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📋 Filing Types Available on ForgeUp Filings Sourced from BSE corporate announcements (equity segment). Companies covered are BSE-listed and most are also listed on NSE. We show only material filings.
Financial Results Orders Dividend Buyback Merger / Acquisition Board Meeting Outcome Fundraise (QIP / Rights / FPO) Regulatory / Court Order Credit Rating Change Promoter Pledge Update Management Change Joint Venture / MOU Delisting Bonus Shares Stock Split
Data sourced from BSE India corporate announcements. More categories will be added over time.
Indian Sucrose Ltd

Indian Sucrose Ltd credit rating reaffirmed at IVR BBB-/Stable by Infomerics

RATING ● No Immediate Change MEDIUM RISK
📅 Filed on BSE: 06 Apr 2026, 03:56 PM IST  ·  BSE ID: fce85473-0ae0-4f92-a275-198d3c8de1f0
View Original BSE Filing (PDF)
💡
In Simple Terms
The credit rating agency confirmed Indian Sucrose's loan rating remains solid, citing strong operations and improving financial health across Rs. 200 Crore in bank facilities.
🤖 AI Summary
  • Infomerics reaffirmed Indian Sucrose credit ratings at IVR BBB-/Stable for long-term bank facilities
  • Short-term bank facilities rated IVR A3; total rated facilities Rs. 200 Crore
  • Reaffirmation based on improving scale, healthy profitability, and adequate debt coverage metrics
  • Company gearing improved to 0.82x (March 2025) from 0.97x (March 2024); interest coverage at 2.94x
  • Rating supported by integrated operations, 20+ year promoter track record, river proximity advantage
🔢 Key Numbers — exact figures from BSE filing, not rounded
Long-term bank facilities rated
Rs. 180.59 Crore at IVR BBB-/Stable
Short-term bank facilities rated
Rs. 19.41 Crore at IVR A3
Total rated bank facilities
Rs. 200 Crore
Gearing ratio (March 2025)
0.82x
-15.5% from 0.97x (March 2024)
TOL/TNW ratio (March 2025)
1.64x
-44.4% from 2.95x (March 2024)
Interest coverage ratio FY25
2.94x
+14.8% from 2.56x FY24
FY25 total operating income
Rs. 545.69 Crore
+3.23% YoY
EBITDA margin FY25
13.42%
+38 bps from 13.04% FY24
PAT margin FY25
6.85%
+81 bps from 6.04% FY24
🏢 How This Affects the Company
📈
Business Impact
Rating reaffirmation at investment-grade level (BBB-) affirms market confidence in company's ability to service debt and maintain operational momentum across sugar, molasses, bagasse, and power cogeneration segments.
💰
Financial Impact
Improved gearing ratio from 0.97x to 0.82x and reduced TOL/TNW from 2.95x to 1.64x reflect strengthened balance sheet. Interest coverage adequate at 2.94x in FY25. Stable Outlook signals no near-term debt service stress.
⚠️
Risk Impact
Reaffirmed rating confirms manageable credit risk profile despite inherent exposure to agro-climatic risks, sugar price volatility, and government sector interventions. Stable Outlook reflects confidence in maintaining current operating performance.
👥 What This Means For Shareholders
✅
Action Required
No action required. Rating reaffirmation is an informational disclosure for lenders and investors.
👤
Who Is Affected
All equity and debt shareholders. Reaffirmed rating reduces refinancing risk on Rs. 200 Crore bank facilities, lowering likelihood of covenant breaches or accelerated repayment triggers.
🔍
Management Signal
Management's improved gearing and debt metrics signal disciplined capital allocation and debt reduction momentum despite cyclical sector headwinds.

For information only. Not investment advice. ForgeUp is not SEBI-registered.

👁 Watch List — track these upcoming events
FY26 audited financial results (due by September 2026) to confirm EBITDA/PAT margin sustainability
Debt repayment schedule — verify scheduled reduction against gearing target trajectory to sub-0.75x
Sugar recovery rate and sugarcane procurement costs — early FY26 operational metrics confirm input cost stability
MEDIUM RISK Rating reaffirmed amid sector cyclicality, agro-climatic exposure, and sugar price volatility. Working capital intensity remains elevated; regulatory intervention risk unresolved.
💡 Investor Takeaway
Indian Sucrose's credit rating reaffirmed at investment-grade IVR BBB-/Stable on Rs. 200 Crore rated facilities. Gearing improved to 0.82x, TOL/TNW fell to 1.64x, interest coverage stands at 2.94x FY25. Stable Outlook confirms operational stability despite cyclical sugar sector exposure.
⚖️ Strengths & Concerns

✅ Positives

  • Revenue CAGR 7.21% over 3 years to March 2025; FY25 total operating income Rs. 545.69 Crore, up 3.23% YoY
  • Gearing improved to 0.82x from 0.97x; TOL/TNW reduced to 1.64x from 2.95x; interest coverage adequate at 2.94x

⚠️ Concerns

  • High working capital intensity due to elevated inventory at sugar season end; exposed to agro-climatic risks
  • Profitability volatile due to sugar realization fluctuations and sugarcane procurement costs; regulatory intervention risk
📅 Company Track Record
Indian Sucrose incorporated 1990 (CIN: L15424PB1990PLC010903); established 20+ year operational track record in sugar production. FY24 revenue Rs. 528.62 Crore; FY25 Rs. 545.69 Crore. Integrated operations span sugar, molasses, bagasse, and power cogeneration with Beas River locational advantage in Mukerian-Hoshiarpur belt.

Based on publicly available historical data. For context only.

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⚠️ For Information Only — Not Investment Advice
ForgeUp Filings provides AI-generated summaries of public BSE exchange announcements (equity segment) for informational purposes only. Nothing here constitutes investment advice or a recommendation to buy, sell, or hold any security. ForgeUp is not a SEBI-registered investment advisor. All financial numbers are sourced directly from BSE filings and shown as-is. Past data is historical only. Please consult a qualified financial advisor before making investment decisions. Data sourced from BSE India public disclosures.
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