BLS International Services Ltd. announced ratings and assignments from ICRA, including an assigned rating of [ICRA] AA- (Stable) for a proposed term loan of 39.00, fund-based limits of 5.00, and assigned ratings of [ICRA] A1+ for short-term non-fund based bank guarantees totaling 256.00 and RBI short-term non-fund based bank guarantees also totaling 256.00; ICRA also affirmed a stable outlook, citing expectations of continued benefit from market position, diversified business profile, and healthy cash generation, while assigning a BBB+ rating with a stable outlook to its bonds, noting a potential downgrade if Total Debt/OPBITDA exceeds 1.5x; the agency projects operating cash flows of Rs. 749 crore in FY2026, free cash and liquid investments of Rs. 1,648 crore as of March 31, 2026, and a net cash position of Rs. 1,218 crore as of March 31, 2026, alongside a potential upgrade contingent on diversification and earnings growth.
