CARE Ratings has downgraded PSP Projects Limited's short-term bank facilities rating from CARE A1+ to CARE A1, while reaffirming the long-term facilities rating at CARE A+ with a stable outlook.

PSP Projects Limited has announced a credit rating update from CARE Ratings Limited, with mixed outcomes for its various banking facilities. The company disclosed this information in compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Credit Rating Details

CARE Ratings Limited has provided a comprehensive review of PSP Projects' banking facilities, totaling ₹1,547.00 crores. The rating action shows both reaffirmation and downgrades across different facility categories.

Rating Action Analysis

The rating update reveals a nuanced assessment of the company's creditworthiness. While CARE Ratings has maintained confidence in PSP Projects' long-term financial stability by reaffirming the CARE A+ rating with a stable outlook for ₹155.00 crores of long-term bank facilities, there has been a notable change in the short-term assessment.

The most significant development is the downgrade of the short-term component of the ₹1,300.00 crores long-term/short-term bank facilities from CARE A1+ to CARE A1, while the long-term component remains at CARE A+ with a stable outlook.

Facility Structure

The total banking facilities of ₹1,547.00 crores represent a substantial credit framework for the company's operations. The breakdown shows:

• Long-term facilities: ₹155.00 crores with maintained rating confidence
• Combined facilities: ₹1,300.00 crores with mixed rating outcomes
• Total exposure: ₹1,547.00 crores across multiple facility types

Regulatory Compliance

PSP Projects has fulfilled its disclosure obligations under SEBI regulations by promptly informing both BSE Limited and National Stock Exchange of India Limited about the credit rating update. The company trades under scrip code 540544 on BSE and symbol PSPPROJECT on NSE, ensuring transparency for all stakeholders in the credit rating developments.

PSP Projects Limited has received another GST penalty order from tax authorities, as disclosed in a regulatory filing under SEBI Listing Regulations. The company informed stock exchanges BSE and NSE about this latest development on December 20, 2025.

Latest GST Order Details

The new penalty order was issued by the Office of the Deputy Commissioner, Jurisdiction Range-2, Division-1, Gujarat. The order was passed in Form GST DRC-07 under Section 73 of the CGST/GGST Act, 2017 and applicable rules.

Nature of Current Allegations

According to the latest disclosure, the tax authorities have alleged that PSP Projects claimed ineligible Input Tax Credit under Section 17(5) of the CGST/GGST Act, 2017. The specific allegation relates to:

• Tax not being paid on insurance claim received as per provision of Section 17(5) of CGST/GGST Act, 2017
• Ineligible Input Tax Credit claims for the financial year 2021-22

This represents a different set of allegations compared to the previous order, which focused on claims from cancelled, non-genuine, and defaulting taxpayers for FY 2018-19.

Company's Assessment and Response

PSP Projects has assessed that there is no material impact on the company's financial or operational activities due to this latest GST order. The company maintains its position of challenging penalty orders through proper legal channels.

Regulatory Compliance Pattern

With this latest order, PSP Projects has now received GST penalty orders for two different financial years - FY 2018-19 and FY 2021-22. Both orders were issued under the GST DRC-07 format, though under different sections of the GST Act, indicating ongoing scrutiny of the company's GST compliance across multiple years.

The disclosure was made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring continued transparency with stakeholders about regulatory developments affecting the company.