Parag Milk Foods Limited announced on May 7, 2026, that India Ratings and Research Pvt. Ltd. has upgraded the company's credit rating for its Non-Convertible Debentures and Bank Facilities to ‘IND BBB+’ with a Stable Outlook, and its Short-term Bank Loan rating to ‘IND A2’. Previously, these ratings were ‘IND BBB’ and ‘IND A3+’ respectively. Additionally, at the company's request, India Ratings has withdrawn the 'Issuer Rating'. Prior to the withdrawal, the 'Issuer Rating' had been upgraded to ‘IND BBB+/Stable’. The summary of the credit rating revision indicates an upgrade for Bank Loan Facilities (INR 6,000 million) to IND BBB+/Stable/IND A2, and for Non-convertible debentures (reduced from INR 1,050 million to INR 810 million) to IND BBB+/Stable. The Issuer rating was upgraded to IND BBB+/Stable and subsequently withdrawn. The company received this rating communication on May 7, 2026, at 1:03 p.m. IST.
