Northern Spirits Ltd — Important, 21-11-2025: Company Update

Northern Spirits' bank loan facilities have been rated 'IND BBB/Stable/IND A3+' by India Ratings and Research. This includes a new 70 Cr facility assigned and 196 Cr of existing facilities affirmed. The ratings reflect the company's sustained revenue growth, reaching 1,942.6 Cr in FY25 with EBITDA of 46.4 Cr, driven by increased sales volumes and market expansion. Management projects revenue will exceed 2,000 Cr in FY26. Positive factors include experienced promoters and strong supplier relationships, while moderate credit metrics and significant working capital needs are noted challenges.