ICRA Limited has reaffirmed the AA+ (Stable) rating for The Ramco Cements’ existing non-convertible debenture of ₹1300 crore. Additionally, a new AA+ (Stable) rating has been assigned to another non-convertible debenture of ₹500 crore. The rating actions were communicated in a letter dated December 19, 2025, with the ratings valid for the life of the instruments unless withdrawn.
ICRA Reaffirms and Assigns Credit Ratings
The Ramco Cements has received notification from ICRA Limited regarding the reaffirmation and assignment of credit ratings for its non-convertible debenture instruments. This announcement highlights the company’s financial standing as viewed by a leading credit rating agency.
Details of the Rating Actions
ICRA reaffirmed the AA+ (Stable) rating for the existing non-convertible debenture amounting to ₹1300 crore. Furthermore, a new rating of AA+ (Stable) has been assigned to a separate non-convertible debenture with a value of ₹500 crore. This new assignment reflects ICRA’s assessment of the creditworthiness of this specific financial instrument issued by The Ramco Cements.
Breakdown of Rated Instruments
The following table details the specific non-convertible debentures and their respective ratings:
| Instrument | Amount (₹ in crores) | Rating |
|---|---|---|
| Non-convertible Debenture | 1300 | AA+ (Stable) (reaffirmed) |
| Non-convertible Debenture | 500 | AA+ (Stable) (assigned) |
These ratings are based on information available to ICRA and are subject to review and revision based on new information or circumstances.
Specific ISIN Details
A detailed list of the ISINs corresponding to the rated instruments is included in the annexure to ICRA’s letter. The rating for these instruments was officially assigned on December 16, 2025.
Summary of ISIN Details:
| ISIN No | Instrument Details | Amount (Rs. Crore) |
|---|---|---|
| INE331A07265 | NCD 1 | 150.0 |
| INE331A07273 | NCD 2 | 150.0 |
| INE331A07307 | NCD 3 | 150.0 |
| INE331A07281 | NCD 4 | 150.0 |
| INE331A07299 | NCD 5 | 200.0 |
| INE331A07315 | NCD 6 | 150.0 |
| INE331A07323 | NCD 7 | 150.0 |
| INE331A07331 | NCD 8 | 200.0 |
| Proposed NCD | 500.0 |
Source: BSE
