Trident's NCDs affirmed at 'IND AA' with stable outlook

Trident Limited (BSE: TRIDENT) announced that India Ratings and Research (Ind-Ra) has affirmed its proposed non-convertible debentures (NCDs) at 'IND AA' with a 'Stable' outlook. The rating reflects Trident's healthy business profile and sustained operating performance in 9MFY25, with revenue remaining stable at INR51.1 billion. Ind-Ra anticipates deleveraging over FY25-FY26, expecting net adjusted leverage to fall to around 1.60x in FY25 and the company to maintain a healthy EBITDA run-rate of INR9 billion-11 billion. While the affirmation acknowledges the company's strengths in the paper business and fiscal incentives, it also recognizes the constraints of high revenue concentration, intense competition, and forex risks. The rating also factors in the completion of planned capacity expansion, expected to boost volumes and enhance EBITDA generation.