Balkrishna Industries Ltd

Balkrishna Industries Limited — Trading Window closes from 1 October 2026 till 48 hours after the financial results for the quarter ending 30 September 2026 become generally available.

Balkrishna Industries Ltd: Trading Window closed from 1 October 2026 till 48 hours after the financial results for the quarter ending 30 September 2026 become generally available

Rating action

• CRISIL assigns A1+ rating to Balkrishna Industries' proposed Rs 500 crore CP.
• Rating valid for 60 days for the CP programme; valid through CP life up to one year.
• CRISIL will keep the rating under surveillance; may withdraw or revise as needed.
• Rating reflects timely payment risk; not an audit and based on issuer information.

Instruments and rating details

• Instrument: Commercial Paper, Rs 500 crore.
• Rating agency: CRISIL Ratings.
• Rating type: Short-term CP rating (A1+).

Rationale and surveillance

• A1+ indicates very strong safety and lowest credit risk.
• Rating under continuous surveillance; may be revised if information changes.
• Not an audit; rating based on issuer-provided information.

Rating action

• CRISIL assigns A1+ rating to Balkrishna Industries' proposed Rs 500 crore CP.

Instrument details

• Instrument: Commercial Paper; Amount: ₹500 crore; Rating: A1+; Maturity: up to 1 year.

Validity & surveillance

• Rating letter valid for 60 days from date; CP programme rating under surveillance.

Rationale

• A1+ indicates very strong safety and lowest credit risk for timely payments.

Agency & context

• Agency: CRISIL Ratings Limited; rating kept under continuous surveillance.

Material changes

• New CP rating; references previous June 18, 2026 letter; ongoing surveillance.

CGST adjudication order

• Adjudication order under CGST Act 2017 for FY 2021-22 and 2022-23; demand of Rs 1.05 crore plus penalty.
• Authority: Assistant Commissioner of CGST, Bhuj Division, Gandhidham (Kutch).
• Date of receipt: 21 September 2026.
• No impact on financials or operations; order is appealable and contestable at higher appellate level.
• Intimation received on 21 September 2026; information placed on the company's website.

CGST adjudication details

• Adjudication order under CGST Act for FY 2021-22 and 2022-23.
• Demand confirmed for Rs 1.05 crore along with equivalent penalty for input tax credit disallowance.
• Order received Sept 21, 2026 by email.
• No impact on financials or operations; matter is being contested at higher appellate level.

Regulatory notice: transfer of shares to IEPF

• Public Notice for transfer of shares to IEPF published on 14 Sep 2026 in Business Standard and Sakal.

NCD issuance details

• Finance Committee approved private placement of 55,000 NCDs at ₹1 lakh each, up to ₹550 crore.
• Issue type: unsecured, redeemable, non-convertible debentures, listed on BSE.
• Three series in private placement to eligible investors.
• Allotment: Series I & II in Sep 2026; Series III on 3 Sep 2026.
• Coupon rates: 7.35% p.a. (Series I), 7.38% (Series II), 7.40% (Series III).
• Maturity: Series II on 3 Sep 2029; Series III on 3 Sep 2030.
• Tenor: Series I 1 year 11 months 29 days from allotment.
• Face value ₹1 lakh per debenture; aggregate ₹550 crore.
• Security: unsecured; rights per key information document.
• Annexure I: disclosure under Reg 30.
• Issuer: Balkrishna Industries Limited; listing on BSE.
• Total securities: 55,000; three series.

Rating action details

• Instrument: Non-convertible Debenture programme (Proposed) for Rs 550 crore.
• Rating action: [ICRA]AA+ (Stable) assigned.
• Rating validity: Through life of the programme until withdrawn.
• Rating agency: ICRA Limited.
• Rationale not disclosed in the excerpt.
• Outlook: Stable.
• Material changes since last rating: None disclosed.