Wockhardt credit ratings upgraded by ICRA with positive outlook

ICRA Limited has upgraded Wockhardt Limited's credit ratings across various instruments as of August 26, 2025. The long-term fund-based term loan now stands at BBB (Positive), an upgrade from BBB- (Stable). Similarly, the long-term/short-term fund-based, non-fund-based, and unallocated limits have all been upgraded to BBB (Positive)/A3+ from their previous BBB- (Stable)/A3 ratings.

The rating upgrade reflects ICRA's consideration of Wockhardt's sustained and healthy increase in earnings, cash flow, and operating profit margins. The company has also demonstrated an improved financial profile, enhanced liquidity position, and a robust debt protection matrix.

ICRA further acknowledged Wockhardt's healthy market position in India, Europe, and emerging markets, alongside the recent launch of its new NCE Miqnaf®, contributing to the revised positive outlook.