SEPC Credit Ratings Downgraded by CRISIL and Infomerics in March 2026
SEPC's credit ratings were downgraded by CRISIL to 'CRISIL D/CRISIL D' on 9 March 2026, due to delays in interest payments and liquidity issues. The downgrade affects ₹890.15 crore in bank loan facilities. Infomerics also downgraded SEPC’s ratings to 'IVR D' on 10 March 2026. A Madras High Court order on 19 February 2026, attaching ₹154 crore of SEPC’s receivables, led to lenders freezing the TRA account.
Downgrading of credit ratings can have a high impact on the company's ability to raise funds and overall financial stability.
The announcement clearly indicates a negative sentiment due to the downgrading of credit ratings, delays in payments, and liquidity issues faced by the company.
SEPC Limited (SEPC) announced downgrading of its credit ratings by CRISIL Ratings Limited and Infomerics Valuation and Rating Ltd, following earlier intimation on 10 March 2026. CRISIL downgraded the long-term and short-term ratings on SEPC's bank facilities to 'CRISIL D/CRISIL D' from 'CRISIL BB+/Negative/CRISIL A4+'. The downgrade is attributed to delays in interest payment obligations of approximately ₹6 crore on term loans due on 28 February 2026, delays in clearing letter of credit dues, and overdrawals in cash credit accounts. Lenders froze the trust and retention account (TRA) following a Madras High Court order on 19 February 2026, attaching ₹154 crore of SEPC’s receivables due to ongoing legal proceedings involving Twarit Consultancy Services Pvt Ltd (TCPL). Despite having ₹150 crore of liquidity from a recent rights issue, access to these funds was restricted. Infomerics has also downgraded the ratings to IVR D from IVR BB+ with Negative outlook.
What to do with a filing like this
SEPC Limited filed this with the NSE as a statutory disclosure, categorised under credit ratings. 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 SEPC Limited. Read the original for the full detail.