Subros gets ICRA AA (Stable) reaffirmation, term loan raised to ₹140 crore
- Credit rating
- Auto Ancillaries
Reviewed byKeshav SehgalBlacklitt Research
Subros (NSE: SUBROS) had ICRA reaffirm its long-term rating of [ICRA]AA (Stable) and short-term rating of [ICRA]A1+, and raise the rated term loan from ₹40 crore to ₹140 crore, it said in a filing on 03 Nov 2026. Total bank facilities rated rose to ₹370 crore.
Key highlights
- Term loan rated: ₹140.00 crore, up from ₹40.00 crore, rated [ICRA]AA (Stable)
- Short-term non-fund based facilities: ₹50.00 crore, [ICRA]A1+ reaffirmed
- Total bank facilities rated: ₹370.00 crore, up from ₹305.00 crore
- Unallocated limit of ₹35.00 crore previously rated not carried forward
The rating action in numbers
| Item | Detail |
|---|---|
| Rating agency | ICRA Limited |
| Instrument | Long-term fund based term loan |
| Rated amount | ₹140.00 crore, previously ₹40.00 crore |
| Rating | [ICRA]AA (Stable), reaffirmed and assigned for enhanced amount |
| Short-term facilities | ₹50.00 crore non-fund based, [ICRA]A1+ reaffirmed |
| Cash credit and fund based limits | ₹80.00 crore, [ICRA]AA (Stable)/[ICRA]A1+ reaffirmed |
| Fund based and non-fund based limits | ₹100.00 crore, [ICRA]AA (Stable)/[ICRA]A1+ reaffirmed |
| Total bank facilities | ₹370.00 crore, previously ₹305.00 crore |
| Rating letter date | 03 Nov 2026 |
Term loan rises by ₹100 crore and total rated facilities by ₹65 crore
The rating letter describes the term loan as reaffirmed and assigned for enhanced amount, taking the rated figure from ₹40.00 crore to ₹140.00 crore. The Annexure lists the ₹140.00 crore term loan as held with HDFC Bank Limited, rated [ICRA]AA (Stable) on 23 Oct 2026.
Across all rated facilities, the total rose from ₹305.00 crore to ₹370.00 crore. The ₹35.00 crore unallocated limit that was previously rated is not in the current rating, so the increase in the total is smaller than the term loan increase alone would imply.
Of the ₹370.00 crore total, ₹140.00 crore is the term loan, ₹50.00 crore is short-term non-fund based, ₹80.00 crore is cash credit and ₹100.00 crore is fund based and non-fund based limits. The term loan is about 38% of the total rated.
What the rating letter says about the rating's terms
ICRA states that the ratings will become due for surveillance within one year from the date of the rating communication letter, and that it may review or revise them at any time. It also says that any change in the terms, size or overall limit of the rated instruments would require a review.
ICRA asks the company to inform it immediately of any default or delay in repayment, of any development that could affect debt servicing or fund-raising, and when borrowing limits are exceeded.
What the ratings mean for Subros's shareholders
The filing reports a higher rated bank facility total and a reaffirmed AA (Stable) long-term rating. It does not say why the term loan was raised, which lenders have sanctioned it, or whether any of the rated facilities have been drawn.
The next dated step in the filing is the surveillance review due within one year of the rating letter.
Filed with BSE on . Reference: Original filing (PDF)
Disclaimer:
The information available on this article is provided for education and informational purposes only. It does not constitute or provide financial, investment or trading advice and should not be construed as an endorsement of any specific stock or financial strategy in any form or manner. We do not make any representations or warranties regarding the quality, reliability, or accuracy of the information provided. This website may contain links to third-party content. We are not responsible for the content or accuracy of these external sources and do not endorse or verify the information provided by third parties. We are not liable for any decisions made or actions taken based on the information provided on this website.