Orient Press FD Rating Unchanged at CARE BB; Stable, Upgrade Denied

Orient Press Limited's fixed deposit rating remains 'CARE BB; Stable' as CARE Ratings has maintained its assessment following a review. The company's request for an upgrade was unsuccessful, leading to no change in the credit rating. The rating pertains to a Fixed Deposit programme of ₹8.00 crore, with ₹6.96 crore outstanding as of December 31, 2025.

Reader Takeaway: Rating maintained for stability; upgrade denial flags persistent financial pressures.

What just happened (today’s filing)

CARE Ratings has reaffirmed the 'CARE BB; Stable' rating for Orient Press Limited's fixed deposit programme. This decision comes after the company sought an improved credit rating. However, CARE Ratings was unable to grant an upgrade during its review.

The rating covers Orient Press's Fixed Deposit programme of ₹8.00 crore. As of December 31, 2025, the outstanding amount under this programme was ₹6.96 crore.

Why this matters

A 'Stable' outlook on a credit rating generally signifies a low likelihood of rating change in the near term. For fixed deposits, this rating suggests a moderate degree of safety concerning the timely payment of interest and principal. The inability to secure an upgrade indicates that the rating agency perceives existing financial conditions or risks that prevent an improved assessment.

The backstory (grounded)

Orient Press Limited operates in the printing and packaging sector, involved in commercial printing, flexible packaging, and paperboard packaging [1, 2, 6, 7, 12, 28]. The company has faced financial headwinds in recent years. In March 2025, CARE Ratings had downgraded the company's rating to 'CARE BB; Stable' from 'CARE BB+; Stable', citing 'stretched liquidity' and persistent 'PAT losses' [10]. Earlier, in March 2024, ratings were reaffirmed at 'CARE BB+; Stable' amidst concerns of deteriorating gearing and strained debt coverage indicators [19]. Previous assessments also highlighted the company's working capital intensity and exposure to regulatory risks in the flexible packaging segment [18]. Despite these challenges, the company reported a turnaround to profitability in Q3 FY26, with a net profit of ₹7.53 lakhs, although revenues have seen a decline year-on-year [4].

What changes now

For existing fixed deposit holders, the rating reaffirmation implies no immediate change in the perceived creditworthiness of their investment, maintaining the 'Stable' outlook. However, the denial of an upgrade signals that the company's financial health and risk profile may not have significantly improved in the eyes of the rating agency.

Risks to watch

CARE Ratings reserves the right to revise, reaffirm, or withdraw the assigned rating. If required information is not provided for continuous monitoring, the agency could label the issuer as 'ISSUER NOT COOPERATING'.

Furthermore, the existing ratings do not account for potential trigger clauses that could lead to accelerated payments upon downgrades. If such clauses are introduced and activated, the ratings could face volatility and sharp downgrades.

Peer comparison

Orient Press operates in a competitive landscape with players like Uflex Limited, EPL Limited, AGI Greenpac Ltd, and TCPL Packaging Ltd [15, 21, 22, 24, 25]. While specific credit ratings of all peers are not directly comparable due to differing scales and business profiles, many packaging companies are focused on growth and innovation, with evolving sustainability mandates influencing the sector.

Context metrics (time-bound)

• Fixed Deposit Programme Amount: ₹8.00 crore (As of March 2026)
• Outstanding Fixed Deposit Amount: ₹6.96 crore (As of December 31, 2025)

What to track next

Investors and fixed deposit holders should monitor future rating reviews by CARE Ratings for any changes in outlook or credit assessment.

Keep an eye on Orient Press's financial performance, particularly its ability to sustain profitability and manage its working capital effectively.

Observe any communication from CARE Ratings regarding "ISSUER NOT COOPERATING" status or the introduction/activation of trigger clauses impacting the FD programme.

Follow any strategic announcements by the company that could influence its financial stability or growth trajectory.