Cemindia Projects gets CARE AA upgrade on long-term bank facilities
- Credit rating
- Construction and infrastructure
Reviewed byKeshav SehgalBlacklitt Research
Cemindia Projects (NSE: CEMPRO) said in a filing on 06 Nov 2026 that CARE Ratings has upgraded its long-term bank facilities to CARE AA; Stable from CARE AA-; Stable. The long-term/short-term bank facilities moved to CARE AA; Stable / CARE A1+, and the commercial paper rating was reaffirmed at CARE A1+.
Key highlights
- Long-term bank facilities: CARE AA; Stable, upgraded from CARE AA-; Stable
- Long-term/short-term bank facilities: CARE AA; Stable / CARE A1+
- Commercial paper (carved out): CARE A1+, reaffirmed
- Filing date: 06 Nov 2026
The rating action in numbers
| Item | Detail |
|---|---|
| Rating agency | CARE Ratings Limited |
| Long-term bank facilities | CARE AA; Stable, upgraded from CARE AA-; Stable |
| Long-term/short-term bank facilities | CARE AA; Stable / CARE A1+; long-term upgraded from CARE AA-; Stable, short-term reaffirmed at CARE A1+ |
| Commercial paper (carved out) | CARE A1+, reaffirmed |
| Filing date | 06 Nov 2026 |
Long-term ratings move up one notch
CARE Ratings has moved the long-term bank facilities from CARE AA-; Stable to CARE AA; Stable. The same move applies to the long-term part of the long-term/short-term bank facilities, which now carry CARE AA; Stable alongside a short-term rating of CARE A1+.
The short-term rating of CARE A1+ on those facilities was reaffirmed, so only the long-term grade changed. The stated outlook on the upgraded ratings is Stable.
Commercial paper rating unchanged
The commercial paper (carved out) rating was reaffirmed at CARE A1+ and was not changed. Cemindia Projects was formerly known as ITD Cementation India Limited, and the revision is communicated under the company's current name.
For context, the company reported consolidated total income of ₹2,760.91 crore for Q2 FY27, up 24.7% year on year, and consolidated net profit of ₹130.59 crore, up 21.3%. The filing does not link these results to the rating action.
What the rating revision means for Cemindia Projects' shareholders
The revision changes the rating grades on the company's bank facilities and leaves the commercial paper grade as it was. The company does not say what the upgrade is based on, how much of its bank borrowing the rating covers, or how much commercial paper is outstanding, and those points are not known from the filing.
The filing contains no further dated step for the rating.
Filed with NSE on . Reference: Original filing (PDF)
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