- Vishnu Prakash R Punglia Limited (NSE: VPRPL, BSE: 543974) disclosed that its bank‑facility rating has been reclassified to “Issuer Not Cooperating” (INC) – CARE D as of 12 September 2026.
- The company terminated its prior rating arrangement with CARE Ratings, rejected CARE’s review on 25 February 2026, and obtained an independent assessment from another SEBI‑registered agency, which was issued on 26 August 2026.
- VPRPL confirmed it is still servicing its debt according to lender terms and remains committed to timely regulatory disclosures.
- It has asked the NSE and BSE to record this information in its official filings; the filing was digitally signed by Managing Director Manohar Lal Punglia on 12 September 2026.
Reclassification to 'Issuer Not Cooperating' (INC) – CARE D carries a sharp negative credit stigma in Indian capital markets. Even though VPRPL rejected CARE's review, terminated the engagement, obtained a separate IVR BB+/Stable rating from Infomerics in late August 2026, and confirmed active debt servicing, equity markets typically react negatively to a 'D' category designation. The disclosure is likely to trigger precautionary selling and heightened investor concern over liquidity and banking facility limits, especially following VPRPL's Q1 FY27 losses and working capital stretch.
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