 9 May	Mar 2024Filed 4 May	Mar 2025Filed 12 Jun	Mar 2026Filed 30 Apr
Revenue from operations	2,378	3,252	4,738	3,839	4,423	4,727	4,743	4,465	4,065	4,949
	2,187	2,971	4,327	3,345	3,873	4,077	4,125	3,884	3,616	4,187
Materials and goods bought	1,492	2,633	3,938	2,934	3,404	3,499	3,479	3,220	2,944	3,202
Employee costs	–	–	200	224	253	311	348	351	364	445
Other expenses	–	–	189	186	217	268	298	313	308	540
Operating profit before depreciation	190	281	411	494	550	650	619	582	449	762
Operating margin	8.0%	8.6%	8.7%	12.9%	12.4%	13.8%	13.0%	13.0%	11.0%	15.4%
Materials, % of revenue	–	–	83.1%	76.4%	77.0%	74.0%	73.3%	72.1%	72.4%	64.7%
Employee costs, % of revenue	–	–	4.2%	5.8%	5.7%	6.6%	7.3%	7.9%	8.9%	9.0%
Other expenses, % of revenue	–	–	4.0%	4.9%	4.9%	5.7%	6.3%	7.0%	7.6%	10.9%
Depreciation and amortisation	22	23	27	42	69	78	83	82	106	157
Operating profit after depreciation	169	258	384	452	481	572	536	500	343	604
Other income	23	26	47	22	36	43	47	101	58	65
Finance costs	61	64	92	115	176	166	152	147	185	242
Profit before one-off items and tax	130	221	339	359	341	448	431	453	216	428
One-off items	0	−2	0	0	−4	−6	0	0	0	0
Profit before tax	130	219	339	359	337	442	431	453	216	428
	1	49	107	121	91	116	113	117	43	98
Current tax	–	46	65	54	86	115	79	68	35	104
Deferred tax	–	3	42	67	4	2	34	49	9	−6
Share of profit of joint ventures and associates	−6	1	0	−1	–	0	0	1	0	–
	124	172	232	237	246	326	318	338	173	329
Belonging to the company's shareholders	124	172	220	228	239	313	301	330	177	312
Belonging to outside owners of subsidiaries	–	–	12	–	7	13	17	8	−4	18
Other comprehensive income	–	–	5	1	5	2	2	130	130	−29
Total comprehensive income	–	–	237	238	251	328	319	467	303	300
Net margin	5.2%	5.3%	4.9%	6.2%	5.6%	6.9%	6.7%	7.6%	4.3%	6.7%
Net margin without joint ventures and associates	5.5%	5.2%	4.9%	6.2%	–	6.9%	6.7%	7.5%	4.3%	–

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. Share of profit of joint ventures and associates is left blank for the year to Mar 2026: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months.

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 6 Jun	Mar 2021Filed 11 May	Mar 2022Filed 2 May	Mar 2023Filed 9 May	Mar 2024Filed 4 May	Mar 2025Filed 12 Jun	Mar 2026Filed 30 Apr	Sep 2026Half yearFiled 19 Oct
	1,432	1,668	1,923	2,818	3,144	4,000	4,119	4,949	5,755
	1,442	1,668	1,916	2,798	3,108	3,956	4,119	4,891	5,649
Share capital	127	128	128	137	138	144	144	153	153
Reserves	1,314	1,540	1,788	2,661	2,970	3,812	3,975	4,738	5,496
Belonging to outside owners of subsidiaries	−10	0	7	20	37	44	–	58	106
	553	669	838	730	748	977	1,341	1,713	1,840
Repayable after a year	134	201	251	121	110	169	390	390	652
Repayable within a year	419	468	588	609	638	808	951	1,323	1,189
	1,711	1,911	2,987	2,177	2,142	2,184	2,888	3,367	3,624
Trade payables	865	815	1,748	1,037	878	808	1,079	1,007	1,186
Other financial liabilities	240	527	491	423	550	446	614	667	626
Other liabilities	171	90	101	69	44	105	227	296	623
Provisions	7	11	12	10	12	12	16	13	0
Tax owed	10	–	46	30	20	5	2	60	–
	161	250	306	176	186	303	539	552	796
Other financial liabilities	2	–	18	19	6	9	10	19	18
Provisions	25	32	37	35	41	47	53	63	57
Deferred tax	0	–	0	0	29	77	86	81	69
Trade payables	0	17	0	0	0	0	–	–	–
Total assets	3,304	3,829	5,216	5,171	5,473	6,487	7,546	8,868	10,175
	628	768	1,066	1,352	1,390	1,953	2,176	2,164	2,578
Plant in use, after depreciation	202	437	443	465	487	496	630	913	–
Plant being built	64	15	12	47	71	154	200	85	–
Intangible assets	10	21	18	13	18	118	179	248	223
Goodwill	26	26	26	26	26	26	26	26	26
Intangible assets being developed	22	19	24	61	198	315	402	401	408
Property held to earn rent	0	20	20	24	17	12	17	28	26
Investments	52	56	35	35	39	169	137	70	128
Stakes in joint ventures and associates	6	0	0	12	19	20	20	23	23
Loans given	0	0	7	11	10	9	12	10	6
Other financial assets	36	38	11	41	44	54	72	42	77
Deferred tax	80	12	7	5	0	0	0	–	–
Trade receivables	90	120	445	596	423	520	410	270	260
Other assets	40	4	18	18	40	60	72	47	323
	2,676	3,061	4,150	3,819	4,082	4,534	5,371	6,703	7,597
Inventories	265	344	435	573	758	774	899	1,416	1,544
Trade receivables	1,472	1,610	2,611	1,896	1,886	2,215	1,892	2,212	2,630
Cash and cash equivalents	18	16	21	17	64	23	71	38	185
Other bank balances	142	175	285	511	259	313	421	431	410
Current investments	2	3	6	9	12	5	1	41	41
Loans given	14	15	12	26	21	20	16	20	18
Other financial assets	528	558	462	386	534	539	611	702	598
Tax paid in advance	70	97	76	6	15	53	16	13	23
Other assets	166	243	242	394	533	591	1,445	1,831	2,148
Net debt	391	474	526	193	413	636	848	1,204	1,204

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 May	Mar 2022Filed 2 May	Mar 2023Filed 9 May	Mar 2024Filed 4 May	Mar 2025Filed 12 Jun	Mar 2026Filed 30 Apr	Sep 2026Half yearFiled 19 Oct
	57	206	236	−45	396	−378	455
	75	267	335	76	398	−335	575
	−511	−402	−311	−579	−86	−1,183	−509
Receivables	−1,331	559	191	−419	431	−225	−404
Inventories	−92	−138	−184	−17	−124	−517	−128
Payables	933	−711	−135	−70	271	−71	179
Other working capital	−22	−111	−182	−72	−664	−370	−156
Tax paid	−18	−61	−99	−121	−2	−44	−120
Capital spending	97	145	194	184	230	230	436
Free cash flow	−41	61	43	−228	166	−608	19
	−77	−458	−45	−449	−518	−324	−448
Plant and property sold	2	1	1	1	2	1	0
Companies bought	−13	−12	−10	0	−4	0	0
Interest received	4	7	0	4	5	4	1
Dividends received	0	0	6	0	0	0	0
	25	248	−145	454	170	669	140
Borrowings raised	281	80	133	320	590	571	507
Borrowings repaid	−74	−243	−128	−91	−226	−198	−380
Interest paid	−174	−156	−147	−157	−166	−217	−118
Lease payments	−8	−9	−10	−7	−10	−15	−8
Dividends paid	0	19	24	29	29	14	0
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	606	–	426	11	544	–
Net change in cash	5	−4	47	−40	47	−33	147

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. Shares issued is left blank for the year to Mar 2023: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given. Shares issued is left blank for the six months to Sep 2026: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Consolidated, ₹ per share, years to March.HFCL dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 17 May	Mar 2020Filed 6 Jun	Mar 2021Filed 11 May	Mar 2022Filed 2 May	Mar 2023Filed 9 May	Mar 2024Filed 4 May	Mar 2025Filed 12 Jun	Mar 2026Filed 30 Apr
Earnings per share	₹1.05	₹1.39	₹1.77	₹1.77	₹1.86	₹2.38	₹2.18	₹2.33	₹1.23	₹2.13
Diluted earnings per share	₹1.05	₹1.38	₹1.75	₹1.76	–	₹2.38	₹2.18	₹2.33	₹1.23	₹2.13
Dividend per share	–	₹0.06	₹0.10	–	₹0.15	₹0.18	₹0.20	₹0.20	₹0.10	₹0.20
Book value per share	–	–	₹11.31	₹12.99	₹14.92	₹20.35	₹22.58	₹27.47	₹28.56	₹31.96
Dividend payout	–	4.3%	5.8%	–	8.1%	7.9%	9.1%	8.7%	8.1%	9.8%
Shareholder yield	–	–	–	–	0.0%	−5.4%	–	−3.0%	0.2%	−5.1%
Market cap at the year end (₹ crore)	1,580	3,204	2,812	1,162	3,230	10,834	8,397	13,116	11,412	10,387

Shareholder yield is left blank for the year to Mar 2023: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Ratios

Consolidated, years to March.HFCL PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 17 May	Mar 2020Filed 6 Jun	Mar 2021Filed 11 May	Mar 2022Filed 2 May	Mar 2023Filed 9 May	Mar 2024Filed 4 May	Mar 2025Filed 12 Jun	Mar 2026Filed 30 Apr
Revenue growth	–	36.8%	45.7%	−19.0%	15.2%	6.9%	0.3%	−5.9%	−9.0%	21.8%
Operating profit growth	–	47.8%	46.2%	20.1%	11.2%	18.3%	−4.8%	−6.0%	−22.8%	69.7%
Net profit growth	–	38.8%	35.3%	2.2%	3.8%	32.3%	−2.5%	6.2%	−48.7%	90.1%
Earnings per share growth	–	32.4%	27.3%	0.0%	5.1%	28.0%	−8.4%	6.9%	−47.2%	73.2%
	–	–	15.3%	14.7%	13.3%	13.3%	10.2%	9.3%	4.4%	6.9%
	–	–	–	−0.6 pts	−1.4 pts	−0.1 pts	−3.1 pts	−0.9 pts	−4.9 pts	2.5 pts
From the net margin	–	–	–	4.3 pts	−1.3 pts	3.0 pts	−0.6 pts	1.7 pts	−3.8 pts	1.9 pts
From asset turnover	–	–	–	−4.9 pts	−1.2 pts	−1.1 pts	−0.3 pts	−1.9 pts	−1.2 pts	0.3 pts
From borrowing	–	–	–	0.0 pts	1.2 pts	−1.9 pts	−2.3 pts	−0.6 pts	0.1 pts	0.3 pts
Return on capital employed	–	–	19.4%	19.3%	17.4%	16.1%	13.8%	10.0%	6.3%	9.1%
Cash conversion	–	–	–	–	23.1%	63.2%	74.4%	−13.3%	228.6%	−114.8%
Interest cover	2.7	4.1	4.2	3.9	2.7	3.4	3.5	3.4	1.9	2.5
Debt to equity	–	–	0.39	0.40	0.44	0.26	0.24	0.24	0.33	0.35
Receivable days	–	–	113	153	215	146	145	181	170	163
Inventory days	–	–	25	43	47	60	80	88	111	161
Payable days	–	–	80	101	187	108	92	92	134	115
Cash conversion cycle, days	–	–	58	94	75	98	133	177	148	210
Working capital days	–	–	94	135	119	132	173	230	264	306
Asset turnover	–	–	1.43	1.08	0.98	0.91	0.89	0.75	0.58	0.60
Assets per rupee of net worth	–	–	2.29	2.29	2.52	2.20	1.80	1.69	1.74	1.82
Sales per rupee of plant	–	–	23.43	8.79	9.98	10.17	9.74	9.00	6.45	5.42
Capital spending to depreciation	–	–	–	–	1.42	1.86	2.33	2.24	2.18	1.46
Plant being built, % of plant in use	–	–	31.7%	3.4%	2.7%	10.2%	14.5%	31.1%	31.7%	9.3%

Revenue growth and net profit growth are left blank for the year to Mar 2017: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. 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: 3.8%
Cash from operations against operating profit: −49.6%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	6.6%	2.3%	1.4%
Profit growth, yearly rate	9.5%	5.5%	1.2%
Return on equity, average	–	8.8%	6.9%
Return on capital employed, average	–	11.1%	8.5%
Operating margin, average	11.7%	13.3%	13.2%
Net margin, average	5.9%	6.4%	6.2%
Asset turnover, average	–	0.75	0.64
Cash conversion cycle, days, average	–	153	178
Interest cover, average	3.2	2.9	2.6
Debt to equity, average	–	0.28	0.31

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	415	−27	−378
Cash from investing	−1,794	−1,291	−324
Cash from financing	1,396	1,293	669
Capital spending	983	644	230
Dividends paid	115	72	14
Shares bought back	0	0	0
Shares issued for cash	–	981	544
Borrowings raised	1,694	1,481	571
Borrowings repaid	887	516	198

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	5	6	4	3	6
Altman Z-scorePublished threshold 1.1	–	–	4.89	4.93	3.85	5.81	6.23	6.60	5.49	6.04
Beneish M-scorePublished threshold −1.78	–	–	–	–	−1.63	−2.44	−2.45	−1.94	−2.84	−2.23
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	5.89	11.13	2.37	13.90	4.21	12.57
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.56	0.41	0.71	−0.03
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	28.30	46.98	−34.26	−0.86	23.33	−5.64	−4.83
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	55.41	10.64	28.95	32.74	9.62	24.66	48.77
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	3.51	−2.69	0.16	6.22	2.25	21.90	9.57
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.05	0.16	0.48	0.67	1.70	0.83	0.19
Effective tax ratePublished threshold 17.16 per cent	0.39	22.24	31.54	33.67	26.90	26.30	26.21	25.71	20.04	22.97
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	12.42	3.32	−0.89	19.22	12.78

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
9 Jul 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE AReview, Upgrade	Positive	815
9 Jul 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE AReview, Upgrade	Positive	710.95
9 Jul 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LC	CARE A1Review, Upgrade		2,550

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