ICRA assigns initial rating to Manaksia Steels, matching CARE grade
Fresh ICRA rating for ₹500 cr bank facilities is an initial assignment, not a revision, and mirrors existing CARE ratings. Nano-cap market cap is ~₹453 cr, making rated facilities 113% of size.
— 4 earlier stories on Manaksia Steels Ltd. →What's new
- ICRA assigned [ICRA]A (Stable) long-term and [ICRA]A1 short-term ratings to Manaksia Steels' bank facilities.
- The ratings are equivalent to the existing CARE A- (Stable) and A2+ ratings.
- The action is an initial assignment, not a revision, and carries no credit quality change.
Why this matters
For a nano-cap, a rating from a second agency is a minor administrative event. The company's creditworthiness was already priced in via the CARE rating. This filing adds nothing new on credit quality.
What we're watching
- Whether the company sustains the rapid growth seen in FY26 (77% revenue jump).
- Any future revision that signals a change in fundamentals.
The full read
Manaksia Steels has added a second credit rating agency to its books. ICRA assigned an initial [ICRA]A (Stable) long-term rating to its ₹60 crore fund-based limit and an [ICRA]A1 short-term rating to its ₹440 crore non-fund based facilities — ₹500 crore total, or 113% of the company's ₹453 crore market cap. The new rating exactly mirrors the existing CARE A- (Stable) and A2+ reaffirmed earlier. For a nano-cap that has seen revenue surge 77% in FY26 to ₹1,057.5 crore, a second rating is a procedural step, not a signal. There is no upgrade, no downgrade, and no change in credit quality. The market had already priced in the same information from CARE. The filing is routine.
Questions answered
- What new information does the ICRA rating provide?
- Very little. The ICRA rating is an initial assignment and matches the existing CARE rating of A- (Stable) for long-term and A2+ for short-term. It confirms the same credit profile.
- How large are the rated bank facilities relative to the company?
- The total rated facilities of ₹500 crore are about 113% of Manaksia Steels' market cap of ₹453 crore, indicating heavy reliance on bank debt.
- Why didn't the company simply rely on the CARE rating?
- Some lenders or contracts may require a rating from more than one agency. This filing is procedural, not a reflection of a deteriorated or improved credit profile.
- Does this rating affect the company's future borrowing costs?
- Not directly, as the rating grade is the same as CARE's. It might facilitate access to additional working capital limits already in place, but the cost of funds is unlikely to change.
Manaksia Steels Ltd.
Latest quarter · Mar 2026
Strength & growth
Story so far
All notes on MANAKSTEEL →- 18 Jun 2026 · 4:05 PM IST ICRA assigns initial rating to Manaksia Steels, matching CARE grade
- 45d ago Manaksia Steels confirms FY26 audited results
- 45d ago Manaksia Steels files audited FY26 results with no new surprises
- 45d ago Manaksia Steels formalizes audited FY26 results
- 45d ago Manaksia Steels profit more than triples on 77% revenue surge