According to stock exchange filings, Shankara Building Products Limited announced a credit rating downgrade by CRISIL affecting its bank facilities worth ₹595.00 crore. The company informed stock exchanges about this development on January 2, 2026, in compliance with SEBI listing regulations. CRISIL communicated these changes in a letter dated December 31, 2025, addressed to the company's Chief Financial Officer, Alex Varghese.
As reported by the company, CRISIL has revised the credit ratings with significant downgrades across both long-term and short-term facilities. The long-term rating was downgraded from CRISIL BBB+ to CRISIL BBB/Stable, while the short-term rating was reduced from CRISIL A2 to CRISIL A3+. The downgrade also removes the company from 'Rating Watch with Developing Implications' status, indicating CRISIL's updated assessment of the company's creditworthiness.
According to the filing, the rated facilities are distributed across ten major banks, with cash credit facilities forming the majority of the exposure. YES Bank Limited holds the largest facility at ₹80.00 crore, followed by Citibank N.A. at ₹75.00 crore. Other significant exposures include Standard Chartered Bank at ₹65.00 crore, Kotak Mahindra Bank and IDFC FIRST Bank each at ₹60.00 crore. The facilities also include letters of credit from South Indian Bank at ₹50.00 crore and HDFC Bank Limited at ₹20.00 crore.
As reported in the stock exchange filing, the company has fulfilled its disclosure obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015. The rating letter remains valid until March 31, 2026, after which a new rating letter will be required. CRISIL has indicated that if the company does not avail the proposed facilities within 180 days from December 31, 2025, a fresh revalidation letter will be necessary.
According to CRISIL's communication, the rating agency maintains continuous surveillance of all assigned ratings and reserves the right to withdraw or revise ratings based on new information or changing circumstances. The rating agency emphasizes that its ratings reflect current opinions on timely payment likelihood and do not constitute investment recommendations or market price commentary.
