Orchid Pharma Ltd. Downgraded by CARE Ratings
April 2, 2026 – Credit rating agency CARE Ratings Limited downgraded Orchid Pharma Limited’s Long Term Bank Facilities rating to CARE BBB+; Stable from CARE A- and removed it from Rating Watch with Developing Implications. The Short Term Bank Facilities rating was reaffirmed at CARE A2 and also removed from Rating Watch with Developing Implications.The downgrade reflects recent developments including the company's operational and financial performance for fiscal year 2025 (audited) and the nine-month period ending September 30, 2026. The rating action also considers the final order on the scheme of amalgamation being reserved for pronouncement by the National Company Law Tribunal (NCLT) and the completion of the acquisition of assets related to an own molecule.
The details of the rated facilities are as follows:
| Facilities | Amount (₹ crore) | Rating |
|---|---|---|
| Long Term Bank Facilities | 207.5 | CARE BBB+; Stable |
| Long Term / Short Term Bank Facilities | 75 | CARE BBB+; Stable / CARE A2 |
| Short Term Bank Facilities | 84 | CARE A2 |
CARE Ratings noted that the Long Term Bank Facilities consist of a term loan of ₹142.5 crore from HDFC Bank Ltd. and a fund-based limit of ₹65 crore from the same bank. The Short Term Facilities include a non-fund-based limit of ₹84 crore from HDFC Bank Ltd. and a combination of fund-based and non-fund based limits of ₹75 crore from Yes Bank Ltd.
CARE Ratings Limited reserves the right to undertake a surveillance/review of the ratings from time to time.
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