International combustion (India) Limited has received a credit rating reaffirmation from CRISIL Ratings Limited, maintaining its existing ratings on working capital facilities. The announcement was made through a regulatory filing dated February 27, 2026, in compliance with SEBI listing regulations.

Credit Rating Details

CRISIL has reaffirmed the company's credit ratings across both long-term and short-term facilities. The rating agency maintained its assessment while providing specific outlook guidance for the company's financial obligations.

The CRISIL BBB rating signifies a moderate degree of safety regarding timely servicing of financial obligations and carries moderate credit risk. The CRISIL A3+ short-term rating indicates a moderate degree of safety but carries higher credit risk compared to instruments rated in the two higher categories.

Rating Rationale and Company Strengths

CRISIL's assessment highlighted several key strengths supporting the rating decision. The rating agency emphasized the company's established market position and operational capabilities in the engineering sector.

Key strengths identified by CRISIL include:

• Strong track record in operations
• Extensive management experience in engineering and capital goods industry
• Diversified product profile across multiple segments
• Broad end-user industry base
• Healthy financial risk profile

Risk Factors and Challenges

The rating agency also identified specific challenges that partially offset the company's strengths. These factors contribute to the negative outlook on the long-term rating and influence the overall credit assessment.

CRISIL noted the following risk factors:

• Susceptibility to cyclicality in demand patterns
• Volatility in raw material prices affecting margins
• Large working capital requirement impacting cash flows

These factors reflect the broader challenges faced by companies in the engineering and capital goods sector, particularly regarding market dynamics and operational efficiency.

Regulatory Compliance

The credit rating reaffirmation was communicated to the Bombay Stock Exchange through a formal disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company maintains transparency in sharing material information with stakeholders regarding its financial standing and credit profile.

International Combustion (India) Limited , a company operating in the industrial equipment sector, has reported its financial results for the second quarter and half-year ended September 30, 2025. The company faced challenges during this period, with a notable decline in revenue and a shift from profit to loss compared to the previous year.

Financial Performance Highlights

Key Points:

1. Revenue Decline: The company's revenue from operations decreased to Rs. 7,533.48 lakhs in Q2 2025 from Rs. 9,885.76 lakhs in the same quarter last year, marking a significant year-over-year decline.

2. Shift to Loss: International Combustion reported a net loss of Rs. 79.65 lakhs for Q2 2025, compared to a profit of Rs. 237.76 lakhs in Q2 2024.

3. Half-Year Performance: For the half-year period, the company posted a net loss of Rs. 90.26 lakhs, in contrast to a profit of Rs. 135.22 lakhs in the corresponding period last year.

4. Business Segments: The company operates in three business segments:

   • Mineral Material Processing & Handling Equipment
   • Geared Motor & Gearbox
   • Building Materials

5. Asset Position: As of September 30, 2025, the company's total assets stood at Rs. 24,207.00 lakhs.

6. Board Approval: These unaudited financial results were approved by the Board of Directors at their meeting held on November 4, 2025.

Segment Performance

While detailed segment-wise performance was not provided in the main news, the LODR data reveals some insights:

1. The Mineral & Material Processing & Handling Equipment segment remained the largest revenue contributor.
2. The Geared Motor & Gear Box segment showed mixed results across quarters.
3. The Building Material segment reported lower revenues compared to other segments.

Conclusion

International Combustion (India) Limited's Q2 and H1 2025 results indicate a challenging period for the company, with decreased revenue and a move into loss-making territory. The company's performance across its three business segments varied, with the Mineral & Material Processing & Handling Equipment segment continuing to be the primary revenue driver.

Note: All financial figures are in Indian Rupees (INR) and are reported in lakhs.