Ramkrishna Forgings Limited — Credit Ratings, 24-09-2025: Credit Rating- Revision

CRISIL has downgraded Ramkrishna Forgings' long-term bank facilities rating to 'AA-' from 'AA'. The short-term bank facilities and Commercial Paper ratings are reaffirmed at 'A1+'. All ratings remain on 'Watch Negative'. The downgrade reflects weaker operating efficiency and capital structure, citing significant inventory overstatement adjustments (Rs 220.52 Cr for FY25) and increased external borrowings (Rs 2013 Cr).