DPSC Limited Ratings Downgraded to BWR D Amidst CIRP
DPSC Limited's ratings have been downgraded to BWR D due to default on interest payments. The company is under Corporate Insolvency Resolution Process (CIRP) since May 15, 2026. Bank loan facilities of ₹102.83 crore (fund-based) and ₹4.15 crore (non-fund based) are affected. The first Committee of Creditors meeting is scheduled for June 12, 2026.
The downgrade to 'D' rating and admission into CIRP signify a severe financial distress and default, which will have a significant impact on the company's operations, financing, and stakeholder confidence.
The company has defaulted on its debt obligations and has been admitted into Corporate Insolvency Resolution Process (CIRP), leading to a downgrade in its credit ratings to 'D', indicating default.
DPSC Limited (formerly India Power Corporation Limited) has had its bank loan facilities ratings downgraded to BWR D by Brickwork Ratings. This downgrade reflects the company's default on its monthly interest payment for May 2026 on a term loan. The company was admitted into the Corporate Insolvency Resolution Process (CIRP) by the Hon'ble National Company Law Tribunal (NCLT), Hyderabad Bench- I, on 15th May 2026, following a petition by State Bank of India (SBI). The total fund-based facilities rated are ₹102.83 crore, and non-fund based facilities are ₹4.15 crore, both now rated BWR D. The ratings have been removed from "Rating Watch with Negative Implications".
The company's board has been suspended, and its powers have been vested in the Interim Resolution Professional (IRP) since 15th May 2026. A statutory moratorium is in effect under Section 14 of the IBC, 2016. The first meeting of the Committee of Creditors (CoC) is scheduled for 12th June 2026. Brickwork Ratings also noted the invocation of a Bank Guarantee from South Indian Bank on 19th May 2026 and the overdue status of a devolved amount payment by the company.
Key credit risks identified include the default in debt servicing and ongoing litigations, particularly concerning a corporate guarantee provided for Meenakshi Energy Limited (MEL). Despite these challenges, the company's distribution business in Asansol shows high operational efficiency with AT&C losses at approximately 4% and collection efficiency at around 98%. The company's renewable energy mix has also increased significantly to about 75% in FY25.
What to do with a filing like this
DPSC Limited filed this with the NSE as a statutory disclosure, categorised under corporate insolvency resolution process. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by DPSC Limited. Read the original for the full detail.