Thirumalai Chemicals Limited — Credit Ratings, 13-08-2026: Credit Rating- Revision

ICRA has downgraded Thirumalai Chemicals' long-term rating to [ICRA]BBB (Negative) and short-term to [ICRA]A3+. The downgrade reflects a significant increase in its US project cost to $340 million (from $255 million) and delayed full completion to December 2026. This escalation in cost and timeline is expected to increase debt and strain liquidity.