Innova Captab Limited has received a reaffirmation of its credit ratings from CARE Ratings Limited, maintaining its strong financial standing in the market. The rating agency conducted a comprehensive review based on the company's operational and financial performance for FY25 (Audited) and 9MFY26 (Unaudited), resulting in positive outcomes across all facility categories.

Credit Rating Details

CARE Ratings has reaffirmed Innova Captab's credit ratings with notable enhancements in facility amounts. The rating review, completed on April 14, 2026, reflects the company's continued financial stability and growth trajectory.

The long term bank facilities rating of CARE A; Positive indicates adequate degree of safety regarding timely servicing of financial obligations, with the positive outlook suggesting potential for rating upgrade. The short term facilities maintain the CARE A1 rating, reflecting strong degree of safety for timely payment of financial obligations.

Facility Structure and Banking Partners

The enhanced bank facilities demonstrate Innova Captab's expanded financial capacity and strong banking relationships. The long term facilities totaling ₹426.72 crore comprise term loans of ₹243.72 crore and fund-based limits of ₹183.00 crore.

Term Loan Details

Fund-Based Facilities

The company maintains diversified banking relationships with multiple leading financial institutions:

• State Bank of India: ₹115.00 crore (Cash Credit ₹65.00 crore, E-VFS ₹50.00 crore)
• Yes Bank Ltd.: ₹48.00 crore (Cash Credit)
• HDFC Bank Ltd.: ₹20.00 crore (Cash Credit)

Regulatory Compliance

Innova Captab promptly informed both BSE Limited and National Stock Exchange of India Limited about the rating reaffirmation on April 14, 2026. The disclosure was made pursuant to Regulation 30 read with Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company trades on both exchanges under the symbol INNOVACAP, with BSE Scrip Code 544067. Company Secretary and Compliance Officer Neeharika Shukla signed the regulatory filing, ensuring full compliance with listing obligations.

Rating Methodology and Outlook

CARE Ratings conducted the review based on recent developments including operational and financial performance metrics. The rating agency reserves the right to undertake surveillance and review of the rating from time to time, with at least one such review annually. The ratings reflect opinions on the likelihood of timely payment of obligations and do not constitute recommendations for sanctioning or recalling bank facilities.

Innova captab Limited has successfully concluded GST proceedings that were initiated against the company, with the adjudicating authority dropping all proposed demands and penal actions. The company disclosed this development through a regulatory filing dated April 14, 2026, providing relief from potential financial liabilities.

GST Proceedings Background

The proceedings originated from a Show Cause cum Demand Notice dated October 15, 2025, issued under section 74 of the Central Goods & Services Tax Act, 2017. The notice was issued by the Central Goods & Services Tax Commissionerate, Regional Unit, Shimla, and involved a substantial financial demand against the company.

Favorable Resolution Details

The adjudicating authority issued Order-in-Original No. GEXCOM/ADJN/GST/ADC/2019/2025-ADJ(ADC/JC)-O/O COMM-RCGST-SHIMLA - I/4215522/2026 dated April 14, 2026, concluding the matter favorably for the company. The key outcomes include:

Company's Response and Compliance

Innova Captab had filed its response to the show cause notice within the prescribed timelines, accompanied by all necessary supporting documents. The company's proactive approach in addressing the authority's concerns and providing comprehensive documentation contributed to the favorable outcome.

Regulatory Disclosure

The disclosure was made pursuant to Regulation 30 read with Schedule III of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The company had initially informed the exchanges about the show cause notice through a letter dated October 16, 2025, maintaining transparency with stakeholders throughout the proceedings.

Financial Impact

With the conclusion of these proceedings, Innova Captab Limited faces no financial liability related to this GST matter. The dropped demand of ₹15,81,37,255.40 represents a significant relief for the company, eliminating potential financial burden and associated compliance costs. The matter now stands fully concluded with no pending obligations.