[{"pressReleaseID":81986,"reportID":null,"reportTableReportID":null,"pressReleaseTitle":"India Ratings Resolves Rating Watch with Negative Implications on Hella Infra Market’s NCDs; Assigns Negative Outlook; Maintains Rating in Non-Cooperating Category ","prTypeID":null,"reportTypeID":null,"version":"new","prTypeName":"RAC","pressReleaseDate":null,"acceptanceStatus":"Yes","imagePath":null,"thumbNailImagePath":"https://www.indiaratings.co.in/data/Uploads/PressReleases/81986/Images/1.jpg","financialSummaryPath":"","description":null,"documentTitle":null,"documentType":null,"queryType":null,"isRAC":true,"sector":"Corporates","subSector":null,"issuerID":9432,"issuerName":"Hella Infra Market Limited (Formerly Hella Infra Market Private Limited)","overview":"

India Ratings and Research (Ind-Ra) has resolved the Rating Watch with Negative Implications on Hella Infra Market Limited’s (Hella) non-convertible debentures (NCDs) and assigned a Negative Outlook, while maintaining the rating in the non-cooperating category. The issuer had not made available critical information for the rating exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. The rating will now appear as ‘IND BB+/Negative(ISSUER NOT COOPERATING)’ on the agency’s website.  The detailed rating actions are given below:

","overviewHTML":null,"keyRatingDrivers":null,"ratingSensitivities":null,"esg":null,"companyProfile":"

Incorporated in 2016, Hella supplies construction materials including ready-mix concrete, aggregate, fly-ash, paints, construction chemicals, steel and cement. The company’s business model includes cloud manufacturing, catering to business-to-business clients, and direct retailing of its own contract manufactured products and other branded products. It also has distributors for various branded manufacturers and manages the supply chain.

","companyProfileSectionName":"About the Company","primaryAnalystID":281,"secondaryAnalystID":539,"tertiaryAnalystID":616,"chairpersonID":0,"mediaContactID":500,"location":"Mumbai","solicitationDisclosures":"

Additional information is available at www.indiaratings.co.in. The ratings above were solicited by the issuer, and therefore, India Ratings has been compensated for the provision of the ratings. 

Ratings are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security or any issuer.

","participationDisclosures":null,"disclaimer":"

ALL CREDIT RATINGS ASSIGNED BY INDIA RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: https://www.indiaratings.co.in/ratingdefinitions. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE WWW.INDIARATINGS.CO.IN. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. INDIA RATINGS’ CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE.

","metaTags":null,"effectiveDate":"Mar 20, 2026 | Hella Infra Market Limited (Formerly Hella Infra Market Private Limited)","effectiveDateTime":"0001-01-01T00:00:00","dateOfCreation":"Mar 20, 2026","isDeleted":false,"isMigratedData":false,"viewCount":0,"facebookShareCount":0,"linkedInShareCount":0,"googlePlusShareCount":0,"twitterShareCount":0,"ratingCriteriaReportsIDs":"173,181,194,206,210,223,230","pressReleaseStatus":"Publish","activity":"Created By UserID: 12","lastActivityDate":"3/20/2026 4:46:12 PM","currentRatings":"
Instrument Description Date of Issuance Coupon Rate (%) Maturity Date Size of Issue (million) Rating Assigned along with Watch/Outlook Rating Action
Non-convertible debentures* - - - INR10,915 IND BB+/Negative(ISSUER NOT COOPERATING) Rating Watch off; Negative Outlook assigned; maintained in non-cooperating category
*details in Annexure

","ratingHistory":"

Instrument Type

Current Rating/Outlook

Historical Rating/Outlook

Rating Type

Rated Limits (million)

Current Rating

16 October 2025

22 September 2025

22 May 2025

20 February 2025

22 March 2024

21 February 2024

22 September 2023

22 February 2023

29 August 2022

Non-convertible debentures

Long-term

INR10,915.00

IND BB+/Negative(ISSUER NOT-COOPERATING)

IND BB+/Rating Watch with Negative Implications(ISSUER NOT COOPERATING)

IND BB+/Rating Watch with Negative Implications(ISSUER NOT COOPERATING)

IND BBB+/Rating Watch with Negative Implications

IND A-/Negative

-

-

-

-

-

Issuer Rating

Long-term

-

-

-

-

-

-

-

-

WD

IND A/Negative

IND A/Negative

Bank loan facilities

Long-term/short- term

INR722.2

-

WD

IND BB+/Rating Watch with Negative Implications(ISSUER NOT COOPERATING)/IND A4+/Rating Watch with Negative Implications (ISSUER NOT COOPERATING)

IND BBB+/Rating Watch with Negative Implications/IND A2/Rating Watch with Negative Implications

IND A-/Negative /IND A2+

IND A-/Negative/IND A2+

IND A-/Negative/IND A2+

-

IND A/Negative/IND A1

IND A/Negative/IND A1

","annexure":"

Instrument Type

ISIN

Date of Issuance

Coupon Rate

Maturity Date

Rated Amount (million)

Rating

Non-convertible debentures^

INE06E507249

24 July 2024

10.97%

24 January 2026

INR250

IND BB+/Negative(ISSUER NOT COOPERATING

Non-convertible debentures^

INE06E507256

6 August 2024

10.97%

6 February 2026

INR500

IND BB+/Negative(ISSUER NOT COOPERATING

Non-convertible debentures

INE06E507306

29 October 2024

10.97%

29 April 2026

INR350

IND BB+/Negative(ISSUER NOT COOPERATING

Non-convertible debentures

INE06E507314

30 October 2024

10.97%

30 April 2026

INR115

IND BB+/Negative(ISSUER NOT COOPERATING

Non-convertible debentures

INE06E507348

6 December 2024

10.97%

6 June 2026

INR550

IND BB+/Negative(ISSUER NOT COOPERATING

Non-convertible debentures

INE06E507355

13 December 2024

10.97%

13 June 2026

INR450

IND BB+/Negative(ISSUER NOT COOPERATING

Non-convertible debentures^

INE06E507215

10 June 2024

10.97%

10 December 2025

INR500

IND BB+/Negative(ISSUER NOT COOPERATING

Non-convertible debentures^

INE06E507223

28 June 2024

10.97%

28 December 2025

INR500

IND BB+/Negative(ISSUER NOT COOPERATING

Non-convertible debentures^

INE06E507231

08 July 2024

10.97%

08 January 2026

INR750

IND BB+/Negative(ISSUER NOT COOPERATING

Non-convertible debentures^

INE06E507207

5 April 2024

10.97%

5 October 2025

INR350

IND BB+/Negative(ISSUER NOT COOPERATING

Non-convertible debentures

INE06E507389

28 March 2025

11.50%

28 March 2028

INR400

IND BB+/Negative(ISSUER NOT COOPERATING

Non-convertible debentures

INE06E507371

25 March 2025

11.50%

25 March 2028

INR500

IND BB+/Negative(ISSUER NOT COOPERATING

Non-convertible debentures

INE06E507397

11 April 2025

11.50%

11 April 2028

INR400

IND BB+/Negative(ISSUER NOT COOPERATING

Non-convertible debentures

INE06E507439

30 April 2025

11.50%

30 April 2028

INR200

IND BB+/Negative(ISSUER NOT COOPERATING

Non-convertible debentures

INE06E507447

8 May 2025

11.50%

8 August 2027

INR850

IND BB+/Negative(ISSUER NOT COOPERATING

Non-convertible debentures

INE06E507454

20 May 2025

11.50%

20 May 2028

INR1000

IND BB+/Negative(ISSUER NOT COOPERATING

Non-convertible debentures

INE06E507405

17 April 2025

11.50%

17 April 2028

INR500

IND BB+/Negative(ISSUER NOT COOPERATING

Non-convertible debentures

INE06E507413

25 April 2025

11.50%

25 April 2028

INR300

IND BB+/Negative(ISSUER NOT COOPERATING

Non-convertible debentures

INE06E507421

21 April 2025

11.50%

21 April 2028

INR200

IND BB+/Negative(ISSUER NOT COOPERATING

Non-convertible debentures

INE06E507462

22 May 2025

11.50%

22 May 2028

INR1,000

IND BB+/Negative(ISSUER NOT COOPERATING

Non-convertible debentures

INE06E507488

5 June 2025

11.50%

5 June 2028

INR500

IND BB+/Negative(ISSUER NOT COOPERATING

Non-convertible debentures*

INE06E507140

20 November 2023

13.00%

20 May 2026

INR750

IND BB+/Negative(ISSUER NOT COOPERATING

Total

INR10,915

 

Source: NDSL

^Rating for the ISINs where due dates have elapsed have not been withdrawn, since Ind-Ra has not received a withdrawal request from the issuer as well as a no-due certificates from the debenture trustee.
*As per the information provided by the Issuer, this ISIN has been redeemed, however, no-due certificate from the debenture trustee has not been received.

","complexityLevelOfInstruments":" \r\n \r\n \r\n \r\n\r\n
\r\n Instrument Type\r\n \r\n Complexity Indicator\r\n
Non-convertible debenturesLow
For details on the complexity level of the instruments, please visit https://www.indiaratings.co.in/complexity- indicators.

\r\n","nonCooperationwithPreviousRatingAgency":"

Not applicable

","descriptionAboutIndiaRating":"\r\n

India Ratings and Research (Ind-Ra) is India's SEBI registered credit rating agency committed to providing India's credit markets accurate, timely, and prospective credit opinions. Built on a foundation of independent thinking, rigorous analytics, and an open and balanced approach towards credit research, Ind-Ra has grown rapidly during the past decade, gaining significant market presence in India's fixed income market.

\r\n

Ind-Ra currently maintains coverage of corporate issuers, financial institutions (including banks and insurance companies), finance companies, urban local bodies, and structured finance and project finance companies.

\r\n

Headquartered in Mumbai, Ind-Ra has seven branch offices located in Ahmedabad, Bengaluru, Chennai, Gurugram, Hyderabad, Kolkata, and Pune. Ind-Ra is recognised by the Securities and Exchange Board of India and the Reserve Bank of India.

\r\n

Ind-Ra is a 100% owned subsidiary of the Fitch Group.

","industry":"Other Construction Materials","industryName":null,"isRACPriority":false,"fileName":null,"isAWCTriggerCompleted":false,"isRACMailSent":true,"racMailSentDateTime":"2026-03-20T16:48:40","primaryAnalyst":null,"priority":null,"primaryAnalystName":"Siddharth Rego","primaryAnalystDesignation":"Associate Director","primaryAnalystCompanyName":"India Ratings and Research Pvt Ltd","primaryAnalystAddress":"Wockhardt Towers, 4th Floor, West Wing, Bandra Kurla Complex, Bandra East,Mumbai - 400051","primaryAnalystContactNumber":"+91 22 40356115","secondaryAnalystName":"Sarthak Bhauwala","secondaryAnalystDesignation":"Senior Analyst","secondaryAnalystCompanyName":null,"secondaryAnalystContactNumber":"02240356154","tertiaryAnalystName":"Pradeep Singh","tertiaryAnalystDesignation":"Analyst","tertiaryAnalystCompanyName":null,"tertiaryAnalystContactNumber":"+91 22 40356150","additionalAnalystName":null,"additionalAnalystDesignation":null,"additionalAnalystCompanyName":null,"additionalAnalystContactNumber":null,"chairpersonName":null,"chairpersonDesignation":null,"chairpersonCompanyName":null,"chairpersonContactNumber":null,"mediaRelationName":"Ameya Bodkhe","mediaRelationDesignation":"Marketing Manager","mediaRelationCompanyName":null,"mediaRelationContactNumber":"+91 22 40356121","issuerInformationStatus":null,"detailedRationaleOfRatingAction":"

Ind-Ra has maintained the rating within the non-cooperating category is in accordance with Ind-Ra’s policy, Guidelines on What Constitutes Non-Cooperation. 

Ind-Ra had earlier placed the ratings on Rating Watch with Negative Implications on 22 September 2025 to reflect the risks to Hella’s credit profile if its liquidity position remains stretched. The agency has resolved the Rating Watch in the absence of adequate clarity and information (including operational and financial performance, liquidity position, debt servicing obligations, future plans, etc.) to monitor the ratings and insufficient visibility to provide a forward-looking credit view.  

The Negative Outlook reflects the likelihood of a downgrade of the entity’s ratings on continued non-cooperation.

","nonCooperationByTheIssuer":"

Ind-Ra has been following up with Hella over emails for the required information to monitor the ratings, but has not received critical details including:

·    Operational and financial performance since 1QFY26

·    Current liquidity position including working capital position, cash flow generation since 1QFY26

·    Updates on capex spends/plans and its funding

·    Consolidated net debt status and updated repayment schedule FY27 onwards

Updates on its Singapore subsidiary

","limitationsRegardingInformationAvailability":"

Ind-Ra is unable to provide an updated forward-looking view on the credit rating of Hella, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in ‘Transparency of Financial Information’. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer’s credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. Hella has been non-cooperative with the agency since 22 September 2025.

","listOfKeyRatingDrivers":null,"liquidity":null,"disclosuresForCERating":null,"disclosuresForProvisionalRating":null,"anyOtherInformation":"

Not applicable

","keyFinancialsIndicators":null,"correctionInPreviousRatingActionCommentary":null,"showLoginToContinueReading":"N","racDisclosure":null,"temp1":null,"temp2":null,"totalRowsCount":null,"totalPageCount":null,"ratingCriteriaList":[{"criteriaReportID":"173","title":"Evaluating Corporate Governance","documentPath":"https://www.indiaratings.co.in/data//Uploads/CriteriaReport/2023/Evaluating Corporate Governance.pdf"},{"criteriaReportID":"181","title":"Corporate Rating Methodology","documentPath":"https://www.indiaratings.co.in/data//Uploads/CriteriaReport/2023/Corporate Rating Methodology.pdf"},{"criteriaReportID":"194","title":"Policy for Placing Ratings on Rating Watch","documentPath":"https://www.indiaratings.co.in/data//Uploads/CriteriaReport/2024/Policy for Placing Ratings on Rating Watch-May.pdf"},{"criteriaReportID":"206","title":"Guidelines on What Constitutes Non-Cooperation","documentPath":"https://www.indiaratings.co.in/data//Uploads/CriteriaReport/2025/Guidelines on What Constitutes Non-Cooperation-Jan.pdf"},{"criteriaReportID":"210","title":"Treatment and Notching of Hybrids in Nonfinancial Corporates","documentPath":"https://www.indiaratings.co.in/data//Uploads/CriteriaReport/2025/Treatment and Notching of Hybrids in Nonfinancial Corporates-Mar.pdf"},{"criteriaReportID":"223","title":"Parent and Subsidiary Rating Linkage","documentPath":"https://www.indiaratings.co.in/data//Uploads/CriteriaReport/2025/Parent and Subsidiary Rating Linkage-Mar.pdf"},{"criteriaReportID":"230","title":"The Rating Process","documentPath":"https://www.indiaratings.co.in/data//Uploads/CriteriaReport/2025/The Rating Process-Sep.pdf"}]}]