Machino Plastics Credit Rating Downgraded to Crisil B/Stable

Machino Plastics Limited has received a revised long-term credit rating of Crisil B/Stable (Issuer Not Cooperating) from CRISIL Ratings Limited, covering total bank loan facilities of Rs 172.3 crore. This represents a migration from the previous Crisil BB+/Stable rating, as announced on March 10, 2026.

The downgrade stems from the company's non-cooperation, including failure to provide No Default Statements (NDS) for three consecutive months despite repeated requests via letters and emails dated December 31, 2025, January 30, 2026, and February 27, 2026. CRISIL could not conduct forward-looking assessments due to limited information, classifying Machino as non-cooperative per SEBI CRA circular Clause 11.3 dated July 11, 2025.

Financials as of March 31, 2025, show operating income of Rs 388.77 crore (up from Rs 337.77 crore), PAT of Rs 8.56 crore (vs Rs 3.69 crore), but stretched liquidity with TOL/TNW at 3.35x and interest coverage at 2.83x. Facilities include cash credit, sales bill discounting, and multiple term loans from lenders like Axis Bank, YES Bank, Kotak Mahindra, and HDFC.

Shares of MACHINO PLASTICS LTD. was last trading in BSE at Rs. 261.55 as compared to the previous close of Rs. 256.85. The total number of shares traded during the day was 427 in over 25 trades.

The stock hit an intraday high of Rs. 268.95 and intraday low of 260.00. The net turnover during the day was Rs. 113608.00.

Source : Equity Bulls

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MACHINOPLASTICS INE082B01018 RatingUpdate