PCBL Chemical Limited has successfully obtained approval from all debenture holders for amendments to the debenture trust deed, allowing the company to defer testing of financial covenants for the financial year 2025-2026. The approval was confirmed following a debenture holders meeting held on March 13, 2026, as communicated to stock exchanges under SEBI Listing Regulations.

Meeting Outcome and Approval Confirmation

Catalyst Trusteeship Limited, acting as the debenture trustee, confirmed that all debenture holders approved the amendment to clause 2.13(a) of Schedule V of the Debenture Trust Deed dated January 20, 2024. The amendment specifically relates to deferring the testing of the financial covenant on "Consolidated Gross Debt / EBITDA" for the financial year 2025-2026.

Official Communication to Stock Exchanges

The company issued formal intimation to NSE and BSE regarding the successful outcome of the debenture holders meeting. Company Secretary and Chief Legal Officer K. Mukherjee digitally signed the communication on March 13, 2026, pursuant to Regulation 51(2) of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Debenture Trust Deed Amendment Details

The approved amendment involves modifying the existing debenture trust deed to provide flexibility in financial covenant testing. The original debenture trust deed was executed on January 20, 2024, and contains financial covenants on "Consolidated Gross Debt / EBITDA" as outlined in Schedule V of the agreement. This represents the third amendment to the original deed, following previous amendments dated January 27, 2024, and March 20, 2025.

Business Rationale and Strategic Implementation

According to the company's explanatory statement, the approved deferral of financial covenant testing is intended to support and implement planned growth and business expansion initiatives. The unanimous approval from debenture holders demonstrates stakeholder confidence in the company's strategic direction and financial management approach.

PCBL Chemical Limited has received reaffirmed credit ratings from ICRA Limited for various financial instruments totaling Rs. 2,400.00 crores. The rating agency communicated its decision on 12th February, 2026, maintaining existing ratings across multiple credit facilities and instruments.

Credit Rating Details

ICRA Limited has reaffirmed ratings for five different financial instruments of the company. The rating actions cover both long-term and short-term credit facilities across various categories.

Rating Categories

The reaffirmed ratings include both long-term and short-term categories. Long-term instruments totaling Rs. 1,900.00 crores received [ICRA]AA(Negative) ratings, while the Commercial Paper facility of Rs. 500.00 crores maintained its [ICRA]A1+ rating.

The largest single facility is the Non-Convertible Debentures program worth Rs. 700.00 crores, followed by the Term Loan facility of Rs. 583.10 crores. The Working Capital Term Loan stands at Rs. 480.00 crores, with an additional Long Term-Unallocated facility of Rs. 136.90 crores.

Regulatory Compliance

PCBL Chemical Limited has informed both National Stock Exchange of India Limited and BSE Limited about the credit rating reaffirmations as per regulatory requirements. The company secretary and chief legal officer K. Mukherjee signed the disclosure document on 12th February, 2026.

The company, formerly known as PCBL Limited, maintains its registered office at 31 Netaji Subhas Road, Kolkata, and corporate office at RPSG House in Kolkata. The rating reaffirmations provide continuity in the company's credit profile across its diverse funding requirements.