CRISIL Ratings has upgraded RattanIndia Power Limited’s short-term bank facilities rating from ‘Crisil A3+’ to ‘Crisil A2’. This upgrade reflects the company’s improved operating performance, driven by higher plant load factors (PLF) and better fuel cost management. The rated amount for bank facilities has also been enhanced from Rs. 550 crore to Rs. 650 crore.
CRISIL Upgrades RattanIndia Power’s Rating
RattanIndia Power Limited (RIPL) has received an upgraded credit rating for its short-term bank facilities from CRISIL Ratings. The rating has moved from ‘Crisil A3+’ to ‘Crisil A2’, reflecting enhanced creditworthiness. This upgrade is effective as of August 6, 2026.
Key Drivers for Upgrade
The primary drivers for this upgrade include RIPL’s improved operating performance. The company reported a higher plant load factor (PLF) of 82% in fiscal 2026, up from 78% in fiscal 2025, with plant availability factor (PAF) remaining above 85%. This operational efficiency has enabled the company to achieve healthy operating profitability despite a decline in tariff, supported by low fuel costs and increased offtake from Maharashtra State Electricity Distribution Company Ltd (MSEDCL).
Financial and Operational Highlights
For fiscal 2026, RIPL reported earnings before interest, taxes, depreciation, and amortisation (EBITDA) of Rs 410 crore. The company benefits from long-term Power Purchase Agreements (PPAs) of 25 years for its net capacity and adequate fuel supply agreements. Furthermore, RIPL has nil long-term external debt, and its fund-based working capital facilities saw a reduction in interest rates to 11% per annum in fiscal 2026.
Enhancement in Rated Amount
The total bank loan facilities rated have been enhanced from Rs. 550 crore to Rs. 650 crore. The company also has non-fund based limits of Rs. 250 crore and working capital demand loans totaling Rs. 400 crore, all rated ‘Crisil A2’.
Source: BSE
