Finolex Industries Limited (FIL) confirmed that India Ratings and Research has affirmed the credit rating on its Bank Loan Facilities. The assigned rating is IND AA+/Stable with a short-term rating of IND A1+. This affirmation, received on March 16, 2026, reflects the agency’s continued confidence in the company’s financial strength and stability across its funded and non-funded banking arrangements. The total facilities reviewed amount to INR 19,163 million.
Credit Rating Affirmation for Bank Facilities
Finolex Industries Limited (FIL) has officially disclosed the affirmation of its credit ratings by India Ratings and Research Private Limited (Ind-Ra) on its bank loan facilities, as per regulatory requirements. The rating action was received by the company on March 16, 2026.
The long-term rating assigned to the Bank Loan Facilities is IND AA+/Stable, complemented by the short-term rating of IND A1+. The rating action taken by the agency was an Affirmed status for these instruments.
Facility Details and Withdrawal
The total outstanding/rated amount covered under the affirmed rating framework amounts to INR 19,163 million. This figure represents a reduction from a previously envisaged total of INR 22,057.50 million.
Furthermore, the announcement noted that the ratings assigned to proposed fund-based and non-fund-based working capital limits totaling INR 2,894.5 million have been formally withdrawn, as the company did not proceed with these specific limits as originally planned.
Breakup of Rated Facilities
The total current rated facilities encompass both Fund Based and Non-Fund Based Working Capital Limits across several major banking partners:
- Fund Based Limits: The combined rating for these facilities stands at IND AA+/Stable, distributed across banks including Hongkong Shanghai Banking Corporation, HDFC Bank, Citibank N.A., ICICI Bank, Axis Bank Limited, and Kotak Mahindra Bank. The total rated fund-based exposure is INR 1,253.00 million.
- Non-Fund Based Limits: These facilities carry the short-term rating of IND A1+. Major allocations are seen with Axis Bank Limited (INR 6,000.00 million) and ICICI Bank (INR 5,000.00 million).
The annexure also indicates two proposed limits, one fund-based and one non-fund-based, which are marked as WD (Withdrawn), totaling INR 2,894.50 million, aligning with the note regarding withdrawn limits.
Source: BSE
