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Latest filing: 2026-09-17 17:52
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11 announcements match the current filters (relevance ≥ 5).
CARE Upgrades Coastal Corp's ₹341.78 Cr Bank Facilities Out of Default to 'CARE B+; Stable'
CARE Ratings has upgraded Coastal Corporation Limited's credit rating across ₹341.78 crore of bank facilities out of default ('CARE D'). Long-term facilities of ₹68.28 crore were upgraded to 'CARE B+; Stable', while long-term/short-term facilities of ₹273.50 crore were revised to 'CARE B+; Stable / CARE A4'. The upgrade follows operational and financial reviews for FY26 (revenue ₹848.81 crore) and Q1FY27. This transition away from default status signals restoring credit regularisation on bank debt totaling 111.7% of existing reported debt (₹306 crore).
Confidence: HIGH
What changedCoastal Corp's credit ratings were formally upgraded out of the default category ('CARE D') to 'CARE B+; Stable' and 'CARE A4' across ₹341.78 crore of credit facilities.
Why it mattersExiting default status is a critical step for regularising trade finance, accessing export packing credit (EPC/PSC), and lowering high borrowing costs for a business carrying ₹306 crore in debt.
Total facilities rated: ₹341.78 croreLong-term facilities: ₹68.28 croreLong/Short-term fund based limits: ₹273.50 croreRated facilities vs Total Debt: ~111.7%
📅 Short termPositive sentiment driver as the company formally moves out of default grade, restoring normal banking relationships for working capital.
📈 Long termWhile a move out of default is essential, the 'B+' grade still denotes high risk; ongoing debt reduction and cash flow generation from the ethanol plant will dictate further rating upgrades.
⚠ Risk flags
- Rating remains in non-investment grade ('B+'), reflecting underlying credit vulnerability
- Term loan repayments of ₹55.54 crore to BOI and Union Bank commence in January 2027
- High geographical concentration risk with 85% export revenue dependent on the US seafood market
Key Highlights
CARE upgraded ₹68.28 crore of long-term bank facilities from 'CARE D' to 'CARE B+; Stable'
Long-term/short-term facilities of ₹273.50 crore upgraded from 'CARE D / CARE D' to 'CARE B+; Stable / CARE A4'
Total bank facilities covered under the rating revision amount to ₹341.78 crore
Term loan repayments include 36 monthly installments starting January 2027 for Bank of India (₹29.60 cr) and Union Bank of India (₹25.94 cr)
👀 What to Watch
Track the upcoming Q2FY27 financial results and monitor whether working capital limits (EPC/PSC of ₹260 crore) remain fully accessible without debt-servicing delays.
Coastal Corp Subsidiary Secures Incremental Allocation of 4,310 KL Ethanol from OMCs
Coastal Corporation Limited's wholly owned subsidiary, Coastal Biotech Private Limited, has received an incremental allocation of 4,310 Kilo Litres (KL) of ethanol for supply to Oil Marketing Companies (OMCs—BPCL, IOCL, and HPCL). The supply is scheduled for Q4 of Ethanol Supply Year (ESY) 2025-26 under the Ethanol Blended Petrol Programme (EBPP). This incremental order supports the company's ongoing ramp-up of its grain-based ethanol facility and revenue diversification beyond seafood exports.
Confidence: HIGH
What changedWholly owned subsidiary received an additional allocation to supply 4,310 KL of ethanol to OMCs for Q4 ESY 2025-26.
Why it mattersIncreases capacity utilization at the newly operational grain-based ethanol plant, aiding business diversification away from the ~85% US seafood export revenue concentration.
Additional ethanol allocated: 4,310 KLSupply period: Q4 ESY 2025-26Contract value: not disclosed
📅 Short termProvides steady order flow visibility for the ethanol division during Q4 ESY 2025-26.
📈 Long termSupports the strategic objective to scale grain-based ethanol sales as a domestic hedge against cyclicality and duty risks in seafood exports.
⚠ Risk flags
- Raw material/grain feedstock price volatility impacting ethanol margins
- Timely fulfillment and logistics across OMC delivery locations
Key Highlights
Incremental allocation of 4,310 Kilo Litres (KL) ethanol awarded to subsidiary Coastal Biotech Private Limited
Supply designated for Q4 of Ethanol Supply Year (ESY) 2025-26
Allocated by domestic OMCs: BPCL, IOCL, and HPCL under the Ethanol Blended Petrol Programme (EBPP)
👀 What to Watch
Monitor quarterly revenue contribution from the ethanol segment in upcoming earnings to verify plant utilization and margin stability.
Coastal Corp clarifies bank repayment dates following credit rating revision
Coastal Corporation Limited (COASTCORP) has issued a clarification regarding its debt repayment history following a recent credit rating revision. The company's banker, DBS Bank, confirmed that several apparent delays in 2025 and early 2026 were due to manual processing and value-dating by the bank rather than fund shortages. However, the bank noted two instances in April and May 2026 where repayments were delayed by approximately 8-9 days because MTM/FCY movements caused working capital limits to be exceeded, triggering system blocks. The bank currently classifies the account conduct as satisfactory with no observed stress.
Confidence: HIGH
What changedThe company provided a formal banker-backed explanation for historical repayment dates that appeared as delays in credit records, distinguishing between bank processing errors and actual technical delays.
Why it mattersFor a company with a D/E ratio of 1.02 and Rs 306 Cr in debt, credit rating stability is crucial for maintaining borrowing costs and liquidity. The admission of technical delays due to MTM/FCY movements indicates tight operational headroom in their working capital facilities.
Total Debt: Rs 306 CrDebt to Equity Ratio: 1.02March 2026 Recovery Date: April 08, 2026April 2026 Recovery Date: May 07, 2026TTM Revenue: Rs 849 Cr
📅 Short termThe clarification may alleviate immediate concerns regarding a potential default, but the stock may remain volatile until the credit rating agency formally responds to these updates.
📈 Long termLimited structural impact, provided the company manages its grain-based ethanol expansion and seafood export diversification to improve cash flows and reduce debt levels.
⚠ Risk flags
- Liquidity risk (technical delays in debt servicing)
- High Debt-to-Equity (1.02)
- Foreign exchange (FCY) volatility impacting credit limits
Key Highlights
DBS Bank confirmed no observed stress in any facilities as of August 8, 2026.
Repayment for March 2026 was delayed until April 8, 2026, due to MTM/FCY movements exceeding limits.
Repayment for April 2026 was delayed until May 7, 2026, due to similar system-related processing issues.
Company maintains a Debt-to-Equity ratio of 1.02 with total debt of Rs 306 Cr.
Clarification covers five specific dates between May 31, 2025, and May 7, 2026.
👀 What to Watch
Investors should monitor the final credit rating report from CARE Edge to see if these banker clarifications result in a rating upgrade or stabilization. It is important to watch if the company improves its foreign exchange (FCY) risk management to prevent future technical defaults caused by limit breaches.
₹341.78 Cr Bank Facilities Downgraded to 'CARE D' (Default) Status
CARE Ratings has downgraded Coastal Corporation Limited's credit rating to 'CARE D' (Default) from 'CARE BB; Stable'. The downgrade covers ₹341.78 crore in bank facilities, including ₹68.28 crore in term loans and ₹273.50 crore in working capital limits. The rating agency cited the company's FY26 operational performance and delays in the FY26 annual report as primary reasons for the action. With a total debt of ₹306 crore nearly matching its net worth of ₹301 crore, the default rating indicates severe liquidity and solvency concerns.
Confidence: HIGH
What changedThe company's credit rating has been slashed from a sub-investment grade (BB) directly to 'Default' (D) status by CARE Ratings.
Why it mattersA 'Default' rating is the most severe credit action, indicating the company has failed to meet its debt obligations. This will likely freeze further credit lines, increase interest costs, and may lead to legal or recovery actions by lenders.
Total Rated Facilities: ₹341.78 crRated Debt vs Market Cap: 117.8%Long Term Facilities: ₹68.28 crFund Based Limits: ₹273.50 crDebt-to-Equity Ratio: 1.02
📅 Short termThe stock is likely to face significant downward pressure as the market reacts to the default status and the implications for the company's liquidity.
📈 Long termThe company's long-term viability depends on its ability to restructure debt and improve cash flows from its new ethanol plant and seafood exports to non-US markets.
⚠ Risk flags
- Default on debt obligations
- Liquidity crunch
- Delay in financial reporting (FY26 Annual Report)
- High debt relative to market capitalization
Key Highlights
Total bank facilities downgraded to 'CARE D' amount to ₹341.78 crore
Long-term bank facilities of ₹68.28 crore downgraded from CARE BB; Stable
Short-term/Long-term fund-based limits of ₹273.50 crore downgraded to CARE D
Rating action triggered by FY26 performance and delays in releasing the FY26 annual report
Total rated debt represents approximately 118% of the company's current market capitalization of ₹290 crore
👀 What to Watch
Investors should closely monitor the company's upcoming FY26 annual report for details on debt servicing and liquidity. Watch for any communication from the company regarding debt restructuring or settlement with lenders (Bank of India, Union Bank, DBS, and HDFC).
Q1 Net Profit doubles to ₹11.57 Cr; Revenue up 41.6% YoY
Coastal Corporation Limited (COASTCORP) reported a strong performance for Q1 FY27, with consolidated revenue rising 41.6% YoY to ₹262.15 Cr. Net profit surged 101% YoY to ₹11.57 Cr, compared to ₹5.76 Cr in the same period last year. The company has fixed August 20, 2026, as the record date for its final dividend. Additionally, the board approved registration with the Food Corporation of India (FCI) as a trader to facilitate grain procurement for its ethanol operations.
Confidence: HIGH
What changedThe company reported a sharp recovery in profitability and is formalizing its grain procurement strategy through FCI registration.
Why it mattersThe doubling of profits indicates strong operational execution, while the move into grain trading supports the raw material supply chain for the newly operational ethanol plant.
Q1 Consolidated Revenue: ₹262.15 CrQ1 Consolidated Net Profit: ₹11.57 CrYoY Revenue Growth: 41.6%YoY Net Profit Growth: 101%Auditor Impairment Note: ₹25.00 CrDividend Record Date: August 20, 2026
📅 Short termThe stock is likely to react positively to the strong earnings growth and the upcoming dividend record date.
📈 Long termThe shift toward ethanol and diversifying export markets (Russia/Japan) could reduce the high 85% revenue concentration in the US market.
⚠ Risk flags
- Auditor qualification regarding ₹25 Cr non-provision for impairment
- High debt-to-equity ratio of 1.02
- High revenue concentration in the US market
Key Highlights
Consolidated Revenue from operations increased to ₹262.15 Cr in Q1 FY27 from ₹185.14 Cr in Q1 FY26.
Net Profit for the quarter doubled to ₹11.57 Cr, representing a significant margin improvement.
Auditors highlighted a non-provision of ₹25.00 Cr impairment loss related to the US subsidiary, Seacrest Seafoods Inc.
Record date for final dividend for FY26 is set for August 20, 2026.
Board approved registration as a trader with FCI for procurement of rice and other food grains.
👀 What to Watch
Investors should monitor the progress of the ethanol segment following FCI registration and watch for the resolution of the ₹25 Cr US tariff refund claim mentioned in the auditor's note.
Rs 11.57 Cr Q1 PAT; Coastal Corp Reports 100% YoY Profit Growth and Sets Dividend Record Date
Coastal Corporation reported a strong performance for Q1 FY27, with consolidated revenue rising 41.6% YoY to Rs 262.15 Cr. Net profit doubled to Rs 11.57 Cr from Rs 5.76 Cr in the year-ago period, reflecting improved operational efficiency. The company has fixed August 20, 2026, as the record date for its final dividend. Strategically, the board approved registering as a trader with the Food Corporation of India (FCI) to facilitate grain procurement for its ethanol business.
Confidence: HIGH
What changedThe company reported a significant jump in quarterly profitability and formalized its grain sourcing strategy by registering with the FCI.
Why it mattersThe strong earnings growth validates the company's 30% growth target, while the FCI registration is a critical step for the sustainability of the new grain-based ethanol plant, which aims to diversify revenue away from US-centric seafood exports.
Q1 Consolidated Revenue: Rs 262.15 CrQ1 Net Profit: Rs 11.57 CrYoY Revenue Growth: 41.6%Dividend Record Date: August 20, 2026Unprovided Impairment (US Subsidiary): Rs 25.00 Cr
📅 Short termThe stock is likely to react positively to the 100% profit growth and the upcoming dividend record date in the next few weeks.
📈 Long termThe long-term outlook depends on the successful scaling of the ethanol business and reducing the 85% revenue concentration in the US market through expansion in Russia and Japan.
⚠ Risk flags
- Auditor qualification on Rs 25 Cr impairment
- High revenue concentration (85% from USA)
- Dependence on US government tariff refunds
Key Highlights
Consolidated Revenue from operations grew 41.6% YoY to Rs 262.15 Cr in Q1 FY27.
Net Profit increased by 100.8% YoY to Rs 11.57 Cr compared to Rs 5.76 Cr in Q1 FY26.
Record date for final dividend for FY26 fixed as August 20, 2026.
Auditors issued a qualified opinion regarding the non-provision of a Rs 25.00 Cr impairment loss in the US subsidiary, Seacrest Seafoods Inc.
Board approved registration as an FCI trader for procurement of rice and food grains for the ethanol segment.
👀 What to Watch
Investors should monitor the ramp-up of the ethanol segment following the FCI registration and watch for updates regarding the Rs 25 Cr tariff refund claim from the US government which is currently preventing an impairment charge.
Coastal Corp FY26 Revenue Hits ₹970.65 Cr; Ethanol Segment Delivers Higher 10.4% EBITDA Margin
Coastal Corporation Limited reported a total income of ₹970.65 Cr for FY 2025-26, with the core seafood business contributing ₹728.75 Cr and the new ethanol segment adding ₹241.90 Cr. The ethanol business, operated via subsidiary Coastal Biotech, demonstrated superior profitability with a 10.40% EBITDA margin compared to 4.85% in the seafood segment. Total Profit After Tax (PAT) reached ₹26.65 Cr, notably driven by the ethanol division which contributed ₹13.79 Cr. The company is successfully diversifying from seafood exports into India's clean energy ethanol blending program.
Key Highlights
Total consolidated income for FY 2025-26 reached ₹970.65 Cr across seafood and ethanol segments.
Ethanol segment EBITDA margin of 10.40% significantly outperformed the seafood segment's 4.85% margin.
The 198 KLPD grain-based ethanol plant in Odisha contributed ₹13.79 Cr to the total PAT of ₹26.65 Cr.
Seafood processing infrastructure includes three units in Andhra Pradesh with specialized IQF and cooking capacities up to 25 MTPD.
Company maintains a 3.6 MW captive solar power plant in Andhra Pradesh to support sustainable operations.
👀 What to Watch
Investors should focus on the growth of the ethanol segment, which is currently more profitable than the legacy seafood business and provides a hedge against export market volatility. Monitor the utilization levels of the 198 KLPD Odisha plant as it is now a primary driver of the company's bottom line.
Coastal Corp FY26: ₹0.28 Dividend, ₹350 Cr Ethanol Expansion, and Auditor Qualification
Coastal Corporation Limited has recommended a final dividend of ₹0.28 (14%) per share for FY 2025-26. The company announced a major strategic diversification into ethanol manufacturing with a ₹350 crore project in Odisha. However, the standalone financial results received a qualified opinion from auditors due to a non-provision of ₹30.1 crore for impairment in its US-based subsidiary. The board also approved several management changes, including the appointment of the Managing Director's daughter as a non-independent director.
Key Highlights
Recommended a final dividend of ₹0.28 per equity share of ₹2 each for FY 2025-26.
Approved setting up a 300 KLPD Ethanol Manufacturing Plant in Odisha at an estimated cost of ₹350 crores.
Auditors issued a qualified opinion on standalone results regarding a ₹30.1 crore non-provision for impairment in Seacrest Seafoods Inc.
Appointed Ms. Vineesha Valsaraj (MD's daughter) and Mr. N. S. Narayan Rao as Additional Directors.
Consolidated financial results received an unmodified audit opinion, unlike the standalone results.
👀 What to Watch
Investors should weigh the positive long-term impact of the ₹350 crore ethanol diversification against the immediate concern of the ₹30.1 crore audit qualification. Closely monitor the company's ability to recover the contested amount from the US government to resolve the audit issue.
Coastal Corp Assigned CARE BB; Stable Rating; FY25 Revenue Jumps 45% to ₹635 Crore
Coastal Corporation Limited (COASTCORP) has received a 'CARE BB; Stable' rating for its long-term bank facilities, reflecting significant revenue growth offset by high debt and margin pressure. The company's FY25 revenue grew 44.5% to ₹635.40 crore, driven by a 48% increase in production volumes, though PBILDT margins fell to 5.93% due to US countervailing duties. A key positive is the new ethanol plant, which contributed ₹103 crore to revenue in just four months. However, high geographical concentration in the US (84% of sales) and an increased gearing ratio of 1.57x remain primary concerns.
Key Highlights
FY25 Total Operating Income rose 44.5% to ₹635.40 crore, with 9MFY26 performance already surpassing full-year FY25 levels.
Overall gearing deteriorated to 1.57x in FY25 from 1.28x in FY24 due to ethanol plant capex and higher working capital needs.
The US market accounts for 84% of export sales, facing risks from a 50% reciprocal tariff imposed on Indian shrimp exports.
New ethanol plant (198 KLPD) commenced operations in Sept 2025, contributing ₹103 crore in revenue and ₹3.7 crore in PAT by Dec 2025.
PBILDT interest coverage ratio declined to 1.74x in FY25 from 2.12x in FY24, indicating tighter financial flexibility.
👀 What to Watch
Investors should closely watch the company's progress in diversifying its export markets beyond the US to mitigate tariff risks. While the ethanol business provides a new revenue stream, the high debt-to-equity ratio and low interest coverage suggest a cautious outlook until profitability margins stabilize above 9%.
Coastal Corp Q3 Standalone Net Profit Surges 156% YoY to ₹3.16 Cr; Revenue Up 6%
Coastal Corporation Limited reported a standalone revenue of ₹189.94 crore for the quarter ended December 31, 2025, representing a 6.3% increase year-on-year. Net profit for the period grew significantly by 156% YoY to ₹3.16 crore, although it saw a sequential decline of 31.6% from the previous quarter. A critical point for investors is the auditor's qualification regarding the company's refusal to provide for a ₹25 crore impairment on its US-based subsidiary, Seacrest Seafoods Inc., which currently has negative net worth. On a positive note, its subsidiary Coastal Biotech is now fully operational and selling ethanol to Oil Marketing Companies.
Key Highlights
Standalone Revenue from Operations reached ₹189.94 crore, up 6.3% from ₹178.67 crore in Q3 FY25.
Net Profit stood at ₹3.16 crore for Q3 FY26 compared to ₹1.23 crore in the same quarter last year.
Auditors issued a qualified opinion regarding non-provision of ₹25 crore impairment for subsidiary Seacrest Seafoods Inc.
Finance costs rose to ₹6.42 crore in Q3 FY26 from ₹5.31 crore in the previous quarter.
Coastal Biotech Private Limited is now operational and selling grain-based ethanol to OMCs.
👀 What to Watch
Investors should remain cautious due to the auditor's qualification regarding the ₹25 crore potential impairment which could impact future bottom lines. Monitor the performance of the new ethanol business and the recovery of the US subsidiary over the next 12 months.
CARE Reaffirms Coastal Corp's 'BB; Stable' Rating; FY25 Revenue Up 44.5% to ₹635 Cr
CARE Ratings has reaffirmed Coastal Corporation's long-term rating at 'CARE BB; Stable' and short-term rating at 'CARE A4'. While the company saw a significant 44.5% surge in FY25 revenue to ₹635.40 crore driven by a 48% rise in production, profitability margins (PBILDT) compressed to 5.93% due to US countervailing duties. The company is currently facing liquidity pressure from a ₹35 crore cost overrun in its ethanol project, which is now expected to commence in May 2025. High debt levels, with gearing at 1.57x, and heavy reliance on the US market (84% of sales) remain primary concerns for the credit profile.
Key Highlights
FY25 Total Operating Income increased by 44.5% to ₹635.40 crore, supported by a 48% rise in production volumes to 9,329 MT.
PBILDT margins declined from 7.39% in FY24 to 5.93% in FY25 due to US trade tariffs and rising freight costs.
Overall gearing deteriorated to 1.57x in FY25 from 1.28x in FY24, reflecting higher working capital and project-related debt.
The 198 KLPD ethanol plant project faced a ₹35 crore cost overrun with a revised commencement date of May 2025.
Bank facilities under rating were enhanced to ₹234 crore from the previous ₹190 crore.
👀 What to Watch
Investors should closely monitor the timely commencement and stabilization of the ethanol plant as it is critical for debt servicing. Diversification away from the US market and improvement in the 1.57x gearing ratio are key triggers for a potential rating upgrade.
