Meghmani Organics gets IND A/Stable rating on ₹1,100 crore bank loans

Credit rating
chemicals

Blacklitt Research28 October 20262 min read

A wide view across a bay toward a coastal industrial complex with chimneys, storage tanks and cranes, under a pale sky. — Licjar Xeymelloz, via Wikimedia Commons (CC0). Illustrative image.

Meghmani Organics (NSE: MOL) has had its bank loan facilities of ₹1,100 crore rated IND A/Stable/IND A1 by India Ratings, it said in a filing on 28 Oct 2026. The rating action is 'Assigned', and the outlook is Stable.

Key highlights

Rated bank loan facilities: ₹1,100 crore
Rating: IND A/Stable/IND A1, assigned by letter dated 28 Oct 2026
Proposed term loan: ₹64.60 crore, no named bank
Proposed working capital: ₹45.00 crore fund-based and ₹5.00 crore non-fund-based

The rating in numbers

Item	Detail
Rated by	India Ratings & Research Private Limited (a Fitch Group Company)
Instrument	Bank loan facilities, regulator RBI
Amount rated	₹1,100 crore (INR 11,000 million)
Rating	IND A/Stable/IND A1
Rating action	Assigned
Letter date	28 Oct 2026

How the rated facilities are split

The rating of IND A/Stable/IND A1 covers ₹1,100 crore of bank loan facilities in total, and the annexure breaks them down by bank. Fund-based working capital limits from State Bank of India, HDFC Bank, ICICI Bank, Axis Bank and DBS Bank India are rated IND A/Stable/IND A1, as are fund/non-fund based limits from IndusInd Bank, Yes Bank and RBL Bank. Non-fund-based working capital limits from State Bank of India, HDFC Bank, ICICI Bank, Axis Bank and DBS Bank India carry the short-term rating IND A1 only.

Term loans from IndusInd Bank, Axis Bank and RBL Bank are rated IND A/Stable. The annexure also lists proposed facilities with no named bank: a term loan of ₹64.60 crore rated IND A/Stable, and proposed working capital limits of ₹45.00 crore fund-based and ₹5.00 crore non-fund-based.

How the proposed amounts compare

The proposed term loan of ₹64.60 crore is 5.9% of the ₹1,100 crore of rated bank loan facilities. Blacklitt's data puts the company's market value at ₹1,383 crore at the 28 Oct 2026 close of ₹54.37 a share.

Earlier in October the company reported NCLT orders approving mergers involving its subsidiaries, on 8 and 9 Oct 2026. The rating filing does not refer to those orders.

What the rating means for Meghmani Organics' shareholders

The filing reports an assigned rating on bank loan facilities. It does not report a new share issue, a change in the company's capital or a dividend. The filing does not say why India Ratings assigned the rating, what its rating rationale and sensitivities are, what the facilities will fund, or which bank will provide the proposed term loan of ₹64.60 crore.

The filing sets out no dated step after the rating letter of 28 Oct 2026.

Reference: Original filing (PDF)

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