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Neogen Chemicals' financial risk profile improves, prompting rating revisions from CRISIL

26-Sep-26 19:56 Hrs IST

Neogen Chemicals Ltd announced rating actions from multiple agencies reflecting a significant improvement in its financial risk profile driven by a Qualified Institutional Placement (QIP). CRISIL Ratings Limited reaffirmed the CRISIL A-/Stable rating, revising the outlook from ‘Negative’ for Total Bank Loan Facilities of Rs 680 Crore and Non-Convertible Debentures of Rs 200 Crore, alongside reaffirming the existing CRISIL A-/Negative rating for the same instruments; CRISIL Ratings Limited also reaffirmed the CRISIL BBB+/Stable rating, revising the outlook from ‘Negative’ for Total Bank Loan Facilities of Rs 1,150 Crore and reaffirmed the existing CRISIL BBB+/Negative rating for the same instruments, further including ratings for Cash Credit facilities from State Bank of India, HDFC Bank Limited, Axis Bank Limited, and IDBI Bank Limited (all CRISIL A-/Stable), a Letter of Credit from State Bank of India (CRISIL A2+), Long Term Loans from HDFC Bank Limited, Axis Bank Limited, and Bandhan Bank Limited (CRISIL A-/Stable), a Proposed Long Term Bank Loan Facility (CRISIL A-/Stable), Working Capital Demand Loans from IDBI Bank Limited and Bandhan Bank Limited (CRISIL A2+), a Working Capital Term Loan from HDFC Bank Limited (CRISIL A-/Stable), a Long Term Bank Facility from State Bank of India (BBB+/Stable), and a Working Capital Facility from Axis Bank Limited (BBB+/Stable), with no enhancements, assignments, or withdrawals noted.

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