Everest Industries Limited to Withdraw Credit Rating Service from ICRA
Everest Industries Limited has seen ICRA Limited withdraw its credit rating service for certain bank finance instruments. The withdrawal followed a voluntary request by Everest Industries Limited to ICRA.ICRA Limited issued a letter dated April 10, 2026, confirming the rating action. The withdrawal covered four main areas of credit facilities:
- Long Term Fund Based Cash Credit: The rating [ICRA]A(Negative) was withdrawn.
- Short Term Non-Fund Based Others: The rating [ICRA]A2+ was withdrawn.
- Long Term/Short Term Unallocated: The rating [ICRA]A(Negative)/[ICRA]A2+ was withdrawn.
In total, the instruments with withdrawn ratings amounted to Rs. 440 crore.
The detailed rating action taken by ICRA's Rating Committee is presented in the following table:
| Instrument | Rated Amount (Rs. crore) | Rating Action |
|---|---|---|
| Long Term Fund Based Cash Credit | 130 | [ICRA]A(Negative); withdrawn |
| Short Term Non-Fund Based Others | 250 | [ICRA]A2+; withdrawn |
| Long Term / Short Term Unallocated | 60 | [ICRA]A(Negative)/[ICRA]A2+; withdrawn |
| Total | 440 |
ICRA stated that the withdrawal occurred in accordance with its policy on withdrawal of credit ratings, based on the no objection certificate received from the bankers, and that the company had made the request. ICRA noted that it did not possess information to suggest that the credit profile had changed since the time the rating was last reviewed.
Company Operations and Financial Indicators
Everest Industries Limited, incorporated in 1934, operates in the domestic Fibre Cement (FC) sheet industry. The company's operations are divided into 'Building Products' and 'Steel Building s/PEB'. The Building Products division supplies roofing solutions, ceiling solutions, wall solutions, floor solutions, cladding solutions, door solutions, and solid wall panels. The Steel buildings division handles customized building solutions, including designing, manufacturing, and installing steel buildings primarily for industrial use and warehouses.As of September 30, 2025, EIL reported a capacity of 9,85,147 MTPA for Building Products and 54,000 MTPA for Steel Buildings.
The key financial indicators for Everest Industries Limited (Consolidated) show the following trends:
| EIL (Consolidated) | FY2024 | FY2025 | 9MFY2026* |
|---|---|---|---|
| Operating income | 1575.5 | 1722.8 | 1089.8 |
| PAT | 18.0 | -3.6 | -54.5 |
| OPBDIT/OI | 2.6% | 1.7% | -1.1% |
| PAT/OI | 1.1% | -0.2% | -5.0% |
| Total outside liabilities/Tangible net worth (times) | 1.0 | 1.2 | - |
| Total debt/OPBDIT (times) | 2.3 | 8.9 | - |
| Interest coverage (times) | 3.2 | 1.3 | - |
ICRA further detailed the rating history for the instrument categories:
| Instrument | Current (FY2027) Rating | Amount Rated (Rs. crore) | Date of Action | Rating Action | Previous Rating Date | Previous Rating |
|---|---|---|---|---|---|---|
| Fund-based - Cash credit | [ICRA]A(Negative); Withdrawn | 130.00 | Apr 10, 2026 | Withdrawn | May 28, 2025 | [ICRA]A (Negative) |
| Non-fund based limits | [ICRA]A2+; Withdrawn | 250.00 | Apr 10, 2026 | Withdrawn | May 28, 2025 | [ICRA]A2+ |
| Unallocated | [ICRA]A(Negative)/[ICRA]A2+; Withdrawn | 60.00 | Apr 10, 2026 | Withdrawn | May 28, 2025 | [ICRA]A (Negative)/ [ICRA]A2+ |
The rating history for the past three years also indicated the following ratings:
| Instrument | FY2024 Rating | FY2025 Rating | FY2026 Rating |
|---|---|---|---|
| Fund-based - Cash credit | [ICRA]A+ (Stable) [ICRA]A+ (Negative) | - - | - - |
| Non-fund based limits | [ICRA]A1 [ICRA]A1 | - - | - - |
| Unallocated | [ICRA]A+ (Stable)/ [ICRA]A1 [ICRA]A+ (Negative)/ [ICRA]A1 | - - | - - |
EVERESTIND Stock Price Movement
Everest Industries Limited shares slipped by 0.06% on Friday, closing at ₹332.05 after shedding ₹0.20 from its previous session. The stock saw 14,498 shares traded during the session.Source:
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