Oswal Pumps' credit ratings reaffirmed by ICRA, outlook revised to negative due to receivables

Oswal Pumps Ltd announced that ICRA Limited, through letters dated September 22, 2026, has reaffirmed and revised credit ratings for both the company and its material subsidiary, Oswal Solar Energy Private Limited. Specifically, ICRA reaffirmed the Long term – Fund based - Cash credit rating at ICRA A+ (Negative), with the outlook revised to negative from stable, citing a substantial build-up of receivables and moderation of profitability; the Short Term – Non- fund based – Others rating was reaffirmed at ICRA A1, with "Not Applicable" as the reason for change, while the Short term - Non- fund based - Letter of credit and Short term – Non- fund based – Bank guarantee ratings were also reaffirmed. For Oswal Solar Energy Private Limited, ICRA reaffirmed the Long term – Fund based - Cash credit rating at ICRA A+ (Negative), with the outlook revised to negative from stable, reflecting the change in outlook of the parent company, the Long term – Fund based –Term loan rating at ICRA A+ (Negative), with the outlook revised to negative from stable, and the Long term/Short term – Unallocated limits ratings at ICRA A+ (Negative)/ ICRA A1, with the outlook revised to negative from stable.