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Fineotex Chemical receives credit rating upgrades from ICRA, citing growth and acquisition benefits

24-Aug-26 18:58 Hrs IST

Fineotex Chemical Ltd announced credit rating upgrades and reaffirmations from ICRA, reflecting the company's healthy growth trajectory and the anticipated benefits from its recent acquisition of a US-based speciality chemical manufacturing group. ICRA upgraded the Long Term Credit rating to [ICRA]AA- (Stable) from [ICRA]A+ (Positive), and the Long term - Fund based - Cash credit instrument of 22.00, also upgrading it from [ICRA]A+ (Positive) and revising the outlook to Stable; the Short Term rating for the Long term - Fund based - Cash credit instrument of 22.00 was reaffirmed; Bank Facilities were upgraded to ICRA A- (Stable) and ICRA A1+, while Long term - Fund based - Cash credit of 22.00 was upgraded from [ICRA]A+ and the Unallocated limits of 57.00 were upgraded from [ICRA]A+ with a revised outlook to Stable, alongside reaffirmations for Short term – Fund based - Others of 3.00, Short term – Fund based - Overdraft of 8.00, Short term - Non-fund based - Letter of credit of 8.00, Short term - Non-fund based – Others of 2.00, and RBI Total of 100.00, all maintaining their ratings; the ratings draw comfort from a strong financial risk profile supported by healthy profit margins, comfortable capital structure, and robust coverage indicators.

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