Reliance Infra’s credit rating rises three notches after six years, driven by deleveraging, debt repayments, and liquidity improvement.

• Achieved net zero debt via repayments, warrant issues totaling ₹3,010 crore, easing liquidity pressure and boosting credit profile.
• Timely debt servicing for three months aided upgrade; risks remain from arbitrations, payables, and a weak financial profile.
• E&C segment turnaround expected in FY26; plans FCCBs and QIP raises for sustained liquidity and future rating stability.