Vaibhav Global financials: balance sheet, profit and loss, cash flow

NSE: VAIBHAVGBLBSE: 532156Consumer DurablesSmall Cap

Vaibhav Global Limited · Formerly Vaibhav Gems · Face value ₹2 · Listed May 1997 on BSE, Apr 2004 on NSE

₹187.83₹1.85 (0.99%)BSE ₹187.75

Share price at the NSE close on 28 Oct 2026. Previous close ₹185.98.

28 Oct: open ₹186.40, high ₹190.81, low ₹183.82

52-week range of traded prices to 28 Oct 2026

₹174.13Low, 30 Mar 2026₹293.25High, 30 Oct 2025

Market cap: ₹3,151 Cr885th largest listed
P/E: 11.06
P/B: 1.91
Dividend yield: 3.19%
ROE: 19.0%
ROCE: 16.4%
Debt to equity: 0.07
Volume, NSE: 1,88,89040.6% delivered

Vaibhav Global'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.Vaibhav Global annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹3,692 Cr, year to Mar 2026; lowest ₹1,440 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 6.5% 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

Revenue3,692
Materials and goods−1,275
Employee costs−617
Other expenses−1,442
Operating profit358
Depreciation−103
Other income+41
One-off items+0.2
Finance costs−15
Profit before tax282
Tax−16
Net profit266

What the company owns

Plant, investments and other assets₹1,006 Cr
Inventory₹811 Cr
Cash and bank₹371 Cr
Receivables₹340 Cr
Current investments₹19 Cr

What pays for it: net worth and liabilities

Net worth₹1,648 Cr
Other liabilities₹519 Cr
Owed to suppliers₹268 Cr
Borrowings₹112 Cr

Vaibhav Global 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.Vaibhav Global segment results by quarter

Revenue by segment

₹4,721 CrTotal

United States of America₹2,288 Cr48.5% of total
United Kingdom₹1,035 Cr21.9% of total
India₹585 Cr12.4% of total
Europe (excluding United Kingdom)₹408 Cr8.6% of total
Rest of world₹406 Cr8.6% of total

Profit by segment

United States of America₹164 Cr28.5% of total
United Kingdom₹98 Cr17.1% of total
India₹177 Cr30.7% of total
Europe (excluding United Kingdom)₹11 Cr2.0% of total
Rest of world₹126 Cr21.8% of total

Segment results by year

Consolidated, ₹ crore, years to March.

United States of America
Revenue, ₹ crore
1,884
1,969
2,073
2,288
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
133
164
157
164
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
United Kingdom
Revenue, ₹ crore
728
822
934
1,035
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
83
89
109
98
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
India
Revenue, ₹ crore
445
517
692
585
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
106
77
149
177
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Europe (excluding United Kingdom)
Revenue, ₹ crore
120
267
379
408
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−53
−52
−19
11
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Rest of world
Revenue, ₹ crore
270
341
386
406
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
92
70
115
126
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	–	–	–	–	3,448	3,915	4,463	4,721
Company revenue, as in its results	1,814	1,986	2,540	2,752	2,691	3,041	3,380	3,692
Revenue	–	–	–	–	1,884	1,969	2,073	2,288
Revenue growth	–	–	–	–	–	4.5%	5.2%	10.4%
Profit	–	–	–	–	133	164	157	164
Profit growth	–	–	–	–	–	23.9%	−4.5%	4.8%
Margin	–	–	–	–	7.0%	8.3%	7.6%	7.2%
Return on capital	–	–	–	–	23.3%	3,425.4%	22.2%	19.7%
Assets	–	–	–	–	1,028	66	1,247	1,410
Liabilities	–	–	–	–	459	61	540	574
Capital employed	–	–	–	–	569	5	707	836
Revenue	–	–	–	–	728	822	934	1,035
Revenue growth	–	–	–	–	–	12.9%	13.7%	10.8%
Profit	–	–	–	–	83	89	109	98
Profit growth	–	–	–	–	–	6.6%	22.3%	−9.3%
Margin	–	–	–	–	11.4%	10.8%	11.6%	9.5%
Return on capital	–	–	–	–	5.6%	4,592.4%	7.1%	6.4%
Assets	–	–	–	–	1,706	−56	1,840	2,066
Liabilities	–	–	–	–	222	−58	313	529
Capital employed	–	–	–	–	1,484	2	1,526	1,536
Revenue	–	–	–	–	445	517	692	585
Revenue growth	–	–	–	–	–	16.0%	33.9%	−15.4%
Profit	–	–	–	–	106	77	149	177
Profit growth	–	–	–	–	–	−27.2%	92.7%	19.1%
Margin	–	–	–	–	23.8%	14.9%	21.5%	30.2%
Return on capital	–	–	–	–	17.1%	–	23.5%	20.4%
Assets	–	–	–	–	834	5	909	1,110
Liabilities	–	–	–	–	214	7	276	242
Capital employed	–	–	–	–	619	−2	633	868
Revenue	–	–	–	–	120	267	379	408
Revenue growth	–	–	–	–	–	121.8%	41.7%	7.6%
Profit	–	–	–	–	−53	−52	−19	11
Margin	–	–	–	–	−43.6%	−19.4%	−5.1%	2.8%
Assets	–	–	–	–	111	−20	158	204
Liabilities	–	–	–	–	223	9	369	455
Capital employed	–	–	–	–	−112	−29	−210	−251
Revenue	–	–	–	–	270	341	386	406
Revenue growth	–	–	–	–	–	26.1%	13.3%	5.1%
Profit	–	–	–	–	92	70	115	126
Profit growth	–	–	–	–	–	−24.3%	64.8%	9.5%
Margin	–	–	–	–	34.2%	20.5%	29.8%	31.1%
Return on capital	–	–	–	–	5.5%	1,898.7%	6.7%	7.1%
Assets	–	–	–	–	1,742	−7	1,782	1,866
Liabilities	–	–	–	–	62	−11	62	86
Capital employed	–	–	–	–	1,680	4	1,720	1,779
	–	–	–	–	–	–	–	0
Profit	–	–	–	–	–	–	–	−281
Assets	–	–	–	–	–	–	–	−4,108
Liabilities	–	–	–	–	–	–	–	−988
	–	–	–	–	–	–	0	–
Profit	–	–	–	–	–	–	−295	–
Assets	–	–	–	–	–	–	−3,896	–
Liabilities	–	–	–	–	–	–	−869	–

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.Vaibhav Global quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 22 May	Mar 2026Filed 22 May	Jun 2026Twelve months
Revenue from operations	1,440	1,575	1,814	1,986	2,540	2,752	2,691	3,041	3,380	3,692	3,795
	–	1,427	1,611	1,725	2,170	2,471	2,491	2,772	3,090	3,334	3,402
Materials and goods bought	475	564	604	697	903	977	984	1,076	1,169	1,275	1,272
Employee costs	–	–	337	358	436	509	515	572	600	617	621
Other expenses	–	–	670	669	831	984	992	1,124	1,321	1,442	1,509
Operating profit before depreciation	–	148	203	262	370	281	200	268	289	358	393
Operating margin	–	9.4%	11.2%	13.2%	14.6%	10.2%	7.4%	8.8%	8.6%	9.7%	10.4%
Materials, % of revenue	–	–	33.3%	35.1%	35.5%	35.5%	36.6%	35.4%	34.6%	34.5%	33.5%
Employee costs, % of revenue	–	–	18.6%	18.0%	17.2%	18.5%	19.1%	18.8%	17.8%	16.7%	16.4%
Other expenses, % of revenue	–	–	36.9%	33.7%	32.7%	35.8%	36.9%	37.0%	39.1%	39.1%	39.8%
Depreciation and amortisation	29	25	25	31	39	55	78	93	102	103	104
Operating profit after depreciation	–	123	179	230	331	227	122	175	187	255	289
Other income	12	10	14	15	18	22	28	27	28	41	34
Finance costs	–	4	5	9	5	6	8	12	15	15	16
Profit before one-off items and tax	66	129	188	236	344	242	141	190	200	282	307
One-off items	0	0	0	0	0	28	0	−8	0	0	0
Profit before tax	66	129	188	236	344	271	141	182	200	282	307
	8	17	34	46	72	33	36	55	47	16	22
Current tax	–	–	13	53	71	37	40	57	65	81	86
Deferred tax	–	–	21	−7	2	−3	−4	−2	−18	−65	−64
	58	112	154	190	272	237	105	127	153	266	285
Belonging to the company's shareholders	58	112	154	190	272	238	105	128	153	266	285
Belonging to outside owners of subsidiaries	–	–	0	0	0	−1	0	−1	0	0	0
Other comprehensive income	–	–	5	24	−2	6	43	6	22	111	89
Total comprehensive income	–	–	160	214	270	243	148	133	175	377	374
Net margin	4.0%	7.1%	8.5%	9.6%	10.7%	8.6%	3.9%	4.2%	4.5%	7.2%	7.5%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2017: the statement does not state its finance costs, which operating profit is worked out from, so operating profit is not given.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 22 May	Mar 2026Filed 22 May
	697	751	964	1,128	1,203	1,258	1,350	1,648
	697	751	964	1,127	1,201	1,258	1,350	1,648
Share capital	33	32	33	33	33	33	33	33
Reserves	664	719	931	1,094	1,168	1,225	1,317	1,615
Belonging to outside owners of subsidiaries	–	–	0	2	2	1	0	0
	66	64	92	99	115	106	114	112
Repayable after a year	0	0	0	3	2	1	0	0
Repayable within a year	66	64	92	97	112	105	114	112
	242	311	408	505	521	524	585	613
Trade payables	123	143	161	280	257	224	233	268
Other financial liabilities	3	16	19	29	37	48	110	102
Other liabilities	26	52	62	56	72	89	102	111
Provisions	22	20	51	36	42	48	4	4
Tax owed	2	15	23	7	2	10	23	15
	4	29	24	57	64	107	105	287
Other financial liabilities	0	25	19	45	55	91	88	273
Provisions	4	4	5	4	5	7	11	11
Deferred tax	0	–	0	5	2	8	6	3
	943	1,091	1,395	1,690	1,789	1,889	2,040	2,547
Held for sale or for a demerger	–	–	–	–	–	–	1	–
	149	205	227	555	560	670	651	859
Plant in use, after depreciation	70	110	116	321	334	353	210	206
Plant being built	–	4	8	1	4	0	1	13
Intangible assets	17	15	18	115	142	146	125	93
Goodwill	29	29	29	30	30	118	120	104
Intangible assets being developed	1	5	22	26	1	6	10	12
Property held to earn rent	–	–	0	0	0	0	111	295
Investments	0	0	0	0	0	0	0	0
Loans given	0	0	0	0	0	0	7	0
Other financial assets	9	8	7	10	8	8	8	12
Deferred tax	10	21	19	27	28	31	48	111
Other assets	11	13	8	24	12	9	12	11
	794	886	1,169	1,136	1,229	1,219	1,388	1,688
Inventories	396	420	446	619	643	596	701	811
Trade receivables	118	135	167	232	240	313	324	340
Cash and cash equivalents	226	71	72	43	111	61	91	334
Other bank balances	0	105	116	64	129	44	38	38
Current investments	18	82	280	84	34	128	116	19
Loans given	1	2	1	1	1	1	1	4
Other financial assets	1	2	1	2	2	3	43	47
Tax paid in advance	0	–	0	0	0	4	0	–
Other assets	34	70	85	90	69	69	74	96
Net debt	−178	−193	−377	−92	−159	−127	−131	−278

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 22 May	Mar 2026Filed 22 May
	326	88	127	277	165	310
	387	161	166	323	218	398
	−21	−168	−99	32	−129	−80
Receivables	−44	−82	−20	−59	−31	−25
Inventories	−21	−171	3	57	−88	−39
Payables	67	94	−24	−20	34	−30
Other working capital	−24	−8	−58	54	−44	14
Tax paid	−58	−69	−32	−46	−54	−88
Capital spending	31	301	36	44	35	33
Free cash flow	295	−213	92	233	130	277
	−268	−45	40	−184	−7	78
Plant and property sold	0	0	0	0	0	13
Companies bought	0	−4	0	−77	−8	0
Interest received	4	4	6	10	9	10
	−57	−72	−103	−143	−130	−149
Borrowings raised	28	38	16	0	11	0
Borrowings repaid	0	0	0	−8	0	−2
Interest paid	−3	−4	−6	−10	−13	−19
Lease payments	0	−18	−26	−30	−27	−29
Dividends paid	79	101	102	102	104	105
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	0	−29	65	−50	28	239

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.Vaibhav Global dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 22 May	Mar 2026Filed 22 May
	₹3.55	₹6.91	₹9.45	₹11.73	₹16.77	₹14.56	₹6.39	₹7.74	₹9.25	₹15.97
As stated that year	₹17.74	₹34.55	₹47.27	₹58.65	₹83.86	₹14.56	₹6.39	₹7.74	₹9.25	₹15.97
	₹3.55	₹6.72	₹9.17	₹11.58	₹16.32	₹14.24	₹6.29	₹7.59	₹9.10	₹15.75
As stated that year	₹17.74	₹33.60	₹45.84	₹57.92	₹81.59	₹14.24	₹6.29	₹7.59	₹9.10	₹15.75
	–	–	₹2.00	₹6.75	₹5.00	₹6.00	₹6.00	₹6.00	₹6.00	₹6.00
As declared that year	–	–	₹10.00	₹33.74	–	₹6.00	₹6.00	₹6.00	₹6.00	₹6.00
	–	–	₹42.66	₹46.56	₹59.25	₹68.79	₹72.86	₹75.98	₹81.27	₹98.66
On that year's share count	–	–	₹213.30	₹232.78	₹296.23	₹68.79	₹72.86	₹75.98	₹81.27	₹98.66
Dividend payout	–	–	21.2%	57.2%	29.9%	41.3%	94.3%	77.6%	65.0%	37.7%
Shareholder yield	–	–	–	–	0.6%	1.7%	2.3%	1.7%	2.9%	3.6%
Market cap at the year end (₹ crore)	1,254	2,245	2,094	2,481	12,490	6,128	4,500	6,029	3,640	2,929

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. The dividend as declared is blank for the year to Mar 2021: its payments were declared on different share counts, a split or bonus between them, so they do not add to one figure.

Ratios

Consolidated, years to March.Vaibhav Global PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 22 May	Mar 2026Filed 22 May
Revenue growth	11.7%	9.4%	15.1%	9.5%	27.9%	8.4%	−2.2%	13.0%	11.1%	9.2%
Operating profit growth	–	–	36.9%	28.8%	41.4%	−24.0%	−29.1%	34.5%	7.7%	23.9%
Net profit growth	45.0%	94.8%	37.1%	23.4%	42.8%	−12.7%	−55.7%	20.5%	20.8%	73.8%
Earnings per share growth	44.6%	94.8%	36.8%	24.1%	43.0%	−13.2%	−56.1%	21.1%	19.5%	72.6%
	–	–	22.1%	26.3%	31.7%	22.7%	9.0%	10.4%	11.8%	17.8%
	–	–	–	4.1 pts	5.4 pts	−9.0 pts	−13.7 pts	1.4 pts	1.4 pts	6.0 pts
From the net margin	–	–	–	2.8 pts	3.1 pts	−6.1 pts	−12.5 pts	0.7 pts	0.8 pts	6.9 pts
From asset turnover	–	–	–	0.4 pts	1.3 pts	−3.2 pts	−1.4 pts	0.7 pts	0.5 pts	−1.2 pts
From borrowing	–	–	–	1.0 pts	1.0 pts	0.4 pts	0.1 pts	0.0 pts	0.1 pts	0.3 pts
Return on capital employed	–	–	23.4%	28.3%	31.4%	18.5%	9.2%	12.8%	12.8%	14.5%
Cash conversion	–	–	–	–	119.9%	37.1%	120.9%	218.4%	107.6%	116.6%
Interest cover	–	28.6	38.4	26.6	71.5	37.2	14.9	14.9	12.5	17.1
Debt to equity	–	–	0.10	0.09	0.10	0.09	0.10	0.08	0.08	0.07
Receivable days	–	–	24	25	24	31	33	38	35	34
Inventory days	–	–	239	220	180	231	238	202	219	232
Payable days	–	–	74	75	65	104	95	76	73	77
Cash conversion cycle, days	–	–	189	170	139	158	176	164	181	189
Working capital days	–	–	75	70	55	71	74	68	73	79
Asset turnover	–	–	1.92	1.95	2.04	1.78	1.55	1.65	1.72	1.61
Assets per rupee of net worth	–	–	1.35	1.40	1.45	1.48	1.49	1.50	1.51	1.53
Sales per rupee of plant	–	–	26.02	18.06	21.99	8.57	8.05	8.62	16.11	17.91
Capital spending to depreciation	–	–	–	–	0.78	5.48	0.46	0.47	0.34	0.32
Plant being built, % of plant in use	–	–	–	3.3%	6.7%	0.3%	1.2%	0.0%	0.3%	6.5%

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: 11.6%
Cash from operations against operating profit: 86.6%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	11.1%	7.8%	11.1%
Profit growth, yearly rate	20.9%	−0.4%	36.4%
Return on equity, average	–	14.3%	13.3%
Return on capital employed, average	–	13.6%	13.4%
Operating margin, average	10.3%	8.9%	9.0%
Net margin, average	6.8%	5.7%	5.3%
Asset turnover, average	–	1.66	1.66
Cash conversion cycle, days, average	–	173	178
Interest cover, average	29.1	19.3	14.9
Debt to equity, average	–	0.08	0.08

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	967	752	310
Cash from investing	−118	−113	78
Cash from financing	−597	−422	−149
Capital spending	448	111	33
Dividends paid	515	311	105
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	66	11	0
Borrowings repaid	10	10	2

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	–	–	–	–	6	3	5	7	8	7
Altman Z-scorePublished threshold 1.81	–	–	9.40	8.51	21.62	10.06	7.78	9.03	6.54	5.18
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.49	−1.37	−2.56	−2.46	−2.41	−2.38
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	17.20	12.59	−3.58	1.84	−0.23	−5.33
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.88	1.05	1.48	1.38
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	4.94	−3.90	30.17	6.07	17.14	−7.71	−4.26
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−9.27	−23.38	30.63	3.06	−16.56	8.88	6.74
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.87	0.54	0.23	−0.78	0.15	1.23	0.70
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.05	0.17	0.00	0.04	0.00	–	0.14
Effective tax ratePublished threshold 17.16 per cent	12.34	12.92	18.06	19.50	21.04	12.36	25.59	30.35	23.50	5.58
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−13.10	2.75	4.88	−3.29	−25.67

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
7 Oct 2026	ICRA Limited	Fund-based-Cash creditLong-term scale	[ICRA]A+Review, Re-affirm	Stable	105
7 Oct 2026	ICRA Limited	Interchangeable limits-OthersShort-term scale	[ICRA]A1+Review, Re-affirm		15
7 Oct 2026	ICRA Limited	Non-fund based-OthersShort-term scale	[ICRA]A1+Review, Re-affirm		5
8 Sep 2026	CARE Ratings Limited	Fund-based - LT/ ST-Packing Credit in Foreign Currency	CARE A+ / CARE A1+Review, Upgrade	Stable	120
23 Sep 2025	ICRA Limited	Interchangeable-Others	[ICRA]A1+Review, Other		15

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