Garware Technical Fibres Limited has received a reaffirmation of its credit ratings from ICRA Limited. The rating agency has maintained the [ICRA]AA+ rating for the company’s long-term facilities and [ICRA]A1+ for its short-term facilities, both with a Stable outlook. The total rated amount for these working capital facilities stands at ₹400 crore, confirming the company’s continued financial stability and strong debt-servicing capability.
Rating Summary
ICRA Limited has concluded its periodic review of the credit facilities availed by Garware Technical Fibres Limited. Following the assessment, the agency has reaffirmed the existing credit ratings for the company’s total banking facilities amounting to ₹400 crore. The long-term facilities retain a rating of [ICRA]AA+ with a Stable outlook, while short-term facilities remain rated at [ICRA]A1+.
Breakdown of Credit Facilities
The company maintains diverse working capital arrangements across several major financial institutions. As of the latest update on March 31, 2026, the distribution of these facilities includes:
- ICICI Bank Limited: ₹95.00 crore
- Bank of Baroda: ₹75.00 crore
- Bank of India: ₹56.35 crore
- Citibank N.A.: ₹50.00 crore
- DBS Bank India Limited: ₹42.00 crore
- HSBC Bank Limited: ₹41.60 crore
- HDFC Bank Limited: ₹40.00 crore
- Proposed Facilities: ₹0.05 crore
Strategic Outlook
The reaffirmed ratings underscore the company’s robust financial health and its ability to effectively manage its debt obligations. The Stable outlook reflects expectations of consistent operational performance and liquidity management. These ratings are monitored periodically, with the next surveillance due within one year, ensuring continued transparency for lenders and investors regarding the company’s credit standing.
Source: BSE
