ICRA Reaffirms Garware Technical Fibres' AA+ Credit Rating for Rs. 400 Crore Facilities
ICRA Limited reaffirmed Garware Technical Fibres Limited's credit rating at [ICRA]AA+ with stable outlook for working capital facilities worth Rs. 400.00 crore on April 02, 2026. The facilities are distributed across seven major banks with ICICI Bank having the largest exposure at Rs. 95.00 crore. The reaffirmation demonstrates continued confidence in the company's financial strength and debt servicing capabilities.
*this image is generated using AI for illustrative purposes only.
Garware Technical Fibres Limited has received a credit rating reaffirmation from ICRA Limited for its working capital facilities worth Rs. 400.00 crore. The rating agency maintained the company's strong credit profile with an [ICRA]AA+ rating and stable outlook, as communicated on April 02, 2026.
Credit Rating Details
ICRA Limited reviewed and reaffirmed the credit rating for the company's line of credit working capital facilities. The rating action covers both long-term and short-term instruments with no change in the rated amount.
| Facility Type: | Previous Amount (Rs. Crore) | Current Amount (Rs. Crore) | Rating Assigned |
|---|---|---|---|
| Working Capital Facility: | 400.00 | 400.00 | [ICRA]AA+ (Stable) / [ICRA]A1+ |
| Rating Action: | Reaffirmed |
The long-term rating of [ICRA]AA+ (pronounced ICRA double A plus) comes with a stable outlook, while the short-term rating stands at [ICRA]A1+ (pronounced ICRA A one plus). This reaffirmation indicates ICRA's continued confidence in the company's financial strength and debt servicing capabilities.
Banking Relationships
The Rs. 400.00 crore working capital facilities are distributed across multiple leading banks, demonstrating the company's diversified banking relationships and strong creditor confidence.
| Bank Name: | Facility Amount (Rs. Crore) |
|---|---|
| ICICI Bank Limited: | 95.00 |
| Bank of Baroda: | 75.00 |
| Citibank N.A.: | 50.00 |
| Bank of India: | 56.35 |
| DBS Bank India Limited: | 42.00 |
| HSBC Bank Limited: | 41.60 |
| HDFC Bank Limited: | 40.00 |
| Proposed Facilities: | 0.05 |
| Total Facilities: | 400.00 |
Regulatory Compliance
The company has fulfilled its disclosure obligations under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The rating communication was signed by Company Secretary Sunil Agarwal and submitted to both BSE Limited and National Stock Exchange of India Limited.
Rating Surveillance
ICRA has indicated that the rating will become due for surveillance within one year from the date of the rating communication letter dated April 02, 2026. The rating agency reserves the right to review and revise the ratings based on new information or changing circumstances that could impact the company's credit profile. Any changes in terms, conditions, or size of the rated instruments would require a fresh review by ICRA Limited.
Historical Stock Returns for Garware Technical Fibres
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.10% | -1.55% | -6.81% | -22.47% | -29.95% | +14.41% |
What strategic expansion plans might Garware Technical Fibres pursue with the continued access to Rs. 400 crore working capital facilities?
How could potential changes in the technical textiles industry landscape affect the company's credit rating during the next surveillance review?
Will Garware Technical Fibres consider optimizing its banking relationships or negotiate better terms given its strong AA+ credit profile?
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