IFB Agro Industries Limited — Credit Ratings, 25-06-2025: Credit Rating

India Ratings has affirmed IFB Agro Industries Limited’s long-term ratings at ‘IND A+’ with a stable outlook while withdrawing the issuer rating at the company’s request. This reflects IFB Agro’s strong market position in West Bengal’s country liquor segment and a consistent net cash position of about INR179 Cr at FY25 despite modest operational EBITDA recovery. The planned acquisition of Cargill India’s shrimp and fish feed business by mid-2025 is expected to boost scale and profitability, supporting a turnaround in the loss-making marine division in FY26. The stable rating supports continued access to low-cost borrowing and investor confidence, although profitability remains sensitive to marine segment performance, regulatory risks in liquor, and input cost pressures. Maintaining healthy cash buffers and successful integration of the acquisition are key factors to monitor.