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As on : 25-Sep-2026
Hot Pursuit
25-Sep-2026     13:34

Bharat Seats Ltd. secures enhanced ratings from ICRA Ltd. for its debt instruments

Bharat Seats Ltd. has announced rating upgrades and reaffirmations from ICRA Ltd. for its various debt instruments, including Long-term Fund-based – Term loan, Long-term– Fund-based working capital, and Short-term – non-fund based working capital, all now carrying an enhanced [ICRA]A+(Stable) rating, previously [ICRA]A(Stable), alongside a reaffirmed [ICRA]A1 rating for the Short-term – non-fund based working capital. The instruments include Long-term Fund-based Term loan amounting to 83.76, Long-term Fund-based working capital of 35.20, and Short-term Non-fund based working capital of 70.00, with additional instruments such as Cash Credit, Term Loan -I FY2024 (9.38), Term Loan -II FY2024 (9.38), Term Loan -III* (65.00), Letter of Credit/ Bank Guarantee (70.00), and RBI NA Term Loan -II FY2024 (9.38) and RBI NA Term Loan -III* (65.00) also receiving the upgraded [ICRA]A+ (Stable) rating, while ICRA noted comfortable debt metrics with a Total debt / OPBITDA of 1.1 times and a DSCR of 2.0 for FY2026, alongside an upgrade potential contingent on sustained Total Debt to OPBITDA below 1.5 times.

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