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Kitex Garments faces credit rating downgrades citing margin concerns and delayed project ramp-up
28-Aug-26 18:07Hrs IST

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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A Muthoot M George Enterprise