GODREJINDGodrej Industries Ltd
ICRA assigns AA+/Stable to Godrej Industries’ proposed ₹1,500 crore of NCDs and reaffirms its other ratings
- Credit rating
Godrej Industries Limited has told the exchanges that ICRA Limited has assigned a rating of [ICRA] AA+ (Stable) to the company’s proposed additional issue of non-convertible debentures (NCDs) of up to ₹1,500 crore. ICRA has also reaffirmed the same rating on the company’s existing listed NCDs of ₹7,200 crore. The disclosure was made on 14 Oct 2026 under Regulations 30 and 51 of the SEBI listing rules.
ICRA has reaffirmed [ICRA] A1+ on the company’s commercial paper programme of up to ₹3,500 crore. Its rating letters, dated 14 Oct 2026, also reaffirm ratings on bank facilities: ₹90 crore of fund-based cash credit and ₹246 crore of term loans at AA+ (Stable), ₹126 crore of short-term non-fund-based facilities at A1+, and ₹1,678 crore of unallocated limits at AA+ (Stable) and A1+, a total of ₹2,140 crore.
ICRA describes instruments rated AA+ as having a high degree of safety on timely servicing of financial obligations and very low credit risk, and A1+ as having a very strong degree of safety.
Inference
The ratings are the same as before, so this filing shows ICRA keeping its view of the company unchanged and applying the same rating to the new proposed NCDs. A stable outlook means the agency does not currently expect to change the rating.
The assignment is for a proposed issue only. The filing does not say whether or when the company will issue the additional NCDs.
Reference: Original filing (PDF)
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