Neogen Chemicals Limited — Credit Ratings, 18-07-2026: Credit Rating- New

CRISIL has downgraded Neogen Chemicals' Long-Term rating to A-/Negative and Short-Term to A2+, including ₹680 Cr bank facilities and ₹200 Cr NCDs. Key reasons cited are delays in the battery chemicals project and delayed insurance claims. Its subsidiary, Neogen Ionics, also saw its ₹1,150 Cr bank facilities downgraded to BBB+/Negative. All ratings hold a Negative outlook.