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Thirumalai Chemicals faces downgrades from ICRA, citing commodity risks and a US project costing USD 340 million
14-Aug-2026, 12:50
Thirumalai Chemicals Ltd. announced that ICRA Limited has downgraded several instruments, including long-term fund-based term loans of Rs 445.00 crore, long-term fund-based working capital facilities of Rs 334.50 crore, short-term non-fund-based facilities of Rs 684.00 crore, and long-term/short-term unallocated limits of Rs 350.00 crore, all to [ICRA]BBB (Negative) from [ICRA]BBB+ (Negative), with enhanced amounts assigned for some facilities. Additionally, short-term non-fund-based facilities of Rs 175.00 crore were downgraded from [ICRA]A2 to [ICRA]A3+, and non-convertible debentures of Rs 100.00 crore were downgraded from [ICRA]BBB+ (Negative) to [ICRA]BBB (Negative), alongside various other instruments and limits experiencing similar downgrades and assignments for enhanced amounts; the agency cited exposure to raw material price fluctuations and commodity chemical presence as constraints, while also noting a proposed fund raise of Rs 750 crore in the domestic business and a revised US project cost estimate of USD 340 million.
Thirumalai Chemicals Ltd. announced that ICRA Limited has downgraded several instruments, including long-term fund-based term loans of Rs 445.00 crore, long-term fund-based working capital facilities of Rs 334.50 crore, short-term non-fund-based facilities of Rs 684.00 crore, and long-term/short-term unallocated limits of Rs 350.00 crore, all to [ICRA]BBB (Negative) from [ICRA]BBB+ (Negative), with enhanced amounts assigned for some facilities. Additionally, short-term non-fund-based facilities of Rs 175.00 crore were downgraded from [ICRA]A2 to [ICRA]A3+, and non-convertible debentures of Rs 100.00 crore were downgraded from [ICRA]BBB+ (Negative) to [ICRA]BBB (Negative), alongside various other instruments and limits experiencing similar downgrades and assignments for enhanced amounts; the agency cited exposure to raw material price fluctuations and commodity chemical presence as constraints, while also noting a proposed fund raise of Rs 750 crore in the domestic business and a revised US project cost estimate of USD 340 million.