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Bharat Seats Ltd. secures enhanced ratings from ICRA Ltd. for its debt instruments

25-Sep-26 13:34 Hrs IST

Bharat Seats Ltd. has announced rating upgrades and reaffirmations from ICRA Ltd. for its various debt instruments, including Long-term Fund-based – Term loan, Long-term– Fund-based working capital, and Short-term – non-fund based working capital, all now carrying an enhanced [ICRA]A+(Stable) rating, previously [ICRA]A(Stable), alongside a reaffirmed [ICRA]A1 rating for the Short-term – non-fund based working capital. The instruments include Long-term Fund-based Term loan amounting to 83.76, Long-term Fund-based working capital of 35.20, and Short-term Non-fund based working capital of 70.00, with additional instruments such as Cash Credit, Term Loan -I FY2024 (9.38), Term Loan -II FY2024 (9.38), Term Loan -III* (65.00), Letter of Credit/ Bank Guarantee (70.00), and RBI NA Term Loan -II FY2024 (9.38) and RBI NA Term Loan -III* (65.00) also receiving the upgraded [ICRA]A+ (Stable) rating, while ICRA noted comfortable debt metrics with a Total debt / OPBITDA of 1.1 times and a DSCR of 2.0 for FY2026, alongside an upgrade potential contingent on sustained Total Debt to OPBITDA below 1.5 times.

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