Indian Acrylics Ltd announced rating upgrades and reaffirmations from Brickwork Ratings India Private Limited (BWR) across various instruments. BWR upgraded the ratings for Bank loans and facilities to BWR BB-Stable/Upgrade (Long-term) and BWR A4/Upgrade (Short-term), both amounting to Rs.99 crore, alongside upgrades for Bank Loan facilities of Rs. 5.00 crore. Several other instruments, including Term Loans, Withdrawal Cash Credit, Sub-limits (EPC, CC, FOB LC / FOOT NLC, working capital demand loan, export credit, Buyer's credit of ILC/FLC), Non-Fund Based Letter of Credit, Sub-Limit (Packing credit), Inland Letter of Guarantee, and ILC/FLC, were reaffirmed at BWR BB-/Stable and BWR A4, respectively, while Fund Based LT was upgraded to BWR BB- /Stable. The agency also reaffirmed ratings of BWR D for certain instruments and noted a projected net loss of Rs. 30.86 crore in FY25 and Rs. 24.09 crore in FY26, highlighting sensitivities related to revenue, EBITDA, debt servicing capacity, TNW, and leverage/debt.
