Hikal Limited — Credit Ratings, 25-11-2025: Credit Rating

ICRA has downgraded Hikal's credit ratings. The Long-term rating is now ICRA A (Stable) from ICRA A+ (Stable), and the Short-term rating is ICRA A2+ from ICRA A1. This downgrade reflects moderated performance due to USFDA's OAI classification and a warning letter for its Jigani facility, coupled with sustained pressure in the crop protection segment and deferred pharma sales.