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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.
Machino Plastics Ltd-$

Machino Plastics: Credit ratings downgraded to BB+, moved to issuer non-cooperation

RATING ▼ Concern Flagged HIGH RISK
📅 Filed on BSE: 12 Mar 2026, 04:49 PM IST  ·  BSE ID: 5d431508-a2ee-4fc5-a7c6-9030983b4652
View Original BSE Filing (PDF)
🤖 AI Summary
  • ICRA Limited downgraded Machino Plastics Limited's credit ratings on March 11, 2026, and moved all four facility ratings to the 'Issuer Not Cooperating' category. Total rated amount stands at Rs. 193.00 crore across term loans (Rs. 162.20 crore), cash credit (Rs. 25.00 crore), non-fund-based limits (Rs. 5.00 crore), and unallocated facilities (Rs. 0.80 crore). Previous ratings were [ICRA]BBB- (Stable). The downgrade stems from insufficient information about company performance. ICRA states the entity's management remained non-cooperative despite repeated requests for information necessary for proper credit monitoring.
🔢 Key Numbers — exact figures from BSE filing, not rounded
Total rated amount
Rs. 193.00 crore
Fund-based Term Loan
Rs. 162.20 crore
Total debt/OPBDIT (H1 FY2025)
7.2x
+1.7x
Interest coverage (H1 FY2025)
2.4x
-0.4x
Operating income (FY2025)
Rs. 388.8 crore
+15.1%
👁 Watch List — track these upcoming events
Management communication to ICRA or lenders regarding cooperation and information disclosure
Third manufacturing unit at IMT Kharkhoda operational status by FY2026
Q4 FY2026 financial results — monitor debt reduction and interest coverage recovery
HIGH RISK Management non-cooperation blocks rating clarity; leverage elevated at 7.2x debt/OPBDIT; interest coverage weak at 2.4x; refinancing risk imminent.
⚖️ Strengths & Concerns

⚠️ Concerns

  • Management non-cooperation with rating agency; ICRA unable to obtain requisite information for proper credit assessment.
  • Leverage deteriorated significantly: Total debt/OPBDIT jumped to 7.2x in H1 FY2025 from 5.5x in FY2025.
📅 Company Track Record
Machino Plastics incorporated 1986, listed on BSE since 1995. Previously rated [ICRA]BBB- (Stable) as of January 28, 2025. Crisan also assigned B/Stable ISSUER NOT COOPERATING on March 10, 2026. Company operates two manufacturing units at IMT Manesar and Gurgaon, produces injection-moulded automotive bumpers and dashboards for OEMs and tier-1 suppliers.

Based on publicly available historical data. For context only.

📑 More from Machino Plastics Ltd-$
Machino Plastics Board Meeting to Approve Q2 & Half-Year FY27 Results
RESULTS · 30 Oct 2026

All BSE filings we have analysed for Machino Plastics Ltd-$.

⚠️ 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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