Incredible Industries Limited has announced a credit rating downgrade by Infomerics Valuation and Rating Private Limited (IVRPL) in a regulatory filing dated 13th April, 2026. The downgrade was communicated to the company via email on 10th April, 2025, citing non-submission of requisite information as the primary reason for the rating action.

Credit Rating Downgrades

The credit rating agency has downgraded both long-term and short-term banking facilities of the company, with both ratings now carrying an "Issuer Not Cooperating" tag.

The long-term facilities rating has been downgraded from IVR BBB with Stable outlook to IVR BBB- with Negative outlook, while the short-term facilities rating moved from IVR A3+ to IVR A3, both now carrying the "Issuer Not Cooperating" designation.

Alternative Credit Rating Arrangements

Despite the downgrade from IVRPL, Incredible Industries Limited has clarified that it continues to maintain a valid and live external credit rating from Acuité Ratings & Research Limited. The company stated that it is continuing its credit facilities under this alternative rating arrangement, ensuring operational continuity.

Withdrawal Process Initiated

The company has proactively initiated the process for withdrawal of ratings from IVRPL and is currently awaiting the No Objection Certificate (NOC) from the concerned lenders. This step indicates the company's intention to formalize the discontinuation of its relationship with IVRPL as its credit rating agency.

Regulatory Compliance

The disclosure was made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company noted that IVRPL had already intimated the stock exchanges, including BSE Limited, National Stock Exchange of India Limited, and The Calcutta Stock Exchange Limited, on 10th April, 2026. The company's regulatory filing was submitted on the next working day due to intervening non-working days, as per SEBI circular dated 31st December, 2024.

The filing was signed by Rama Shankar Gupta, Chairman & Managing Director of Incredible Industries Limited, ensuring proper authorization and compliance with regulatory requirements.

Incredible Industries Limited has disclosed regulatory filings under SEBI (Prohibition of Insider Trading) Regulations, 2015 regarding an inter-se transfer of 3,40,000 equity shares between promoter group entities. The transaction involves the acquisition by Chandrakanta Agarwal and corresponding sale by RND Steels Limited.

Transaction Details

Chandrakanta Agarwal, part of the promoter group, acquired 3,40,000 equity shares through on-market purchase on March 25, 2026. Simultaneously, RND Steels Limited, another promoter group entity, sold the same number of shares, resulting in an internal transfer within the promoter group structure.

Regulatory Compliance

Both entities filed separate disclosures in Form C under Regulation 7(2) read with Regulation 6(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015. The disclosures were submitted to the company on March 27, 2026, and subsequently forwarded to BSE, NSE, and Calcutta Stock Exchange.

Shareholding Pattern Changes

The inter-se transfer resulted in specific changes within the promoter group structure while maintaining overall promoter holding. Chandrakanta Agarwal, who previously held no shares in the company, now holds 3,40,000 shares representing 0.73% of total share capital.

Entity Information

RND Steels Limited (CIN: U27109WB1992PLC055488) is registered at 14, Netaji Subhas Road, Kolkata, while Chandrakanta Agarwal is based in Salt Lake City, Kolkata. Both entities are part of the promoter group structure of Incredible Industries Limited, which maintains its corporate office at Lansdowne Towers, Sarat Bose Road, Kolkata.