H.G. Infra Engineering has received a rating update from ICRA. The long-term fund-based cash credit and non-convertible debentures have been rated [ICRA]AA- (Positive). The long-term/short-term non-fund based bank guarantee has been rated [ICRA]AA- (Positive)/[ICRA]A1+. The ratings were assigned and are outstanding as of February 02, 2026.
ICRA Rating Update
ICRA Limited has updated the credit ratings for H.G. Infra Engineering’s various financial instruments as of February 02, 2026.
Detailed Ratings
The following ratings have been assigned by ICRA:
- Long-term Fund-based Cash Credit: [ICRA]AA- (Positive); outstanding for ₹700.00 Crore
- Long-term/Short-term Non-fund based Bank guarantee: [ICRA]AA- (Positive)/ [ICRA]A1+; outstanding for ₹3,800.00 Crore
- Non-Convertible Debentures: [ICRA]AA- (Positive); assigned for ₹400.00 Crore
The total rated amount is ₹4,900.00 Crore.
Recent Developments
The rating action follows recent developments, including search operations conducted by the CBI & ACB across multiple company premises on January 21, 2026, and the subsequent judicial custody of four employees on bribery allegations.
Source: BSE
