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Entity-Specific Rating Rationales

28 Apr 2026

H.G. Infra Engineering Limited: Ratings reaffirmed and assigned for enhanced amount for bank facilities; rating reaffirmed for NCD

H.G. Infra Engineering Limited: Ratings reaffirmed and assigned for enhanced amount for bank facilities; rating reaffirmed for NCD

02 Feb 2026

H.G. Infra Engineering Limited: Update on Material Event

H.G. Infra Engineering Limited: Update on Material Event

22 Aug 2025

H.G. Infra Engineering Limited: Ratings reaffirmed; [ICRA]AA- (Positive) assigned for fresh NCD of Rs. 400.00 crore

H.G. Infra Engineering Limited: Ratings reaffirmed; [ICRA]AA- (Positive) assigned for fresh NCD of Rs. 400.00 crore

13 May 2025

H.G. Infra Engineering Limited: Ratings reaffirmed and rated amount enhanced

H.G. Infra Engineering Limited: Ratings reaffirmed and rated amount enhanced

06 Jan 2025

H.G. Infra Engineering Limited: Rating withdrawn for non-convertible debentures

H.G. Infra Engineering Limited: Rating withdrawn for non-convertible debentures

06 Feb 2024

H.G. Infra Engineering Limited: Ratings reaffirmed and rated amount enhanced; outlook revised from Stable to Positive

H.G. Infra Engineering Limited: Ratings reaffirmed and rated amount enhanced; outlook revised from Stable to Positive

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Entity-Specific Credit Perspective Reports

26 May 2026

H.G. Infra Engineering Limited

H.G. Infra Engineering Limited (Non-SF)

06 Jun 2025

H.G. Infra Engineering Limited

H.G. Infra Engineering Limited (Non-SF)

06 Mar 2024

H.G. Infra Engineering Limited

H.G. Infra Engineering Limited (Non-SF)

Ratings

Description
Short Term
Medium Term
Long Term
Issuer
Long-term – Fund-based – Cash Credit -- -- [ICRA]AA-(Positive) --
Long-term/Short-term – Non-fund based – Others [ICRA]A1+ -- [ICRA]AA-(Positive) --
NCD -- -- [ICRA]AA-(Positive) --
Non-Convertible Debenture -- -- Withdrawn --

Our Analysts

Analyst 1

Mrinal Jain

Analyst 2

Ritu Goswami

Sector Head

Ashish Modani
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