Mahamaya Steel gets investment-grade rating from Brickwork
Brickwork assigned BWR BBB+/Stable and BWR A2 to ₹51.47 cr bank facilities, complementing Mahamaya's existing Infomerics BBB rating.
— 2 earlier stories on Mahamaya Steel Industries Ltd. →What's new
- Brickwork assigned long-term BWR BBB+/Stable and short-term BWR A2 ratings.
- Facilities include ₹50 cr cash credit and ₹1.47 cr GECL 2.0 balance from UCO Bank.
- First Brickwork rating; Mahamaya already held BBB from Infomerics.
Why this matters
A second investment-grade rating adds credibility but changes nothing material. Mahamaya's credit profile stays unchanged; the filing is routine.
What we're watching
- Any future upgrade or downgrade from either agency.
- Utilization of the cash credit limit and GECL 2.0 balance.
The full read
Mahamaya Steel added a second investment-grade credit rating, this time from Brickwork, which assigned BWR BBB+ (long-term) and BWR A2 (short-term) to its ₹51.47 crore bank facilities. The company already carries a BBB Stable from Infomerics, so the development is additive, not a material shift. The rated facilities are a ₹50 crore cash credit limit and a ₹1.47 crore GECL 2.0 balance, both with UCO Bank. The ratings are investment-grade and carry a Stable outlook. With a market cap of ₹1,402 crore and a debt/equity of 0.31, Mahamaya's debt is modest. The filing is routine and carries no surprises.
Questions answered
- What is the new rating from Brickwork?
- Brickwork assigned a long-term rating of BWR BBB+ with a Stable outlook and a short-term rating of BWR A2 to Mahamaya Steel's ₹51.47 crore bank facilities.
- How does this compare to Mahamaya's existing rating?
- Mahamaya already had a BBB Stable rating from Infomerics. The Brickwork rating is equivalent investment-grade and adds a second opinion without altering the company's credit profile.
- What facilities were rated?
- A cash credit limit of ₹50 crores and an outstanding GECL 2.0 balance of ₹1.47 crores, both from UCO Bank, totalling ₹51.47 crores.
- Is this rating change material for investors?
- No. The assignment is a routine disclosure under SEBI LODR. It does not indicate any upgrade, downgrade, or change in financial health.
- How long is the rating valid?
- The rating is valid for twelve months from the date of assignment.
Mahamaya Steel Industries Ltd.
Latest quarter · Mar 2026
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All notes on MAHASTEEL →- 23 Jun 2026 · 11:03 AM IST Mahamaya Steel gets investment-grade rating from Brickwork
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