Care Ratings (CARE) has upgraded the ratings for Inox Wind Limited’s (IWL) banking facilities to its highest rating of ‘CARE A1+’ for short-term facilities, up from CARE A1, the company announced today. The rating agency also elevated IWL’s long-term bank facilities to ‘CARE A+ / STABLE’ from ‘CARE A / Stable’.

The shares of Inox Wind Limited were trading at ₹153.26 down by ₹2.10 or 1.35 per cent on the NSE today at 10.42 am.

The upgrade marks the second rating agency in the past fortnight to assign its highest ratings to IWL’s short-term banking facilities. The improved ratings reflect enhanced business risk profile following substantial improvements in the company’s operating and financial performance.

IWL, a part of the US$12 billion INOXGFL Group, maintains a robust order book of approximately 3.5 GW. The company primarily utilizes its banking facilities through letter of credits and bank guarantees, while its long-term facilities are rarely used due to a net cash positive balance sheet.

• Also read: Inox Wind secures top credit rating for short-term facilities 

As India’s leading wind energy solutions provider, IWL operates four manufacturing plants across Gujarat, Himachal Pradesh, and Madhya Pradesh, with a manufacturing capacity of about 2.5 GW per annum. The company produces key wind turbine components including blades, tubular towers, hubs, and nacelles, offering comprehensive services from concept to commissioning through its subsidiaries Inox Green Energy Services Ltd. and Resco Global Wind Services Pvt. Ltd.