Bharat Forge Limited has received updated credit ratings from ICRA. The long-term and short-term ratings for various fund-based and non-fund based facilities have been reaffirmed, with the Issuer Rating also reaffirmed at [ICRA] AA+ (Stable). Notably, the rating for a tranche of Long-term Non-convertible Debentures (NCDs) valued at ₹700.0 Crore has been withdrawn, while the rating for another NCD tranche of ₹125.0 Crore was reaffirmed.
Credit Rating Updates Announced by Bharat Forge
Bharat Forge Limited has disclosed the latest credit ratings assigned by ICRA for its various debt instruments and facilities as of March 10, 2026. This intimation is made pursuant to the relevant disclosure requirements.
Reaffirmed Ratings Summary
The agency has maintained stable ratings across several key financial components of the company:
- Long-term – Fund-based/ Working capital facilities: [ICRA] AA+ (Stable); reaffirmed.
- Long-term/ Short-term – Fund-based / Term loans: [ICRA] AA+ (Stable) / [ICRA] A1+; reaffirmed.
- Non-fund based facilities: [ICRA] A1+; reaffirmed.
- Long-term/ Short-term – Unallocated limits: [ICRA] AA+ (Stable) / [ICRA] A1+; reaffirmed.
- Issuer rating: [ICRA] AA+ (Stable); reaffirmed.
Non-Convertible Debenture (NCD) Status
Ratings concerning the company’s Non-convertible debentures (NCDs) showed changes regarding quantum:
- For the NCD tranche with a Previously Rated Amount of Rs. 125.0 Crore, the rating of [ICRA] AA+ (Stable) has been reaffirmed, with the Current Rated Amount remaining at Rs. 125.0 Crore.
- For a second NCD tranche, the rating of [ICRA] AA+ (Stable) has been reaffirmed and withdrawn. This tranche previously had a Rated Amount of Rs. 700.0 Crore, which has now been reduced to a Current Rated Amount of Rs. 0.0 Crore, signifying its retirement or closure from the rating scope.
Source: BSE
