Bharat Forge financials: balance sheet, profit and loss, cash flow

NSE: BHARATFORGBSE: 500493Auto ComponentsMid Cap

Bharat Forge Limited · Face value ₹2 · Listed Mar 1964 on BSE, Apr 2003 on NSE

₹1,766.30₹6.30 (0.36%)BSE ₹1,762.55

Share price at the NSE close on 29 Oct 2026. Previous close ₹1,760.00.

29 Oct: open ₹1,768.00, high ₹1,768.00, low ₹1,725.00

52-week range of traded prices to 29 Oct 2026

₹1,295.70Low, 29 Oct 2025₹2,295.00High, 10 Aug 2026

Next results date: the board meets on 5 Nov 2026 to consider: financial results. The notice · Results calendar

Market cap: ₹86,314 Cr127th largest listed
P/E: 122.21
P/E without one-offs: 70.82
P/B: 9.03
Dividend yield: 0.48%
ROE: 7.5%
ROE without one-offs: 13.0%
ROCE: 11.9%
Debt to equity: 0.72
Volume, NSE: 13,34,31154.2% delivered

Bharat Forge's financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the twelve months to Jun 2026 after them.

10 years at a glance

₹ crore, years to March.Bharat Forge annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹16,812 Cr, year to Mar 2026; lowest ₹6,336 Cr, year to Mar 2021A loss in 1 of the 10 years shown

Operating and net margin, per cent

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 5.1% 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

Revenue16,812
Materials and goods−7,590
Employee costs−2,103
Other expenses−4,192
Operating profit2,927
Depreciation−971
Other income+199
One-off items−154
Finance costs−323
Profit before tax1,677
Tax−578
Joint ventures−9.5
Net profit1,089

What the company owns

Plant, investments and other assets₹12,134 Cr
Inventory₹4,053 Cr
Receivables₹3,910 Cr
Current investments₹1,174 Cr
Cash and bank₹990 Cr

What pays for it: net worth and liabilities

Net worth₹9,557 Cr
Borrowings₹6,875 Cr
Owed to suppliers₹2,996 Cr
Other liabilities₹2,833 Cr

Bharat Forge 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.Bharat Forge segment results by quarter

Revenue by segment

₹17,856 CrTotal

Forgings₹13,929 Cr78.0% of total
Others₹2,170 Cr12.2% of total
Defence₹1,757 Cr9.8% of total

Profit by segment

Forgings₹1,956 Cr89.3% of total
Others₹154 Cr7.0% of total
Defence₹81 Cr3.7% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Forgings
Revenue, ₹ crore
9,843
7,854
6,112
10,064
11,978
13,718
12,961
13,929
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,678
748
124
1,442
1,175
1,843
1,856
1,956
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
312
244
225
398
964
818
952
2,170
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
42
−102
−22
147
45
−84
39
154
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Defence
Revenue, ₹ crore
1,561
1,772
1,757
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
182
186
81
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	10,155	8,098	6,337	10,462	12,942	16,097	15,685	17,856
Company revenue, as in its results	10,146	8,056	6,336	10,461	12,910	15,682	15,123	16,812
Revenue	9,843	7,854	6,112	10,064	11,978	13,718	12,961	13,929
Revenue growth	–	−20.2%	−22.2%	64.7%	19.0%	14.5%	−5.5%	7.5%
Profit	1,678	748	124	1,442	1,175	1,843	1,856	1,956
Profit growth	–	−55.4%	−83.4%	1,058.0%	−18.5%	56.8%	0.7%	5.4%
Margin	17.0%	9.5%	2.0%	14.3%	9.8%	13.4%	14.3%	14.0%
Return on capital	–	–	1.7%	16.3%	12.5%	19.4%	17.9%	17.2%
Assets	–	–	9,461	11,226	12,129	12,323	12,887	14,297
Liabilities	–	–	2,064	2,399	2,723	2,815	2,535	2,939
Capital employed	–	–	7,397	8,827	9,406	9,508	10,352	11,358
Revenue	312	244	225	398	964	818	952	2,170
Revenue growth	–	−22.0%	−7.7%	76.9%	142.1%	–	16.3%	127.9%
Profit	42	−102	−22	147	45	−84	39	154
Profit growth	–	–	–	–	−69.4%	–	–	291.9%
Margin	13.5%	−41.9%	−9.6%	36.9%	4.7%	−10.3%	4.1%	7.1%
Return on capital	–	–	−4.7%	19.9%	6.4%	−7.3%	4.1%	8.0%
Assets	–	–	516	944	1,802	1,380	1,259	2,484
Liabilities	–	–	56	203	1,100	237	295	568
Capital employed	–	–	460	741	701	1,143	964	1,916
Revenue	–	–	–	–	–	1,561	1,772	1,757
Revenue growth	–	–	–	–	–	–	13.5%	−0.8%
Profit	–	–	–	–	–	182	186	81
Profit growth	–	–	–	–	–	–	2.2%	−56.3%
Margin	–	–	–	–	–	11.7%	10.5%	4.6%
Return on capital	–	–	–	–	–	34.0%	23.4%	11.3%
Assets	–	–	–	–	–	1,339	1,722	1,890
Liabilities	–	–	–	–	–	802	925	1,168
Capital employed	–	–	–	–	–	537	797	722
	–	–	–	–	–	0	–	–
Profit	–	–	–	–	–	0	–	–
Assets	–	–	–	–	–	−45	–	–
Liabilities	–	–	–	–	–	−45	–	–
Capital employed	–	–	–	–	–	0	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Jun 2026, the latest four quarters added.Bharat Forge quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020Filed 29 Jun	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 8 May	Mar 2026Filed 7 May	Jun 2026Twelve months
Revenue from operations	6,598	8,415	10,146	8,056	6,336	10,461	12,910	15,682	15,123	16,812	17,543
	5,347	6,692	8,090	6,941	5,475	8,445	11,143	13,124	12,429	13,885	14,580
Materials and goods bought	–	3,281	4,214	3,577	2,634	4,216	5,961	7,379	6,594	7,590	7,962
Employee costs	–	–	1,246	1,195	1,071	1,465	1,563	1,860	1,870	2,103	2,183
Other expenses	–	–	2,630	2,169	1,769	2,764	3,618	3,885	3,965	4,192	4,434
Operating profit before depreciation	1,251	1,723	2,056	1,115	862	2,016	1,768	2,558	2,694	2,927	2,963
Operating margin	19.0%	20.5%	20.3%	13.8%	13.6%	19.3%	13.7%	16.3%	17.8%	17.4%	16.9%
Materials, % of revenue	–	–	41.5%	44.4%	41.6%	40.3%	46.2%	47.1%	43.6%	45.1%	45.4%
Employee costs, % of revenue	–	–	12.3%	14.8%	16.9%	14.0%	12.1%	11.9%	12.4%	12.5%	12.4%
Other expenses, % of revenue	–	–	25.9%	26.9%	27.9%	26.4%	28.0%	24.8%	26.2%	24.9%	25.3%
Depreciation and amortisation	452	467	521	548	612	730	736	848	874	971	1,008
Operating profit after depreciation	799	1,256	1,535	567	250	1,286	1,032	1,710	1,820	1,956	1,955
Other income	119	142	203	188	169	196	173	227	214	199	206
Finance costs	100	107	127	171	108	160	299	491	417	323	331
Profit before one-off items and tax	818	1,292	1,610	584	311	1,321	906	1,446	1,617	1,831	1,830
One-off items	128	−95	0	−79	−306	92	−46	−12	−157	−154	−512
Profit before tax	947	1,196	1,610	505	5	1,414	860	1,434	1,460	1,677	1,318
	249	442	566	112	102	303	319	529	543	578	585
Current tax	–	432	574	183	91	353	395	569	585	561	574
Deferred tax	–	10	−8	−71	11	−50	−77	−40	−42	17	10
Share of profit of joint ventures and associates	–	0	−11	−43	−30	−33	−33	5	−4	−9	−17
	692	754	1,033	349	−127	1,077	508	910	913	1,089	716
Belonging to the company's shareholders	692	754	1,032	350	−127	1,082	528	951	941	1,080	706
Belonging to outside owners of subsidiaries	–	–	0	−1	0	−5	−20	−41	−28	10	9
Other comprehensive income	–	–	−27	−173	322	235	−70	−123	−56	−341	−188
Total comprehensive income	–	–	1,005	176	195	1,312	439	787	858	748	528
Net margin	10.5%	9.0%	10.2%	4.3%	−2.0%	10.3%	3.9%	5.8%	6.0%	6.5%	4.1%
Net margin without joint ventures and associates	–	9.0%	10.3%	4.9%	−1.5%	10.6%	4.2%	5.8%	6.1%	6.5%	–

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 2019	Mar 2020Filed 29 Jun	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 8 May	Mar 2026Filed 7 May
	5,406	5,252	5,447	6,627	6,742	7,165	9,221	9,557
	5,376	5,220	5,415	6,571	6,706	7,170	9,221	9,557
Share capital	93	93	93	93	93	93	96	96
Reserves	5,283	5,127	5,322	6,478	6,612	7,077	9,125	9,461
Belonging to outside owners of subsidiaries	30	32	32	56	36	−5	–	–
	3,773	3,878	4,580	5,655	6,852	7,522	6,288	6,875
Repayable after a year	1,679	1,875	2,217	1,787	1,751	1,859	1,319	1,812
Repayable within a year	2,094	2,004	2,363	3,867	5,101	5,663	4,969	5,062
	4,109	3,967	4,518	6,114	8,277	9,280	8,703	9,581
Trade payables	1,366	1,031	1,207	1,631	2,151	2,262	2,344	2,996
Other financial liabilities	369	643	594	126	229	229	227	587
Other liabilities	148	135	195	348	656	915	929	687
Provisions	73	99	108	92	90	150	195	210
Tax owed	59	57	51	50	49	61	40	39
	2,128	2,344	3,213	2,868	3,366	2,904	2,165	3,122
Other financial liabilities	0	110	225	25	470	405	389	864
Other liabilities	44	56	344	591	788	290	118	133
Provisions	134	172	192	176	141	181	219	291
Deferred tax	270	131	235	289	215	169	120	22
Total assets	11,642	11,563	13,178	15,609	18,384	19,349	20,088	22,260
	6,103	6,292	6,963	7,678	9,382	9,334	9,856	11,057
Plant in use, after depreciation	3,561	3,806	4,414	4,396	5,272	5,468	5,847	7,258
Plant being built	831	1,143	900	1,125	696	977	1,725	1,251
Intangible assets	29	25	18	423	593	545	489	539
Goodwill	35	37	32	51	295	296	263	390
Intangible assets being developed	0	0	0	0	5	14	6	47
Property held to earn rent	0	0	0	0	0	0	28	28
Investments	983	430	399	615	1,460	760	619	503
Stakes in joint ventures and associates	0	0	0	81	59	64	91	61
Loans given	18	51	25	17	6	6	6	4
Other financial assets	254	144	265	68	139	150	191	304
Deferred tax	64	80	90	117	150	165	231	263
Trade receivables	0	0	10	11	11	10	14	17
Other assets	329	576	810	774	696	879	347	392
	5,539	5,271	6,214	7,931	8,522	10,016	10,232	11,203
Inventories	1,845	1,735	1,794	2,710	3,126	3,216	3,578	4,053
Trade receivables	2,148	1,494	1,410	2,162	3,087	3,167	2,900	3,910
Cash and cash equivalents	286	313	447	558	509	1,315	621	848
Other bank balances	189	262	26	45	531	375	670	142
Current investments	540	1,066	2,077	1,908	1,050	1,025	1,353	1,174
Loans given	3	5	3	17	13	20	17	18
Other financial assets	117	142	223	75	206	156	164	378
Tax paid in advance	0	9	–	0	–	–	0	0
Other assets	410	245	236	455	–	740	930	681
Net debt	2,757	2,237	2,030	3,143	4,763	4,807	3,644	4,711

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 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 8 May	Mar 2026Filed 7 May
	1,020	506	1,294	1,664	1,796	1,487
	1,113	858	1,855	2,183	2,401	2,051
	384	−1,227	−36	−424	−346	−904
Receivables	75	−804	−769	−108	251	−709
Inventories	−59	−908	−362	−86	−384	−388
Payables	192	433	434	129	91	442
Other working capital	176	51	661	−359	−304	−249
Tax paid	−93	−353	−417	−519	−605	−565
Capital spending	914	1,068	996	1,524	1,450	1,140
Free cash flow	106	−562	298	140	346	346
	−1,511	−690	−1,671	−667	−1,964	−1,033
Plant and property sold	24	104	26	24	0	0
Companies bought	−6	0	−11	−53	−30	−499
Interest received	27	22	17	62	53	28
Dividends received	0	0	1	1	1	1
	578	310	280	−203	−570	−442
Borrowings raised	4,930	6,681	7,710	9,519	8,851	14,283
Borrowings repaid	−4,226	−5,971	−6,829	−8,801	−10,094	−14,205
Interest paid	−76	−144	−211	−490	−473	−375
Lease payments	−44	−58	0	0	−52	−65
Dividends paid	0	164	325	380	422	380
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	1,650	0
Net change in cash	87	126	−97	795	−738	12

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.Bharat Forge dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020Filed 29 Jun	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 8 May	Mar 2026Filed 7 May
	₹15.13	₹16.38	₹22.17	₹7.51	−₹2.71	₹23.23	₹11.35	₹20.43	₹20.05	₹22.58
As stated that year	₹30.26	₹16.38	₹22.17	₹7.51	−₹2.71	₹23.23	₹11.35	₹20.43	₹20.05	₹22.58
	₹15.13	₹16.38	₹22.17	₹7.51	−₹2.71	₹23.23	₹11.35	₹20.43	₹20.05	₹22.58
As stated that year	₹30.26	₹16.38	₹22.17	₹7.51	−₹2.71	₹23.23	₹11.35	₹20.43	₹20.05	₹22.58
	₹3.75	₹4.50	₹5.00	₹3.50	₹2.00	₹7.00	₹7.00	₹9.00	₹8.50	₹8.50
As declared that year	₹7.50	₹4.50	₹5.00	₹3.50	₹2.00	₹7.00	₹7.00	₹9.00	₹8.50	₹8.50
Book value per share	–	–	₹115.46	₹112.10	₹116.30	₹141.11	₹144.01	₹153.99	₹192.84	₹199.88
Dividend payout	25.2%	27.8%	22.6%	46.6%	–	30.1%	61.7%	44.1%	43.2%	37.6%
Shareholder yield	–	–	–	–	0.0%	0.5%	0.9%	0.7%	−2.2%	0.5%
Market cap at the year end (₹ crore)	24,259	32,575	23,857	10,939	27,747	32,619	35,871	52,593	55,896	80,061

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.

Ratios

Consolidated, years to March.Bharat Forge PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020Filed 29 Jun	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 8 May	Mar 2026Filed 7 May
Revenue growth	−13.7%	27.5%	20.6%	−20.6%	−21.3%	65.1%	23.4%	21.5%	−3.6%	11.2%
Operating profit growth	−12.0%	37.7%	19.3%	−45.8%	−22.7%	133.9%	−12.3%	44.7%	5.3%	8.6%
Net profit growth	6.4%	9.0%	37.0%	−66.2%	–	–	−52.8%	79.0%	0.3%	19.3%
Earnings per share growth	–	8.3%	35.3%	−66.1%	–	–	−51.1%	80.0%	−1.9%	12.6%
	–	–	19.2%	6.6%	−2.4%	18.1%	8.0%	13.7%	11.5%	11.5%
	–	–	–	−12.6 pts	−9.0 pts	20.4 pts	−10.1 pts	5.7 pts	−2.2 pts	0.0 pts
From the net margin	–	–	–	−11.0 pts	−9.6 pts	14.7 pts	−10.9 pts	3.8 pts	0.4 pts	0.4 pts
From asset turnover	–	–	–	−1.7 pts	0.8 pts	5.2 pts	0.3 pts	1.1 pts	−1.1 pts	0.4 pts
From borrowing	–	–	–	0.1 pts	−0.1 pts	0.6 pts	0.5 pts	0.8 pts	−1.5 pts	−0.8 pts
Return on capital employed	–	–	16.7%	6.2%	2.5%	10.5%	7.6%	11.6%	11.7%	11.9%
Cash conversion	–	–	–	–	–	47.0%	254.6%	182.9%	196.7%	136.5%
Interest cover	8.0	11.8	12.1	3.3	2.3	8.0	3.5	3.5	4.4	6.0
Debt to equity	–	–	0.70	0.74	0.84	0.85	1.02	1.05	0.68	0.72
Receivable days	–	–	77	68	81	75	87	74	70	85
Inventory days	–	–	160	177	249	235	191	159	198	195
Payable days	–	–	118	105	167	141	132	112	130	144
Cash conversion cycle, days	–	–	119	140	163	169	147	121	138	136
Working capital days	–	–	90	75	87	111	92	86	93	98
Asset turnover	–	–	0.87	0.69	0.51	0.73	0.76	0.83	0.77	0.79
Assets per rupee of net worth	–	–	2.17	2.19	2.33	2.40	2.56	2.72	2.41	2.26
Sales per rupee of plant	–	–	2.85	2.12	1.44	2.38	2.45	2.87	2.59	2.32
Capital spending to depreciation	–	–	–	–	1.49	1.46	1.35	1.80	1.66	1.17
Plant being built, % of plant in use	–	–	23.3%	30.0%	20.4%	25.6%	13.2%	17.9%	29.5%	17.2%

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: 5.1%
Cash from operations against operating profit: 50.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	8.2%	21.6%	9.2%
Profit growth, yearly rate	5.2%	–	26.9%
Return on equity, average	–	12.5%	12.2%
Return on capital employed, average	–	10.7%	11.8%
Operating margin, average	17.2%	16.9%	17.2%
Net margin, average	6.5%	6.5%	6.1%
Asset turnover, average	–	0.78	0.80
Cash conversion cycle, days, average	–	142	132
Interest cover, average	6.3	5.1	4.6
Debt to equity, average	–	0.86	0.82

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	6,748	4,947	1,487
Cash from investing	−6,025	−3,664	−1,033
Cash from financing	−624	−1,214	−442
Capital spending	6,179	4,115	1,140
Dividends paid	1,671	1,182	380
Shares bought back	0	0	0
Shares issued for cash	1,650	1,650	0
Borrowings raised	47,045	32,654	14,283
Borrowings repaid	45,901	33,100	14,205

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	7	6	7	6	6
Altman Z-scorePublished threshold 1.81	–	–	4.44	2.69	3.38	3.90	3.28	4.29	4.87	5.52
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.96	−1.81	−2.27	−2.64	−2.73	−2.28
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	2.94	8.76	5.21	−0.46	5.48	3.00
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.93	1.39	2.04	1.70
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−9.85	15.70	−11.70	19.37	−18.89	−4.88	23.67
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	9.17	29.76	−8.96	−26.06	−20.91	21.90	−1.84
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−1.64	0.98	0.69	−2.51	4.40	1.30	−0.21
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.44	0.74	1.58	0.43	0.94	1.38	0.53
Effective tax ratePublished threshold 17.16 per cent	26.32	36.93	35.17	22.29	2,245.84	21.47	37.03	36.89	37.17	34.46
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−3.47	−11.47	0.72	−4.28	0.78

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 Sep 2026	ICRA Limited	Non Convertible Debentures	[ICRA]AA+Review, Re-affirm	Stable	125
22 Sep 2026	ICRA Limited	Fund-based-Term loan	[ICRA]AA+ /[ICRA]A1+New, New	Stable	800
22 Sep 2026	ICRA Limited	Non-fund based-Others	[ICRA]A1+Review, Re-affirm		725
22 Sep 2026	ICRA Limited	Fund-based-Cash credit	[ICRA]AA+Review, Re-affirm	Stable	4,008
22 Sep 2026	ICRA Limited	Unallocated limits-Unallocated limits	[ICRA]AA+ /[ICRA]A1+Review, Re-affirm	Stable	119
19 Dec 2025	CARE Ratings Limited	Fund-based - LT-Working Capital Limits	CARE AA+Review, Re-affirm	Stable	2,700
19 Dec 2025	CARE Ratings Limited	Term Loan-Long Term	CARE AA+Review, Re-affirm	Stable	200
19 Dec 2025	CARE Ratings Limited	Debentures-Non Convertible Debentures	WithdrawnReview, Other
19 Dec 2025	CARE Ratings Limited	Non-fund-based - ST-BG/LC	CARE A1+Review, Re-affirm		700

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