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Mahindra Logistics Ltd. announced reaffirmations and assignments of ratings across various instruments by ICRA, including reaffirmation of its Long Term/Short Term - Fund based/ Non -Fund based rating of [ICRA]AA(Stable)/ [ICRA]A1+ for a total amount of 350, its Commercial Paper rating of [ICRA]A1+ for 100, and reaffirmed ratings for Financial Sector Regulator instruments of 350.00, also at [ICRA]AA (Stable)/ [ICRA]A1+, alongside ratings assigned on August 25, 2026, for Bank Limits from HDFC Bank Limited (100.00), Kotak Mahindra Bank Limited (100.00), Axis Bank Limited (100.00), and ICICI Bank Limited (50.00), and an assigned Commercial Paper rating of [ICRA]A1+ for 100.00; additionally, ICRA has noted a rights issue of Rs. 749.3 crore utilized for debt reduction, resulting in deleveraging with Total debt to OPBITDA reduced to 1.7 times from 3.1 times in FY2026 and gearing moderated to around 0.5 times from 1.9 times in FY2025, while N/A has reaffirmed a rating of AAA (Stable) for the parent company, Mahindra & Mahindra Limited (M&M), and A1+ for financial support likelihood.
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