BALAXI PHARMACEUTICALS LIMITED — Credit Ratings, 02-04-2026: Credit Rating- Revision

CRISIL Ratings has downgraded Balaxi Pharmaceuticals' long-term bank facilities to 'CRISIL BBB/Stable' from 'BBB+/Negative'. The downgrade reflects ongoing profitability pressure due to significant sales and marketing expenditure for new institutional sales, impacting operating margins (expected 5% vs 12% in FY25) and stretching working capital. The outlook has been revised to Stable.