Shriram Pistons & Rings Ltd. (SPRL) has seen an upgrade in its long-term credit ratings by India Ratings & Research, effective February 11, 2026. The Issuer Rating was upgraded to IND AA+/Stable. Furthermore, the ratings for the INR 10,000 million proposed Non-Convertible Debentures and bank loan facilities were also upgraded, all placed under an Off Rating Watch with Positive Implications.
Credit Rating Enhancement Announcement
Shriram Pistons & Rings Limited (SPRL) has received an announcement regarding the upgrade of its credit ratings from India Ratings & Research Private Limited (a Fitch Group Company). The rating action, detailed in letters dated February 11, 2026, reflects an improved outlook for the company’s debt instruments and overall credit profile.
Summary of Rating Actions
The rating actions focused on enhancing the rating levels across the company’s key facilities. Key changes include:
- Issuer Rating: Upgraded to IND AA+/Stable, resolved from an Off Rating Watch with Positive Implications.
- Bank Loan Facilities: The long-term rating was upgraded to IND AA+/Stable, while the short-term rating was affirmed at IND A1+. The overall rating remains under an Off Rating Watch with Positive Implications. The total facilities amount to INR 5,738.61 million (a reduction from INR 5,809.2 million).
- Proposed Non-Convertible Debentures (NCDs): Rated IND AA+/Stable, upgraded, and placed on Off Rating Watch with Positive Implications for an issue size of INR 10,000 million.
- Commercial Paper (CP): The short-term rating was Affirmed at IND A1+ for an issue size up to INR 10,000 million with a maturity of up to 365 days.
Breakup of Existing Facilities
The rating update pertains to the entire debt structure, including existing bank facilities. A detailed analysis of the bank facilities reveals significant exposure across major financial institutions:
- Facilities with State Bank of India total INR 600.00 million (Fund Based and Non-Fund Based).
- Facilities with HDFC Bank Limited total INR 600.00 million.
- The largest single outstanding rated amount is for Fund-based working capital limits with ICICI Bank at INR 1,238.61 million.
- The total rated exposure across various fund-based and non-fund-based limits with banks like Axis Bank, IDBI Bank, Citibank N.A., DBS Bank India Limited, and Hongkong Shanghai Banking Corporation is substantial, reflecting broad institutional support.
SPRL confirms that this information, including the rating letters for the proposed NCDs and CP, is concurrently being placed on the company’s official website for public record.
Source: BSE
