Credit Rating Update

Ceigall India Credit Rating Update: India Ratings Affirms IND AA-, Revises Outlook to Stable, Assigns IND A1+ Rating to Commercial Paper

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ceigall

BSE

544223

Ceigall India Limited has informed the stock exchanges that India Ratings & Research (Ind-Ra) has affirmed the company’s long-term bank facility rating at IND AA-, revised the outlook from Negative to Stable, and assigned an IND A1+ rating to its ₹1,000 million Commercial Paper programme. The rating action reflects improved credit outlook while maintaining the company’s strong credit profile.

PRICE-SENSITIVE TRIGGER

Event: India Ratings & Research revised the outlook on Ceigall India’s long-term bank facilities to Stable from Negative, affirmed the existing long-term rating, and assigned a fresh Commercial Paper rating.

Type: Credit Rating Update

Impact: Positive

Immediate Effect: The revised Stable outlook strengthens the company’s credit profile and may support future borrowing flexibility while reaffirming lender confidence in its financial position.

Financials:

Key Metrics:

Bank Loan Facilities: ₹30,700 million
Long-Term Rating: IND AA-
Outlook: Revised to Stable from Negative
Short-Term Rating: IND A1+
Commercial Paper Programme: ₹1,000 million
Commercial Paper Rating: IND A1+ (Assigned)

Highlight:

Rating Outlook Improved: India Ratings revised the outlook on Ceigall India’s long-term bank facilities to Stable while affirming the IND AA- rating.

What Happened ?

Ceigall India Limited informed the exchanges that India Ratings & Research has completed its latest credit review of the company’s borrowing facilities. The rating agency affirmed the long-term bank facility rating at IND AA-, revised the outlook to Stable from Negative, and maintained the short-term rating at IND A1+.

Additionally, India Ratings assigned an IND A1+ rating to the company’s ₹1,000 million Commercial Paper programme, which has been carved out of existing working capital limits and will be used to meet working capital requirements.

Key details

Credit Rating Action:

India Ratings affirmed Ceigall India’s long-term bank facilities at IND AA-.
The rating agency revised the outlook to Stable from Negative.
The short-term rating of IND A1+ continues to be maintained.
A fresh IND A1+ rating has been assigned to the company’s ₹1,000 million Commercial Paper programme.

Borrowing Facilities:

Rated bank loan facilities total ₹30,700 million.
Commercial Paper programme size is ₹1,000 million.
Commercial Paper proceeds will be utilised for working capital requirements.
The CP programme has been carved out from existing working capital limits rather than creating incremental borrowing.

Note:

The exchange filing contains the formal rating letters issued by India Ratings & Research on 8 July 2026, along with facility-wise rating details and regulatory disclosures.

Risk Analysis

Summary:

Although the outlook has improved to Stable, the ratings remain subject to periodic review and may change if there are material changes in the company’s credit profile or financial position.

Risk Points:

Credit ratings are subject to continuous monitoring by the rating agency.
Ratings may be upgraded, downgraded, withdrawn or placed on Rating Watch depending on future developments.
The Commercial Paper rating remains valid within the prescribed review and issuance timelines.
Investors should note that credit ratings are opinions on creditworthiness and are not investment recommendations.

Worst Case:

Any deterioration in operating performance, leverage, liquidity or other credit parameters could result in a downgrade or adverse rating action during future reviews.

Risk Level: Low

Company Commentary

India Ratings revised the outlook on Ceigall India’s long-term bank facilities to Stable while affirming the IND AA- rating.
The company’s ₹30,700 million bank facilities continue to carry IND AA-/IND A1+ ratings.
India Ratings assigned an IND A1+ rating to the ₹1,000 million Commercial Paper programme.
Commercial Paper proceeds are intended to support the company’s working capital requirements.

Official Exchange Filing: Ceigall India Limited

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