Spectrum Electrical Industries Receives Credit Rating Upgrade from CRISIL

Spectrum Electrical Industries Limited announced a significant credit rating upgrade from CRISIL Ratings Limited on January 14, 2026. The company disclosed this development under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Rating Enhancement Details

CRISIL Ratings has upgraded both the long-term and short-term credit ratings for the company's bank facilities. The rating agency also increased the total bank loan facilities coverage, reflecting improved creditworthiness.

Rating Category:	New Rating	Previous Rating
Long Term Rating:	CRISIL BBB+/Stable	CRISIL BBB/Positive
Short Term Rating:	CRISIL A2	CRISIL A3+
Total Bank Facilities:	₹250.00 crores	₹150.00 crores

Facility-wise Breakdown

The enhanced rating covers a comprehensive range of banking facilities across multiple financial institutions. The ₹250.00 crore total facility includes various instruments distributed among HDFC Bank Limited and YES Bank Limited.

Facility Type:	Bank	Amount (₹ crores)	Rating
Cash Credit:	YES Bank Limited	30.00	CRISIL BBB+/Stable
Cash Credit:	HDFC Bank Limited	40.00	CRISIL BBB+/Stable
Term Loan:	HDFC Bank Limited	98.42	CRISIL BBB+/Stable
Term Loan:	YES Bank Limited	51.01	CRISIL BBB+/Stable
Working Capital Demand Loan:	HDFC Bank Limited	25.00	CRISIL BBB+/Stable

Trade Finance and Working Capital Facilities

The rating also encompasses various trade finance and working capital instruments that support the company's operational requirements.

Instrument:	Bank	Amount (₹ crores)	Rating
Bill Discounting:	HDFC Bank Limited	1.00	CRISIL A2
Bank Guarantee:	HDFC Bank Limited	0.14	CRISIL A2
Letter of Credit:	HDFC Bank Limited	0.21	CRISIL A2
Proposed Working Capital Facility:	--	1.58	CRISIL A2
Proposed Working Capital Facility:	--	0.76	CRISIL A2
Term Loan:	HDFC Bank Limited	1.88	CRISIL BBB+/Stable

Regulatory Compliance

The announcement was made through proper regulatory channels, with the company informing both the National Stock Exchange of India Limited and BSE Limited. Company Secretary and Compliance Officer Rahul Lavane signed the disclosure document, ensuring compliance with SEBI regulations. The rating letter from CRISIL Ratings remains valid until March 31, 2026, and the company must obtain a fresh revalidation letter if the proposed facilities are not availed within 180 days from January 14, 2026.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+2.13%	-2.99%	-8.80%	-29.14%	-49.02%	+1,745.50%

Spectrum Electrical Industries Limited has delivered a strong financial performance for the second quarter of the fiscal year, showcasing significant growth across key metrics.

Financial Highlights

Metric	Q2 FY2026	Q2 FY2025	YoY Change
Revenue	₹1.18 billion	₹872.00 million	+35.00%
Net Profit	₹77.00 million	₹72.00 million	+6.90%
EBITDA	₹152.00 million	₹82.00 million	+85.40%
EBITDA Margin	12.93%	9.41%	+352 bps

The company's consolidated revenue surged by 35% year-over-year to ₹1.18 billion, up from ₹872.00 million in the same quarter of the previous fiscal year. This substantial top-line growth demonstrates the company's strong market position and effective business strategies.

Spectrum Electrical Industries' profitability also showed improvement, with the consolidated net profit rising to ₹77.00 million from ₹72.00 million in the corresponding quarter last year, representing a 6.90% increase.

Operational Performance

The company's operational efficiency saw a marked improvement, as evidenced by the near-doubling of its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). EBITDA for Q2 FY2026 stood at ₹152.00 million, up from ₹82.00 million in Q2 FY2025, reflecting an impressive growth of 85.40%.

The EBITDA margin expanded significantly to 12.93% from 9.41% year-over-year, indicating enhanced operational efficiency and cost management. This 352 basis points improvement in EBITDA margin underscores the company's ability to scale operations while maintaining profitability.

Corporate Governance Update

In a separate announcement, Spectrum Electrical Industries informed that its Board of Directors, at a meeting held on November 14, 2025, approved the reappointment of Mr. Kishor Dalu Dhake (DIN: 03109754) as a Non-Executive Independent Director for a second term of five years, effective from November 6, 2025. This reappointment is subject to shareholder approval through a postal ballot.

Mr. Dhake, who holds B.Sc. Tech degrees in Electronics and Industrial Electronics from Pune and Mumbai Universities respectively, brings over 32 years of experience in manufacturing electrical and electronic products. His expertise is expected to contribute significantly to the company's business strategy formulation.

The company has also appointed Mrs. Yuti Nagarkar, a Practicing Company Secretary, as the Scrutinizer for conducting the E-voting process for the postal ballot in a transparent manner.

These corporate actions reflect Spectrum Electrical Industries' commitment to maintaining strong governance practices and leveraging experienced leadership to drive future growth.

As Spectrum Electrical Industries continues to demonstrate robust financial performance and strategic governance moves, it remains well-positioned in the electrical and electronics manufacturing sector.