Natural capsules Limited has received reaffirmed credit ratings from Infomerics Valuation and Rating Limited for its banking facilities worth Rs. 59.15 crore. The company announced this development to stock exchanges on March 17, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Credit Rating Details

Infomerics Valuation and Rating Limited assigned the following ratings to the company's facilities:

The IVR BB+ rating with stable outlook indicates that the securities are considered to have moderate risk of default regarding timely servicing of financial obligations. The IVR A4+ short-term rating suggests minimal degree of safety regarding timely payment obligations, though with very high credit risk and susceptibility to default.

Banking Facility Breakdown

The rated facilities are distributed across multiple banking partners and include various types of credit arrangements:

State Bank of India Facilities:

• Term Loans: Rs. 9.00 crore
• Cash Credit: Rs. 15.00 crore
• Letter of Credit: Rs. 1.00 crore
• Forward Contract: Rs. 0.30 crore

HDFC Bank Facilities:

• Term Loans: Rs. 11.65 crore
• Cash Credit: Rs. 15.00 crore
• Letter of Credit: Rs. 1.00 crore
• PSR: Rs. 0.50 crore

Other Banking Partners:

• Siemens Financial Services Private Limited (Term Loans): Rs. 5.00 crore
• Indian Renewable Energy Development Agency Limited (Term Loans): Rs. 0.70 crore

Rating Validity and Compliance

The assigned ratings are valid for one year from the rating committee date until March 11, 2027. Infomerics will conduct formal surveillance and review within 12 months, though the agency reserves the right to undertake more frequent reviews if circumstances warrant.

The company must comply with several ongoing requirements, including providing monthly No Default Statements and quarterly performance results within six weeks of each calendar quarter close. Natural Capsules is also required to inform Infomerics of any new banking facilities or changes to existing arrangements.

Regulatory Disclosure

Company Secretary and Compliance Officer Pranjal Deshmukh signed the disclosure letter, confirming that the information has been uploaded to the company's website at www.naturalcapsules.com . This reaffirmation follows the company's previous credit rating intimation dated August 13, 2025, when it had received ratings from ICRA.

Natural Capsules Limited has announced a significant manufacturing partnership through its material subsidiary, Natural Biogenex Private Limited (NBPL), which has entered into framework and contract manufacturing agreements with Fermbox Bio Private Limited. The strategic collaboration aims to enhance fermentation-based Contract Development and Manufacturing Organization (CDMO) capabilities in the biotechnology sector.

Agreement Structure and Investment Details

The strategic partnership involves substantial investment and infrastructure utilization at Natural Biogenex's facility in Tumkur. Under the comprehensive agreement, Fermbox Bio will provide advanced fermentation technology and equipment placement while NBPL will handle licensed manufacturing, quality assurance, and regulatory compliance.

Management Commentary and Strategic Vision

Managing Director Mr. Sunil Laxminarayana Mundra highlighted the partnership's significance, stating that this collaboration marks a pivotal step for Natural Biogenex and the Natural Capsules Group in expanding into high-value, fermentation-based bio-manufacturing CDMO services for pharma and allied products. The partnership combines NBPL's licensed manufacturing strength and regulatory excellence with Fermbox's advanced technology, enabling value-accretive, scalable growth in both pharmaceutical and industrial biotech segments.

Market Positioning and Growth Opportunities

The partnership positions the company to serve global biotechnology and biopharma clients with integrated manufacturing capabilities. The collaboration is strategically aligned with the growing global biotech and biopharma CDMO market, which continues to present strong growth opportunities driven by rising demand, increasing outsourcing, and more complex biomanufacturing requirements.

Regulatory Compliance and Corporate Structure

The company has fulfilled its regulatory obligations by disclosing this development under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Natural Biogenex Private Limited operates as a material subsidiary of Natural Capsules Limited, and the agreement represents a strategic partnership where no share issuance or equity participation is involved in the transaction.

This manufacturing partnership demonstrates Natural Capsules' strategy to optimize subsidiary operations through strategic collaborations, enabling better utilization of existing infrastructure while attracting external investment for capacity enhancement in the high-growth biotechnology manufacturing sector.