Zydus Lifesciences financials and balance sheet

NSE: ZYDUSLIFEBSE: 532321Pharmaceuticals & BiotechnologyMid Cap

Formerly Cadila Healthcare

₹1,129.40₹5.60 (0.49%)BSE ₹1,127.85

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,135.00.

52-week range of traded prices to 23 Oct 2026

₹835.50Low, 2 Apr 2026₹1,232.10High, 29 Sep 2026

Next results date: the board meets on 4 Nov 2026 to consider: financial results.

Market cap: ₹1,12,658 Cr114th largest listed
P/E: 25.0
P/E without one-offs: 22.3
P/B: 4.2
Dividend yield: 0.09%
ROE: 17.7%
ROE without one-offs: 19.8%
ROCE: 15.9%
Debt to equity: 0.40
Volume, NSE: 15,03,62852.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Zydus Lifesciences 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 0.1% 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 2022, the company reports a discontinued business. From the year to Mar 2023, the company's revenue for that year, ₹17,237 Cr, differs from its quarters added, ₹17,580 Cr.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue27,148
Materials and goods−7,293
Employee costs−4,418
Other expenses−6,963
Operating profit8,475
Depreciation−1,408
Other income+510
One-off items−517
Finance costs−439
Profit before tax6,621
Tax−1,595
Joint ventures+97
Net profit5,124

What the company owns

Plant, investments and other assets₹34,170 Cr
Current investments₹5,776 Cr
Inventory₹5,628 Cr
Receivables₹5,416 Cr
Cash and bank₹1,417 Cr

What pays for it: net worth and liabilities

Net worth₹29,582 Cr
Borrowings₹11,770 Cr
Other liabilities₹8,210 Cr
Owed to suppliers₹2,845 Cr

Zydus Lifesciences 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.Zydus Lifesciences segment results by quarter

Revenue by segment

₹27,148 CrTotal

Pharmaceuticals₹22,412 Cr82.6% of total
Consumer products₹3,954 Cr14.6% of total
Medical technologies₹782 Cr2.9% of total

Profit by segment

Pharmaceuticals₹7,049 Cr96.3% of total
Consumer products₹267 Cr3.7% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Pharmaceuticals
Revenue, ₹ crore
12,486
13,261
13,286
14,993
17,235
20,544
22,412
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,694
2,246
2,419
2,893
4,557
5,899
7,049
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Consumer products
Revenue, ₹ crore
1,767
1,841
1,979
2,245
2,312
2,698
3,954
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
166
244
306
301
266
347
267
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Medical technologies
Revenue, ₹ crore
782
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−178
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	–	14,253	15,102	15,265	17,237	19,547	23,242	27,148
Company revenue, as in its results	13,166	14,253	15,102	15,265	17,237	19,547	23,242	27,148
Revenue	–	12,486	13,261	13,286	14,993	17,235	20,544	22,412
Revenue growth	–	–	6.2%	0.2%	12.8%	15.0%	19.2%	9.1%
Profit	–	1,694	2,246	2,419	2,893	4,557	5,899	7,049
Profit growth	–	–	32.6%	7.7%	19.6%	57.5%	29.5%	19.5%
Margin	–	13.6%	16.9%	18.2%	19.3%	26.4%	28.7%	31.5%
Return on capital	–	20.5%	22.8%	17.4%	20.3%	27.5%	28.6%	29.6%
Assets	–	18,097	18,218	22,103	19,923	23,135	30,763	35,798
Liabilities	–	9,847	8,367	8,232	5,653	6,575	10,109	11,968
Capital employed	–	8,250	9,851	13,871	14,270	16,560	20,654	23,830
Revenue	–	1,767	1,841	1,979	2,245	2,312	2,698	3,954
Revenue growth	–	–	4.2%	7.5%	13.4%	3.0%	16.7%	46.6%
Profit	–	166	244	306	301	266	347	267
Profit growth	–	–	47.6%	25.3%	−1.7%	−11.5%	30.3%	−23.0%
Margin	–	9.4%	13.3%	15.5%	13.4%	11.5%	12.9%	6.8%
Return on capital	–	4.8%	4.8%	5.9%	5.6%	4.8%	6.1%	4.6%
Assets	–	5,590	5,666	5,692	5,833	6,146	6,439	10,306
Liabilities	–	2,129	588	509	415	605	734	4,479
Capital employed	–	3,461	5,079	5,183	5,418	5,541	5,705	5,827
Revenue	–	–	–	–	–	–	–	782
Profit	–	–	–	–	–	–	–	−178
Margin	–	–	–	–	–	–	–	−22.8%
Assets	–	–	–	–	–	–	–	6,302
Liabilities	–	–	–	–	–	–	–	6,377
Capital employed	–	–	–	–	–	–	–	−75

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

Profit and loss

Consolidated, ₹ crore, years to March.Zydus Lifesciences quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 19 Jun	Mar 2021Filed 27 May	Mar 2022Filed 20 May	Mar 2023Filed 19 May	Mar 2024Filed 18 May	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
Revenue from operations	9,625	11,936	13,166	14,253	15,102	15,265	17,237	19,547	23,242	27,148
	7,722	9,089	10,193	11,470	11,761	11,925	13,378	14,163	16,183	18,673
Materials and goods bought	3,445	4,154	4,716	4,920	5,210	5,545	6,310	6,228	6,338	7,293
Employee costs	–	1,855	2,124	2,415	2,490	2,434	2,766	3,138	3,681	4,418
Other expenses	–	3,081	3,352	4,135	4,061	3,945	4,302	4,797	6,164	6,963
Operating profit before depreciation	1,904	2,848	2,973	2,783	3,341	3,341	3,860	5,384	7,059	8,475
Operating margin	19.8%	23.9%	22.6%	19.5%	22.1%	21.9%	22.4%	27.5%	30.4%	31.2%
Materials, % of revenue	–	34.8%	35.8%	34.5%	34.5%	36.3%	36.6%	31.9%	27.3%	26.9%
Employee costs, % of revenue	–	15.5%	16.1%	16.9%	16.5%	15.9%	16.0%	16.1%	15.8%	16.3%
Other expenses, % of revenue	–	25.8%	25.5%	29.0%	26.9%	25.8%	25.0%	24.5%	26.5%	25.6%
Depreciation and amortisation	375	539	599	697	725	713	723	764	916	1,408
Operating profit after depreciation	1,529	2,309	2,375	2,087	2,616	2,628	3,137	4,620	6,143	7,067
Other income	129	113	201	114	37	225	187	284	270	510
Finance costs	45	91	194	342	164	127	130	81	166	439
Profit before one-off items and tax	1,612	2,331	2,382	1,859	2,490	2,725	3,194	4,823	6,246	7,138
One-off items	0	0	0	−364	−205	113	−604	−14	−220	−517
Profit before tax	1,612	2,331	2,382	1,495	2,285	2,838	2,590	4,809	6,027	6,621
	129	564	530	320	147	512	588	978	1,412	1,595
Current tax	192	644	607	238	466	442	690	1,493	2,049	1,380
Deferred tax	−63	−79	−77	82	−318	70	−103	−515	−637	215
Share of profit of joint ventures and associates	34	63	47	29	47	46	95	118	58	97
Profit from discontinued businesses	–	–	–	–	–	2,246	−5	23	–	–
	1,488	1,776	1,899	1,204	2,185	4,618	2,092	3,973	4,673	5,124
Belonging to the company's shareholders	1,488	1,776	1,849	1,177	2,134	4,487	1,960	3,860	4,526	5,040
Belonging to outside owners of subsidiaries	–	–	50	28	51	131	132	–	–	84
Other comprehensive income	–	–	−168	−301	73	−105	−314	−200	−100	−775
Total comprehensive income	–	–	1,731	904	2,258	4,514	1,778	3,773	4,573	4,349
Net margin	15.5%	14.9%	14.4%	8.5%	14.5%	–	12.1%	20.3%	20.1%	18.9%
Net margin without joint ventures and associates	15.1%	14.4%	14.1%	8.2%	14.2%	–	11.6%	19.7%	19.9%	18.5%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2017 they do not, so they are left blank. Net margin is left blank for the year to Mar 2022: 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 29 May	Mar 2020Filed 19 Jun	Mar 2021Filed 27 May	Mar 2022Filed 20 May	Mar 2023Filed 19 May	Mar 2024Filed 18 May	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
	11,679	11,710	14,930	19,054	19,688	22,102	26,358	29,582
	10,386	10,376	12,992	17,000	17,516	19,830	23,953	27,111
Share capital	102	102	102	102	101	101	101	101
Reserves	10,284	10,273	12,890	16,897	17,415	19,729	23,853	27,011
Belonging to outside owners of subsidiaries	1,293	1,335	1,937	2,054	2,173	2,272	2,405	2,471
	7,147	7,041	3,680	4,196	1,163	769	3,170	11,770
Repayable after a year	3,950	3,215	610	362	0	0	0	3,188
Repayable within a year	3,197	3,827	3,071	3,834	1,163	769	3,170	8,582
	7,343	8,269	7,861	7,827	5,527	5,340	9,042	15,712
Trade payables	1,923	2,031	2,206	2,138	2,125	2,127	2,306	2,845
Other financial liabilities	1,862	1,949	1,988	1,261	1,434	1,400	2,233	2,963
Other liabilities	171	190	178	186	282	278	266	478
Provisions	136	243	330	366	365	395	451	479
Tax owed	54	29	88	42	157	372	616	366
	4,461	3,707	1,094	902	537	1,837	1,802	7,113
Other financial liabilities	73	45	54	61	51	1,079	904	1,745
Other liabilities	3	2	1	0	20	2	1	1
Provisions	184	235	310	325	272	310	384	445
Deferred tax	252	210	120	154	194	447	513	1,734
Liabilities going with businesses held for sale	–	–	–	13	4	2	–	–
	23,483	23,687	23,885	27,795	25,756	29,281	37,202	52,407
Held for sale or for a demerger	–	–	–	166	8	82	–	–
	14,985	14,971	15,169	15,534	15,740	17,779	20,156	32,501
Plant in use, after depreciation	5,106	5,452	5,550	5,762	5,697	5,803	6,042	9,231
Plant being built	837	742	783	661	1,130	1,112	1,318	1,166
Intangible assets	1,769	1,387	1,236	1,127	1,020	1,299	1,850	7,332
Goodwill	5,289	5,392	5,347	5,365	4,804	5,266	5,242	7,543
Intangible assets being developed	0	0	0	0	71	1,312	1,374	2,533
Investments	95	201	274	561	511	552	414	598
Stakes in joint ventures and associates	348	352	357	374	417	416	1,143	1,167
Loans given	0	0	0	0	2	0	0	0
Other financial assets	224	286	252	245	498	179	41	34
Deferred tax	970	853	1,074	1,096	1,262	1,644	2,344	2,109
Other assets	346	308	295	344	329	197	389	789
	8,498	8,715	8,716	12,095	10,008	11,420	17,046	19,906
Inventories	2,688	2,789	3,236	3,719	3,413	3,442	3,944	5,628
Trade receivables	3,951	3,663	3,127	3,340	4,417	5,220	4,025	5,416
Cash and cash equivalents	421	845	665	658	488	413	827	855
Other bank balances	229	120	223	449	85	692	2,130	561
Current investments	230	213	199	2,353	619	253	4,851	5,776
Loans given	10	0	0	0	0	2	77	4
Other financial assets	121	231	234	666	228	657	513	217
Other assets	849	855	1,031	909	757	741	679	1,449
Net debt	6,267	5,863	2,593	736	−29	−589	−4,638	4,577

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 27 May	Mar 2022Filed 20 May	Mar 2023Filed 19 May	Mar 2024Filed 18 May	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
	3,293	2,078	2,689	3,228	6,777	2,117
	3,638	2,753	3,281	4,514	8,579	3,708
	333	−283	−289	−833	1,609	−2,623
Receivables	432	−182	−849	−747	1,256	−858
Inventories	−480	−526	441	−2	−445	−412
Payables	171	−120	−171	−45	99	−795
Other working capital	210	545	290	−39	699	−557
Tax paid	−345	−675	−592	−1,286	−1,802	−1,591
Capital spending	854	1,203	1,031	907	1,713	3,394
Free cash flow	2,439	876	1,658	2,321	5,064	−1,277
	−830	1,154	1,171	−1,475	−8,372	−8,296
Plant and property sold	7	35	39	24	51	25
Companies bought	0	0	0	−720	−369	−5,879
Interest received	50	58	77	127	182	427
Dividends received	1	1	1	1	1	1
	−2,549	−868	−4,400	−1,804	2,031	5,997
Borrowings raised	−132	1,037	155	0	2,402	8,260
Borrowings repaid	−3,211	−1,421	−3,302	−393	0	−968
Interest paid	−191	−111	−126	−73	−90	−354
Lease payments	0	0	3	1	4	−26
Dividends paid	2	372	267	621	303	1,106
Shares bought back	0	0	863	725	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−86	2,364	−540	−52	435	−182

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.Zydus Lifesciences dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 19 Jun	Mar 2021Filed 27 May	Mar 2022Filed 20 May	Mar 2023Filed 19 May	Mar 2024Filed 18 May	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
Earnings per share	₹14.82	₹17.35	₹18.06	₹11.49	₹20.84	₹43.84	₹19.30	₹38.14	₹44.97	₹50.09
Diluted earnings per share	₹14.82	₹17.35	₹18.06	₹11.49	₹20.84	₹43.84	₹19.30	₹38.14	₹44.97	₹50.09
Dividend per share	₹3.20	₹3.50	₹3.50	₹3.50	₹3.50	₹2.50	₹6.00	₹3.00	₹11.00	₹1.00
Book value per share	–	–	₹101.43	₹101.33	₹126.88	₹166.01	₹173.08	₹197.11	₹238.10	₹269.50
Dividend payout	22.0%	20.2%	19.4%	30.5%	16.8%	5.7%	31.0%	7.8%	24.5%	2.0%
Shareholder yield	–	–	–	–	0.0%	1.0%	2.3%	1.3%	0.3%	1.3%
Market cap at the year end (₹ crore)	45,249	38,682	35,529	27,360	45,137	35,677	49,755	1,01,964	89,193	87,663

Ratios

Consolidated, years to March.Zydus Lifesciences PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 19 Jun	Mar 2021Filed 27 May	Mar 2022Filed 20 May	Mar 2023Filed 19 May	Mar 2024Filed 18 May	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
Revenue growth	−2.2%	–	–	8.3%	6.0%	–	–	13.4%	18.9%	16.8%
Operating profit growth	−20.1%	49.6%	4.4%	−6.4%	20.0%	–	–	39.5%	31.1%	20.1%
Net profit growth	−2.3%	19.4%	6.9%	−36.6%	81.4%	–	−54.7%	89.9%	17.6%	9.6%
Earnings per share growth	−0.3%	17.1%	4.1%	−36.4%	81.4%	–	−56.0%	97.6%	17.9%	11.4%
	–	–	17.8%	11.3%	18.3%	29.9%	11.4%	20.7%	20.7%	19.7%
	–	–	–	−6.5 pts	6.9 pts	11.7 pts	−18.6 pts	9.3 pts	0.0 pts	−0.9 pts
From the net margin	–	–	–	−7.3 pts	8.1 pts	–	–	8.4 pts	−0.3 pts	−1.0 pts
From asset turnover	–	–	–	0.8 pts	1.0 pts	–	–	2.0 pts	−0.3 pts	−2.6 pts
From borrowing	–	–	–	0.1 pts	−2.1 pts	–	–	−1.1 pts	0.6 pts	2.7 pts
Return on capital employed	–	–	12.6%	11.1%	14.1%	11.3%	15.0%	20.2%	20.8%	17.1%
Cash conversion	–	–	–	–	150.7%	45.0%	128.5%	81.3%	145.0%	41.3%
Interest cover	34.0	25.3	12.3	6.1	16.0	20.7	24.2	56.9	37.0	16.1
Debt to equity	–	–	0.61	0.60	0.25	0.22	0.06	0.03	0.12	0.40
Receivable days	–	–	110	94	76	80	94	97	63	73
Inventory days	–	–	208	207	227	245	197	202	227	282
Payable days	–	–	149	151	155	141	123	125	133	142
Cash conversion cycle, days	–	–	169	150	148	184	168	175	158	212
Working capital days	–	–	96	79	69	111	94	103	53	75
Asset turnover	–	–	0.56	0.60	0.63	0.59	0.64	0.71	0.70	0.61
Assets per rupee of net worth	–	–	2.26	2.27	2.04	1.72	1.55	1.47	1.52	1.75
Sales per rupee of plant	–	–	2.58	2.61	2.72	2.65	3.03	3.37	3.85	2.94
Capital spending to depreciation	–	–	–	–	1.18	1.69	1.43	1.19	1.87	2.41
Plant being built, % of plant in use	–	–	16.4%	13.6%	14.1%	11.5%	19.8%	19.2%	21.8%	12.6%

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. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2022 and Mar 2023: 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 2022: 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 2023: 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: 11.2%
Cash from operations against operating profit: 25.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	10.7%	12.4%	16.3%
Profit growth, yearly rate	12.7%	18.8%	37.0%
Return on equity, average	–	20.5%	20.4%
Return on capital employed, average	–	16.9%	19.4%
Operating margin, average	24.1%	26.7%	29.7%
Net margin, average	15.5%	17.9%	19.8%
Asset turnover, average	–	0.65	0.67
Cash conversion cycle, days, average	–	179	181
Interest cover, average	24.9	31.0	36.7
Debt to equity, average	–	0.17	0.18

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	16,888	12,121	2,117
Cash from investing	−15,818	−18,144	−8,296
Cash from financing	955	6,224	5,997
Capital spending	8,247	6,013	3,394
Dividends paid	2,669	2,030	1,106
Shares bought back	1,588	725	0
Shares issued for cash	0	0	0
Borrowings raised	11,855	10,662	8,260
Borrowings repaid	6,084	1,361	968

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	–	–	–	–	9	7	6	7	7	4
Altman Z-scorePublished threshold 1.81	–	–	3.40	2.86	4.79	4.39	7.09	10.88	7.26	4.08
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.74	−2.37	−2.16	−2.18	−3.17	−2.06
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−1.17	5.36	−6.60	8.07	18.86	25.23
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.91	0.75	1.18	0.88
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−15.54	−20.59	5.73	19.31	4.79	−41.80	17.75
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−0.56	10.14	8.50	−22.02	2.14	12.82	27.64
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.81	1.19	2.03	−3.42	2.11	−0.89	1.75
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.71	0.95	0.71	1.72	1.28	1.14	0.25
Effective tax ratePublished threshold 17.16 per cent	8.00	24.21	22.26	21.39	6.44	18.03	22.70	20.33	23.43	24.09
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−5.74	−0.16	−6.41	−6.47	0.06

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
22 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesShort-term scale	Crisil A1+No Rating Change		250
22 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible DebenturesLong-term scale	Crisil AAANo Rating Change	Stable	75
22 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesLong-term scale	Crisil AAANo Rating Change	Stable	847.91
22 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial PaperShort-term scale	Crisil A1+No Rating Change		200

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