Ramkrishna Forgings Limited — Credit Ratings, 11-07-2025: Credit Rating- Others

ICRA has withdrawn its ratings on Ramkrishna Forgings Limited’s bank facilities, totaling Rs. 1530.05 crore, at the company’s request and with no objection from lenders. Earlier, the ratings were on Watch with Developing Implications due to a significant inventory discrepancy of Rs. 270.74 crore identified during physical verification, which impacted the company’s net worth by Rs. 202.60 crore and led to restatements for FY2024 and FY2025. The discrepancy arose from gaps in internal controls related to material management and production reporting. To address this, the promoters plan an equity infusion of around Rs. 205 crore via warrants. The withdrawal reflects ongoing uncertainties, with no current change in credit risk assessment.