Satia Industries Limited — Credit Ratings, 22-07-2025: Credit Rating

India Ratings & Research (Ind-Ra) has affirmed Satia Industries' (SIL) bank facilities at 'IND A+/Stable' and proposed commercial paper at 'IND A1+', also assigning ratings to new limits. This reflects SIL's strong business profile, integrated operations, and healthy market share in state textbooks, ensuring robust cash flows. Despite an expected dip in EBITDA in FY26 due to soft paper prices and a planned machine upgrade (approx. INR 400-450 Cr capex over FY26-27), the company maintains strong credit metrics, with net leverage below 1x for FY24-25. Adequate liquidity, including INR 113.9 Cr cash at FYE25, further supports the rating. This affirmation boosts investor confidence and suggests stable borrowing costs, providing strategic room to operate amidst industry cycles.