KRBL gets ICRA AA(Stable) reaffirmed on ₹2,055 crore of bank limits

The ratings in numbers

The three rated lines and their amounts

ICRA’s letter, dated 21 Oct 2026, covers the company’s bank facilities. The long-term fund-based working capital limit of ₹1,540 crore is rated [ICRA]AA(Stable). Fund-based limits are credit lines that a bank lends against, and AA is the second-highest long-term grade on ICRA’s scale, below AAA.

The short-term grade is [ICRA]A1+ for the ₹15 crore of non-fund-based limits, which cover letters of credit (LC), bank guarantees (BG) and forward limits, and for the ₹500 crore of commercial paper. A1+ is the highest short-term grade on ICRA’s scale. The filing marks the commercial paper as carved out of the working capital limits and as proposed.

Latest quarter and what “reaffirmed” means

For context, KRBL’s latest quarter is Q1 FY27, the quarter ended 30 Jun 2026. Consolidated revenue was ₹1,560.22 crore and net profit was ₹260.74 crore. In the previous quarter, Q4 FY26, net profit was ₹155.38 crore on revenue of ₹1,533.78 crore.

“Reaffirmed” means ICRA kept the same rating on each line. The filing says the rating information is on the company’s website under Investor Relations.

What the reaffirmation means for KRBL’s shareholders

The letter confirms the same ratings and the same amounts for the company’s bank facilities. The filing does not say how much of the limits the company uses, or whether it plans to issue the ₹500 crore of commercial paper. It names no next step with a date. The shares closed at ₹362.40 on 21 Oct 2026, with a market value of ₹8,295 crore.

Reference: Original filing (PDF)