Vishnu Chemicals gets ICRA A (Stable) long-term rating on bank facilities
- Credit rating
- specialty chemicals
Reviewed byKeshav SehgalBlacklitt Research
Vishnu Chemicals (NSE: VISHNU) has had its bank facilities rated by ICRA Limited, which assigned a long-term rating of ICRA A (Stable) and a short-term rating of ICRA A2+ to facilities totalling ₹630 crore, it said in a filing on 02 Nov 2026.
Key highlights
- Long-term rating: ICRA A (Stable) on ₹491.54 crore
- Short-term rating: ICRA A2+ on ₹75.39 crore
- Total rated by ICRA: ₹630 crore
- Previous CARE rating: A- (Stable) on ₹478.28 crore long-term
- Ratings assigned on 30 Oct 2026
The rating action in numbers
| Item | Detail |
|---|---|
| Rating agency | ICRA Limited |
| Fund based working capital | ₹170.45 crore, ICRA A (Stable), assigned |
| Fund based term loans | ₹321.09 crore, ICRA A (Stable), assigned |
| Non fund based working capital | ₹75.39 crore, ICRA A2+, assigned |
| Long term/short term unallocated | ₹63.07 crore, ICRA A (Stable)/A2+, assigned |
| Total rated by ICRA | ₹630 crore |
| Previous CARE ratings | Long-term ₹478.28 crore at CARE A- (Stable); short-term ₹83.10 crore at CARE A2+; reaffirmed |
Long-term ratings on fund based facilities
ICRA rated the fund based working capital facility of ₹170.45 crore and the fund based term loans of ₹321.09 crore at ICRA A (Stable), a combined ₹491.54 crore of long-term facilities. The annexure lists the lending banks, including Axis Bank, Indian Overseas Bank, Union Bank of India, RBL Bank, ICICI Bank and CSB Bank for the term loans.
The ratings were assigned on 30 Oct 2026, according to the annexure to the ICRA letter dated 2 Nov 2026, which the company enclosed with the filing.
Short-term and unallocated limits
The non fund based working capital facility of ₹75.39 crore carries the short-term rating ICRA A2+. A further ₹63.07 crore unallocated limit is rated ICRA A (Stable)/ICRA A2+, so the ICRA total of ₹630 crore covers both long-term and short-term instruments.
ICRA says the ratings are specific to the terms and conditions of the instruments as indicated by the company, and that any change in terms or size would require a review by ICRA.
How the ICRA ratings compare with the CARE ratings
Before this action, CARE Ratings had reaffirmed long-term bank facilities of ₹478.28 crore at CARE A- (Stable) and short-term bank facilities of ₹83.10 crore at CARE A2+, a total of ₹561.38 crore. The filing gives the previous ratings but does not set them side by side with ICRA's on the same facilities.
ICRA says the ratings will be due for surveillance within one year of the letter date, and that it may review or revise them at any time. The company must promptly inform ICRA of any default, delay or rescheduling of debt repayments.
What the ICRA rating means for Vishnu Chemicals' shareholders
The filing reports a rating on bank facilities totalling ₹630 crore, with ICRA's long-term rating at A (Stable) and short-term rating at A2+. It does not say why ICRA rated the facilities this way, what effect the rating has on borrowing cost or terms, or whether the company will use ICRA or CARE for future ratings.
The next dated step is the surveillance review due within one year of the 2 Nov 2026 letter.
Filed with BSE on . Reference: Original filing (PDF)
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