Nitin Fire Protection Industries Limited has announced the withdrawal of Crisil ratings on its bank loan facilities worth Rs.450 crore, marking a significant development following the settlement of all financial creditor loans. The company informed stock exchanges on February 5, 2026, about receiving the withdrawal letter from Crisil Ratings Limited dated January 27, 2026.

Rating Withdrawal Details

Crisil Ratings has withdrawn both long-term and short-term ratings assigned to the company's bank loan facilities after due consideration. The withdrawal follows the company's request dated January 14, 2026, and comes after the settlement of all loans from financial creditors.

Facility-wise Breakdown

The withdrawn ratings covered a comprehensive range of banking facilities across multiple financial institutions. The facilities were distributed among several banks including IDBI Bank Limited, Bank of Baroda, Axis Bank Limited, and Dena Bank.

Cash Credit Facilities:

• IDBI Bank Limited: Rs.45 crore
• Bank of Baroda: Rs.20 crore
• Axis Bank Limited: Rs.42.5 crore
• Dena Bank: Rs.5 crore
• Proposed Cash Credit Limit: Rs.12.5 crore

Letters of Credit:

• IDBI Bank Limited: Rs.75 crore
• Bank of Baroda: Rs.40 crore
• Axis Bank Limited: Rs.30 crore
• Dena Bank: Rs.25 crore
• Proposed Letter of Credit: Rs.10 crore

Other Banking Facilities:

• Bank Guarantees through IDBI Bank Limited (Rs.10 crore) and Bank of Baroda (Rs.29 crore)
• Standby Letters of Credit through Axis Bank Limited (Rs.76 crore) and IDBI Bank Limited (Rs.30 crore)

Corporate Communication

The announcement was made through a formal communication to BSE Limited and National Stock Exchange of India Ltd, signed by Director Allan Lopez (DIN: 11304400). The company emphasized that the rating withdrawal follows the complete settlement of all financial creditor loans, indicating improved financial health.

The withdrawal of ratings typically occurs when companies no longer require external credit assessment due to debt settlement or other strategic financial decisions. For Nitin Fire Protection Industries Limited, this development represents the conclusion of its rated debt obligations across multiple banking relationships.

Nitin Fire Protection Industries Limited has announced its unaudited financial results for the quarter and nine months ended December 31, 2025, while continuing to operate under the Corporate Insolvency Resolution Process. The company has been under liquidation since January 18, 2022, following NCLT orders, with Mr. Uliyar Balakrishna Bhat serving as the liquidator.

Financial Performance Overview

The company's standalone financial results show mixed performance across different periods. Revenue from operations for Q3FY26 reached ₹653.41 lakhs, representing an increase from ₹595.14 lakhs in the corresponding quarter of the previous year.

The significant difference in net profit compared to the previous year is primarily due to exceptional items of ₹97,231.49 lakhs that were recorded in Q3FY25, which were not present in the current quarter.

Nine-Month Performance

For the nine-month period ended December 31, 2025, the company demonstrated stronger overall performance. Revenue from operations increased substantially to ₹1,373.74 lakhs compared to ₹715.56 lakhs in the corresponding period of the previous year.

Expense Analysis

The company's cost structure shows significant changes across periods. Cost of materials consumed increased to ₹458.98 lakhs in Q3FY26 from ₹231.84 lakhs in Q3FY25. Employee benefits expenses rose to ₹102.89 lakhs from ₹42.41 lakhs year-over-year. Finance costs were eliminated in the current quarter compared to ₹19.55 lakhs in the previous year.

Liquidation Status Update

The company remains under liquidation proceedings initiated in October 2018. The liquidator successfully completed the sale of the company as a going concern under Section 33 of the Insolvency and Bankruptcy Code, 2016, with a sale certificate issued on October 3, 2024. The NCLT Mumbai Bench approved the sale with clean slate status on June 3, 2025, though the final liquidation closure order is still awaited.

Consolidated Results

On a consolidated basis, which includes subsidiary Eurotech Cylinders Private Limited and associate Worthington Nitin Cylinders Private Limited, revenue from operations reached ₹711.49 lakhs for Q3FY26. Consolidated net profit after taxes stood at ₹45.89 lakhs for the quarter.

Key Financial Metrics

Earnings per share for the standalone entity was ₹0.00 for Q3FY26 compared to ₹33.39 in Q3FY25. The paid-up share capital remains unchanged at ₹5,845.39 lakhs with a face value of ₹2 per share. The company has filed an interlocutory application for cancellation and issuance of fresh equity shares, pending approval.

The financial results were approved by the liquidator on January 16, 2026, and have been reviewed by statutory auditors Tolia & Associates, who expressed an unqualified conclusion on the unaudited results.