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As on : 28-Aug-2026
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28-Aug-2026     18:07

Kitex Garments faces credit rating downgrades citing margin concerns and delayed project ramp-up

Kitex Garments Ltd recently announced credit rating actions from multiple agencies concerning its bank loan facilities totaling Rs 3,479.80 million and 3,479.8 million, with India Ratings and Research noting a downward revision without specifying details, while India Ratings downgraded the bank loan facilities to IND BBB+ with a negative outlook and IND A2, respectively, citing reasons such as subdued margins in FY26, slower Warangal unit ramp-up, order execution delays, and debt-funded capex impact; Ind-Ra downgraded the long-term rating from IND A with a stable outlook to IND BBB+/Negative and the short-term rating from IND A1 to IND A2, referencing previous ratings of IND A for the long-term and IND A1 for the short-term, and clarifying that ratings are not recommendations.

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