India Tourism Development Corporation financials and balance sheet

NSE: ITDCBSE: 532189Leisure ServicesSmall Cap

₹599.30₹34.60 (5.46%)BSE ₹599.05

Share price at the NSE close on 23 Oct 2026. Previous close ₹633.90.

52-week range of traded prices to 23 Oct 2026

₹368.00Low, 30 Mar 2026₹822.00High, 20 Jul 2026

Market cap: ₹5,140 Cr808th largest listed
P/E: 62.5
P/B: 12.2
Dividend yield: 0.49%
ROE: 20.9%
ROCE: 20.4%
Debt to equity: 0.00
Volume, NSE: 97,76935.6% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 1 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

The years either side of a change of basis do not compare. From the year to Mar 2020, the company reports a discontinued business. From the year to Mar 2025, the company's revenue for that year, ₹570 Cr, differs from its quarters added, ₹588 Cr.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue533
Materials and goods−182
Employee costs−94
Other expenses−165
Operating profit91
Depreciation−7.1
Other income+30
One-off items0.0
Finance costs−1.8
Profit before tax113
Tax−30
Discontinued businesses−0.4
Net profit82

What the company owns

Plant, investments and other assets₹363 Cr
Cash and bank₹271 Cr
Receivables₹110 Cr
Inventory₹18 Cr

What pays for it: net worth and liabilities

Net worth₹411 Cr
Other liabilities₹272 Cr
Owed to suppliers₹79 Cr
Borrowings₹1 Cr

India Tourism Development Corporation 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.India Tourism Development Corporation segment results by quarter

Revenue by segment

₹563 CrTotal

Hotel Division₹346 Cr61.5% of total
Event Management, Hospitality & Tourism Management Institute & Others₹169 Cr29.9% of total
Travels &Tours₹24 Cr4.3% of total
International Trade Division₹15 Cr2.7% of total
Engg,Consultancy Projects₹9 Cr1.6% of total

Profit by segment

Hotel Division₹108 Cr91.8% of total
Travels &Tours₹4 Cr3.6% of total
International Trade Division₹2 Cr1.4% of total
Engg,Consultancy Projects₹4 Cr3.2% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Hotel Division
Revenue, ₹ crore
258
253
140
202
321
347
344
346
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
31
39
−33
13
86
91
74
108
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Event Management, Hospitality & Tourism Management Institute & Others
Revenue, ₹ crore
107
155
169
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
10
14
−3
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Travels &Tours
Revenue, ₹ crore
35
27
8
22
63
53
47
24
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2
−1
−6
1
16
6
12
4
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
International Trade Division
Revenue, ₹ crore
18
16
16
21
16
16
13
15
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
3
1
1
6
3
2
−1
2
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Engg,Consultancy Projects
Revenue, ₹ crore
6
5
5
15
14
26
33
9
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−4
0
−3
−1
−2
1
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	386	365	194	304	481	549	591	563
Company revenue, as in its results	356	342	177	289	464	532	570	533
Revenue	258	253	140	202	321	347	344	346
Revenue growth	–	−1.8%	−44.5%	43.9%	58.7%	8.3%	−1.0%	0.8%
Profit	31	39	−33	13	86	91	74	108
Profit growth	–	24.4%	–	–	552.2%	5.9%	−18.4%	46.1%
Margin	12.1%	15.4%	−23.4%	6.5%	26.7%	26.1%	21.5%	31.2%
Assets	–	133	131	126	107	117	106	−21
Liabilities	–	171	172	152	151	152	174	−10
Capital employed	–	−39	−41	−27	−44	−35	−68	−11
Revenue	–	–	–	–	–	107	155	169
Revenue growth	–	–	–	–	–	–	44.9%	8.5%
Profit	–	–	–	–	–	10	14	−3
Profit growth	–	–	–	–	–	–	44.6%	–
Margin	–	–	–	–	–	9.2%	9.2%	−2.0%
Return on capital	–	–	–	–	–	2.8%	4.1%	−8.0%
Assets	–	–	–	–	–	377	405	−28
Liabilities	–	–	–	–	–	18	57	−70
Capital employed	–	–	–	–	–	359	348	42
Revenue	35	27	8	22	63	53	47	24
Revenue growth	–	−21.0%	−71.7%	185.9%	184.9%	−16.3%	−11.5%	−48.2%
Profit	2	−1	−6	1	16	6	12	4
Profit growth	–	–	–	–	1,467.1%	−60.9%	83.6%	−63.7%
Margin	4.7%	−3.9%	−75.1%	4.7%	25.7%	12.0%	24.9%	17.5%
Return on capital	–	−5.0%	−86.5%	7.9%	25.5%	8.7%	15.1%	–
Assets	–	52	33	49	122	130	162	6
Liabilities	–	31	26	36	59	58	84	15
Capital employed	–	22	7	13	63	72	77	−9
Revenue	18	16	16	21	16	16	13	15
Revenue growth	–	−10.8%	−3.7%	33.5%	−24.6%	−1.0%	−16.3%	14.2%
Profit	3	1	1	6	3	2	−1	2
Profit growth	–	−56.5%	1.2%	306.9%	−44.5%	−32.5%	–	–
Margin	17.7%	8.6%	9.1%	27.6%	20.3%	13.9%	−9.8%	11.0%
Return on capital	–	36.0%	–	231.1%	136.2%	61.9%	−10.8%	79.0%
Assets	–	9	9	10	8	9	16	0
Liabilities	–	5	10	7	6	5	4	−2
Capital employed	–	4	−1	3	2	4	12	2
Revenue	6	5	5	15	14	26	33	9
Revenue growth	–	−9.9%	−11.9%	222.0%	−6.4%	90.0%	24.8%	−72.9%
Profit	−4	0	−3	−1	−2	1	1	4
Profit growth	–	–	–	–	–	–	−47.5%	535.7%
Margin	−72.1%	−6.3%	−67.8%	−4.7%	−12.7%	4.4%	1.8%	43.3%
Return on capital	–	–	–	–	–	–	–	59.0%
Assets	–	5	4	17	301	433	57	24
Liabilities	–	58	71	100	333	455	74	17
Capital employed	–	−53	−68	−83	−32	−21	−17	6
Revenue	–	–	–	44	68	–	–	–
Revenue growth	–	–	–	–	52.6%	–	–	–
Profit	–	–	–	−9	−18	–	–	–
Margin	–	–	–	−19.4%	−26.5%	–	–	–
Return on capital	–	–	–	−2.3%	−5.3%	–	–	–
Assets	–	–	–	383	395	–	–	–
Liabilities	–	–	–	13	53	–	–	–
Capital employed	–	–	–	370	341	–	–	–
Revenue	70	63	26	–	–	–	–	–
Revenue growth	–	−9.6%	−59.6%	–	–	–	–	–
Profit	25	−4	5	–	–	–	–	–
Margin	35.2%	−6.1%	20.9%	–	–	–	–	–
Return on capital	–	−1.0%	1.4%	–	–	–	–	–
Assets	–	418	372	–	–	–	–	–
Liabilities	–	38	−8	–	–	–	–	–
Capital employed	–	379	380	–	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.India Tourism Development Corporation quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 11 Jun	Mar 2020Filed 31 Jul	Mar 2021Filed 20 Jul	Mar 2022Filed 15 Jun	Mar 2023Filed 25 May	Mar 2024Filed 13 May	Mar 2025Filed 13 Jun	Mar 2026Filed 21 May
Revenue from operations	495	350	356	342	177	289	464	532	570	533
	–	357	332	320	221	291	388	431	485	442
Materials and goods bought	78	70	70	73	25	68	113	168	199	182
Employee costs	–	144	115	123	104	102	112	101	99	94
Other expenses	–	143	147	124	92	121	163	162	187	165
Operating profit before depreciation	–	−7	24	22	−44	−1	75	101	85	91
Operating margin	–	−1.9%	6.8%	6.6%	−24.9%	−0.4%	16.3%	19.0%	15.0%	17.1%
Materials, % of revenue	–	20.1%	19.6%	21.4%	14.3%	23.5%	24.5%	31.5%	34.8%	34.1%
Employee costs, % of revenue	–	41.1%	32.3%	35.9%	58.7%	35.2%	24.2%	19.0%	17.4%	17.7%
Other expenses, % of revenue	–	40.8%	41.3%	36.1%	51.9%	41.7%	35.1%	30.4%	32.8%	31.0%
Depreciation and amortisation	9	7	7	8	7	7	7	7	7	7
Operating profit after depreciation	–	−14	17	15	−51	−8	68	94	79	84
Other income	23	27	22	21	17	14	17	17	21	30
Finance costs	0	1	1	1	1	1	1	3	1	2
Profit before one-off items and tax	–	12	38	35	−35	5	85	108	99	113
One-off items	−11	31	22	4	2	5	0	0	0	0
Profit before tax	15	43	60	39	−34	10	85	108	99	113
	5	9	18	16	1	3	26	37	17	30
Current tax	–	–	13	11	0	7	26	27	31	32
Deferred tax	–	–	5	5	1	−4	0	10	−13	−2
Share of profit of joint ventures and associates	–	–	2	2	2	0	1	1	–	–
Profit from discontinued businesses	–	–	−2	−4	−3	0	0	−1	−1	0
	9	18	42	21	−35	7	59	70	81	82
Belonging to the company's shareholders	9	–	42	–	−35	–	59	69	82	83
Belonging to outside owners of subsidiaries	–	–	–	–	–	–	1	–	−1	0
Other comprehensive income	–	–	2	−8	1	−2	−1	0	−2	2
Total comprehensive income	–	–	44	13	−33	5	59	70	79	85
Net margin	1.8%	5.1%	11.8%	–	−19.5%	2.3%	12.8%	13.2%	14.2%	15.5%
Net margin without joint ventures and associates	–	–	11.3%	–	−20.9%	2.2%	12.6%	13.1%	–	–

Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2017: revenue, other income and exceptional items less the total expenses stated do not come to the profit before tax the same statement states, so the operating expenses cannot be told apart from the rest. Belonging to the company's shareholders is left blank for the years to Mar 2018, Mar 2020 and Mar 2022: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the company's periods around it state no share for other owners for the gap to belong to. Net margin is left blank for the year to Mar 2020: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin. Belonging to outside owners of subsidiaries is left blank for the year to Mar 2021: 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. Share of profit of joint ventures and associates is left blank for the year to Mar 2025: 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 11 Jun	Mar 2020Filed 31 Jul	Mar 2021Filed 20 Jul	Mar 2022Filed 15 Jun	Mar 2023Filed 25 May	Mar 2024Filed 13 May	Mar 2025Filed 13 Jun	Mar 2026Filed 21 May
	326	314	278	–	332	378	352	411
	326	320	287	–	342	389	364	423
Share capital	86	86	86	–	86	86	86	86
Reserves	241	235	201	–	256	303	278	337
Belonging to outside owners of subsidiaries	–	−7	−9	–	−10	−11	−11	−12
Borrowings	1	1	1	–	1	1	1	1
	276	225	213	–	545	664	366	339
Trade payables	64	54	43	–	93	88	124	79
Other financial liabilities	100	66	56	–	329	477	98	119
Other liabilities	88	83	104	–	86	71	113	109
Provisions	23	22	10	–	35	0	30	31
Tax owed	–	–	–	–	0	28	0	0
	60	78	58	–	57	23	28	12
Other financial liabilities	8	12	12	–	16	17	16	7
Other liabilities	–	–	0	–	0	0	5	0
Provisions	47	61	42	–	37	1	3	0
	663	617	549	–	934	1,066	746	762
Held for sale or for a demerger	0	1	1	–	1	1	1	1
	105	109	106	–	106	102	95	108
Plant in use, after depreciation	55	51	45	–	46	40	42	42
Plant being built	6	6	6	–	3	4	5	8
Intangible assets	0	1	0	–	0	0	0	0
Intangible assets being developed	0	0	0	–	0	0	0	0
Other financial assets	3	3	1	–	1	12	2	2
Deferred tax	40	38	36	–	42	32	46	47
Other assets	1	11	17	–	14	14	1	9
	558	508	442	–	827	963	650	653
Inventories	10	10	11	–	10	13	19	18
Trade receivables	97	95	66	–	78	75	120	110
Cash and cash equivalents	26	24	22	–	27	55	82	55
Other bank balances	266	238	211	–	435	123	138	216
Loans given	0	0	0	–	0	0	0	0
Other financial assets	72	50	31	–	132	526	148	99
Tax paid in advance	0	91	103	–	0	0	0	0
Other assets	87	0	0	–	144	171	144	155
Net debt	−290	−261	−231	–	−462	−177	−220	−270

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, Mar 2018 and Mar 2022, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 20 Jul	Mar 2022Filed 15 Jun	Mar 2023Filed 25 May	Mar 2024Filed 13 May	Mar 2025Filed 13 Jun	Mar 2026Filed 21 May
	−13	16	−12	42	53	70
	−1	16	−6	70	64	82
	38	−6	−104	−43	−39	−24
Receivables	31	−23	−29	−5	−56	0
Inventories	−1	1	0	−2	−7	0
Payables	−13	16	40	−6	37	−42
Other working capital	21	0	−115	−30	−13	17
Tax paid	−12	0	−6	−27	−11	−12
Capital spending	4	6	13	1	10	10
Free cash flow	−17	10	−25	41	43	60
	11	5	−3	4	−4	−73
Plant and property sold	0	0	0	0	0	0
Interest received	15	10	10	6	9	14
	0	0	0	−19	−22	−25
Borrowings raised	1	0	0	0	0	0
Borrowings repaid	0	0	0	0	0	0
Interest paid	−1	0	0	0	0	0
Dividends paid	0	0	0	19	22	25
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−2	21	−15	28	27	−28

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.India Tourism Development Corporation dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 11 Jun	Mar 2020Filed 31 Jul	Mar 2021Filed 20 Jul	Mar 2022Filed 15 Jun	Mar 2023Filed 25 May	Mar 2024Filed 13 May	Mar 2025Filed 13 Jun	Mar 2026Filed 21 May
Earnings per share	₹1.05	₹1.55	₹5.09	₹1.52	−₹3.87	₹0.58	₹6.90	₹8.20	₹9.42	₹9.61
Diluted earnings per share	₹1.05	₹1.55	₹5.09	₹1.52	−₹3.87	₹0.58	₹6.90	₹8.20	₹9.42	₹9.61
Dividend per share	₹1.33	₹1.85	₹2.10	–	–	–	₹2.20	₹2.52	₹2.90	₹2.95
Book value per share	–	–	₹38.06	₹37.37	₹33.43	–	₹39.86	₹45.36	₹42.41	₹49.29
Dividend payout	126.2%	–	42.9%	–	–	–	32.2%	31.2%	30.5%	30.6%
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	0.3%	0.4%	0.8%
Market cap at the year end (₹ crore)	3,533	3,903	2,400	1,110	3,294	3,251	2,532	5,417	5,046	3,178

Ratios

Consolidated, years to March.India Tourism Development Corporation PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 11 Jun	Mar 2020Filed 31 Jul	Mar 2021Filed 20 Jul	Mar 2022Filed 15 Jun	Mar 2023Filed 25 May	Mar 2024Filed 13 May	Mar 2025Filed 13 Jun	Mar 2026Filed 21 May
Revenue growth	7.8%	−29.3%	1.7%	–	−48.3%	63.6%	60.2%	14.8%	–	−6.6%
Operating profit growth	–	–	–	–	–	–	–	34.3%	–	7.0%
Net profit growth	−49.4%	96.2%	136.5%	–	–	–	772.5%	18.9%	14.9%	1.9%
Earnings per share growth	–	47.6%	228.4%	–	–	–	1,089.7%	18.8%	14.9%	2.0%
	–	–	12.8%	–	−11.4%	–	17.1%	19.0%	21.7%	21.0%
	–	–	–	–	–	–	–	1.9 pts	2.7 pts	−0.6 pts
From the net margin	–	–	–	–	–	–	–	0.6 pts	1.8 pts	1.9 pts
From asset turnover	–	–	–	–	–	–	–	1.3 pts	3.8 pts	2.9 pts
From borrowing	–	–	–	–	–	–	–	0.0 pts	−3.0 pts	−5.4 pts
Return on capital employed	–	–	5.2%	4.7%	−18.3%	–	20.6%	24.9%	22.3%	20.5%
Cash conversion	–	–	–	–	–	230.6%	−19.9%	60.2%	65.4%	85.5%
Interest cover	–	–	25.9	14.9	–	–	76.8	29.2	78.5	48.0
Debt to equity	–	–	0.00	0.00	0.00	–	0.00	0.00	0.00	0.00
Receivable days	–	–	99	101	136	–	62	52	77	76
Inventory days	–	–	53	51	160	–	33	28	34	36
Payable days	–	–	337	267	612	–	300	192	228	159
Cash conversion cycle, days	–	–	−184	−115	−316	–	−205	−112	−117	−47
Working capital days	–	–	−9	23	−3	–	−142	83	41	30
Asset turnover	–	–	0.54	0.53	0.30	–	0.50	0.53	0.63	0.71
Assets per rupee of net worth	–	–	2.03	1.98	1.92	–	2.73	2.74	2.41	1.92
Sales per rupee of plant	–	–	6.52	6.76	3.95	–	10.16	13.23	13.73	12.80
Capital spending to depreciation	–	–	–	–	0.60	0.83	1.86	0.22	1.45	1.45
Plant being built, % of plant in use	–	–	11.0%	12.3%	14.4%	–	7.3%	10.8%	13.1%	20.3%

Interest cover is left blank for the years to Mar 2018, Mar 2021 and Mar 2022: operating profit after depreciation is a loss, and a loss covers no interest bill. Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2020: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. Revenue growth and operating profit growth are left blank for the year to Mar 2025: 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, Mar 2018 and Mar 2022, 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: 11.0%
Cash from operations against operating profit: 77.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	1.5%	24.7%	4.8%
Profit growth, yearly rate	16.6%	–	12.2%
Return on equity, average	–	19.7%	20.6%
Return on capital employed, average	–	22.1%	22.6%
Operating margin, average	6.0%	13.4%	17.1%
Net margin, average	6.3%	11.6%	14.3%
Asset turnover, average	–	0.59	0.62
Cash conversion cycle, days, average	–	−120	−92
Interest cover, average	–	58.1	51.9
Debt to equity, average	–	0.00	0.00

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	169	166	70
Cash from investing	−71	−73	−73
Cash from financing	−66	−66	−25
Capital spending	40	21	10
Dividends paid	65	65	25
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	0	0	0
Borrowings repaid	0	0	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	–	–	–	–	3	–	–	–	5	7
Altman Z-scorePublished threshold 1.1	–	–	5.61	5.76	4.61	–	4.07	4.04	5.54	6.38
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.87	–	–	−2.36	−1.59	−2.37
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−5.59	–	–	2.37	3.57	11.28
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	−0.29	0.34	0.40	0.71
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	1.95	17.54	–	–	−18.78	52.05	−1.19
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−4.42	74.65	–	–	−25.73	29.34	4.29
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−5.37	−4.23	–	–	79.23	−71.15	−6.94
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.78	5.85	–	–	2.99	0.69	1.18
Effective tax ratePublished threshold 17.16 per cent	37.80	20.65	29.69	42.06	–	33.40	30.61	34.50	17.64	26.39
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	33.40	23.77	9.27	6.38	15.79

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
18 Dec 2025	CARE Ratings Limited (opens in a new tab)	Fund-based-Short Term	CARE A1+Review, Re-affirm		15
18 Dec 2025	CARE Ratings Limited (opens in a new tab)	Non-fund-based-Short Term	CARE A1+Review, Re-affirm		25

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