AGI Greenpac Limited announced the results of the credit rating review by CARE Ratings Limited for its bank facilities as of March 30, 2026. The Long Term Bank Facilities rating was Upgraded from CARE A+ to CARE AA- (Stable). The Short Term Bank Facilities rating was Reaffirmed at CARE A1+. These actions follow the company’s performance in FY24 and 9MFY25, alongside the Supreme Court ruling regarding the Hindusthan National Glass & Industries resolution plan.
Credit Rating Review Announcement
On March 30, 2026, AGI Greenpac Limited disclosed the updated credit ratings assigned by CARE Ratings Limited (CARE) for its banking facilities, pursuant to its regulatory obligations. The review considered the company’s operational and financial performance for the fiscal year FY24 (Audited) and the first nine months of FY25 (Un-Audited), alongside specific corporate developments.
Updated Rating Summary
The rating committee undertook a review resulting in the following changes:
- Long Term Bank Facilities: The rating was Upgraded from CARE A+ and removed from Rating Watch with Developing Implications, settling at CARE AA-, Stable. The sanctioned amount reviewed was Rs. 934.00 Crore (reduced from Rs. 954.00 Crore in the rating rationale, but showing Rs. 954.00 Crore in the original filing).
- Short Term Bank Facilities: The rating was Reaffirmed at CARE A1+ and removed from Rating Watch with Developing Implications. The reviewed amount was Rs. 300.00 Crore (reduced from Rs. 280.00 Crore in the original filing, but showing Rs. 280.00 Crore in the rating rationale, which corresponds to the total Short Term Facilities of Rs. 280.00 Crore detailed in Annexure 1).
Rating Rationale Context
The rating action reflects positive movement despite specific corporate governance events. Specifically, the review was influenced by the Supreme Court ruling concerning AGI Greenpac Limited’s resolution plan for Hindusthan National Glass & Industries Limited, which was subsequently rejected by the Committee of Creditors.
Facility Details Overview
As detailed in the annexures provided by CARE Ratings Limited, the total rated facilities amount to Rs. 1,234.00 Crore, broken down as follows:
Long Term Facilities (Total: Rs. 954.00 Crore):
- Term Loans totaled Rs. 504.00 Crore, involving lenders like HDFC Bank Ltd. and Axis Bank Ltd.
- Fund Based Limits totaled Rs. 450.00 Crore, including Canara Bank and HDFC Bank Ltd.
Short Term Facilities (Total: Rs. 280.00 Crore):
- Non-Fund Based Limits totaled Rs. 76.00 Crore (Canara Bank).
- Other Short Term Facilities totaled Rs. 204.00 Crore, involving HDFC Bank Ltd., HSBC Ltd., and Axis Bank Ltd., among others.
The company, represented by Ompal, Company Secretary and Compliance Officer, requested the stock exchanges to take this updated rating information on record.
Source: BSE
