India Ratings

In 2019, over 210 million Indian homes had a television set - an audience size of almost 900 million

India Ratings says simplified taxation, stronger compliance and a wider taxpayer base have lifted states' tax collections and buoyancy since GST rollout

Sources said there is no cross-default linkage between the debt of Jana Small Finance Bank and Jana Capital, with the holding company continuing to pare its stake in the lender

E-way bill generation under the GST regime rose 12 per cent year-on-year in April, signalling sustained momentum in goods movement and economic activity

Rating agencies flag moderation in upgrade-downgrade ratios in FY26, with the West Asia conflict likely to test corporate balance sheets and margins in FY27

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