India Ratings

India Ratings has cut WAPCOS's bank loan rating from A- to BBB citing a stretched working capital cycle, reliance on debt and audit concerns, even as its order book remains strong

India Ratings raised AGEL's rating to AA with stable outlook, citing stronger debt profile, lower refinancing needs, and higher operating cash flows supporting repayments

India Ratings downgraded its outlook for textiles and cut and polished diamonds to deteriorating, warning of tariff risks, weaker cash flows and SME stress in H2 FY26

Engineering, procurement and construction companies could see mid-to-high single-digit revenue growth and largely stable margins, with some upside, in the ongoing financial year, India Ratings and Research (Ind-Ra) said on Monday. This is despite the undemanding base effect of FY25 when revenue slumped 4-5 per cent year-on-year with the absolute sector EBITDA remaining largely flat, hit by the busy election season. The EPC sector across 22 listed entities delivered revenue growth of 5 per cent y-o-y in the first quarter of the current fiscal year, marking the fifth consecutive quarter of single-digit revenue growth. "The hopes of strong start to FY26 by the EPC sector have not materialised, despite an undemanding base of the past year, hit by the election impact. Guidance by the companies suggests aggregate revenue growth of 12.7 per cent year-on-year, around 100bp lower than the earlier guidance. "This is susceptible to further downside as the companies' guidance heavily relies on

Profitability under pressure due to high credit costs

Rating agency Ind-Ra on Friday upgraded Reliance Infrastructure's credit rating on its existing non-fund based working capital limits, reflecting its substantial deleveraging efforts, resulting in net zero debt with banks and financial institutions. India Ratings and Research upgraded the credit rating from IND D' to IND B / Stable / IND A4'. Additionally, the company said in a regulatory filing that Ind-Ra has withdrawn the ratings assigned to the earlier proposed fund-based and non-fund-based limits, which were not raised or availed by the company. This upgrade represents a significant improvement of three notches in the company's credit profile, achieved after six years at the IND D rating level, it stated. The upgrade also reflects the company's substantial deleveraging efforts, resulting in net zero debt with banks and financial institutions, it stated. The improvement in rating also reflects Reliance Infra's timely servicing of standalone debt obligations for three consecuti

Concerns over stability of bank's franchise to persist says agency

India Ratings expects wage growth to moderate next year as inflation remains stable and monsoon conditions hold, with a slight slowdown in private consumption growth

As stress continues to linger in the unsecured segment of retail lending, LAP has emerged as an attractive avenue for banks and NBFCs besides gold loans

Chronic therapies and price increases drove 7.8 per cent growth in India's pharma market in April 2025, with cardiac and gastrointestinal segments showing double-digit value gains

Credit costs to touch 9.6% for FY25; sustained recovery in collection only from H2FY26

Growth has varied across standalone health insurers (SAHI), which Ind-Ra expects to grow 21 per cent Y-o-Y in FY26

The non-banking financial company (NBFC) plans to leverage BharatPe's merchant network with a base of over 18 million customers

Rating agency says this would be in wake of sharp moderation in incremental LDR in February

Private investment likely to fall further after hitting three year low in FY24, says India Ratings

Housing prices are likely to rise 3-4 per cent next fiscal on high base effect and better supply, according to India Ratings and Research (Ind-Ra). The rating agency expects the housing price rise to taper in the 2025-26 financial year. Ind-Ra expects property prices to increase 5-6 per cent year-on-year (YoY) in 2024-25 fiscal, then moderate to 3-4 per cent YoY for 2025-26, due to base effects and new launches. Prices surged 21 per cent YoY in 2023-24 with old stock cleared and existing inventory largely liquidated, the agency said. Ind-Ra has maintained a neutral outlook for the residential real estate sector for the next fiscal. "Growth in bookings is likely to reduce significantly due to the high base, high prices and a likely slowdown in the luxury segment," it said. The residential real estate market is expected to register a strong performance in 2024-25, where the sales growth will be around 17 per cent YoY in terms of area sold (square feet of area sold) and around 15 pe

Despite these challenges, Ind-Ra expects several factors to help sustain margins in the auto ancillary sector

Amid multiple headwinds and weak macroeconomic and microeconomic conditions, a sustained easing of banking system liquidity is necessary, the agency added

The rating agency said in a release that banks' rapid improvement in financial metrics seen over financial years 2021 to 2024 is likely to have peaked and will see an "inflexion point" in 2024-25

India's oil and gas demand is likely to remain strong in the next financial year even as weak global demand will drive down refining margins, India Ratings and Research (Ind-Ra) said on Thursday. The agency expects the credit profile of downstream companies to remain stable during the year, driven by healthy demand for petroleum products and healthy marketing margins that would offset compressed Gross Refining Margins (GRMs), yielding healthy overall EBITDA. Credit profile may see an addition of debt on account of under-construction refinery expansion projects for all the major oil marketing companies (OMCs). The credit profile of upstream oil companies shall remain dependent on crude oil prices, Ind-Ra said in the FY26 Oil and Gas Outlook. EBITDA generation for upstream companies may fall with a moderation in oil prices and a reduction in production from legacy fields. However, the impact of low crude oil prices is expected to be offset by the removal of special excise on the ...