Kirloskar Oil Engines financials and balance sheet

NSE: KIRLOSENGBSE: 533293Industrial ProductsSmall Cap

₹1,784.70₹84.30 (4.51%)BSE ₹1,784.30

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,869.00.

52-week range of traded prices to 23 Oct 2026

₹883.40Low, 23 Oct 2025₹2,720.00High, 23 Jun 2026

Market cap: ₹25,971 Cr323rd largest listed
P/E: 48.1
P/B: 7.2
Dividend yield: 0.39%
ROE: 16.1%
ROCE: 13.6%
Debt to equity: 1.49
Volume, NSE: 4,57,94854.4% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

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.

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue7,701
Materials and goods−4,447
Employee costs−612
Other expenses−1,226
Operating profit1,415
Depreciation−174
Other income+70
One-off items−32
Finance costs−523
Profit before tax756
Tax−199
Discontinued businesses+4.7
Net profit562

What the company owns

Plant, investments and other assets₹7,580 Cr
Cash and bank₹1,250 Cr
Receivables₹953 Cr
Inventory₹744 Cr
Current investments₹325 Cr

What pays for it: net worth and liabilities

Borrowings₹5,314 Cr
Net worth₹3,575 Cr
Other liabilities₹1,017 Cr
Owed to suppliers₹947 Cr

Kirloskar Oil Engines 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.Kirloskar Oil Engines segment results by quarter

Revenue by segment

₹7,701 CrTotal

B2B₹5,686 Cr73.8% of total
B2C₹1,139 Cr14.8% of total
Financial services₹877 Cr11.4% of total

Profit by segment

B2B₹592 Cr74.9% of total
B2C₹106 Cr13.4% of total
Financial services₹92 Cr11.7% of total

Segment results by year

Consolidated, ₹ crore, years to March.

B2B
Revenue, ₹ crore
3,582
4,228
4,481
5,686
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
336
460
497
592
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
B2C
Revenue, ₹ crore
1,071
1,105
1,088
1,139
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
29
50
35
106
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Financial services
Revenue, ₹ crore
48
102
201
371
565
780
877
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
13
61
133
82
106
105
92
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	3,627	3,378	3,295	4,022	5,024	5,898	6,349	7,701
Company revenue, as in its results	3,628	3,379	3,296	4,022	5,024	5,898	6,349	7,701
Revenue	–	–	–	–	3,582	4,228	4,481	5,686
Revenue growth	–	–	–	–	–	18.0%	6.0%	26.9%
Profit	–	–	–	–	336	460	497	592
Profit growth	–	–	–	–	–	36.8%	7.9%	19.2%
Margin	–	–	–	–	9.4%	10.9%	11.1%	10.4%
Return on capital	–	–	–	–	55.5%	63.2%	52.0%	47.9%
Assets	–	–	–	–	1,385	1,748	2,052	2,641
Liabilities	–	–	–	–	778	1,019	1,097	1,405
Capital employed	–	–	–	–	607	729	955	1,235
Revenue	–	–	–	–	1,071	1,105	1,088	1,139
Revenue growth	–	–	–	–	–	3.2%	−1.6%	4.7%
Profit	–	–	–	–	29	50	35	106
Profit growth	–	–	–	–	–	73.4%	−30.5%	203.1%
Margin	–	–	–	–	2.7%	4.6%	3.2%	9.3%
Return on capital	–	–	–	–	7.6%	13.2%	10.8%	27.3%
Assets	–	–	–	–	628	707	683	749
Liabilities	–	–	–	–	248	323	359	360
Capital employed	–	–	–	–	381	384	324	389
Revenue	–	48	102	201	371	565	780	877
Revenue growth	–	–	110.9%	98.2%	84.0%	52.3%	38.2%	12.3%
Profit	–	13	61	133	82	106	105	92
Profit growth	–	–	372.5%	118.7%	−37.9%	28.6%	−1.2%	−11.6%
Margin	–	26.6%	59.6%	65.8%	22.2%	18.7%	13.4%	10.5%
Return on capital	–	2.4%	9.0%	15.8%	7.6%	8.9%	8.3%	6.8%
Assets	–	617	1,366	2,627	4,369	5,306	7,123	6,751
Liabilities	–	88	693	1,790	3,290	4,122	5,867	5,388
Capital employed	–	529	673	837	1,079	1,184	1,256	1,363
Revenue	2,997	2,655	2,391	2,944	–	–	–	–
Revenue growth	–	−11.4%	−10.0%	23.1%	–	–	–	–
Profit	306	206	237	214	–	–	–	–
Profit growth	–	−32.7%	14.9%	−9.4%	–	–	–	–
Margin	10.2%	7.8%	9.9%	7.3%	–	–	–	–
Return on capital	–	30.4%	48.7%	42.7%	–	–	–	–
Assets	–	1,176	1,144	1,161	–	–	–	–
Liabilities	–	497	658	659	–	–	–	–
Capital employed	–	679	486	502	–	–	–	–
Revenue	141	133	180	185	–	–	–	–
Revenue growth	–	−5.5%	35.6%	2.6%	–	–	–	–
Profit	−22	−15	2	−9	–	–	–	–
Margin	−15.5%	−11.2%	1.1%	−4.9%	–	–	–	–
Return on capital	–	–	8.0%	−38.0%	–	–	–	–
Assets	–	67	77	77	–	–	–	–
Liabilities	–	69	53	54	–	–	–	–
Capital employed	–	−2	25	24	–	–	–	–
Revenue	–	541	622	691	–	–	–	–
Revenue growth	–	–	15.0%	11.1%	–	–	–	–
Profit	–	21	25	−7	–	–	–	–
Profit growth	–	–	21.9%	–	–	–	–	–
Margin	–	3.8%	4.1%	−1.1%	–	–	–	–
Return on capital	–	7.3%	8.8%	−2.6%	–	–	–	–
Assets	–	486	525	520	–	–	–	–
Liabilities	–	202	240	234	–	–	–	–
Capital employed	–	284	286	286	–	–	–	–
Revenue	489	–	–	–	–	–	–	–
Profit	17	–	–	–	–	–	–	–
Margin	3.6%	–	–	–	–	–	–	–
Revenue	1	2	1	0	–	–	–	–
Profit	44	18	4	7	–	–	–	–
Assets	0	416	688	645	–	–	–	–
Liabilities	0	160	236	213	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Kirloskar Oil Engines quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 18 May	Mar 2020Filed 19 Jun	Mar 2021Filed 13 May	Mar 2022Filed 20 May	Mar 2023Filed 22 May	Mar 2024Filed 9 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Revenue from operations	2,878	3,111	3,628	3,379	3,296	4,022	5,024	5,898	6,349	7,701
	2,597	2,847	3,253	3,092	2,910	3,610	4,290	4,871	5,158	6,286
Materials and goods bought	1,688	1,955	2,329	2,142	2,050	2,638	3,118	3,497	3,592	4,447
Employee costs	–	–	243	270	257	286	340	430	537	612
Other expenses	–	–	681	680	603	687	832	944	1,029	1,226
Operating profit before depreciation	281	264	375	287	386	412	734	1,028	1,191	1,415
Operating margin	9.8%	8.5%	10.3%	8.5%	11.7%	10.2%	14.6%	17.4%	18.8%	18.4%
Materials, % of revenue	–	–	64.2%	63.4%	62.2%	65.6%	62.1%	59.3%	56.6%	57.7%
Employee costs, % of revenue	–	–	6.7%	8.0%	7.8%	7.1%	6.8%	7.3%	8.5%	8.0%
Other expenses, % of revenue	–	–	18.8%	20.1%	18.3%	17.1%	16.6%	16.0%	16.2%	15.9%
Depreciation and amortisation	111	112	94	87	84	101	105	119	140	174
Operating profit after depreciation	170	152	281	200	302	311	629	909	1,051	1,241
Other income	85	72	65	43	26	27	28	29	47	70
Finance costs	3	12	15	14	50	106	210	328	483	523
Profit before one-off items and tax	253	213	331	228	278	232	448	609	615	789
One-off items	0	0	0	16	−8	0	0	−15	36	−32
Profit before tax	253	213	331	245	270	232	448	594	651	756
	79	70	112	57	72	61	117	156	176	199
Current tax	80	78	113	65	71	69	130	150	146	170
Deferred tax	−1	−8	−1	−8	2	−8	−13	5	30	28
Share of profit of joint ventures and associates	–	–	–	–	–	0	1	1	1	–
Profit from discontinued businesses	–	–	–	–	–	–	–	–	–	5
	174	143	220	188	197	171	332	440	476	562
Belonging to the company's shareholders	174	143	219	185	195	175	332	442	489	562
Belonging to outside owners of subsidiaries	–	–	0	3	2	−4	−1	−2	−13	–
Other comprehensive income	–	–	0	−2	5	3	−10	−3	−4	32
Total comprehensive income	–	–	220	186	202	174	322	436	472	595
Net margin	6.0%	4.6%	6.1%	5.6%	6.0%	4.2%	6.6%	7.5%	7.5%	7.3%
Net margin without joint ventures and associates	–	–	–	–	–	4.2%	6.6%	7.4%	7.5%	–

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.

₹ crore	Mar 2019Filed 18 May	Mar 2020Filed 19 Jun	Mar 2021Filed 13 May	Mar 2022Filed 20 May	Mar 2023Filed 22 May	Mar 2024Filed 9 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
	1,699	1,745	1,922	2,082	2,304	2,660	3,057	3,575
	1,699	1,745	1,922	2,082	2,304	2,676	3,087	3,620
Share capital	29	29	29	29	29	29	29	29
Reserves	1,670	1,716	1,893	2,053	2,275	2,647	3,057	3,591
Belonging to outside owners of subsidiaries	0	0	–	0	0	−16	−30	−45
	81	149	687	1,965	3,244	4,142	5,819	5,314
Repayable after a year	17	64	417	1,069	1,807	1,978	3,796	3,124
Repayable within a year	65	85	270	895	1,437	2,164	2,023	2,190
	731	748	1,252	1,783	2,526	3,547	3,449	3,900
Trade payables	439	414	594	576	678	794	708	947
Other financial liabilities	75	93	253	157	195	363	425	443
Other liabilities	78	87	61	75	106	111	159	149
Provisions	74	69	73	79	108	116	133	170
Tax owed	0	0	0	0	1	0	1	0
	175	269	626	1,166	1,896	2,070	3,974	3,378
Other financial liabilities	98	137	140	17	18	17	14	48
Other liabilities	8	17	19	21	23	22	82	75
Provisions	33	36	31	41	40	45	53	61
Deferred tax	19	15	19	18	8	10	29	70
	2,605	2,762	3,801	5,030	6,725	8,278	10,480	10,852
Held for sale or for a demerger	2	0	–	–	36	21	–	–
	835	1,082	1,508	2,277	3,297	4,562	6,090	5,424
Plant in use, after depreciation	400	377	412	442	442	485	852	1,016
Plant being built	18	30	32	24	18	252	71	61
Intangible assets	79	61	102	93	61	92	139	121
Goodwill	185	185	185	186	186	191	191	190
Intangible assets being developed	23	47	23	19	51	41	27	88
Investments	0	74	48	83	97	36	90	114
Loans given	0	0	0	0	0	0	4,548	3,566
Other financial assets	71	49	46	32	32	72	118	206
Deferred tax	0	3	4	9	15	13	4	7
Trade receivables	0	181	614	1,342	2,318	3,325	0	0
Other assets	60	74	43	46	79	54	48	56
	1,767	1,680	2,293	2,754	3,392	3,695	4,391	5,428
Inventories	310	406	379	388	545	644	591	744
Trade receivables	407	593	730	1,425	1,896	1,987	696	953
Cash and cash equivalents	62	128	246	153	270	493	741	764
Other bank balances	137	14	12	21	20	12	256	486
Current investments	711	358	786	655	561	453	511	325
Loans given	0	0	0	0	0	0	1,452	1,978
Other financial assets	44	63	55	43	47	46	22	41
Tax paid in advance	2	1	1	4	5	0	27	27
Other assets	95	116	83	64	48	61	95	109
Net debt	−828	−352	−357	1,136	2,393	3,184	4,311	3,738

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 13 May	Mar 2022Filed 20 May	Mar 2023Filed 22 May	Mar 2024Filed 9 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
	−16	−1,041	−920	−469	−739	932
	30	−962	−799	−318	−580	1,116
	−324	−1,364	−1,346	−996	−1,327	187
Receivables	−537	−1,361	−50	−1,187	−1,357	93
Inventories	26	−5	−161	−107	27	−176
Payables	169	−15	109	287	−27	221
Other working capital	18	18	−1,244	10	29	49
Tax paid	−46	−79	−122	−151	−159	−184
Capital spending	105	126	161	395	308	340
Free cash flow	−122	−1,166	−1,082	−864	−1,047	592
	−465	−3	−144	−109	−523	−321
Plant and property sold	1	1	1	17	52	2
Companies bought	0	0	−109	−3	0	0
Interest received	2	10	19	31	28	36
Dividends received	0	0	2	1	0	0
	599	950	1,182	800	1,509	−589
Borrowings raised	1,082	1,113	3,230	4,124	4,381	2,200
Borrowings repaid	−429	0	−1,955	−3,230	−2,745	−2,647
Interest paid	−28	−99	−13	−11	−19	−19
Lease payments	−5	0	−9	−12	−23	−33
Dividends paid	22	58	72	72	87	94
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	1	2	2	4
Net change in cash	118	−93	117	223	248	23

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.Kirloskar Oil Engines dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 18 May	Mar 2020Filed 19 Jun	Mar 2021Filed 13 May	Mar 2022Filed 20 May	Mar 2023Filed 22 May	Mar 2024Filed 9 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Earnings per share	₹12.02	₹10.00	₹15.16	₹12.81	₹13.48	₹12.07	₹22.98	₹30.50	₹33.71	₹39.53
Diluted earnings per share	₹12.02	₹10.00	₹15.16	–	₹13.48	₹12.03	₹22.88	₹30.46	₹33.60	₹39.38
Dividend per share	₹5.00	₹5.00	₹5.00	₹4.00	₹4.00	₹4.00	₹5.00	₹6.00	₹6.50	₹7.00
Book value per share	–	–	₹117.47	₹120.69	₹132.93	₹143.96	₹159.14	₹184.63	₹212.57	₹249.07
Dividend payout	41.6%	50.7%	33.0%	31.2%	29.7%	33.1%	21.8%	19.7%	19.3%	18.1%
Shareholder yield	–	–	–	–	0.9%	3.0%	1.2%	0.6%	0.8%	0.5%
Market cap at the year end (₹ crore)	5,617	4,703	2,537	1,257	2,366	1,908	5,730	12,454	10,446	19,313

Ratios

Consolidated, years to March.Kirloskar Oil Engines PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 18 May	Mar 2020Filed 19 Jun	Mar 2021Filed 13 May	Mar 2022Filed 20 May	Mar 2023Filed 22 May	Mar 2024Filed 9 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Revenue growth	17.2%	–	–	−6.8%	−2.5%	22.0%	24.9%	17.4%	7.6%	21.3%
Operating profit growth	17.2%	−6.0%	41.9%	−23.4%	34.2%	6.9%	78.1%	40.0%	15.9%	18.8%
Net profit growth	23.7%	−17.9%	53.9%	−14.4%	5.1%	−13.4%	94.1%	32.6%	8.2%	18.2%
Earnings per share growth	–	−16.8%	51.6%	−15.5%	5.2%	−10.5%	90.4%	32.7%	10.5%	17.3%
	–	–	12.9%	10.8%	10.6%	8.7%	15.2%	17.7%	17.0%	16.8%
	–	–	–	−2.1 pts	−0.1 pts	−1.9 pts	6.4 pts	2.6 pts	−0.8 pts	−0.2 pts
From the net margin	–	–	–	−1.2 pts	0.9 pts	−2.8 pts	4.6 pts	2.0 pts	0.5 pts	−0.9 pts
From asset turnover	–	–	–	−1.1 pts	−2.3 pts	−0.7 pts	−0.8 pts	−1.4 pts	−2.5 pts	1.1 pts
From borrowing	–	–	–	0.2 pts	1.4 pts	1.6 pts	2.7 pts	2.0 pts	1.3 pts	−0.4 pts
Return on capital employed	–	–	15.8%	10.6%	11.6%	7.7%	11.3%	13.4%	11.8%	14.0%
Cash conversion	–	–	–	–	−8.1%	−609.1%	−277.5%	−106.6%	−155.3%	165.7%
Interest cover	60.7	13.2	19.3	14.1	6.0	2.9	3.0	2.8	2.2	2.4
Debt to equity	–	–	0.05	0.09	0.36	0.94	1.41	1.56	1.90	1.49
Receivable days	–	–	41	64	81	129	138	123	40	45
Inventory days	–	–	49	69	68	54	64	67	60	61
Payable days	–	–	69	70	106	80	79	83	72	78
Cash conversion cycle, days	–	–	21	63	43	103	122	107	28	28
Working capital days	–	–	19	56	29	94	105	84	84	102
Asset turnover	–	–	1.39	1.26	1.00	0.91	0.85	0.79	0.68	0.72
Assets per rupee of net worth	–	–	1.53	1.56	1.79	2.21	2.68	3.01	3.26	3.18
Sales per rupee of plant	–	–	9.07	8.96	8.01	9.09	11.37	12.16	7.45	7.58
Capital spending to depreciation	–	–	–	–	1.26	1.24	1.54	3.33	2.21	1.95
Plant being built, % of plant in use	–	–	4.5%	8.0%	7.7%	5.4%	4.1%	52.0%	8.3%	6.0%

Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, 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: 5.3%
Cash from operations against operating profit: 65.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	12.1%	18.5%	15.3%
Profit growth, yearly rate	14.9%	23.6%	19.2%
Return on equity, average	–	15.1%	17.2%
Return on capital employed, average	–	11.6%	13.1%
Operating margin, average	12.8%	15.9%	18.2%
Net margin, average	6.1%	6.6%	7.4%
Asset turnover, average	–	0.79	0.73
Cash conversion cycle, days, average	–	78	55
Interest cover, average	12.6	2.7	2.4
Debt to equity, average	–	1.46	1.65

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	−2,236	−276	932
Cash from investing	−1,100	−952	−321
Cash from financing	3,853	1,721	−589
Capital spending	1,330	1,043	340
Dividends paid	384	254	94
Shares bought back	0	0	0
Shares issued for cash	10	9	4
Borrowings raised	15,048	10,705	2,200
Borrowings repaid	10,577	8,622	2,647

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	2	3	3	3	5
Altman Z-scorePublished threshold 1.81	–	–	4.89	3.55	2.93	2.21	2.48	2.88	2.32	3.32
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.09	−0.60	−1.35	−1.90	−2.47	−2.38
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	20.68	27.50	23.76	13.56	18.53	−0.46
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	−2.82	−2.58	−1.71	−0.19
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	52.58	25.67	73.12	8.09	−12.62	−72.61	15.69
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	39.09	−2.18	−26.40	22.24	5.93	−10.84	1.97
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.14	−1.25	−0.69	−0.23	0.13	0.59	0.44
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.47	0.27	0.18	0.17	1.56	0.14	0.18
Effective tax ratePublished threshold 17.16 per cent	31.17	32.85	33.74	23.23	26.80	26.35	26.20	26.19	27.02	26.25
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−7.66	−0.97	0.76	2.66	1.96

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
17 Jul 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		100
17 Jul 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		41
17 Jul 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA+Review, Re-affirm	Stable	2

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