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Latest filing: 2026-09-22 12:10
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CRISIL Upgrades Shanti Inorganics' Bank Facilities to 'BBB/Stable/A3+' on ₹66.05 Cr Facilities
CRISIL Ratings has upgraded Shanti Inorganics Limited's credit rating for its ₹66.05 crore bank facilities to 'CRISIL BBB/Stable' from 'CRISIL BBB-/Stable' for long-term and to 'CRISIL A3+' from 'CRISIL A3' for short-term facilities. The upgrade reflects a sustained ~21% revenue CAGR over the five fiscals through FY26, alongside EBITDA margins expanding to 23.72% in FY26 from 22.78% in FY25. The report highlights ongoing capex that will increase annual capacity over 3x to 1,15,000 MT from 36,800 MT by H1 FY28, with net worth projected to approach ₹100 crore by FY27 following its September 2026 IPO.
Confidence: HIGH
What changedCRISIL revised the company's credit rating upward by one notch across both long-term and short-term bank facilities.
Why it mattersThe upgrade lowers borrowing costs, validates balance sheet strength post-IPO, and reflects credit agency confidence in its 3x capacity expansion program.
Total Bank Loan Facilities Rated: Rs.66.05 CroreCurrent Plant Capacity: 36,800 MT per annumPlanned Plant Capacity: 1,15,000 MT per annumEBITDA Margin FY26: 23.72%Tangible Net Worth (March 31, 2026): Rs 48 crore
📅 Short termPositive sentiment following the credit profile endorsement and confirmation of fully tied-up capex funding.
📈 Long termSignificant operational scale-up anticipated once the 1,15,000 MT capacity comes online in H1 FY28, though peak debt in FY27 could temporarily moderate return ratios.
⚠ Risk flags
- Execution risks and potential cost/time overruns regarding the 3x capacity expansion
- Vulnerability of operating margins to volatility in raw material prices
- Customer concentration risk with top 10 customers contributing ~60% of revenue
Key Highlights
Long-term bank facilities upgraded to 'Crisil BBB/Stable' from 'Crisil BBB-/Stable'; short-term to 'Crisil A3+' from 'Crisil A3' on ₹66.05 crore total facilities
Production capacity expanding from 36,800 MT per annum to 1,15,000 MT per annum, with COD scheduled for H1 FY28
Reported FY26 EBITDA margin improved to 23.72% (up from 22.78% in FY25), with a 5-year revenue CAGR of ~21%
Tangible net worth stood at ₹48 crore as of March 31, 2026, and is projected to near ₹100 crore by FY27-end aided by IPO proceeds
Interest coverage ratio was over 12 times with gearing at 0.65 times as on March 31, 2026
👀 What to Watch
Track execution milestones and commercial operations timeline (COD in H1 FY28) for the 1,15,000 MT capacity expansion, alongside upcoming quarterly earnings post-NSE SME listing.
