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CARE Ratings downgraded Nova Agritech's bank facilities, citing performance concerns and a government stay

12-Oct-26 18:53 Hrs IST

Nova Agritech Ltd announced consolidated financial results, prompting rating actions from multiple agencies. CARE Ratings Limited downgraded long-term bank facilities amounting to Rs 30.99 crore and Rs 20.22 crore to CARE BBB-; Stable and CARE BBB-; Stable, respectively, citing moderation in scale and profitability, increased working capital intensity, and a government-imposed stay on bio-stimulants impacting Q4FY26 performance; the agency also maintained the rating for bank facilities at CARE BBB-; Stable. CARE Ratings Limited previously revised the rating for long-term credit facilities to CARE BBB from CARE BBB Negative, and also noted that debt protection metrics remain satisfactory, while the agency’s outlook for operations remains stable, as reflected by CareEdge Ratings. Additional rating actions and assignments were also noted for various instruments including corporate bonds and debentures, commercial papers, and fund-based working capital facilities, with details not fully specified, and no rating information was available from other agencies.

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