JK Tyre & Industries financials: balance sheet, profit and loss, cash flow

NSE: JKTYREBSE: 530007Auto ComponentsSmall Cap

JK Tyre & Industries Limited · Formerly J.K.Industries · Face value ₹2 · Listed Jul 1975 on BSE, Mar 2007 on NSE

₹304.55₹0.90 (0.30%)BSE ₹304.65

Share price at the NSE close on 28 Oct 2026. Previous close ₹303.65.

28 Oct: open ₹303.85, high ₹307.60, low ₹299.45

52-week range of traded prices to 28 Oct 2026

₹296.75Low, 26 Oct 2026₹611.90High, 11 Feb 2026

Market cap: ₹8,780 Cr488th largest listed
P/E: 17.74
P/E without one-offs: 13.57
P/B: 1.45
Dividend yield: 1.31%
ROE: 8.8%
ROE without one-offs: 11.4%
ROCE: 10.0%
Debt to equity: 0.99
Volume, NSE: 3,46,26036.5% delivered

JK Tyre & Industries' financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the half year to Sep 2026 after them.

10 years at a glance

₹ crore, years to March.JK Tyre & Industries annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹16,327 Cr, year to Mar 2026; lowest ₹8,318 Cr, year to Mar 2017

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 4.2% 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

Revenue16,327
Materials and goods−10,089
Employee costs−1,606
Other expenses−2,601
Operating profit2,031
Depreciation−472
Other income+58
One-off items−146
Finance costs−428
Profit before tax1,043
Tax−269
Joint ventures+1.7
Net profit776

What the company owns

Plant, investments and other assets₹9,810 Cr
Receivables₹3,211 Cr
Inventory₹2,663 Cr
Cash and bank₹301 Cr
Current investments₹11 Cr

What pays for it: net worth and liabilities

Net worth₹6,060 Cr
Borrowings₹4,746 Cr
Other liabilities₹3,028 Cr
Owed to suppliers₹2,162 Cr

JK Tyre & Industries 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.JK Tyre & Industries segment results by quarter

Revenue by segment

₹16,754 CrTotal

India₹14,614 Cr87.2% of total
Mexico₹2,137 Cr12.8% of total
Others₹2 Cr0.0% of total

Profit by segment

India₹1,542 Cr95.3% of total
Mexico₹76 Cr4.7% of total

Segment results by year

Consolidated, ₹ crore, years to March.

India
Revenue, ₹ crore
9,196
7,649
8,219
10,353
12,376
12,924
13,019
14,614
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
803
604
937
582
767
1,543
1,128
1,542
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Mexico
Revenue, ₹ crore
1,309
1,191
1,133
2,119
2,673
2,627
2,147
2,137
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
78
35
26
142
161
143
94
76
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
2
2
2
1
1
1
1
2
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
−1
0
0
−1
−1
−1
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	10,506	8,842	9,354	12,473	15,049	15,552	15,167	16,754
Company revenue, as in its results	10,370	8,725	9,102	11,983	14,645	15,002	14,693	16,327
Revenue	9,196	7,649	8,219	10,353	12,376	12,924	13,019	14,614
Revenue growth	–	−16.8%	7.4%	26.0%	19.5%	4.4%	0.7%	12.3%
Profit	803	604	937	582	767	1,543	1,128	1,542
Profit growth	–	−24.8%	55.2%	−37.9%	31.8%	101.1%	−26.9%	36.6%
Margin	8.7%	7.9%	11.4%	5.6%	6.2%	11.9%	8.7%	10.5%
Return on capital	39.2%	29.6%	40.6%	25.2%	27.6%	39.2%	26.7%	31.7%
Assets	10,009	9,954	9,810	10,772	10,668	12,262	12,656	13,504
Liabilities	7,962	7,918	7,504	8,459	7,883	8,327	8,432	8,645
Capital employed	2,047	2,036	2,306	2,313	2,786	3,934	4,224	4,858
Revenue	1,309	1,191	1,133	2,119	2,673	2,627	2,147	2,137
Revenue growth	–	−9.0%	−4.8%	87.0%	26.1%	−1.7%	−18.3%	−0.5%
Profit	78	35	26	142	161	143	94	76
Profit growth	–	−54.6%	−27.2%	452.8%	13.2%	−11.0%	−34.3%	−19.6%
Margin	5.9%	3.0%	2.3%	6.7%	6.0%	5.4%	4.4%	3.5%
Return on capital	25.0%	10.7%	6.2%	24.7%	24.7%	23.3%	13.5%	6.7%
Assets	1,241	1,274	1,119	1,416	1,720	1,775	1,798	2,422
Liabilities	931	943	702	841	1,069	1,160	1,102	1,289
Capital employed	311	330	417	575	651	615	696	1,133
Revenue	2	2	2	1	1	1	1	2
Profit	0	−1	0	0	−1	−1	−1	0
Margin	−12.4%	−45.3%	−9.6%	0.0%	−141.7%	−133.3%	−73.1%	−15.0%
Return on capital	−0.5%	−1.5%	−0.3%	0.0%	−1.7%	−1.8%	−1.5%	−0.5%
Assets	66	62	58	60	61	58	64	71
Liabilities	3	3	1	0	1	1	1	1
Capital employed	63	59	56	59	60	57	64	69

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 Sep 2026, the latest four quarters added.JK Tyre & Industries quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 20 May	Mar 2026	Sep 2026Twelve monthsFiled 23 Oct
Revenue from operations	8,318	8,397	10,370	8,725	9,102	11,983	14,645	15,002	14,693	16,327	17,233
	7,185	7,660	9,256	7,737	7,796	10,910	13,347	12,924	13,094	14,295	15,533
Materials and goods bought	4,535	5,338	6,685	5,337	5,469	8,039	10,011	9,073	9,176	10,089	11,361
Employee costs	–	–	910	923	923	1,065	1,218	1,432	1,451	1,606	1,523
Other expenses	–	–	1,662	1,477	1,404	1,805	2,118	2,420	2,467	2,601	2,650
Operating profit before depreciation	1,132	737	1,114	988	1,306	1,073	1,298	2,078	1,599	2,031	1,700
Operating margin	13.6%	8.8%	10.7%	11.3%	14.4%	9.0%	8.9%	13.8%	10.9%	12.4%	9.9%
Materials, % of revenue	–	–	64.5%	61.2%	60.1%	67.1%	68.4%	60.5%	62.5%	61.8%	65.9%
Employee costs, % of revenue	–	–	8.8%	10.6%	10.1%	8.9%	8.3%	9.5%	9.9%	9.8%	8.8%
Other expenses, % of revenue	–	–	16.0%	16.9%	15.4%	15.1%	14.5%	16.1%	16.8%	15.9%	15.4%
Depreciation and amortisation	291	299	316	378	387	385	407	437	456	472	496
Operating profit after depreciation	841	438	798	610	920	688	891	1,641	1,142	1,559	1,204
Other income	65	146	82	28	43	37	37	44	79	58	40
Finance costs	440	466	521	549	466	419	455	447	476	428	414
Profit before one-off items and tax	466	118	359	89	497	305	473	1,238	745	1,188	830
One-off items	69	−11	−89	−106	37	4	−62	−27	−32	−146	−152
Profit before tax	535	107	270	−17	534	309	411	1,211	713	1,043	678
	155	44	94	−166	201	109	147	399	198	269	178
Current tax	–	–	38	34	140	160	160	339	177	95	−26
Deferred tax	–	–	56	−200	61	−52	−13	60	21	174	205
Share of profit of joint ventures and associates	1	–	−6	−8	−3	1	−2	−6	−6	2	−5
	381	63	171	141	331	201	263	806	509	776	495
Belonging to the company's shareholders	381	63	176	151	319	210	262	786	495	776	495
Belonging to outside owners of subsidiaries	–	–	−6	−9	12	−9	1	20	14	0	0
Other comprehensive income	–	–	−9	−70	36	14	89	38	−88	129	61
Total comprehensive income	–	–	161	71	367	216	352	844	422	905	556
Net margin	4.6%	0.8%	1.6%	1.6%	3.6%	1.7%	1.8%	5.4%	3.5%	4.8%	2.9%
Net margin without joint ventures and associates	4.6%	–	1.7%	1.7%	3.7%	1.7%	1.8%	5.4%	3.5%	4.7%	–

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. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 20 May	Mar 2026	Sep 2026Half yearFiled 23 Oct
	2,421	2,426	2,779	2,947	3,496	4,606	4,984	6,060	6,066
	2,284	2,331	2,673	2,848	3,396	4,487	4,850	6,061	6,067
Share capital	49	49	49	49	49	52	55	58	58
Reserves	2,235	2,282	2,623	2,799	3,347	4,435	4,796	6,003	6,009
Belonging to outside owners of subsidiaries	136	95	106	99	100	119	133	−1	−1
	5,221	5,124	4,016	5,115	4,784	4,473	4,792	4,746	5,987
Repayable after a year	3,317	3,150	2,861	2,476	2,360	2,187	2,028	2,528	2,662
Repayable within a year	1,904	1,974	1,156	2,639	2,423	2,287	2,764	2,218	3,325
	4,639	4,734	4,169	5,598	5,261	5,686	5,800	5,427	6,949
Trade payables	1,599	1,688	1,574	2,189	1,820	2,157	1,892	2,162	2,648
Other financial liabilities	848	910	1,226	437	503	639	638	635	555
Other liabilities	266	123	204	279	401	537	488	365	381
Provisions	20	25	8	17	53	32	18	47	40
Tax owed	2	14	2	37	62	35	0	1	0
	4,256	4,130	4,039	3,702	3,692	3,803	3,736	4,509	4,745
Other financial liabilities	408	605	706	701	801	921	987	1,051	1,138
Provisions	73	94	104	120	100	118	112	162	144
Deferred tax	458	280	368	405	431	577	608	767	802
Total assets	11,316	11,290	10,987	12,248	12,449	14,094	14,519	15,996	17,760
	6,871	7,085	6,895	6,914	7,037	7,538	7,565	8,701	9,224
Plant in use, after depreciation	5,975	6,171	6,019	6,198	6,209	6,562	6,524	6,930	–
Plant being built	270	277	286	101	191	366	417	1,091	–
Intangible assets	247	205	218	225	253	261	205	231	225
Goodwill	0	0	0	0	0	0	17	17	17
Intangible assets being developed	–	7	13	6	4	1	1	8	20
Property held to earn rent	6	6	6	6	6	5	5	5	5
Investments	71	77	87	71	68	67	49	39	29
Stakes in joint ventures and associates	60	63	60	62	65	60	63	71	79
Loans given	56	52	51	0	0	0	0	0	0
Other financial assets	84	113	91	138	69	95	125	99	172
Deferred tax	48	77	46	87	110	83	84	82	81
Other assets	55	36	19	21	64	37	75	127	130
	4,446	4,205	4,092	5,334	5,412	6,557	6,953	7,295	8,537
Inventories	1,689	1,618	1,789	2,433	2,171	2,282	2,526	2,663	3,415
Trade receivables	1,945	1,848	1,575	1,980	2,283	2,754	2,831	3,211	3,563
Cash and cash equivalents	109	65	89	94	173	171	187	237	157
Other bank balances	60	71	85	82	93	598	525	65	134
Current investments	0	0	0	0	11	11	11	11	11
Other financial assets	154	121	136	209	172	147	250	157	182
Tax paid in advance	73	82	83	80	110	82	126	250	348
Other assets	414	400	334	457	399	511	498	702	727
Net debt	5,052	4,988	3,843	4,940	4,507	3,693	4,069	4,433	5,685

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. 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. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 20 May	Mar 2026	Sep 2026Half year
	1,598	346	1,224	1,614	716	1,444	−146
	1,687	416	1,361	1,832	973	1,655	−43
	452	−650	45	−212	−580	−282	−585
Receivables	398	−553	−54	−547	−211	−258	−286
Inventories	−151	−628	322	−78	−297	−45	−743
Payables	204	531	−223	414	−73	21	444
Tax paid	−89	−70	−137	−218	−257	−211	−102
Capital spending	193	314	463	774	639	1,424	813
Free cash flow	1,405	32	761	840	77	20	−959
	−138	−245	−400	−1,208	−455	−627	−829
Plant and property sold	33	22	65	30	0	18	30
Companies bought	0	0	0	0	−10	0	0
Interest received	29	27	15	19	0	58	11
Dividends received	1	1	0	0	61	0	0
	−1,441	−96	−747	−413	−237	−783	893
Borrowings raised	620	1,390	528	300	830	1,036	1,394
Borrowings repaid	−1,518	−961	−752	−625	−456	−1,252	−153
Interest paid	−471	−425	−443	−454	−479	−438	−210
Lease payments	−54	−51	−43	−50	−41	−46	−22
Dividends paid	17	49	37	75	91	82	115
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	0	492	0	0	0
Net change in cash	20	5	76	−7	23	34	−82

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.JK Tyre & Industries dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 20 May	Mar 2026
Earnings per share	₹16.55	₹2.91	₹7.77	₹6.12	₹12.97	₹8.53	₹10.64	₹29.84	₹18.07	₹27.24
Diluted earnings per share	₹16.55	₹2.91	₹7.77	₹6.12	₹12.97	₹8.53	₹10.64	₹29.74	₹18.05	₹27.24
Dividend per share	₹2.50	₹1.50	₹1.50	–	₹2.00	₹1.50	₹2.00	₹4.50	₹3.00	₹4.00
Book value per share	–	–	₹92.79	₹94.67	₹108.54	₹115.67	₹137.92	₹172.10	₹177.02	₹210.23
Dividend payout	14.9%	53.7%	20.9%	–	15.4%	17.6%	18.8%	14.9%	16.6%	14.9%
Shareholder yield	–	–	–	–	0.6%	1.7%	1.0%	−3.7%	1.2%	0.7%
Market cap at the year end (₹ crore)	2,993	3,696	2,083	1,000	2,684	2,890	3,817	11,265	7,603	10,981

Ratios

Consolidated, years to March.JK Tyre & Industries PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 20 May	Mar 2026
Revenue growth	–	1.0%	23.5%	−15.9%	4.3%	31.6%	22.2%	2.4%	−2.1%	11.1%
Operating profit growth	–	−34.9%	51.2%	−11.4%	32.3%	−17.8%	20.9%	60.1%	−23.1%	27.1%
Net profit growth	–	−83.4%	169.4%	−17.2%	134.2%	−39.2%	30.7%	206.4%	−36.8%	52.3%
Earnings per share growth	–	−82.4%	167.0%	−21.2%	111.9%	−34.2%	24.7%	180.5%	−39.4%	50.7%
	–	–	7.7%	6.5%	12.8%	7.6%	8.4%	19.9%	10.6%	14.2%
	–	–	–	−1.2 pts	6.2 pts	−5.2 pts	0.8 pts	11.5 pts	−9.3 pts	3.6 pts
From the net margin	–	–	–	0.1 pts	6.7 pts	−6.4 pts	0.2 pts	16.2 pts	−7.1 pts	4.4 pts
From asset turnover	–	–	–	−1.2 pts	0.8 pts	1.7 pts	1.2 pts	−1.2 pts	−1.2 pts	0.6 pts
From borrowing	–	–	–	−0.1 pts	−1.3 pts	−0.4 pts	−0.5 pts	−3.5 pts	−1.0 pts	−1.4 pts
Return on capital employed	–	–	10.4%	8.1%	13.5%	8.5%	10.8%	18.1%	11.7%	14.4%
Cash conversion	–	–	–	–	483.0%	172.0%	465.4%	200.3%	140.5%	186.1%
Interest cover	1.9	0.9	1.5	1.1	2.0	1.6	2.0	3.7	2.4	3.6
Debt to equity	–	–	2.16	2.11	1.45	1.74	1.37	0.97	0.96	0.78
Receivable days	–	–	68	77	63	60	57	67	70	72
Inventory days	–	–	92	111	119	110	79	92	100	96
Payable days	–	–	87	115	105	99	66	87	75	78
Cash conversion cycle, days	–	–	73	73	78	71	70	72	96	90
Working capital days	–	–	54	55	36	67	57	58	79	84
Asset turnover	–	–	0.92	0.77	0.82	1.03	1.19	1.13	1.03	1.07
Assets per rupee of net worth	–	–	4.95	4.90	4.45	4.21	3.95	3.37	3.06	2.80
Sales per rupee of plant	–	–	1.74	1.41	1.51	1.93	2.36	2.29	2.25	2.36
Capital spending to depreciation	–	–	–	–	0.50	0.82	1.14	1.77	1.40	3.02
Plant being built, % of plant in use	–	–	4.5%	4.5%	4.8%	1.6%	3.1%	5.6%	6.4%	15.7%

Revenue growth, operating profit growth and net profit growth are left blank for the year to Mar 2017: 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: 5.1%
Cash from operations against operating profit: 71.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	12.4%	3.7%
Profit growth, yearly rate	–	19.4%	43.5%
Return on equity, average	–	12.2%	14.9%
Return on capital employed, average	–	12.7%	14.7%
Operating margin, average	11.4%	11.0%	12.4%
Net margin, average	2.9%	3.4%	4.5%
Asset turnover, average	–	1.09	1.08
Cash conversion cycle, days, average	–	80	86
Interest cover, average	2.1	2.7	3.2
Debt to equity, average	–	1.16	0.91

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	5,344	3,774	1,444
Cash from investing	−2,935	−2,290	−627
Cash from financing	−2,277	−1,433	−783
Capital spending	3,614	2,837	1,424
Dividends paid	335	249	82
Shares bought back	0	0	0
Shares issued for cash	492	492	0
Borrowings raised	4,083	2,165	1,036
Borrowings repaid	4,046	2,334	1,252

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	6	8	8	5	7
Altman Z-scorePublished threshold 1.81	–	–	1.56	1.22	1.65	1.66	2.05	2.68	2.32	2.65
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.12	−2.33	−2.58	−2.63	−2.48	−2.28
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−10.14	0.86	−4.54	3.01	1.74	−0.27
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	3.98	2.51	2.25	1.80
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	10.89	−19.09	−5.98	−6.89	18.20	4.85	2.28
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	15.94	8.13	−11.05	−35.30	14.49	9.56	−4.51
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.45	−0.54	1.60	−0.44	0.39	0.91	1.44
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.48	1.22	0.18	0.46	0.46	1.00	1.24
Effective tax ratePublished threshold 17.16 per cent	29.04	41.09	34.82	–	37.60	35.18	35.63	32.99	27.70	25.75
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	12.58	2.36	14.96	−8.28	5.53

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
27 Aug 2026	CARE Ratings Limited	Fund-based/Non-fund-based-LT/ST	CARE AA- / CARE A1+Review, Re-affirm	Stable	1,190.89
27 Aug 2026	CARE Ratings Limited	Term Loan-Long Term	CARE AA-Review, Re-affirm	Stable	2,665.13
27 Aug 2026	CARE Ratings Limited	Fund-based-Long Term	CARE AA-Review, Re-affirm	Stable	2,100
27 Aug 2026	CARE Ratings Limited	Commercial Paper	CARE A1+Review, Re-affirm		200
27 Aug 2026	CARE Ratings Limited	Non-fund-based - ST-BG/LC	CARE A1+Review, Re-affirm		260
27 Aug 2026	CARE Ratings Limited	Non-fund-based - LT/ ST-BG/LC	CARE AA- / CARE A1+Review, Re-affirm	Stable	585
27 Aug 2026	CARE Ratings Limited	Fixed Deposit	CARE AA- / CARE A1+Review, Re-affirm	Stable	47
26 Jun 2026	India Ratings and Research Private Limited	Bank loan facilities	IND AA-; IND A1+New, New	Stable	595.14
26 Jun 2026	India Ratings and Research Private Limited	Fixed deposit	IND AA-Review, Re-affirm	Stable	47

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