Deepak Nitrite Limited — Credit Ratings, 11-08-2025: Credit Rating

ICRA has reaffirmed Deepak Nitrite's long-term rating at [ICRA] AA and short-term at [ICRA] A1+, covering ₹490 Cr bank facilities and ₹200 Cr commercial paper. The long-term outlook is revised from Positive to Stable. Subsidiaries Deepak Phenolics (₹729.02 Cr bank facilities) also saw ratings reaffirmed at [ICRA] AA/A1+ with a Stable outlook (from Positive), and Deepak Chem Tech (₹200 Cr bank facilities) at [ICRA] A/A2+ with Stable outlook. This reaffirmation underscores the group's robust financial health and operational stability, maintaining favorable borrowing costs. While credit quality remains strong, the shift to a 'Stable' outlook for the parent and Deepak Phenolics suggests current financial metrics are well-established, implying less immediate potential for further rating upgrades, which investors should note.