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Entity-Specific Rating Rationales

31 Mar 2026

Covalent Laboratories Private Limited: Long-term rating downgraded and short-term rating reaffirmed; ratings removed from watch with negative implications and Stable outlook assigned; rated amount enhanced

Covalent Laboratories Private Limited: Long-term rating downgraded and short-term rating reaffirmed; ratings removed from watch with negative implications and Stable outlook assigned; rated amount enhanced

19 Aug 2025

Covalent Laboratories Private Limited: Ratings placed on Watch with Negative Implications

Covalent Laboratories Private Limited: Ratings placed on Watch with Negative Implications

23 Oct 2024

Covalent Laboratories Private Limited: Long term rating upgraded to [ICRA]A; short term rating reaffirmed; outlook revised to Stable from Positive

Covalent Laboratories Private Limited: Long term rating upgraded to [ICRA]A; short term rating reaffirmed; outlook revised to Stable from Positive

03 Jan 2024

Covalent Laboratories Private Limited: Ratings reaffirmed; outlook revised to Positive from Stable

Covalent Laboratories Private Limited: Ratings reaffirmed; outlook revised to Positive from Stable

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Entity-Specific Credit Perspective Reports

27 Apr 2026

Covalent Laboratories Private Limited

Covalent Laboratories Private Limited (Non-SF)

18 Nov 2024

Covalent Laboratories Private Limited

Covalent Laboratories Private Limited (Non-SF)

01 Feb 2024

Covalent Laboratories Private Limited

Covalent Laboratories Private Limited (Non-SF)

Ratings

Description
Short Term
Medium Term
Long Term
Issuer
Long-term – Fund-based – Term Loan -- -- [ICRA]A-(Stable) --
Long-term – Fund-based – Cash Credit -- -- [ICRA]A-(Stable) --
Short-term – Non-fund based – Others [ICRA]A2+ -- -- --

Our Analysts

Analyst 1

Gaurav Kushwaha

Analyst 2

Deepak Jotwani

Sector Head

Jitin Makkar
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