DCM Shriram: ICRA re-affirms ratings and withdraws Commercial Paper item

Credit rating
sugar and chemicals

Blacklitt Research30 October 20262 min read

DCM Shriram (NSE: DCMSHRIRAM) had its credit ratings re-affirmed by ICRA Limited across seven facilities, with rated limits totalling ₹4,146.78 crore, and one Commercial Paper line both re-affirmed and withdrawn, it said in a filing on 30 Oct 2026.

Key highlights

Term Loan A: ₹1,019.82 crore at [ICRA]AA+ (Stable)
Cash credit: ₹1,349.00 crore at [ICRA]AA+ (Stable)
Non-fund based limits: ₹1,500.00 crore at [ICRA]A1+
Commercial Paper Programme: ₹120.00 crore at [ICRA]A1+, re-affirmed and withdrawn
Letters dated 30 Oct 2026

The rating action in numbers

Item	Detail
Rating agency	ICRA Limited
Term Loan A (long term fund based)	₹1,019.82 crore, [ICRA]AA+ (Stable), re-affirmed
Cash credit (long term fund based)	₹1,349.00 crore, [ICRA]AA+ (Stable), re-affirmed
Short term fund based WCDL	₹100.00 crore, [ICRA]A1+, re-affirmed
Short term non-fund based limits	₹1,500.00 crore, [ICRA]A1+, re-affirmed
Unallocated limits	₹17.96 crore, [ICRA]AA+ (Stable) / [ICRA]A1+, re-affirmed
Commercial Paper Programme	₹120.00 crore, [ICRA]A1+, re-affirmed and withdrawn
Fixed Deposits Programme	₹40.00 crore, [ICRA]AA+ (Stable), re-affirmed

Long-term lines carry most of the rated amount

The long-term fund based Term Loan A of ₹1,019.82 crore and cash credit of ₹1,349.00 crore were both re-affirmed at [ICRA]AA+ (Stable), which is ICRA's double A plus rating with a Stable outlook. Together they come to ₹2,368.82 crore, or 57.1% of the ₹4,146.78 crore total of rated limits.

Short-term and unallocated limits

The short term fund based WCDL of ₹100.00 crore and the short term non-fund based limits of ₹1,500.00 crore were re-affirmed at [ICRA]A1+, which is ICRA A one plus. The unallocated limits of ₹17.96 crore are listed under both the long-term AA+ (Stable) and the short-term A1+ ratings.

Commercial Paper and fixed deposits

ICRA's letter both re-affirmed and withdrew the ₹120.00 crore Commercial Paper Programme at [ICRA]A1+. The Fixed Deposits Programme of ₹40.00 crore was re-affirmed at [ICRA]AA+ (Stable).

What the ICRA update means for DCM Shriram's shareholders

The update keeps the listed rated limits in place, and the intimation reports no upgrade or downgrade of any facility. The Commercial Paper line is the one item that is both re-affirmed and withdrawn.

Not stated: ICRA's reasons for re-affirming the ratings, the rationale for the outlook, and which part of the Commercial Paper Programme was withdrawn or why. Whether the withdrawal affects the company's borrowing is not known from the intimation.

Reference: Original filing (PDF)

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