Rashtriya Chemicals & Fertilizers Limited has received periodic credit rating monitoring results from ICRA Limited for its comprehensive portfolio of financial instruments. The company notified stock exchanges on March 24, 2026, regarding the rating actions taken by ICRA's Rating Committee on March 20, 2026, covering facilities worth Rs. 9,300.00 crore.

Credit Rating Overview

ICRA Limited conducted periodic monitoring of the company's credit ratings across multiple financial instruments, reaffirming strong ratings across all categories. The rating agency issued three separate letters dated March 20, 2026, covering different instrument categories.

Detailed Facility Breakdown

The rating covers various banking relationships and facilities across multiple financial institutions. The term loan facilities of Rs. 3,500.00 crore are distributed among several banks including HDFC Bank Limited with Rs. 2,200.00 crore, Emirates NBD Bank PJSC with Rs. 300.00 crore, CTBC Bank Co. Limited with Rs. 168.00 crore, Axis Bank Limited with Rs. 144.00 crore, and State Bank of India with Rs. 121.00 crore. Additionally, proposed term loans worth Rs. 567.00 crore are included in the rating.

Commercial Paper Conditions

For the commercial paper facility rated at Rs. 3,000.00 crore with ICRA A1+ rating, ICRA Limited has specified important conditions:

• Revalidation required if instrument not issued within 3 months from March 20, 2026
• Rating validity throughout the program life with maximum maturity of twelve months from issuance date
• ICRA reserves rights to review and revise ratings based on new information or circumstances

Regulatory Compliance

The disclosure was made pursuant to Regulation 30(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company's Executive Director (Legal & Company Secretary) J.B. Sharma signed the communication to both BSE Limited and National Stock Exchange of India Limited, ensuring compliance with stock exchange notification requirements.

Rating Continuity

ICRA Limited confirmed that other terms and conditions for the credit ratings remain unchanged from previous communications dated July 17, 2025. This continuity indicates stable credit assessment and consistent financial performance evaluation by the rating agency. The periodic monitoring reflects ICRA's ongoing assessment of the company's creditworthiness and financial stability as a Government of India undertaking.

Rashtriya Chemicals & Fertilizers Limited has provided additional clarification regarding the delay in disclosing an income tax demand notice totaling ₹4,36,49,106 from the Income Tax Department. The company received the demand notice via email and made the disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Explanation for Disclosure Delay

The company has addressed concerns raised by BSE Limited regarding the timing of the disclosure. According to the company's response dated March 21, 2026, the delay occurred because the email from the Income Tax Department was received by a key responsible officer on his personal email while he was traveling, making the email inaccessible to him initially.

The company emphasized that March 19, 2026 was a holiday, which further contributed to the delay. Upon accessing the email on March 20, 2026 at around 11:00 AM, the company promptly made the necessary disclosure to stock exchanges.

Income Tax Demand Breakdown

The demand notice covers disallowances and additions made during assessments for three assessment years. The company has provided detailed information about each component of the demand:

Company's Response and Legal Actions

Rashtriya Chemicals & Fertilizers has taken proactive legal measures to contest the income tax demands. For AY 2020-21, the company filed a rectification application on March 17, 2023, and subsequently filed an appeal before CIT(A) on March 24, 2023, which remains pending.

For AY 2021-22, an appeal was filed before CIT(A) on July 27, 2023, addressing the penalty imposed on disallowed adjustments. Regarding AY 2023-24, the company is in the process of filing a rectification application for the alleged demand, which it considers erroneous due to wrong disallowances.

Commitment to Regulatory Compliance

The company has clarified that it does not intend to withhold any material information from investors and that the information was disclosed as soon as it became available. The delay was described as unintentional and due to unavoidable circumstances.

Rashtriya Chemicals & Fertilizers has assured that it maintains adequate systems and procedures in place and reiterated its commitment to timely disclosures in compliance with applicable regulatory requirements. The company maintains confidence that it does not anticipate any future monetary outflows as the underlying demands are expected to be deleted or rectified by the appropriate authorities.