New Delhi, Sep 30
India Inc. credit ratio rose to 2.56 times in the first half of this fiscal (H1FY26), up from 2.35 times in the second half of the previous financial year.
The increase underscores strong, broad-based resilience across sectors.
"In H1FY26, upgrades improved to 15 per cent from 14 per cent seen in H2FY25, while downgrades remained steady at 6 per cent," Care Edge Ratings said in its report.
The rating agency upgraded ratings for 282 firms, while 110 were downgraded.
Steady domestic demand and the government’s infrastructure push sustained upgrade momentum, with nearly 40 per cent of all upgrades linked to infrastructure.
According to the report, against this complex backdrop, India’s infrastructure story continues to shine, supported by policy thrust and steady investment momentum. The credit ratio of the infrastructure sector jumped to 8.54 times in H1FY26, with Transport Infrastructure and Power leading the upgrades.