Banswara Syntex Limited — Credit Ratings, 08-01-2026: Credit Rating

India Ratings (Ind-Ra) affirmed Banswara Syntex's Bank Loan Facilities at 'IND A'/Negative/IND A1 and Fixed Deposits at 'IND A'/Negative. New facilities of INR 51.32 Cr were also rated. The 'Negative' outlook reflects stretched credit metrics due to debt-funded capex & weaker 1HFY26 performance, but expects improvement in 2HFY26 via modernization & operational recovery.