Paradeep Phosphates Limited has received significant credit rating upgrades from ICRA Limited across multiple financial instruments, reflecting enhanced creditworthiness and improved financial standing. The rating agency communicated the upgrades through a letter dated January 27, 2026, covering bank facilities and instruments totaling ₹17,500.00 crores.

Credit Rating Upgrades Details

ICRA Limited upgraded ratings across four key instrument categories, with the most notable improvements in long-term facilities. The upgrades demonstrate the company's strengthened financial position and reduced credit risk profile.

Significance of Rating Improvements

The upgrades represent a substantial improvement in credit quality assessment. Long-term facilities totaling ₹6,000.00 crores moved from [ICRA]A+ rating watch with developing implications to [ICRA]AA- rating with Stable Outlook, indicating enhanced credit quality and stable future prospects.

Short-term Instrument Enhancements

Short-term facilities worth ₹11,500.00 crores received upgrades from [ICRA]A1 rating watch with developing implications to [ICRA]A1+. This includes:

• Short-term non-fund based facilities of ₹11,200.00 crores
• Commercial paper program of ₹300.00 crores

The removal of "rating watch with developing implications" status across all instruments signals resolution of previous uncertainties and improved operational clarity.

Regulatory Compliance

Paradeep Phosphates communicated these rating upgrades to stock exchanges in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company informed both NSE (symbol: PARADEEP) and BSE (scrip code: 543530) about the credit rating improvements, ensuring transparent disclosure to investors and stakeholders.

Paradeep Phosphates Limited has disclosed to stock exchanges that it received a seizure memo from the Customs Department on January 24, 2026, regarding imported Technical Grade Urea worth Rs.103.30 crores. This development follows an earlier customs search that was initiated in October 2025.

Seizure Details

The Commissioner Customs at Custom House, Marmagoa, Goa has seized 25,000 MTs of Technical Grade Urea imported by the company for manufacturing NPK fertilizers. The seizure memo was received on January 24, 2026, and the company has made the disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015.

Alleged Violations

The customs authorities have alleged violations based on test results showing Biuret content higher than permissible limits. The testing process involved multiple laboratories, with initial samples sent to Regional Fertilizer Control Laboratory (RFCL), Mumbai, which conducts testing only for fertilizer grade urea. Subsequently, fresh samples were drawn and sent to Central Revenues Control Laboratory (CRCL) New Delhi, which reported elevated Biuret content.

The alleged violations include:

• Contravention of DGFT notification No. 79/2015-2020 dated March 18, 2024
• Violations of Foreign Trade Policy (FTP) provisions
• Contraventions under the Customs Act, 1962

Company's Response

Paradeep Phosphates has contested the testing methodology adopted by CRCL and stated there is currently no material impact on the company's financials or operations. The company is pursuing appropriate legal recourse for provisional release of the seized goods to use them exclusively for captive consumption as raw material in NPK fertilizer manufacturing at its Goa plant.

The company is also persuading customs authorities to re-test the samples in accordance with procedures mandatorily required under Para 3 read with Annexures A to H of Indian Standard IS 1781: 2022.

Regulatory Compliance

This disclosure has been made pursuant to Regulation 30(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company had previously informed exchanges about the customs search through a letter dated October 4, 2025.

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