Rajputana Stainless Limited Assigned CARE A-: Stable/CARE A2+ Credit Rating
Rajputana Stainless Limited (RSL) has received a credit rating of CARE A-: Stable/CARE A2+ for its ₹130 crore bank facilities and CARE A-; Stable for its ₹30 crore long-term bank facilities. The company reported ₹1,008 crore in operating income for FY26 and ₹307 crore for Q1FY27.
A good credit rating is crucial for a company's borrowing capacity and cost of debt. This upgrade or affirmation of a stable rating can positively impact its ability to secure future funding and potentially lower its interest expenses, which is of medium importance to the company's operations and financial health.
The assignment of a stable and positive credit rating by CARE Ratings, along with the rationale highlighting strengths like promoter experience, integrated operations, and improved financial metrics post-IPO, indicates a positive outlook for the company.
Rajputana Stainless Limited (RSL) has been assigned credit ratings by CARE Ratings Limited. The long-term/short-term bank facilities of ₹130 crore have been rated CARE A-: Stable/CARE A2+, and long-term bank facilities of ₹30 crore have been rated CARE A-; Stable. These ratings were communicated by CARE Ratings on September 07, 2026, and published on their website.
The rating rationale highlights RSL's strengths, including the promoters' extensive experience in the steel industry, moderate scale of operations, profitability supported by integrated operations, and a comfortable financial risk profile bolstered by IPO proceeds raised in March 2026. Adequate liquidity is also noted as a strength.
However, the ratings are partially offset by the working capital-intensive nature of RSL's operations, the cyclicality of the steel industry, and profitability susceptible to raw material price, power cost, and foreign exchange rate volatility. CARE Ratings also acknowledges the planned partly debt-funded capex in FY27.
As of March 31, 2026, RSL's total operating income was ₹1,008 crore, with a PBILDT of ₹92.52 crore and Profit After Tax (PAT) of ₹50.15 crore. In Q1FY27, the company reported a total operating income of ₹307 crore, PBILDT of ₹28.72 crore, and PAT of ₹20.20 crore. The company prepaid its term loan and working capital borrowings in Q1FY27 using IPO proceeds, significantly strengthening its PBILDT interest coverage to 16.70x.
CARE Ratings expects RSL to maintain its operational and financial risk profile over the medium term, benefiting from promoter experience and integrated operations. The outlook for the company is Stable.
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Rajputana Stainless Limited filed this with the NSE as a statutory disclosure, categorised under other regulatory filings. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Rajputana Stainless Limited. Read the original for the full detail.