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Indian Acrylics Ltd announced rating actions from both Brickwork Ratings India Private Limited and BWR (Brickwork Ratings), impacting a range of instruments. Brickwork Ratings upgraded the long-term rating for Bank loans and facilities to BWR BB- Stable from BWR BB and the short-term rating to BWR A4 from BWR BB, while reaffirming several instruments including Term Loan at BWR BB-/Stable, Withdrawal Cash Credit at BWR BB-/Stable, and Sub-limits for EPC, CC, FOB LC/FOOT NLC, working capital demand loan, export credit, Buyer's credit of ILC/FLC, Non-Fund Based Letter of Credit, Packing credit, Inland Letter of Guarantee, and ILC/FLC. BWR reaffirmed various instruments including Term Loan, Withdrawal Cash Credit, Sub-limits, and Non-Fund Based Letters of Credit, all at BWR BB-/Stable, alongside reaffirming Inland Letter of Guarantee at BWR A4. The ratings are based on audited financials up to FY25(A), data for FY26(A), and projected financials for FY27 and FY28, with sensitivities noted for Revenue (positive and negative), Debt (negative), TNW (positive and negative), Liquidity (negative), and overall performance.
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