Crisil has reaffirmed its credit ratings for Thermax’s bank facilities, maintaining the long-term rating at Crisil AA+/Stable and the short-term rating at Crisil A1+. The total bank loan facilities rated amount to Rs. 5500 Crore, which is enhanced from the previous Rs. 4270 Crore. This reflects Crisil’s assessment of Thermax’s creditworthiness and stability.
Credit Rating Reaffirmation
Crisil Ratings Limited (Crisil) has reaffirmed the credit ratings assigned to the bank facilities of Thermax.
Long and Short Term Ratings
The long-term rating has been reaffirmed at Crisil AA+/Stable, and the short-term rating has been reaffirmed at Crisil A1+.
Bank Loan Facilities
The total bank loan facilities rated amount to Rs. 5500 Crore, enhanced from Rs. 4270 Crore. This rating action was communicated on January 19, 2026.
Bank Facility Details
The Rs. 5500 Crore is composed of:
- Axis Bank Limited: Rs. 150 Crore (Fund-Based), Rs. 930 Crore (Non-Fund Based) and Rs. 20 Crore (Non-Fund Based Limit)
- The Hongkong and Shanghai Banking Corporation Limited: Rs. 150 Crore (Fund-Based) and Rs. 400 Crore (Non-Fund Based Limit)
- Citibank N. A.: Rs. 100 Crore (Fund-Based) and Rs. 600 Crore (Non-Fund Based Limit)
- Kotak Mahindra Bank Limited: Rs. 50 Crore (Fund-Based) and Rs. 500 Crore (Non-Fund Based Limit)
- Union Bank of India: Rs. 20 Crore (Fund-Based), Rs. 300 Crore (Non-Fund Based Limit)
- ICICI Bank Limited: Rs. 170 Crore (Fund-Based) and Rs. 1350 Crore (Non-Fund Based Limit)
- Bank of Baroda: Rs. 10 Crore (Fund-Based) and Rs. 320 Crore (Non-Fund Based Limit)
- Proposed Fund-Based Bank Limits: Rs. 430 Crore
Out of total facilities, Rs. 350 crore is fund based and Rs. 80 crore is non-fund based.
Source: BSE
