Welspun Corp financials and balance sheet

NSE: WELCORPBSE: 532144Industrial ProductsSmall Cap

Formerly Welspun Gujarat Stahl Rohren

₹2,388.70₹55.50 (2.27%)BSE ₹2,391.80

Share price at the NSE close on 23 Oct 2026. Previous close ₹2,444.20.

52-week range of traded prices to 23 Oct 2026

₹710.00Low, 2 Feb 2026₹2,900.00High, 29 Sep 2026

Under NSE's long-term additional surveillance, stage I, on the list for 23 Oct 2026. The exchange puts a share here when its price has moved unusually, and trading in it carries extra conditions.
Next results date: the board meets on 29 Oct 2026 to consider: financial results.

Market cap: ₹63,012 Cr289th largest listed
P/E: 27.3
P/B: 6.9
Dividend yield: 0.21%
ROE: 27.8%
ROCE: 17.4%
Debt to equity: 0.23
Volume, NSE: 18,09,28436.2% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Welspun Corp 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

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 2.9% 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. From the year to Mar 2019, the company's revenue for that year, ₹8,953 Cr, differs from its quarters added, ₹9,792 Cr. From the year to Mar 2022, the company's revenue for that year, ₹6,505 Cr, differs from its quarters added, ₹5,915 Cr.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue16,770
Materials and goods−10,258
Employee costs−1,246
Other expenses−3,030
Operating profit2,236
Depreciation−355
Other income+135
One-off items0.0
Finance costs−212
Profit before tax1,804
Tax−526
Joint ventures+342
Net profit1,620

What the company owns

Plant, investments and other assets₹10,270 Cr
Inventory₹4,656 Cr
Cash and bank₹2,972 Cr
Receivables₹1,719 Cr
Current investments₹818 Cr

What pays for it: net worth and liabilities

Net worth₹9,406 Cr
Other liabilities₹5,543 Cr
Owed to suppliers₹3,323 Cr
Borrowings₹2,163 Cr

Welspun Corp 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.Welspun Corp segment results by quarter

Revenue by segment

₹16,770 CrTotal

Steel Products₹16,134 Cr96.2% of total
Others (including plastic products)₹636 Cr3.8% of total

Profit by segment

Steel Products₹2,027 Cr100.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Steel Products
Revenue, ₹ crore
9,748
16,684
13,347
16,134
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
342
1,276
1,370
2,027
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others (including plastic products)
Revenue, ₹ crore
10
655
631
636
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−1
70
502
−102
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	–	–	–	–	9,758	17,340	13,978	16,770
Company revenue, as in its results	8,953	9,957	6,440	6,505	9,758	17,340	13,978	16,770
Revenue	–	–	–	–	9,748	16,684	13,347	16,134
Revenue growth	–	–	–	–	–	71.2%	−20.0%	20.9%
Profit	–	–	–	–	342	1,276	1,370	2,027
Profit growth	–	–	–	–	–	273.4%	7.3%	48.0%
Margin	–	–	–	–	3.5%	7.7%	10.3%	12.6%
Return on capital	–	–	–	–	24.5%	21.6%	22.4%	30.3%
Assets	–	–	–	–	11,799	8,997	11,617	14,138
Liabilities	–	–	–	–	10,404	3,075	5,493	7,449
Capital employed	–	–	–	–	1,395	5,923	6,124	6,689
Revenue	–	–	–	–	10	655	631	636
Revenue growth	–	–	–	–	–	–	−3.7%	0.8%
Profit	–	–	–	–	−1	70	502	−102
Profit growth	–	–	–	–	–	–	618.2%	–
Margin	–	–	–	–	−8.2%	10.7%	79.6%	−16.0%
Return on capital	–	–	–	–	–	15.6%	67.5%	−8.9%
Assets	–	–	–	–	703	624	914	1,388
Liabilities	–	–	–	–	739	176	170	244
Capital employed	–	–	–	–	−37	448	744	1,144

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

Profit and loss

Consolidated, ₹ crore, years to March.Welspun Corp quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 16 May	Mar 2020Filed 17 Jun	Mar 2021Filed 29 Jun	Mar 2022Filed 28 May	Mar 2023Filed 30 May	Mar 2024Filed 1 Jun	Mar 2025Filed 24 Jun	Mar 2026Filed 21 May
Revenue from operations	6,035	7,587	8,953	9,957	6,440	6,505	9,758	17,340	13,978	16,770
	5,523	6,904	8,380	8,797	5,665	6,033	9,274	15,778	12,309	14,535
Materials and goods bought	4,040	5,288	6,277	6,535	4,317	4,758	7,254	12,100	8,870	10,258
Employee costs	–	–	572	637	418	383	541	938	1,003	1,246
Other expenses	–	–	1,532	1,626	931	892	1,479	2,741	2,436	3,030
Operating profit before depreciation	512	684	573	1,160	774	472	485	1,561	1,668	2,236
Operating margin	8.5%	9.0%	6.4%	11.7%	12.0%	7.3%	5.0%	9.0%	11.9%	13.3%
Materials, % of revenue	–	–	70.1%	65.6%	67.0%	73.1%	74.3%	69.8%	63.5%	61.2%
Employee costs, % of revenue	–	–	6.4%	6.4%	6.5%	5.9%	5.5%	5.4%	7.2%	7.4%
Other expenses, % of revenue	–	–	17.1%	16.3%	14.5%	13.7%	15.2%	15.8%	17.4%	18.1%
Depreciation and amortisation	386	379	260	233	215	255	303	348	351	355
Operating profit after depreciation	126	304	313	927	560	217	182	1,214	1,317	1,881
Other income	225	131	135	116	235	551	320	242	190	135
Finance costs	236	185	177	144	68	102	243	304	320	212
Profit before one-off items and tax	115	250	271	899	728	666	258	1,152	1,187	1,804
One-off items	0	0	0	0	0	0	0	0	466	0
Profit before tax	115	250	271	899	728	666	258	1,152	1,653	1,804
	26	11	122	412	221	216	134	277	360	526
Current tax	47	105	122	349	394	230	171	139	295	306
Deferred tax	−21	−94	1	64	−173	−13	−36	138	65	220
Share of profit of joint ventures and associates	–	−86	−89	206	135	−6	75	262	609	342
Profit from discontinued businesses	–	–	−81	−38	−11	–	–	–	–	–
	10	153	−22	654	631	444	199	1,136	1,902	1,620
Belonging to the company's shareholders	–	153	−13	654	619	439	207	1,110	1,908	1,613
Belonging to outside owners of subsidiaries	–	–	−8	–	12	5	−8	26	−6	7
Other comprehensive income	–	–	46	110	−34	41	115	24	43	291
Total comprehensive income	–	–	24	764	597	485	314	1,160	1,945	1,911
Net margin	0.2%	2.0%	–	6.6%	9.8%	6.8%	2.0%	6.6%	13.6%	9.7%
Net margin without joint ventures and associates	–	3.1%	–	4.5%	7.7%	6.9%	1.3%	5.0%	9.3%	7.6%

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 the company's shareholders is left blank for the year to Mar 2017: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share it leaves the other owners is more than 10 points from the share the company's other periods state. Net margin is left blank for the year to Mar 2019: 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 16 May	Mar 2020Filed 17 Jun	Mar 2021Filed 29 Jun	Mar 2022Filed 28 May	Mar 2023Filed 30 May	Mar 2024Filed 1 Jun	Mar 2025Filed 24 Jun	Mar 2026Filed 21 May
	2,793	3,229	3,819	4,528	4,844	5,734	7,729	9,406
	2,798	3,229	3,794	4,428	4,732	5,616	7,463	9,156
Share capital	133	130	130	130	131	131	131	132
Reserves	2,665	3,099	3,663	4,298	4,601	5,485	7,332	9,024
Belonging to outside owners of subsidiaries	−5	–	25	99	112	118	266	250
	1,253	780	560	2,021	3,316	1,908	924	2,163
Repayable after a year	1,078	511	437	1,429	1,926	1,622	463	1,598
Repayable within a year	175	269	123	592	1,390	286	461	565
	3,661	3,558	1,952	2,906	8,165	3,977	6,322	8,350
Trade payables	1,580	1,442	568	984	2,574	2,241	3,225	3,323
Other financial liabilities	199	355	379	327	260	180	230	415
Other liabilities	1,463	1,147	323	361	3,171	505	1,724	3,348
Provisions	26	36	31	32	86	87	92	97
Tax owed	198	277	507	589	655	650	555	573
	1,461	1,002	753	1,735	2,330	2,139	1,186	2,678
Other financial liabilities	0	46	40	41	36	38	159	165
Other liabilities	0	0	2	0	0	0	0	–
Provisions	33	68	72	56	28	15	26	19
Deferred tax	218	266	112	138	179	291	355	593
Liabilities going with businesses held for sale	286	154	–	–	–	–	–	–
	8,200	7,943	6,525	9,169	15,339	11,850	15,237	20,434
Held for sale or for a demerger	1,450	983	–	2	2	1	6	0
	2,044	2,207	2,440	4,853	5,689	5,764	6,800	9,331
Plant in use, after depreciation	1,552	1,521	1,527	2,068	4,500	4,382	4,252	6,084
Plant being built	46	82	142	1,260	87	85	785	1,233
Intangible assets	11	89	80	6	14	11	18	17
Goodwill	0	0	0	343	343	343	373	373
Intangible assets being developed	1	1	0	1	0	2	2	8
Property held to earn rent	5	8	7	16	54	64	63	61
Investments	67	62	70	387	1	651	3	35
Stakes in joint ventures and associates	60	272	481	426	560	0	852	1,011
Loans given	228	128	23	0	0	0	0	0
Other financial assets	31	2	1	88	24	36	218	43
Deferred tax	0	0	23	0	66	37	36	34
Other assets	43	43	85	256	41	153	197	430
	4,706	4,753	4,085	4,315	9,649	6,086	8,431	11,102
Inventories	2,223	2,268	1,040	1,019	5,686	2,316	4,212	4,656
Trade receivables	1,181	1,144	656	813	1,140	1,799	1,769	1,719
Cash and cash equivalents	585	441	169	640	1,016	819	1,147	1,513
Other bank balances	86	73	71	61	186	253	108	1,459
Current investments	349	450	1,151	1,493	976	449	547	818
Loans given	0	73	12	0	0	0	4	0
Other financial assets	96	20	854	116	88	33	27	76
Tax paid in advance	0	0	0	2	19	0	0	0
Other assets	187	284	131	170	537	417	618	861
Net debt	234	−183	−832	−173	1,138	387	−878	−1,627

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 29 Jun	Mar 2022Filed 28 May	Mar 2023Filed 30 May	Mar 2024Filed 1 Jun	Mar 2025Filed 24 Jun	Mar 2026Filed 21 May
	713	218	−185	1,306	1,504	3,204
	875	370	−66	1,496	1,844	3,502
	143	−41	−596	−143	93	999
Receivables	592	−138	−288	−699	−1	59
Inventories	1,263	194	−4,594	3,371	−1,906	−444
Payables	−1,000	270	1,475	−321	1,023	50
Other working capital	−712	−367	2,812	−2,493	976	1,335
Tax paid	−162	−151	−119	−190	−341	−297
Capital spending	298	979	1,194	299	853	2,532
Free cash flow	414	−761	−1,379	1,007	651	672
	−808	−209	−417	367	180	−3,723
Plant and property sold	61	810	144	15	39	43
Companies bought	0	0	−436	0	−31	0
Interest received	36	157	108	79	71	48
Dividends received	0	0	1	27	64	94
	−174	453	909	−1,877	−1,369	875
Borrowings raised	897	3,037	3,000	750	1,972	6,601
Borrowings repaid	−995	−2,330	−1,694	−2,160	−3,021	−5,363
Interest paid	−41	−74	−178	−181	−304	−201
Lease payments	−22	0	−95	−6	−54	−33
Dividends paid	13	165	130	131	131	132
Shares bought back	0	0	0	0	0	0
Shares issued	1	0	6	1	16	0
Net change in cash	−269	462	307	−203	315	357

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.Welspun Corp dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 16 May	Mar 2020Filed 17 Jun	Mar 2021Filed 29 Jun	Mar 2022Filed 28 May	Mar 2023Filed 30 May	Mar 2024Filed 1 Jun	Mar 2025Filed 24 Jun	Mar 2026Filed 21 May
Earnings per share	₹1.00	₹5.97	−₹0.50	₹24.12	₹23.72	₹16.82	₹7.91	₹42.45	₹72.80	₹61.23
Diluted earnings per share	₹1.00	₹5.97	−₹0.50	₹24.06	₹23.66	₹16.77	₹7.89	₹42.32	₹72.44	₹61.20
Dividend per share	₹0.50	₹0.50	₹0.50	₹10.50	₹5.00	₹5.00	₹5.00	₹5.00	₹5.00	₹5.00
Book value per share	–	–	₹105.48	₹123.79	₹145.41	₹169.71	₹180.93	₹214.64	₹284.47	₹347.06
Dividend payout	–	8.7%	–	41.9%	21.1%	29.7%	63.3%	11.8%	6.9%	8.2%
Shareholder yield	–	–	–	–	0.3%	3.8%	2.4%	1.0%	0.5%	0.6%
Market cap at the year end (₹ crore)	2,191	3,578	3,612	1,619	3,609	4,368	5,244	13,486	22,819	21,438

Ratios

Consolidated, years to March.Welspun Corp PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 16 May	Mar 2020Filed 17 Jun	Mar 2021Filed 29 Jun	Mar 2022Filed 28 May	Mar 2023Filed 30 May	Mar 2024Filed 1 Jun	Mar 2025Filed 24 Jun	Mar 2026Filed 21 May
Revenue growth	−27.5%	–	–	11.2%	−35.3%	–	50.0%	77.7%	−19.4%	20.0%
Operating profit growth	−42.9%	33.4%	–	102.4%	−33.2%	–	2.7%	222.2%	6.8%	34.0%
Net profit growth	−95.6%	1,412.0%	–	–	−3.6%	–	−55.2%	470.4%	67.5%	−14.8%
Earnings per share growth	–	497.0%	–	–	−1.7%	–	−53.0%	436.7%	71.5%	−15.9%
	–	–	–	–	–	10.7%	4.5%	21.5%	29.2%	19.4%
	–	–	–	–	–	–	−6.2 pts	16.9 pts	7.7 pts	−9.8 pts
From the net margin	–	–	–	–	–	–	−7.3 pts	9.1 pts	24.3 pts	−8.6 pts
From asset turnover	–	–	–	–	–	–	−0.1 pts	8.2 pts	−8.7 pts	−1.8 pts
From borrowing	–	–	–	–	–	–	1.3 pts	−0.4 pts	−7.8 pts	0.7 pts
Return on capital employed	–	–	–	–	12.8%	3.3%	2.2%	15.9%	15.2%	16.3%
Cash conversion	–	–	–	–	113.0%	49.2%	−93.0%	115.0%	79.0%	197.7%
Interest cover	0.5	1.6	1.8	6.4	8.3	2.1	0.7	4.0	4.1	8.9
Debt to equity	–	–	–	–	0.15	0.45	0.68	0.33	0.12	0.23
Receivable days	–	–	–	–	37	46	43	38	46	37
Inventory days	–	–	–	–	88	78	286	70	173	166
Payable days	–	–	–	–	48	75	130	68	133	118
Cash conversion cycle, days	–	–	–	–	77	48	199	40	87	85
Working capital days	–	–	–	–	49	−11	26	18	20	−10
Asset turnover	–	–	–	–	–	0.83	0.80	1.28	1.03	0.94
Assets per rupee of net worth	–	–	–	–	–	1.91	2.68	2.63	2.07	2.15
Sales per rupee of plant	–	–	5.77	6.55	4.22	3.15	2.17	3.96	3.29	2.76
Capital spending to depreciation	–	–	–	–	1.39	3.84	3.94	0.86	2.43	7.14
Plant being built, % of plant in use	–	–	3.0%	5.4%	9.3%	60.9%	1.9%	1.9%	18.5%	20.3%

Revenue growth is left blank for the year to Mar 2018: 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. Return on equity, asset turnover and assets per rupee of net worth are left blank for the years to Mar 2019, Mar 2020 and Mar 2021: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Change in return on equity, from the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2019, Mar 2020, Mar 2021 and Mar 2022: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Debt to equity, receivable days, inventory days, payable days, cash conversion cycle, days, return on capital employed and working capital days are left blank for the years to Mar 2019 and Mar 2020: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Revenue growth is left blank for the year to Mar 2019: between the two periods the company restated its earlier figures and 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. Operating profit growth is left blank for the year to Mar 2019: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2022: 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 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: 9.0%
Cash from operations against operating profit: 143.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	7.3%	21.1%	19.8%
Profit growth, yearly rate	21.6%	21.1%	98.4%
Return on equity, average	–	17.0%	23.4%
Return on capital employed, average	–	10.6%	15.8%
Operating margin, average	9.4%	9.3%	11.4%
Net margin, average	6.4%	7.7%	9.9%
Asset turnover, average	–	0.97	1.08
Cash conversion cycle, days, average	–	92	71
Interest cover, average	3.9	4.0	5.7
Debt to equity, average	–	0.36	0.23

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	6,047	6,014	3,204
Cash from investing	−3,801	−3,175	−3,723
Cash from financing	−1,009	−2,371	875
Capital spending	5,857	3,684	2,532
Dividends paid	689	394	132
Shares bought back	0	0	0
Shares issued for cash	23	17	0
Borrowings raised	15,361	9,324	6,601
Borrowings repaid	14,568	10,544	5,363

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	3	3	7	6	4
Altman Z-scorePublished threshold 1.81	–	–	2.28	2.62	3.37	2.39	1.58	4.05	4.01	3.09
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.05	−1.71	−2.31	−2.13	−1.93	−2.96
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	10.03	5.54	6.54	−3.95	1.61	11.99
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.59	0.75	0.81	1.29
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−14.32	−7.36	22.91	−9.65	−19.94	17.72	−22.82
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−2.07	−20.20	−12.22	405.30	−126.08	108.57	−5.10
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.22	10.57	−10.73	3.65	−1.12	1.40	1.74
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.40	0.64	1.58	0.03	0.37	3.54	0.56
Effective tax ratePublished threshold 17.16 per cent	22.39	4.47	45.17	45.90	30.36	32.48	52.03	24.09	21.76	29.16
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	9.77	5.80	7.62	1.15	12.67

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
15 Oct 2026	CARE Ratings Limited (opens in a new tab)	Commercial PaperShort-term scale	CARE A1+Review, Re-affirmProposed		600
15 Oct 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LCShort-term scale	CARE A1+Review, Re-affirm		5,984
15 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based/Non-fund-based-Long TermLong-term scale	WithdrawnWithdrawn
15 Oct 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible DebenturesLong-term scale	CARE AA+Review, Re-affirm	Stable	40
2 Dec 2025	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA+Review, Re-affirm	Stable	90
2 Dec 2025	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		330
2 Dec 2025	CRISIL Ratings Limited (opens in a new tab)	Non Convertible Debentures	Crisil AA+Review, Re-affirm		200
2 Dec 2025	CRISIL Ratings Limited (opens in a new tab)	Non Convertible Debentures	Crisil AA+Review, Re-affirm	Stable	40
2 Dec 2025	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		600
8 Aug 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - LT/ ST-Term loan	WithdrawnReview, Other

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