Indian Metals & Ferro Alloys financials and balance sheet

NSE: IMFABSE: 533047Ferrous MetalsSmall Cap

₹1,099.70₹4.60 (0.42%)BSE ₹1,099.45

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,095.10.

52-week range of traded prices to 23 Oct 2026

₹1,055.00Low, 23 Oct 2026₹1,679.90High, 29 Apr 2026

Market cap: ₹5,933 Cr660th largest listed
P/E: 11.3
P/B: 2.2
Dividend yield: 1.14%
ROE: 20.7%
ROCE: 18.4%
Debt to equity: 0.34
Volume, NSE: 97,67346.3% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Indian Metals & Ferro Alloys annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹2,826 Cr, year to Mar 2026A 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. Lease payments were 0.5% 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

Revenue2,826
Materials and goods−1,052
Employee costs−263
Other expenses−924
Operating profit587
Depreciation−63
Other income+65
One-off items0.0
Finance costs−36
Profit before tax554
Tax−129
Net profit425

What the company owns

Plant, investments and other assets₹2,845 Cr
Inventory₹815 Cr
Current investments₹370 Cr
Receivables₹239 Cr
Cash and bank₹47 Cr

What pays for it: net worth and liabilities

Net worth₹2,726 Cr
Borrowings₹924 Cr
Other liabilities₹390 Cr
Owed to suppliers₹277 Cr

Indian Metals & Ferro Alloys 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.Indian Metals & Ferro Alloys segment results by quarter

Revenue by segment

₹3,830 CrTotal

Ferro Alloys₹2,824 Cr73.7% of total
Power₹543 Cr14.2% of total
Mining₹461 Cr12.0% of total
Others₹2 Cr0.1% of total

Profit by segment

Ferro Alloys₹611 Cr100.0% of total
Mining₹0 Cr0.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Ferro Alloys
Revenue, ₹ crore
1,578
1,558
1,806
2,564
2,638
2,742
2,562
2,824
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
266
70
264
745
430
576
513
611
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Power
Revenue, ₹ crore
415
421
408
472
572
518
480
543
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−7
−6
−6
−6
−5
−5
−5
−4
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Mining
Revenue, ₹ crore
217
224
225
317
422
490
440
461
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−15
−19
−11
−12
−9
−113
−5
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
3
3
2
1
1
2
2
2
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−9
−8
−7
−1
−1
−2
−4
−5
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	2,214	2,207	2,441	3,354	3,633	3,752	3,484	3,830
Company revenue, as in its results	1,634	1,612	1,844	2,603	2,676	2,780	2,565	2,826
Revenue	1,578	1,558	1,806	2,564	2,638	2,742	2,562	2,824
Revenue growth	–	−1.3%	15.9%	41.9%	2.9%	3.9%	−6.6%	10.2%
Profit	266	70	264	745	430	576	513	611
Profit growth	–	−73.7%	277.6%	182.0%	−42.3%	34.0%	−11.0%	19.2%
Margin	16.8%	4.5%	14.6%	29.1%	16.3%	21.0%	20.0%	21.6%
Return on capital	–	10.9%	39.0%	74.6%	49.1%	62.6%	48.7%	29.9%
Assets	–	785	866	1,161	1,033	1,147	1,206	2,563
Liabilities	–	145	189	162	157	227	154	519
Capital employed	–	640	678	998	876	920	1,052	2,043
Revenue	415	421	408	472	572	518	480	543
Revenue growth	–	1.5%	−3.1%	15.6%	21.2%	−9.4%	−7.4%	13.0%
Profit	−7	−6	−6	−6	−5	−5	−5	−4
Margin	−1.7%	−1.4%	−1.4%	−1.3%	−0.9%	−1.0%	−1.1%	−0.7%
Return on capital	–	−1.0%	−1.0%	−1.2%	−0.9%	−0.9%	−1.0%	−0.7%
Assets	–	834	831	769	604	615	546	551
Liabilities	–	259	246	244	39	35	41	35
Capital employed	–	576	585	525	565	580	506	516
Revenue	217	224	225	317	422	490	440	461
Revenue growth	–	3.3%	0.4%	40.9%	33.0%	16.2%	−10.2%	4.7%
Profit	−15	−19	−11	−12	−9	−113	−5	0
Margin	−7.0%	−8.4%	−4.8%	−3.7%	−2.1%	−23.0%	−1.1%	0.0%
Return on capital	–	−4.4%	−2.4%	−2.7%	−1.9%	−36.1%	−2.4%	0.0%
Assets	–	478	497	498	520	401	276	445
Liabilities	–	53	42	65	68	89	71	108
Capital employed	–	425	454	432	452	312	205	338
Revenue	3	3	2	1	1	2	2	2
Profit	−9	−8	−7	−1	−1	−2	−4	−5
Margin	−275.4%	−267.8%	−409.2%	−63.6%	−64.5%	−96.8%	−172.1%	−238.5%
Return on capital	–	−17.7%	−17.2%	−1.9%	−2.5%	−6.8%	−14.6%	−7.8%
Assets	–	49	43	40	31	27	29	122
Liabilities	–	2	2	1	3	1	2	53
Capital employed	–	46	41	39	28	27	26	69
	0	0	0	–	–	–	–	–
Profit	0	0	0	–	–	–	–	–
Assets	0	268	304	–	–	–	–	–
Liabilities	0	127	111	–	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Indian Metals & Ferro Alloys quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 21 May	Mar 2020Filed 28 Jul	Mar 2021Filed 10 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 31 May	Mar 2024Filed 7 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 27 May
Revenue from operations	1,697	1,769	1,634	1,612	1,844	2,603	2,676	2,780	2,565	2,826
	1,184	1,346	1,372	1,523	1,507	1,793	2,188	2,193	2,034	2,239
Materials and goods bought	707	815	775	940	935	1,097	1,458	1,465	1,018	1,052
Employee costs	–	–	174	155	166	207	196	222	238	263
Other expenses	–	–	422	428	405	488	534	506	778	924
Operating profit before depreciation	513	423	262	89	338	810	488	587	531	587
Operating margin	30.3%	23.9%	16.0%	5.5%	18.3%	31.1%	18.3%	21.1%	20.7%	20.8%
Materials, % of revenue	–	–	47.5%	58.3%	50.7%	42.1%	54.5%	52.7%	39.7%	37.2%
Employee costs, % of revenue	–	–	10.7%	9.6%	9.0%	8.0%	7.3%	8.0%	9.3%	9.3%
Other expenses, % of revenue	–	–	25.8%	26.5%	22.0%	18.8%	20.0%	18.2%	30.3%	32.7%
Depreciation and amortisation	109	101	98	104	104	110	107	78	55	63
Operating profit after depreciation	405	322	164	−15	233	700	381	509	476	524
Other income	48	36	14	21	50	17	24	42	66	65
Finance costs	83	75	78	97	55	59	66	35	28	36
Profit before one-off items and tax	369	283	100	−90	228	658	340	516	514	554
One-off items	0	0	−81	0	0	0	−16	0	0	0
Profit before tax	369	283	19	−90	228	658	324	516	514	554
	121	96	20	−25	61	150	98	144	135	129
Current tax	93	97	28	−1	47	178	99	168	118	134
Deferred tax	28	0	−8	−24	14	−28	−1	−24	17	−5
	249	187	−1	−66	167	508	226	372	379	425
Belonging to the company's shareholders	249	187	−1	−66	167	507	226	395	379	424
Belonging to outside owners of subsidiaries	–	–	0	1	–	0	–	−22	1	0
Other comprehensive income	–	–	4	−4	−1	−1	0	1	−14	−1
Total comprehensive income	–	–	3	−70	166	506	225	373	366	424
Net margin	14.7%	10.6%	0.0%	−4.1%	9.1%	19.5%	8.4%	13.4%	14.8%	15.0%

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. Belonging to outside owners of subsidiaries is left blank for the year to Mar 2023: 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.

₹ crore	Mar 2019Filed 21 May	Mar 2020Filed 28 Jul	Mar 2021Filed 10 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 31 May	Mar 2024Filed 7 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 27 May
	1,201	1,115	1,272	1,746	1,903	2,128	2,357	2,726
	1,170	1,084	1,242	1,715	1,873	2,120	2,348	2,718
Share capital	27	27	27	54	54	54	54	54
Reserves	1,143	1,057	1,215	1,661	1,819	2,066	2,294	2,664
Belonging to outside owners of subsidiaries	30	31	30	30	30	8	9	9
	644	609	574	476	321	168	373	924
Repayable after a year	385	340	294	9	5	0	0	293
Repayable within a year	259	268	281	467	316	168	373	630
	825	737	741	858	665	649	719	1,183
Trade payables	272	185	189	147	209	237	194	277
Other financial liabilities	275	257	250	219	111	199	105	211
Other liabilities	12	12	13	18	23	39	22	29
Provisions	7	14	9	8	7	6	16	10
Tax owed	0	0	–	0	0	–	8	26
	629	563	528	218	85	55	102	407
Other financial liabilities	10	148	146	134	18	15	15	33
Other liabilities	132	0	–	12	0	0	0	–
Provisions	15	13	13	16	16	18	25	24
Deferred tax	87	61	75	46	45	22	62	57
	2,655	2,414	2,541	2,821	2,654	2,832	3,177	4,317
Held for sale or for a demerger	–	0	0	0	0	0	0	0
	1,735	1,728	1,640	1,692	1,152	1,172	1,243	2,611
Plant in use, after depreciation	1,144	1,184	1,124	1,081	960	975	1,018	1,539
Plant being built	304	264	248	266	64	66	74	792
Intangible assets	2	1	0	0	0	0	11	10
Goodwill	21	21	21	21	21	0	0	0
Intangible assets being developed	0	0	–	1	5	12	0	3
Property held to earn rent	11	10	10	10	10	22	22	22
Investments	0	0	11	0	0	0	0	13
Stakes in joint ventures and associates	0	0	–	0	0	0	0	0
Loans given	25	26	3	0	0	0	0	0
Other financial assets	1	2	205	8	12	14	14	37
Deferred tax	0	0	18	54	22	24	0	0
Trade receivables	11	0	–	0	0	0	0	0
Other assets	216	221	–	252	58	59	104	195
	920	686	901	1,129	1,502	1,660	1,935	1,705
Inventories	545	432	445	622	647	712	736	815
Trade receivables	50	33	92	141	86	85	113	239
Cash and cash equivalents	18	5	7	7	8	52	7	34
Other bank balances	39	38	43	16	25	45	14	13
Current investments	69	32	119	154	264	372	908	370
Other financial assets	199	2	2	8	0	2	3	13
Other assets	0	143	191	181	471	393	153	221
Net debt	518	533	405	299	24	−300	−557	507

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 10 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 31 May	Mar 2024Filed 7 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 27 May
	232	390	151	512	585	318
	236	604	218	688	714	450
	−151	−219	−265	73	173	−189
Receivables	−127	−65	−60	74	289	−230
Inventories	−14	−177	−25	−64	−24	−79
Payables	0	22	−180	63	−92	120
Other working capital	−11	0	0	0	0	0
Tax paid	0	−214	−67	−170	−129	−132
Capital spending	36	87	230	114	116	1,335
Free cash flow	196	303	−79	399	470	−1,017
	−131	−106	140	−209	−562	−753
Plant and property sold	10	0	6	1	2	1
Interest received	3	2	6	6	8	10
	−99	−284	−291	−259	−68	462
Borrowings raised	22	104	0	0	154	551
Borrowings repaid	−53	−291	−154	−154	−1	0
Interest paid	−58	−62	−64	−34	−27	−34
Lease payments	−2	−1	0	−2	0	0
Dividends paid	9	33	–	68	193	54
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	2	0	1	44	−45	27

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. Dividends paid is left blank for the year to Mar 2023: the cash-flow statement states no dividends paid, while the company's own dividend record shows one paid in the period, so the line is not given.

Consolidated, ₹ per share, years to March.Indian Metals & Ferro Alloys dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 21 May	Mar 2020Filed 28 Jul	Mar 2021Filed 10 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 31 May	Mar 2024Filed 7 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 27 May
	₹47.31	₹34.54	−₹0.19	−₹12.29	₹30.87	₹94.01	₹41.75	₹73.12	₹70.19	₹78.64
As stated that year	₹94.61	₹69.08	−₹0.38	−₹24.58	₹61.74	₹94.01	₹41.75	₹73.12	₹70.19	₹78.64
	₹47.31	₹34.54	−₹0.19	−₹12.29	₹30.87	₹94.01	₹41.75	₹73.12	₹70.19	₹78.64
As stated that year	₹94.61	₹69.08	−₹0.38	−₹24.58	₹61.74	₹94.01	₹41.75	₹73.12	₹70.19	₹78.64
	₹10.00	₹7.50	₹2.50	–	₹5.00	₹10.00	₹10.00	₹30.00	₹20.00	₹12.50
As declared that year	₹20.00	₹15.00	₹5.00	–	₹10.00	–	₹10.00	₹30.00	₹20.00	₹12.50
	–	–	₹216.87	₹200.87	₹230.14	₹317.89	₹349.68	₹392.90	₹435.18	₹503.62
On that year's share count	–	–	₹433.73	₹401.75	₹460.28	₹317.89	₹349.68	₹392.90	₹435.18	₹503.62
Dividend payout	21.7%	21.7%	–	–	16.2%	10.6%	23.7%	41.0%	28.5%	15.9%
Shareholder yield	–	–	–	–	0.7%	1.5%	–	2.0%	5.8%	0.8%
Market cap at the year end (₹ crore)	2,073	1,158	698	300	1,220	2,236	1,537	3,451	3,297	6,488

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. The dividend as declared is blank for the year to Mar 2022: its payments were declared on different share counts, a split or bonus between them, so they do not add to one figure. Shareholder yield is left blank for the year to Mar 2023: the cash-flow statement states no dividends paid, while the company's own dividend record shows one paid in the period, so the line is not given.

Ratios

Consolidated, years to March.Indian Metals & Ferro Alloys PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 21 May	Mar 2020Filed 28 Jul	Mar 2021Filed 10 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 31 May	Mar 2024Filed 7 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 27 May
Revenue growth	40.1%	4.3%	−7.7%	−1.3%	14.4%	41.1%	2.8%	3.9%	−7.8%	10.2%
Operating profit growth	–	−17.6%	−38.1%	−66.0%	278.7%	139.9%	−39.7%	20.1%	−9.6%	10.7%
Net profit growth	–	−24.9%	–	–	–	204.0%	−55.5%	64.9%	1.9%	12.0%
Earnings per share growth	–	−27.0%	–	–	–	204.5%	−55.6%	75.1%	−4.0%	12.0%
	–	–	−0.1%	−5.9%	14.4%	34.3%	12.6%	19.8%	17.0%	16.8%
	–	–	–	−5.8 pts	20.2 pts	19.9 pts	−21.7 pts	7.2 pts	−2.8 pts	−0.2 pts
From the net margin	–	–	–	−5.7 pts	18.8 pts	16.5 pts	−19.5 pts	8.6 pts	0.8 pts	0.3 pts
From asset turnover	–	–	–	−0.2 pts	2.2 pts	9.4 pts	0.1 pts	0.8 pts	−3.2 pts	−2.0 pts
From borrowing	–	–	–	0.1 pts	−0.8 pts	−6.0 pts	−2.4 pts	−2.2 pts	−0.4 pts	1.5 pts
Return on capital employed	–	–	8.9%	−0.9%	12.6%	31.5%	17.1%	22.2%	17.4%	14.4%
Cash conversion	–	–	–	–	138.8%	76.8%	66.9%	137.5%	154.3%	74.9%
Interest cover	4.8	4.3	2.1	–	4.3	11.9	5.8	14.6	16.8	14.7
Debt to equity	–	–	0.54	0.55	0.45	0.27	0.17	0.08	0.16	0.34
Receivable days	–	–	11	7	18	20	12	11	16	31
Inventory days	–	–	256	168	174	207	162	177	264	283
Payable days	–	–	128	72	74	49	52	59	70	96
Cash conversion cycle, days	–	–	140	103	118	178	122	129	210	218
Working capital days	–	–	51	32	54	79	117	93	94	95
Asset turnover	–	–	0.62	0.64	0.74	0.97	0.98	1.01	0.85	0.75
Assets per rupee of net worth	–	–	2.27	2.25	2.13	1.81	1.53	1.37	1.34	1.48
Sales per rupee of plant	–	–	1.43	1.36	1.64	2.41	2.79	2.85	2.52	1.84
Capital spending to depreciation	–	–	–	–	0.34	0.79	2.15	1.46	2.12	21.22
Plant being built, % of plant in use	–	–	26.6%	22.3%	22.1%	24.6%	6.7%	6.7%	7.3%	51.5%

Interest cover is left blank for the year to Mar 2020: 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: 11.3%
Cash from operations against operating profit: 54.2%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	8.8%	8.9%	1.8%
Profit growth, yearly rate	–	20.5%	23.4%
Return on equity, average	–	20.1%	17.8%
Return on capital employed, average	–	20.5%	18.0%
Operating margin, average	20.6%	22.4%	20.9%
Net margin, average	10.1%	14.2%	14.4%
Asset turnover, average	–	0.91	0.87
Cash conversion cycle, days, average	–	171	186
Interest cover, average	8.8	12.7	15.4
Debt to equity, average	–	0.20	0.19

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	1,956	1,416	318
Cash from investing	−1,490	−1,525	−753
Cash from financing	−439	135	462
Capital spending	1,882	1,565	1,335
Dividends paid	–	315	54
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	808	705	551
Borrowings repaid	600	156	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	–	–	–	–	9	7	5	9	7	4
Altman Z-scorePublished threshold 1.81	–	–	1.67	1.40	2.42	3.95	4.05	6.02	5.25	4.56
Beneish M-scorePublished threshold −1.78	–	–	–	–	−1.21	−1.84	−2.77	−2.63	−2.64	−0.57
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	2.66	8.34	−2.39	2.53	11.84	22.95
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.86	0.95	1.28	1.20
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−33.38	167.72	11.32	−41.89	−4.95	41.36	100.97
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−42.05	3.71	22.43	−28.81	9.41	33.94	7.42
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−3.29	2.60	−0.19	10.57	−2.76	−9.34	2.79
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.83	5.57	4.00	–	0.70	0.76	1.36
Effective tax ratePublished threshold 17.16 per cent	32.68	34.02	103.03	–	26.91	22.80	30.29	27.85	26.22	23.34
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−9.77	9.73	−5.02	1.22	−0.52

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
5 Dec 2025	ICRA Limited (opens in a new tab)	Interchangeable limits-Others	[ICRA]A1+Review, Re-affirm		1,040
5 Dec 2025	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AAReview, Upgrade	Stable	470.50
5 Dec 2025	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]A1+Review, Re-affirm		360
5 Dec 2025	ICRA Limited (opens in a new tab)	Fund-based-Others	[ICRA]AAReview, Upgrade	Stable	1,040

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