Narmada Gelatines Ltd — Updates, 10-04-2025: Company Update

CARE Ratings has affirmed the credit ratings for Narmada Gelatines Limited's (NGL) bank facilities, assigning a CARE BBB rating with a stable outlook for long-term facilities of ₹16.40 crore and both CARE BBB (stable) and CARE A3+ for long-term/short-term facilities amounting to ₹21.60 crore. This positive assessment stems from NGL's strong operational track record, robust profitability with low debt levels, and expected growth due to synergies from its parent company, Pioneer Jellice Group. However, investors should note the moderate scale of operations and the potential impact of volatile raw material prices. The outlook suggests a stable position, but increasing demand for plant-based gelatin alternatives may introduce risks—overall, a positive sentiment with careful monitoring advised.