Shanthi Gears credit rating has been reaffirmed by ICRA for bank limits totalling Rs 39 crore, the company said in a BSE filing on October 3, 2026. ICRA retained the long-term rating at [ICRA]AA(Stable) and the short-term rating at [ICRA]A1+.

The rating action covers long-term non-fund-based facilities, interchangeable limits and a short-term overdraft facility. The long-term outlook remains Stable, with the communication recording a reaffirmation of the existing ratings.

Shanthi Gears Ltd disclosed the decision under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. Its exchange identifiers are BSE code 522034 and NSE symbol SHANTIGEAR.

Bank facilities covered by the ratings

ICRA's rating letter lists Rs 38.99 crore in long-term non-fund-based limits and Rs 0.01 crore in short-term fund-based overdraft facilities. The bank-wise allocation of the long-term non-fund-based facilities is:

  • Kotak Mahindra Bank: Rs 10 crore.
  • IDBI Bank: Rs 11.99 crore.
  • HDFC Bank: Rs 17 crore.

Each of these long-term facilities carries the reaffirmed [ICRA]AA(Stable) rating. The short-term overdraft facility of Rs 0.01 crore is with IDBI Bank and carries the reaffirmed [ICRA]A1+ rating.

The letter separately lists interchangeable limits of Rs 28.99 crore in parentheses, comprising Rs 11.99 crore with IDBI Bank and Rs 17 crore with HDFC Bank. These also carry the long-term rating. The stated total of all rated limits remains Rs 39 crore; the interchangeable amounts are not additional to that total.

Rating dates and review conditions

ICRA's communication is dated October 1, 2026, while the accompanying bank-limit annexure records September 22, 2026, as the rating assignment date for each listed facility. Shanthi Gears submitted the disclosure to the exchanges on October 3.

The ratings will become due for surveillance within one year of the rating communication letter. ICRA said it may review or revise them earlier based on new information, unavailable required information or other circumstances affecting the ratings.

Changes to the terms or size of the rated instruments would require a review. ICRA also stated that its ratings represent opinions and should not be treated as recommendations to buy, sell or hold the rated instruments.