Mafatlal Industries Ltd-$
Mafatlal Industries Credit Rating Upgraded by CARE Ratings to CARE A-
RATING
▲ Positive Development
MEDIUM RISK
📅 Filed on BSE: 09 Oct 2026, 11:25 AM IST · BSE ID: 41cf0369-2edd-464c-aa22-989c28c7a8fe
View Original BSE Filing (PDF)
💡
In Simple Terms
The company's credit rating for its bank loans was improved, indicating lenders see it as less risky.
🤖 AI Summary
- CARE Ratings upgraded Mafatlal Industries' bank facilities to CARE A- Stable.
- Long-term/short-term bank facilities upgraded from CARE BBB+; Stable / CARE A2+.
- Long-term bank facilities amount increased to Rs. 129.92 crore.
- Upgrade reflects significant growth, sustained margins, and improved liquidity.
🔢 Key Numbers — exact figures from BSE filing, not rounded
Long Term / Short Term Bank Facilities Amount
199.08 Rs. crore
Long Term Bank Facilities Amount
129.92 Rs. crore
Short Term Bank Facilities Amount
91.00 Rs. crore
Total operating income growth CAGR (FY23-FY26)
~40%
Total operating income FY26
3,871 crore
PBILDT margin range (last 3 years)
2-2.5% p.a.
Free cash and liquid investments (as on March 31, 2026)
~₹130 crore
Operating income Q1FY27
942 crore
PBILDT margin Q1FY27
1.92%
Unexecuted order book (as on June 30, 2026)
~₹890 crore
🏢 How This Affects the Company
The credit rating upgrade acknowledges Mafatlal Industries' significant growth and established market position, particularly in the B2B uniform segment.
Improved credit ratings can lead to better borrowing terms and reflect a stronger liquidity position, with specific bank facility amounts adjusted.
The upgrade suggests a reduced financial risk profile according to CARE Ratings, though dependence on government tenders and technology risks persist.
👥 What This Means For Shareholders
✅
Action Required
No specific action is required from shareholders based on this rating update.
👤
Who Is Affected
All shareholders benefit from a stronger credit profile which can lead to more favorable financing conditions for the company.
🔍
Management Signal
The upgrade signals management's successful execution of growth strategies and focus on improving financial metrics.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List — track these upcoming events
Q2 FY27 results for sustained performance and margin trends.
Future CARE Ratings updates on creditworthiness and outlook.
Company disclosures on revenue mix and order book execution.
MEDIUM RISK
While ratings are upgraded, risks like receivables concentration and technology dependence remain.
💡 Investor Takeaway
Mafatlal Industries' bank facilities have been upgraded to CARE A- Stable, reflecting significant FY23-FY26 revenue growth to ₹3,871 crore and improved liquidity of ~₹130 crore.
⚖️ Strengths & Concerns
✅ Positives
- CARE A- Stable rating reflects significant operational growth with total operating income CAGR of ~40% from FY23-FY26.
- Improved liquidity position with ~₹130 crore free cash and liquid investments as of March 31, 2026.
⚠️ Concerns
- Moderate profitability given asset-light outsourcing business and receivables risk from government tenders.
- Dependence on technology risks in digital infrastructure segment and creditors for working capital needs.
❓ Frequently Asked Questions
What is the new credit rating for Mafatlal Industries' bank facilities?
Mafatlal Industries' long-term and short-term bank facilities have been upgraded to CARE A-; Stable and CARE A2+ respectively.
What is the total amount of bank facilities rated by CARE Ratings?
The rated bank facilities include Rs. 199.08 crore for Long Term / Short Term, Rs. 129.92 crore for Long Term, and Rs. 91.00 crore for Short Term.
What was Mafatlal Industries' total operating income in FY26?
Mafatlal Industries' total operating income was ₹3,871 crore in FY26, growing at a compounded annualised growth rate of ~40% from FY23-FY26.
What is Mafatlal Industries' liquidity position as of March 31, 2026?
As of March 31, 2026, Mafatlal Industries had approximately ₹130 crore in free cash and liquid investments.
What is the company's unexecuted order book as of June 30, 2026?
Mafatlal Industries had an unexecuted order book of approximately ₹890 crore as of June 30, 2026.
Questions based on this BSE filing only. For information purposes.