PCBL Chemical financials and balance sheet

NSE: PCBLBSE: 506590Chemicals & PetrochemicalsSmall Cap

Formerly PCBL

₹274.85₹17.65 (6.03%)BSE ₹274.70

Share price at the NSE close on 23 Oct 2026. Previous close ₹292.50.

52-week range of traded prices to 23 Oct 2026

₹226.50Low, 24 Mar 2026₹375.00High, 29 Oct 2025

Market cap: ₹10,814 Cr519th largest listed
P/E: 41.8
P/B: 2.7
Dividend yield: 3.82%
ROE: 6.7%
ROCE: 8.3%
Debt to equity: 1.20
Volume, NSE: 15,25,98642.5% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹8,404 Cr, year to Mar 2025

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 5.6% 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

Revenue8,189
Materials and goods−5,719
Employee costs−463
Other expenses−964
Operating profit1,043
Depreciation−373
Other income+39
One-off items−25
Finance costs−423
Profit before tax261
Tax−63
Net profit198

What the company owns

Plant, investments and other assets₹8,587 Cr
Receivables₹1,395 Cr
Inventory₹1,024 Cr
Cash and bank₹288 Cr

What pays for it: net worth and liabilities

Borrowings₹4,825 Cr
Net worth₹4,019 Cr
Owed to suppliers₹1,447 Cr
Other liabilities₹1,003 Cr

PCBL Chemical 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.PCBL Chemical segment results by quarter

Revenue by segment

₹8,320 CrTotal

Carbon Black₹6,512 Cr78.3% of total
Chemical₹1,443 Cr17.3% of total
Power₹366 Cr4.4% of total

Profit by segment

Carbon Black₹721 Cr73.8% of total
Chemical₹17 Cr1.8% of total
Power₹239 Cr24.4% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Carbon Black
Revenue, ₹ crore
3,431
3,157
2,592
4,353
5,632
6,013
6,802
6,512
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
619
468
495
632
694
909
1,042
721
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Chemical
Revenue, ₹ crore
239
1,420
1,443
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−8
66
17
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Power
Revenue, ₹ crore
163
152
131
167
215
257
301
366
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
109
99
71
97
132
162
186
239
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Battery Chemical
Revenue, ₹ crore
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
0
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	3,594	3,309	2,723	4,521	5,847	6,509	8,523	8,320
Company revenue, as in its results	3,529	3,244	2,660	4,446	5,774	6,420	8,404	8,189
Revenue	3,431	3,157	2,592	4,353	5,632	6,013	6,802	6,512
Revenue growth	–	−8.0%	−17.9%	67.9%	29.4%	6.8%	13.1%	−4.3%
Profit	619	468	495	632	694	909	1,042	721
Profit growth	–	−24.4%	5.7%	27.8%	9.8%	31.1%	14.6%	−30.8%
Margin	18.0%	14.8%	19.1%	14.5%	12.3%	15.1%	15.3%	11.1%
Return on capital	–	23.6%	23.4%	26.6%	21.4%	26.9%	79.9%	69.3%
Assets	–	2,481	2,766	3,380	4,404	5,208	5,540	5,422
Liabilities	–	500	650	1,003	1,155	1,829	4,235	4,382
Capital employed	–	1,981	2,116	2,377	3,249	3,379	1,305	1,041
Revenue	–	–	–	–	–	239	1,420	1,443
Revenue growth	–	–	–	–	–	–	493.9%	1.6%
Profit	–	–	–	–	–	−8	66	17
Profit growth	–	–	–	–	–	–	–	−73.4%
Margin	–	–	–	–	–	−3.4%	4.6%	1.2%
Return on capital	–	–	–	–	–	−0.3%	4.2%	0.8%
Assets	–	–	–	–	–	4,725	4,376	4,226
Liabilities	–	–	–	–	–	1,926	2,829	1,960
Capital employed	–	–	–	–	–	2,799	1,547	2,266
Revenue	163	152	131	167	215	257	301	366
Revenue growth	–	−6.9%	−13.9%	28.0%	28.5%	19.5%	17.2%	21.4%
Profit	109	99	71	97	132	162	186	239
Profit growth	–	−9.1%	−28.2%	36.7%	35.8%	22.9%	14.6%	28.3%
Margin	66.8%	65.3%	54.4%	58.1%	61.4%	63.1%	61.8%	65.3%
Return on capital	–	32.5%	24.8%	22.5%	28.8%	33.4%	112.6%	129.8%
Assets	–	321	315	472	531	534	582	585
Liabilities	–	16	28	40	72	49	416	401
Capital employed	–	304	286	431	458	485	165	184
	–	–	–	–	–	–	0	0
Profit	–	–	–	–	–	–	0	0
Return on capital	–	–	–	–	–	–	−0.1%	−0.1%
Assets	–	–	–	–	–	–	207	246
Liabilities	–	–	–	–	–	–	5	6
Capital employed	–	–	–	–	–	–	201	240

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

Profit and loss

Consolidated, ₹ crore, years to March.PCBL Chemical quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 21 May	Mar 2020Filed 23 Jun	Mar 2021Filed 22 Apr	Mar 2022Filed 20 Apr	Mar 2023Filed 16 May	Mar 2024Filed 24 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 Jul
Revenue from operations	2,150	2,600	3,529	3,244	2,660	4,446	5,774	6,420	8,404	8,189
	1,873	2,224	2,912	2,779	2,141	3,793	5,043	5,382	7,067	7,146
Materials and goods bought	1,237	1,659	2,297	2,190	1,609	3,134	4,352	4,466	5,810	5,719
Employee costs	–	–	111	135	132	159	190	250	413	463
Other expenses	–	–	505	455	400	501	500	666	845	964
Operating profit before depreciation	277	377	616	464	518	653	731	1,037	1,337	1,043
Operating margin	12.9%	14.5%	17.5%	14.3%	19.5%	14.7%	12.7%	16.2%	15.9%	12.7%
Materials, % of revenue	–	–	65.1%	67.5%	60.5%	70.5%	75.4%	69.6%	69.1%	69.8%
Employee costs, % of revenue	–	–	3.1%	4.1%	5.0%	3.6%	3.3%	3.9%	4.9%	5.7%
Other expenses, % of revenue	–	–	14.3%	14.0%	15.0%	11.3%	8.7%	10.4%	10.1%	11.8%
Depreciation and amortisation	61	61	66	92	110	121	137	217	346	373
Operating profit after depreciation	216	316	550	372	408	532	594	820	991	670
Other income	0	29	20	29	18	29	41	37	47	39
Finance costs	51	41	37	46	34	29	53	181	461	423
Profit before one-off items and tax	165	304	533	355	392	532	582	676	578	286
One-off items	0	0	0	0	0	0	0	0	−1	−25
Profit before tax	165	304	533	355	392	532	582	676	577	261
	97	74	150	67	78	105	139	185	142	63
Current tax	37	92	151	57	69	110	157	185	179	85
Deferred tax	60	−18	−1	10	9	−5	−17	0	−37	−22
	68	230	383	288	314	426	442	491	435	198
Belonging to the company's shareholders	68	230	384	287	314	426	442	491	435	198
Belonging to outside owners of subsidiaries	–	–	−1	1	0	0	0	0	0	0
Other comprehensive income	–	–	−2	−89	43	52	−18	133	120	2
Total comprehensive income	–	–	381	199	357	478	425	624	554	200
Net margin	3.1%	8.8%	10.8%	8.9%	11.8%	9.6%	7.7%	7.7%	5.2%	2.4%

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 21 May	Mar 2020Filed 23 Jun	Mar 2021Filed 22 Apr	Mar 2022Filed 20 Apr	Mar 2023Filed 16 May	Mar 2024Filed 24 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 Jul
	1,656	1,706	1,943	2,622	2,839	3,250	3,709	4,019
	1,650	1,699	1,935	2,614	2,830	3,247	3,697	4,006
Share capital	34	34	34	38	38	38	38	39
Reserves	1,615	1,665	1,901	2,576	2,792	3,209	3,660	3,967
Belonging to outside owners of subsidiaries	6	7	8	8	9	4	12	13
	726	545	562	684	943	4,820	5,380	4,825
Repayable after a year	271	330	305	220	407	3,777	3,647	3,197
Repayable within a year	455	215	257	464	536	1,043	1,733	1,628
	1,203	576	1,107	1,575	1,852	3,211	3,897	3,587
Trade payables	508	0	592	911	956	1,802	1,595	1,447
Other financial liabilities	139	104	148	102	265	246	417	318
Other liabilities	11	0	27	18	12	29	54	69
Provisions	83	2	84	79	82	91	98	119
Tax owed	5	255	0	1	0	0	0	3
	529	1,025	676	588	742	4,834	4,116	3,688
Other financial liabilities	0	182	99	91	74	171	158	138
Other liabilities	0	10	0	0	0	0	0	–
Provisions	1	84	1	1	4	16	22	43
Deferred tax	257	0	271	276	256	871	289	263
Trade payables	0	419	0	0	0	0	0	0
Total assets	3,387	3,307	3,726	4,785	5,433	11,295	11,722	11,295
	1,972	2,167	2,257	2,514	3,420	7,857	7,997	8,327
Plant in use, after depreciation	1,494	1,509	1,631	1,929	1,962	3,560	3,548	4,417
Plant being built	175	306	267	175	1,130	433	730	566
Intangible assets	1	1	1	1	1	2,166	2,205	2,099
Goodwill	0	125	0	0	0	1,161	607	607
Intangible assets being developed	0	0	106	0	0	0	2	17
Property held to earn rent	4	4	4	4	4	4	4	4
Investments	257	0	196	258	234	396	516	464
Stakes in joint ventures and associates	0	155	0	0	0	0	0	0
Loans given	14	0	1	1	2	2	2	1
Other financial assets	1	1	0	26	28	39	44	80
Deferred tax	0	8	5	0	0	0	0	0
Trade receivables	0	14	28	0	0	0	0	0
Other assets	25	42	17	120	60	95	341	71
	1,415	1,140	1,469	2,271	2,012	3,439	3,725	2,968
Inventories	460	326	445	604	571	999	1,268	1,024
Trade receivables	653	588	708	1,105	1,111	1,710	1,794	1,395
Cash and cash equivalents	114	149	152	119	40	312	319	230
Other bank balances	2	3	112	40	55	73	71	58
Current investments	105	0	0	330	0	37	0	0
Loans given	2	1	17	0	1	1	1	1
Other financial assets	2	23	3	18	13	25	12	56
Other assets	77	51	33	55	221	282	261	204
Net debt	505	393	297	195	847	4,398	4,991	4,537

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 22 Apr	Mar 2022Filed 20 Apr	Mar 2023Filed 16 May	Mar 2024Filed 24 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 Jul
	385	290	504	1,105	760	1,576
	451	408	682	1,335	938	1,643
	−62	−264	−73	292	−408	538
Receivables	−123	−394	−8	−323	−80	428
Inventories	−119	−159	33	−144	−269	259
Payables	167	317	53	693	−198	−216
Other working capital	13	−28	−151	66	140	68
Tax paid	−66	−104	−166	−216	−178	−67
Capital spending	115	306	896	536	774	727
Free cash flow	270	−16	−392	570	−13	850
	−203	−541	−552	−4,214	−690	−675
Plant and property sold	1	0	0	3	9	1
Companies bought	0	0	−2	−3,708	0	0
Interest received	2	7	2	6	11	7
Dividends received	8	8	10	8	9	10
	−180	217	−31	3,381	−64	−990
Borrowings raised	1,324	1,053	1,365	5,765	3,944	5,977
Borrowings repaid	−1,318	−976	−1,106	−1,962	−3,390	−6,582
Interest paid	−36	−33	−53	−165	−475	−444
Lease payments	−29	−29	−29	−49	−47	−50
Dividends paid	121	189	208	208	208	226
Shares bought back	0	0	0	0	0	0
Shares issued	0	390	0	0	0	336
Net change in cash	3	−34	−78	272	6	−89

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.PCBL Chemical dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 21 May	Mar 2020Filed 23 Jun	Mar 2021Filed 22 Apr	Mar 2022Filed 20 Apr	Mar 2023Filed 16 May	Mar 2024Filed 24 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 Jul
	₹1.96	₹6.66	₹11.10	–	₹9.11	₹11.81	₹11.70	₹13.00	₹11.51	₹5.15
As stated that year	₹19.64	₹13.32	₹22.20	–	₹18.22	₹11.81	₹11.70	₹13.00	₹11.51	₹5.15
	₹1.96	₹6.66	₹11.10	–	₹9.11	₹11.81	₹11.70	₹13.00	₹11.48	₹5.13
As stated that year	₹19.64	₹13.32	₹22.20	–	₹18.22	₹11.81	₹11.70	₹13.00	₹11.48	₹5.13
	₹0.60	₹1.20	₹1.75	₹3.50	₹3.50	₹5.00	₹5.50	₹5.50	₹5.50	₹6.00
As declared that year	₹6.00	–	₹3.50	₹7.00	₹7.00	₹10.00	₹5.50	₹5.50	₹5.50	₹6.00
	–	–	₹47.86	₹49.30	₹55.66	₹69.25	₹74.97	₹86.01	₹97.95	₹101.81
On that year's share count	–	–	₹95.73	₹98.59	₹111.33	₹138.50	₹74.97	₹86.01	₹97.95	₹101.81
Dividend payout	30.6%	18.0%	15.7%	42.1%	38.8%	44.3%	47.0%	42.3%	47.8%	119.3%
Shareholder yield	–	–	–	–	3.7%	−4.7%	4.7%	2.1%	1.3%	−1.2%
Market cap at the year end (₹ crore)	1,137	3,742	3,041	1,081	3,288	4,316	4,382	10,105	15,980	9,520

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 2018: its payments were declared on different share counts, a split or bonus between them, so they do not add to one figure. As stated that year and earnings per share are left blank for the year to Mar 2020: the earnings per share stated does not match any profit the filing states over the shares in issue, and the share count barely moved during the period.

Ratios

Consolidated, years to March.PCBL Chemical PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 21 May	Mar 2020Filed 23 Jun	Mar 2021Filed 22 Apr	Mar 2022Filed 20 Apr	Mar 2023Filed 16 May	Mar 2024Filed 24 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 Jul
Revenue growth	13.5%	20.9%	35.7%	−8.1%	−18.0%	67.2%	29.9%	11.2%	30.9%	−2.6%
Operating profit growth	–	36.1%	63.5%	−24.7%	11.6%	26.0%	12.0%	41.9%	28.9%	−22.0%
Net profit growth	215.8%	239.2%	66.7%	−24.9%	9.2%	35.8%	3.7%	11.1%	−11.5%	−54.4%
Earnings per share growth	–	239.1%	66.7%	–	–	29.6%	−0.9%	11.1%	−11.5%	−55.3%
	–	–	23.3%	17.1%	17.3%	18.7%	16.2%	16.2%	12.5%	5.1%
	–	–	–	−6.1 pts	0.1 pts	1.5 pts	−2.5 pts	−0.1 pts	−3.6 pts	−7.4 pts
From the net margin	–	–	–	−4.4 pts	5.7 pts	−3.2 pts	−3.8 pts	0.0 pts	−5.2 pts	−6.7 pts
From asset turnover	–	–	–	−1.3 pts	−5.0 pts	5.4 pts	1.2 pts	−5.2 pts	−0.5 pts	−0.1 pts
From borrowing	–	–	–	−0.5 pts	−0.6 pts	−0.6 pts	0.1 pts	5.1 pts	2.1 pts	−0.6 pts
Return on capital employed	–	–	23.1%	16.5%	16.3%	16.1%	15.7%	10.2%	10.9%	7.6%
Cash conversion	–	–	–	–	122.6%	68.1%	114.0%	225.1%	175.0%	795.8%
Interest cover	4.2	7.6	14.9	8.1	12.0	18.3	11.1	4.5	2.2	1.6
Debt to equity	–	–	0.44	0.32	0.29	0.26	0.33	1.48	1.45	1.20
Receivable days	–	–	68	66	97	91	70	97	78	62
Inventory days	–	–	73	54	101	70	48	82	80	65
Payable days	–	–	81	0	134	106	80	147	100	92
Cash conversion cycle, days	–	–	60	121	64	55	38	32	57	35
Working capital days	–	–	46	71	49	55	38	48	51	32
Asset turnover	–	–	1.04	0.97	0.76	1.04	1.13	0.77	0.73	0.71
Assets per rupee of net worth	–	–	2.05	2.00	1.94	1.87	1.88	2.75	3.31	2.99
Sales per rupee of plant	–	–	2.36	2.15	1.63	2.31	2.94	1.80	2.37	1.85
Capital spending to depreciation	–	–	–	–	1.05	2.53	6.55	2.47	2.24	1.95
Plant being built, % of plant in use	–	–	11.7%	20.2%	16.4%	9.1%	57.6%	12.2%	20.6%	12.8%

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: 1.7%
Cash from operations against operating profit: 151.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	15.8%	25.2%	12.4%
Profit growth, yearly rate	24.9%	−8.8%	−23.5%
Return on equity, average	–	13.8%	11.3%
Return on capital employed, average	–	12.1%	9.5%
Operating margin, average	15.1%	14.4%	14.9%
Net margin, average	7.6%	6.5%	5.1%
Asset turnover, average	–	0.88	0.74
Cash conversion cycle, days, average	–	43	41
Interest cover, average	8.5	7.5	2.8
Debt to equity, average	–	0.95	1.38

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	4,236	3,442	1,576
Cash from investing	−6,672	−5,580	−675
Cash from financing	2,513	2,327	−990
Capital spending	3,238	2,036	727
Dividends paid	1,038	642	226
Shares bought back	0	0	0
Shares issued for cash	726	336	336
Borrowings raised	18,103	15,685	5,977
Borrowings repaid	14,015	11,933	6,582

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	–	–	–	–	7	6	5	5	6	4
Altman Z-scorePublished threshold 1.81	–	–	3.39	2.69	3.04	4.64	3.22	1.99	2.63	2.14
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.70	−1.76	−1.45	−2.31	−2.62	−3.28
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	3.74	15.90	9.59	43.04	3.17	−6.11
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.00	1.40	1.73	3.06
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−1.79	38.28	−11.00	−29.36	42.80	−26.03	−19.65
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−24.47	62.89	−59.02	−44.27	72.29	−3.19	−17.72
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.19	−1.40	0.82	2.81	1.13	−0.40	−0.15
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	2.84	1.15	0.42	6.63	0.24	2.19	0.46
Effective tax ratePublished threshold 17.16 per cent	58.90	24.38	28.20	18.97	19.91	19.80	23.98	27.39	24.68	24.06
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	0.31	−4.52	−4.48	−6.17	−1.51

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
7 Jul 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT/ ST-BG/LC	CARE AA / CARE A1+Review, Re-affirm	Negative	575
7 Jul 2026	CARE Ratings Limited (opens in a new tab)	Term Loan-Long Term	WithdrawnReview, Other
7 Jul 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible Debentures	WithdrawnReview, Other
7 Jul 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - ST-Working Capital Demand loan	CARE A1+Review, Re-affirm		100
7 Jul 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE AAReview, Re-affirm	Negative	750
7 Jul 2026	CARE Ratings Limited (opens in a new tab)	Fund-based/Non-fund-based-LT/ST	CARE AA / CARE A1+Review, Re-affirm	Negative	1,190
12 Feb 2026	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limits	[ICRA]AAReview, Re-affirm	Negative	136.90
12 Feb 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AAReview, Re-affirm	Negative	583.10
12 Feb 2026	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+Review, Re-affirm		500
12 Feb 2026	ICRA Limited (opens in a new tab)	Fund-based-Working capital term loan	[ICRA]AAReview, Re-affirm	Negative	480
12 Feb 2026	ICRA Limited (opens in a new tab)	Non Convertible Debentures	[ICRA]AAReview, Re-affirm	Negative	700
9 Jan 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		550
9 Jan 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAReview, Other	Negative	350
9 Jan 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible Debentures	Crisil AAReview, Other	Negative	700

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