Machino Plastics Limited has received a significant credit rating downgrade from CRISIL Ratings Limited, with its long-term fund-based facilities rating revised to 'Crisil B/Stable (Issuer Not Cooperating)' from the previous 'Crisil BB+/Stable' rating. The company informed BSE about this development on March 11, 2026, pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Rating Downgrade Details

The rating action affects the company's total bank loan facilities worth Rs 172.30 crore. CRISIL's decision was based on the company's non-cooperation in providing essential financial information required for the rating assessment.

Reason for Non-Cooperation Classification

CRISIL classified Machino Plastics as a non-cooperative issuer after the company failed to provide No Default Statements (NDS) for three consecutive months. The rating agency had been consistently following up with the company through multiple channels including letters dated December 31, 2025, January 30, 2026, and February 27, 2026, along with telephonic communications.

After non-receipt of NDS for two consecutive months, CRISIL sent a reminder letter dated February 26, 2026, but the issuer remained unresponsive. The rating agency also attempted to reach out to the company's lenders to confirm timely debt servicing during these months but is still awaiting feedback.

Financial Performance Overview

Based on the last available financial information, Machino Plastics showed improved performance in the year ended March 31, 2025, compared to the previous year.

Company Background

Machino Plastics Limited was incorporated in 1987 by M D Jindal and Sanjiv Jindal. The company manufactures plastic-moulded auto components, primarily for Maruti Suzuki India Limited (MSIL). It was established as a joint venture with MSIL (formerly Maruti Udyog Ltd) and Suzuki Motor Corporation, Japan. The company operates manufacturing units in Gurugram and Manesar in Haryana, and Pithampur in Madhya Pradesh.

Facility-wise Rating Breakdown

The downgraded rating applies across various banking facilities availed by the company from multiple lenders including YES Bank Limited, Axis Bank Limited, Kotak Mahindra Bank Limited, HDFC Bank Limited, and Tata Capital Financial Services Limited.

Rating Implications

CRISIL has cautioned that investors, lenders, and market participants should exercise due diligence regarding ratings with the 'ISSUER NOT COOPERATING' suffix, as these ratings are based on limited or dated information without management interaction. The non-cooperation may indicate deterioration in the credit risk profile, and such ratings lack a forward-looking component essential for comprehensive credit assessment.

Machino plastics Limited has announced its unaudited financial results for the quarter ended December 31, 2025, revealing a challenging quarter despite strong revenue performance. The company reported a net loss of ₹147.41 lakhs in Q3FY26, marking a significant reversal from the profit of ₹153.92 lakhs recorded in the corresponding quarter of the previous fiscal year.

Financial Performance Overview

The company's financial performance for Q3FY26 presented a mixed picture, with robust revenue growth offset by operational challenges:

Revenue Composition and Growth

The company's revenue growth was driven primarily by its core business segments. Sale of products increased substantially to ₹12,545.59 lakhs from ₹9,341.86 lakhs in Q3FY25, representing a growth of 34.29%. Other operating revenues contributed ₹35.48 lakhs compared to ₹26.66 lakhs in the previous year.

Expense Analysis

Despite the revenue growth, the company faced significant cost pressures across multiple expense categories. Cost of material consumed rose sharply to ₹7,480.13 lakhs from ₹5,115.89 lakhs, representing a 46.24% increase. Employee benefit expenses increased to ₹2,079.95 lakhs from ₹1,262.76 lakhs, while finance costs rose to ₹515.97 lakhs from ₹313.57 lakhs in Q3FY25.

Nine-Month Performance

For the nine months ended December 31, 2025, Machino Plastics maintained overall profitability despite the challenging third quarter:

Segment Performance

The company operates through two primary business segments. Plastic Injection Moulding Parts generated revenue of ₹9,670.35 lakhs in Q3FY26 compared to ₹8,646.57 lakhs in Q3FY25. The Moulds & Dies segment showed exceptional growth, with revenue increasing to ₹2,910.72 lakhs from ₹721.95 lakhs in the corresponding previous quarter.

Earnings Per Share Impact

The quarterly loss translated to a basic earnings per share of ₹(2.40) for Q3FY26, compared to positive earnings of ₹2.51 per share in Q3FY25. For the nine-month period, basic EPS stood at ₹1.75 versus ₹8.23 in the previous year, reflecting the significant decline in profitability despite revenue growth.