Tata Chemicals financials and balance sheet

NSE: TATACHEMBSE: 500770Chemicals & PetrochemicalsSmall Cap

₹576.80₹17.30 (2.91%)BSE ₹575.50

Share price at the NSE close on 23 Oct 2026. Previous close ₹594.10.

52-week range of traded prices to 23 Oct 2026

₹570.05Low, 23 Oct 2026₹918.85High, 23 Oct 2025

Market cap: ₹14,694 Cr363rd largest listed
P/E: Lossover the last 12 months
P/B: 0.7
Dividend yield: 1.91%
ROE: −10.1%
ROE without one-offs: −1.0%
ROCE: 1.5%
Debt to equity: 0.36
Volume, NSE: 7,27,52340.9% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in the year to Mar 2026, −₹1,715 CrA loss in 1 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 7.0% 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, the company's revenue for that year, ₹10,345 Cr, differs from its quarters added, ₹11,239 Cr. From the year to Mar 2020, the company's revenue for that year, ₹10,357 Cr, differs from its quarters added, ₹10,979 Cr; the company reports the part of the business demerged on 4 Mar 2020 as discontinued, and figures before the change include it.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue14,584
Materials and goods−3,184
Employee costs−2,060
Other expenses−7,535
Operating profit1,805
Depreciation−1,201
Other income+316
One-off items−1,956
Finance costs−590
Profit before tax−1,626
Tax−256
Joint ventures+167
Net profit−1,715

What the company owns

Plant, investments and other assets₹32,708 Cr
Inventory₹3,082 Cr
Receivables₹2,088 Cr
Current investments₹711 Cr
Cash and bank₹442 Cr

What pays for it: net worth and liabilities

Net worth₹22,175 Cr
Borrowings₹8,001 Cr
Other liabilities₹6,303 Cr
Owed to suppliers₹2,552 Cr

Tata Chemicals 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.Tata Chemicals segment results by quarter

Revenue by segment

₹14,597 CrTotal

Basic chemistry products₹11,521 Cr78.9% of total
Specialty products₹3,076 Cr21.1% of total

Profit by segment

Specialty products₹168 Cr100.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Basic chemistry products
Revenue, ₹ crore
8,309
8,014
7,609
9,757
13,597
12,613
12,080
11,521
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,304
1,356
729
1,486
3,028
955
778
−1,311
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Specialty products
Revenue, ₹ crore
2,026
2,329
2,580
2,826
3,198
2,811
2,815
3,076
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
172
167
209
168
91
149
120
168
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	12,807	10,343	10,189	12,584	16,795	15,424	14,895	14,597
Company revenue, as in its results	11,296	10,357	10,200	12,622	16,789	15,421	14,887	14,584
Revenue	8,309	8,014	7,609	9,757	13,597	12,613	12,080	11,521
Revenue growth	–	−3.6%	−5.1%	28.2%	39.4%	−7.2%	−4.2%	−4.6%
Profit	1,304	1,356	729	1,486	3,028	955	778	−1,311
Profit growth	–	4.0%	−46.3%	103.9%	103.8%	−68.5%	−18.5%	–
Margin	15.7%	16.9%	9.6%	15.2%	22.3%	7.6%	6.4%	−11.4%
Return on capital	10.4%	9.5%	5.2%	9.6%	17.1%	5.4%	4.1%	−6.6%
Assets	15,142	17,150	17,011	19,475	22,177	21,722	23,472	24,004
Liabilities	2,637	2,893	3,014	4,018	4,494	4,146	4,318	4,259
Capital employed	12,505	14,257	13,997	15,458	17,683	17,576	19,154	19,745
Revenue	2,026	2,329	2,580	2,826	3,198	2,811	2,815	3,076
Revenue growth	–	14.9%	10.8%	9.5%	13.2%	−12.1%	0.1%	9.3%
Profit	172	167	209	168	91	149	120	168
Profit growth	–	−3.0%	25.4%	−19.9%	−45.7%	63.7%	−19.5%	40.0%
Margin	8.5%	7.2%	8.1%	5.9%	2.8%	5.3%	4.3%	5.5%
Return on capital	10.5%	8.9%	10.8%	7.9%	4.2%	6.7%	5.8%	7.9%
Assets	2,487	2,804	2,885	3,216	3,112	3,290	3,102	3,374
Liabilities	853	930	944	1,084	959	1,069	1,032	1,252
Capital employed	1,634	1,874	1,941	2,132	2,153	2,221	2,070	2,122
Revenue	625	0	–	0	–	–	–	–
Revenue growth	–	−100.0%	–	–	–	–	–	–
Profit	−11	6,128	–	28	–	–	–	–
Margin	−1.8%	–	–	–	–	–	–	–
Assets	0	0	–	0	–	–	–	–
Liabilities	0	0	–	0	–	–	–	–
Capital employed	0	0	–	0	–	–	–	–
Revenue	1,847	–	–	–	–	–	–	–
Profit	314	–	–	–	–	–	–	–
Margin	17.0%	–	–	–	–	–	–	–
Return on capital	810.0%	–	–	–	–	–	–	–
Assets	220	–	–	–	–	–	–	–
Liabilities	182	–	–	–	–	–	–	–
Capital employed	39	–	–	–	–	–	–	–
Revenue	17	24	22	50	22	8	1	–
Profit	0	0	0	0	0	0	0	–
Assets	0	0	0	0	0	0	0	–
Liabilities	0	0	0	0	0	0	0	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Tata Chemicals quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 4 May	Mar 2020Filed 16 May	Mar 2021Filed 4 May	Mar 2022Filed 30 Apr	Mar 2023Filed 4 May	Mar 2024Filed 30 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May
Revenue from operations	13,289	10,345	11,296	10,357	10,200	12,622	16,789	15,421	14,887	14,584
	11,065	8,155	9,201	8,408	8,699	10,317	12,967	12,574	12,934	12,779
Materials and goods bought	4,144	1,756	2,138	1,968	2,397	2,637	3,283	2,701	2,878	3,184
Employee costs	–	–	1,352	1,375	1,400	1,540	1,691	1,860	1,989	2,060
Other expenses	–	–	5,712	5,064	4,903	6,140	7,993	8,013	8,067	7,535
Operating profit before depreciation	2,224	2,191	2,095	1,949	1,501	2,305	3,822	2,847	1,953	1,805
Operating margin	16.7%	21.2%	18.5%	18.8%	14.7%	18.3%	22.8%	18.5%	13.1%	12.4%
Materials, % of revenue	–	–	18.9%	19.0%	23.5%	20.9%	19.6%	17.5%	19.3%	21.8%
Employee costs, % of revenue	–	–	12.0%	13.3%	13.7%	12.2%	10.1%	12.1%	13.4%	14.1%
Other expenses, % of revenue	–	–	50.6%	48.9%	48.1%	48.6%	47.6%	52.0%	54.2%	51.7%
Depreciation and amortisation	535	518	571	666	759	806	892	980	1,123	1,201
Operating profit after depreciation	1,689	1,673	1,524	1,283	741	1,499	2,930	1,867	830	604
Other income	166	159	412	311	234	256	218	286	225	316
Finance costs	411	326	363	342	367	303	406	530	563	590
Profit before one-off items and tax	1,444	1,507	1,572	1,252	608	1,452	2,742	1,623	492	330
One-off items	13	64	70	0	0	−11	0	−861	−125	−1,956
Profit before tax	1,457	1,571	1,643	1,252	608	1,441	2,742	762	367	−1,626
	357	60	347	220	198	266	288	381	167	256
Current tax	–	335	381	266	226	274	374	260	126	172
Deferred tax	–	−275	−34	−47	−28	−8	−86	121	41	84
Share of profit of joint ventures and associates	–	49	99	−4	26	226	−2	68	154	167
Profit from discontinued businesses	–	–	−8	6,200	–	5	−18	−14	33	–
	1,234	2,702	1,387	7,228	436	1,405	2,434	435	387	−1,715
Belonging to the company's shareholders	993	2,433	1,156	7,006	256	1,258	2,317	268	235	−1,896
Belonging to outside owners of subsidiaries	–	–	231	222	180	148	117	167	152	181
Other comprehensive income	–	–	586	−406	1,416	2,959	−531	2,814	−501	1,790
Total comprehensive income	–	–	1,973	6,822	1,853	4,365	1,903	3,249	−114	75
Net margin	9.3%	26.1%	12.3%	–	4.3%	11.1%	14.5%	2.8%	2.6%	−11.8%
Net margin without joint ventures and associates	–	25.6%	11.4%	–	4.0%	9.3%	14.5%	2.4%	1.6%	−12.9%

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. 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.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 4 May	Mar 2020Filed 16 May	Mar 2021Filed 4 May	Mar 2022Filed 30 Apr	Mar 2023Filed 4 May	Mar 2024Filed 30 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May
	15,256	13,661	15,143	19,157	20,642	23,114	22,501	22,175
	12,341	12,898	14,290	18,253	19,721	22,241	21,594	21,206
Share capital	255	255	255	255	255	255	255	255
Reserves	12,086	12,643	14,035	17,998	19,466	21,986	21,339	20,951
Belonging to outside owners of subsidiaries	2,915	764	853	905	921	873	907	969
	5,135	5,574	5,666	6,890	6,296	5,563	7,072	8,001
Repayable after a year	4,783	3,661	5,388	3,725	5,677	3,289	4,816	5,377
Repayable within a year	352	1,913	278	3,164	619	2,274	2,256	2,624
	3,949	7,088	4,463	7,096	4,904	6,055	6,139	6,743
Trade payables	1,475	1,631	1,683	2,445	2,597	2,369	2,510	2,552
Other financial liabilities	1,455	2,687	1,717	458	696	705	545	683
Other liabilities	250	384	265	536	521	441	527	544
Provisions	280	277	365	371	352	233	292	327
Tax owed	136	196	155	122	119	33	9	13
	7,700	7,002	8,731	7,590	9,538	7,587	9,140	10,113
Other financial liabilities	48	152	47	151	48	58	26	2
Other liabilities	68	98	126	397	424	400	394	422
Provisions	1,504	1,654	1,598	1,279	1,454	1,465	1,363	1,382
Deferred tax	1,297	1,438	1,572	2,036	1,935	2,375	2,541	2,930
	26,905	27,752	28,337	33,843	35,084	36,756	37,780	39,031
Held for sale or for a demerger	–	4	4	4	4	9	–	3
	18,807	19,890	21,691	25,098	26,920	30,389	31,060	31,825
Plant in use, after depreciation	4,293	5,121	5,373	5,985	6,367	6,786	8,073	9,920
Plant being built	736	788	1,035	1,590	2,351	2,165	1,879	1,014
Intangible assets	7,371	8,213	7,870	7,989	8,518	8,834	9,232	10,137
Goodwill	1,859	2,000	1,963	2,016	2,155	2,189	2,245	515
Intangible assets being developed	38	47	59	78	59	52	34	24
Property held to earn rent	27	21	55	54	52	52	50	30
Investments	2,492	1,913	3,300	5,124	5,042	7,633	7,012	7,715
Stakes in joint ventures and associates	871	770	952	1,234	1,136	1,491	1,327	1,460
Loans given	8	10	11	0	0	0	0	0
Other financial assets	7	5	25	55	40	33	27	38
Deferred tax	36	15	0	0	144	45	30	33
Other assets	1,067	985	1,049	974	1,056	1,109	1,151	939
	8,098	7,858	6,642	8,741	8,160	6,358	6,720	7,203
Inventories	1,726	1,869	1,687	2,294	2,532	2,524	2,558	3,082
Trade receivables	1,453	1,580	1,397	1,933	2,627	1,900	1,900	2,088
Cash and cash equivalents	1,888	1,254	689	762	508	425	548	381
Other bank balances	64	825	722	549	157	220	67	61
Current investments	2,252	1,601	1,563	1,325	1,270	615	805	711
Loans given	1	0	0	0	325	0	0	0
Other financial assets	341	139	153	1,175	61	51	146	160
Tax paid in advance	4	137	3	1	0	25	37	10
Other assets	370	452	427	703	680	598	659	710
Net debt	931	1,894	2,691	4,254	4,361	4,303	5,652	6,848

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 4 May	Mar 2022Filed 30 Apr	Mar 2023Filed 4 May	Mar 2024Filed 30 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May
	2,037	1,644	2,971	3,016	1,761	1,269
	2,134	1,908	3,378	3,403	1,999	1,204
	323	−649	−679	332	−174	−819
Receivables	116	−880	−509	811	−92	−209
Inventories	183	−607	−237	−23	−34	−497
Payables	24	839	67	−456	−48	−113
Tax paid	−96	−263	−407	−387	−238	65
Capital spending	1,242	1,277	1,578	1,834	2,005	1,205
Free cash flow	795	368	1,393	1,182	−244	64
	−1,130	−836	−1,186	−610	−1,681	−809
Plant and property sold	0	12	34	11	53	65
Companies bought	0	0	0	0	0	−226
Interest received	55	40	48	64	46	30
Dividends received	47	53	132	185	210	227
	−1,456	−755	−2,076	−2,494	29	−670
Borrowings raised	4,239	2,992	3,892	1,965	3,752	1,839
Borrowings repaid	−4,873	−3,032	−5,087	−3,114	−2,686	−1,489
Interest paid	−346	−256	−344	−446	−417	−487
Lease payments	−106	−109	−119	−122	−121	−132
Dividends paid	372	255	319	447	382	280
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−549	53	−291	−88	109	−210

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.Tata Chemicals dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 4 May	Mar 2020Filed 16 May	Mar 2021Filed 4 May	Mar 2022Filed 30 Apr	Mar 2023Filed 4 May	Mar 2024Filed 30 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May
Earnings per share	₹38.98	₹95.51	₹45.38	₹275.02	₹10.06	₹49.37	₹90.95	₹10.52	₹9.23	−₹74.42
Diluted earnings per share	₹38.98	₹95.51	₹45.38	₹275.02	₹10.06	₹49.37	₹90.95	₹10.52	₹9.23	−₹74.42
Dividend per share	₹11.00	₹22.00	₹12.50	₹11.00	₹10.00	₹12.50	₹17.50	₹15.00	₹11.00	₹11.00
Book value per share	–	–	₹484.31	₹506.15	₹560.79	₹716.31	₹773.37	₹872.20	₹846.82	₹831.61
Dividend payout	28.2%	23.0%	27.6%	4.0%	99.4%	25.3%	19.3%	142.7%	119.4%	–
Shareholder yield	–	–	–	–	1.9%	1.0%	1.3%	1.6%	1.7%	1.9%
Market cap at the year end (₹ crore)	15,254	17,251	15,000	5,695	19,153	24,822	24,774	27,537	22,034	14,859

Ratios

Consolidated, years to March.Tata Chemicals PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 4 May	Mar 2020Filed 16 May	Mar 2021Filed 4 May	Mar 2022Filed 30 Apr	Mar 2023Filed 4 May	Mar 2024Filed 30 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May
Revenue growth	–	–	9.2%	–	−1.5%	23.7%	33.0%	−8.1%	−3.5%	−2.0%
Operating profit growth	–	–	−4.4%	–	−23.0%	53.6%	65.8%	−25.5%	−31.4%	−7.6%
Net profit growth	58.2%	119.0%	−48.7%	–	−94.0%	222.1%	73.2%	−82.1%	−11.0%	–
Earnings per share growth	27.3%	145.0%	−52.5%	–	−96.3%	390.8%	84.2%	−88.4%	−12.3%	–
	–	–	9.4%	55.5%	1.9%	7.7%	12.2%	1.3%	1.1%	−8.9%
	–	–	–	46.2 pts	−53.6 pts	5.8 pts	4.5 pts	−10.9 pts	−0.2 pts	−9.9 pts
From the net margin	–	–	–	–	–	5.6 pts	3.0 pts	−10.7 pts	−0.1 pts	−9.9 pts
From asset turnover	–	–	–	–	–	0.9 pts	2.1 pts	−0.2 pts	−0.1 pts	0.4 pts
From borrowing	–	–	–	–	–	−0.6 pts	−0.6 pts	−0.1 pts	0.0 pts	−0.5 pts
Return on capital employed	–	–	7.5%	6.7%	3.6%	5.8%	10.9%	6.5%	2.8%	2.0%
Cash conversion	–	–	–	–	467.0%	117.0%	122.1%	693.3%	455.0%	–
Interest cover	4.1	5.1	4.2	3.8	2.0	4.9	7.2	3.5	1.5	1.0
Debt to equity	–	–	0.34	0.41	0.37	0.36	0.31	0.24	0.31	0.36
Receivable days	–	–	47	56	50	56	57	45	47	52
Inventory days	–	–	295	347	257	317	282	341	324	353
Payable days	–	–	252	302	256	338	289	320	318	293
Cash conversion cycle, days	–	–	90	100	51	35	50	66	53	113
Working capital days	–	–	10	−35	−19	63	42	31	35	48
Asset turnover	–	–	0.42	0.38	0.36	0.41	0.49	0.43	0.40	0.38
Assets per rupee of net worth	–	–	2.18	2.17	2.06	1.91	1.82	1.71	1.70	1.79
Sales per rupee of plant	–	–	2.63	2.02	1.90	2.11	2.64	2.27	1.84	1.47
Capital spending to depreciation	–	–	–	–	1.64	1.58	1.77	1.87	1.79	1.00
Plant being built, % of plant in use	–	–	17.1%	15.4%	19.3%	26.6%	36.9%	31.9%	23.3%	10.2%

Revenue growth and operating profit growth are left blank for the years to Mar 2017 and Mar 2018: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2020 and Mar 2021: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. 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 restated its earlier figures and the company began reporting a business as discontinued, 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: −4.9%
Cash from operations against operating profit: 70.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−1.9%	7.4%	−4.6%
Return on equity, average	–	2.7%	−2.2%
Return on capital employed, average	–	5.6%	3.8%
Operating margin, average	17.5%	17.0%	14.7%
Net margin, average	7.9%	3.9%	−2.1%
Asset turnover, average	–	0.42	0.40
Cash conversion cycle, days, average	–	63	77
Interest cover, average	3.7	3.6	2.0
Debt to equity, average	–	0.32	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	10,661	6,046	1,269
Cash from investing	−5,122	−3,100	−809
Cash from financing	−5,966	−3,135	−670
Capital spending	7,899	5,044	1,205
Dividends paid	1,683	1,109	280
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	14,440	7,556	1,839
Borrowings repaid	15,408	7,289	1,489

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	–	–	–	–	5	8	7	6	5	3
Altman Z-scorePublished threshold 1.81	–	–	2.25	1.48	2.13	2.36	2.69	2.59	2.15	1.58
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.76	−2.33	−2.14	−3.12	−2.71	−2.81
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−1.68	1.92	1.88	−5.49	0.82	−5.66
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.56	1.79	2.38	–
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	17.09	−10.06	14.65	2.87	−19.53	3.46	11.93
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	16.24	−31.54	25.96	−14.09	17.41	−5.21	9.85
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.13	−1.42	10.26	−6.77	−0.43	1.13	0.26
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.53	1.02	1.12	1.85	1.55	0.78	0.33
Effective tax ratePublished threshold 17.16 per cent	24.53	3.83	21.12	17.55	32.51	18.50	10.50	50.00	45.50	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	0.22	−4.34	−0.79	−19.35	–

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	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		100
5 Dec 2025	CRISIL Ratings Limited (opens in a new tab)	Non Convertible Debentures	Crisil AA+Review, Re-affirm	Stable	300
1 Dec 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term loan / Working Capital Facility	CARE AA+Review, Re-affirm	Stable	1,300
1 Dec 2025	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible Debentures	CARE AA+New, New	Stable	1,500
1 Dec 2025	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LC	CARE A1+Review, Re-affirm		2,000

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