16

16 Borrowings

(₹ In Crore)

Particulars

Non-current

Current

As at 31 March

As at 31 March

2026

2025

2026

2025

    

Secured

Term loan from banks (refer note (i) for details)

– INR loans

7,480.75

4,199.95

5,652.40

2,339.17

– Foreign currency loan

2,369.57

1,882.79

39.70

–

Secured NCD (7.25%, 50,000 NCD of ₹ 100,000 each)

500.00

–

–

–

Interest accrued but not due

–

–

25.90

14.61

Other Loans

Unsecured

Term loan from banks

– Foreign currency loan

4,988.61

–

871.94

–

Loan from Related parties

–

–

42.62

–

Interest accrued but not due on loan from related parties

0.01

–

9.09

–

INR loan, from a bank as packing credit facility against exports

–

–

–

800.00

15,338.94

6,082.74

6,641.65

3,153.78

Current borrowings includes:

Current maturities of long term borrowings

Secured

5,718.00

2,353.78

Unsecured

51.71

–

5,769.71

2,353.78

   

(i) Details of loans:

Particulars

Maturity Date

Secured/ Unsecured

Interest Rate

(J In Crore)

Repayment Terms

     

FY 2025-26

Term loan 1

31-Dec-29

Secured

7.15%-7.90%

1,285.18

Quarterly

Term loan 2

15-Mar-27

Secured

6.13% – 7.10%

400.00

Bullet

Term loan 3

11-Nov-27

Secured

6.15% – 8.20%

291.67

Quarterly

Term loan 4

27-Nov-28

Secured

5.4% – 8.52%

1,258.83

Quarterly

Term loan 5 (Foreign currency loan) (ECB)

26-Mar-29

Secured

7.75% – 8.60%

2,081.77

5 quarterly installments before maturity

Term loan 6

26-Mar-30

Secured

5.4% – 8.50%

1,111.79

Quarterly

Term loan 7

14-Oct-27

Secured

8.14%

500.00

5 monthly installments before maturity

Term loan 8

23-Feb-29

Secured

7.50%

500.00

Bullet

Term loan 9

26-Sep-29

Secured

7.25%-8.70%

1,199.58

Quarterly

Term loan 10

30-Aug-28

Secured

7.42% -8.38%

1,166.66

Quarterly

Term loan 11

29-Sep-27

Secured

7.71% – 8.10%

468.72

Quarterly

Term loan 12

18-Jun-26

Secured

7.35%

250.00

Bullet

Term loan 13

22-Jan-28

Secured

7.45%-7.61%

160.00

Half yearly

Term loan 14

31-Jul-28

Secured

7.01%-7.40%

1,286.62

Quarterly

Term loan 15

30-Sep-28

Secured

7.20%-7.45%

832.88

Quarterly

Term loan 16

29-Dec-28

Secured

7.55%-7.8%

674.58

Quarterly

Term loan 17

15-Aug-28

Secured

7.50%

340.91

Quarterly

Term loan 18

18-Nov-29

Secured

7.4%-7.53%

1,405.99

Quarterly

Unsecured Bank loan of Euro 473 million*

2027-2031

Unsecured

EURIBOR+1.40

4988.58

Quarterly (Starting June 2027)

Unsecured Bank loan of Euro 50 million

19-May-26

Unsecured

EURIBOR+1.50

544.98

Repayable in Full

Unsecured Bank loan of Euro 30 million

18-May-26

Unsecured

EURIBOR+1.35

326.99

Repayable in Full

1.05% Oberbank Secured loans

30-Jun-29

Secured

1.05%

34.83

Half-yearly

4.03% Pierer Industrie

31-Dec-26

Unsecured

4.03%

42.62

Repayable in Full

8.35% Mortgage loan – Nuveen

10-Apr-56

Secured

8.35%

147.18

Half-yearly

5.79% Oberbank Secured loans

30-Jun-29

Secured

5.79%

96.76

Half-yearly

4.12% Oberbank Secured loans

30-Jun-42

Secured

4.12%

35.71

Half-yearly

2.24% Mortgage loan – RLB

31-Jul-26

Secured

2.24%

4.44

Half-yearly

2.24% Mortgage loan – SPK

31-Jul-26

Secured

2.24%

8.57

Half-yearly

Non-convertible Debenture- Secured (NCD)

27-Nov-28

Secured

7.25%

500.00

Repayable in Full

Less: Impact of EIR

(0.25)

Total

21945.59

     

a)

Term loans other than ECB is denominated in indian currency and secured against loans and book debts.

b)

External commercial borrowing is denominated in foreign currency and secured against loans and book debts.

c)

Other than Term loans, ECB and NCD, loans of BAIHAG group are secured by property, plant and equipment as specified under notes to accounts 2(e).

     

* On 26 February 2026 BAIHAG has entered into a new loans of BAIHAG group agreement of Euro 550 million with international banking consortium consisting of J.P. Morgan SE, HSBC, DBS Bank Limited and MUFG Bank Ltd. The BAIHAG Group has obtained a sanctioned borrowing facility from its lenders amounting to Euro 550 million. As at the reporting date, the BAIHAG group has utilised approximately Euro 473 million of the sanctioned limit, with the balance remaining unutilised.

The borrowing has been accounted as significant transactions between 31 December 2025 and the date of these financial statement in accordance with Paragraph B93 of IndAS 110.

The BAIHAG Group’s financing arrangements are subject to certain financial covenants, compliance with which is required throughout the tenure of the facilities at BAIHAG level. The principal covenants are as follows:

- Ratio of total net debt to consolidated EBITDA shall not exceed; (4.5:1 – June 2027, 3.5:1 – December 27 to June 2028, 2.5:1 December 2028 to June 2030).

- Ratio of consolidated EBITDA to consolidated net finance charges shall not be less than; (2:1 – June 2027, 3:1 – December 27 to June 2028, 4:1 December 2028 to June 2029).

- Consolidated net worth shall not at any time be less than zero.

The Borrower and BAIHAG Group entities shall not create or permit any security over their assets, except for permitted liens and arrangements in the ordinary course of business. The BAIHAG Group shall not enter into sale-and-leaseback transactions, dispose receivables on recourse terms, enter title retention or preferential arrangements, or permit set-off/combination of accounts, where such transactions are primarily for raising indebtedness or financing asset acquisitions. The covenant would be tested at the end of each reporting period or the relevant date as mentioned in the agreement. The BAIHAG Group currently has no indication that it will have difficulty complying with this covenant.

- The borrowings pertaining to financial service business of the Group, has unutilised ₹ 1000 crore of the sanctioned limit. Also, these borrowings are subject to major covenants as, Shareholding of Holding Company to be atleast 51% and CRAR to be maintained as per regulatory guidelines.

- The other loans do not carry any significant covenant.

     

Particulars

Maturity Date

Secured/ Unsecured

Interest Rate

(J In Crore)

Repayment Terms

     

FY 2024-25

Term loan 1

02-Sep-28

Secured

7.80%- 8.03%

874.98

Quarterly

Term loan 2

16-Mar-26

Secured

7.62% – 7.77%

400.00

Bullet

Term loan 3

30-Nov-28

Secured

8.50%- 8.55%

468.75

Quarterly

Term loan 4

11-Nov-27

Secured

7.85% – 8.42%

491.67

Quarterly

Term loan 5 (Foreign currency loan)

26-Mar-29

Secured

7.75% – 8.60%

1,882.79

5 quarterly instalments before maturity

Term loan 6

20-Mar-28

Secured

7.20% – 8.70%

770.83

Quarterly

Term loan 7

29-Sep-27

Secured

8.50% – 8.60%

1,045.83

Quarterly

Term loan 8

14-Oct-27

Secured

8.14%

500.00

5 monthly instalments before maturity

Term loan 9

31-Dec-28

Secured

8.60% – 8.70%

374.98

Quarterly

Term loan 10

28-Mar-28

Secured

8.38%

500.00

Quarterly

Term loan 11

29-Sep-27

Secured

8.10% – 8.60%

625.00

Quarterly

Term loan 12

29-Feb-28

Secured

8.40%

487.49

Quarterly

Packing credit facility

20-Jun-25

Secured

1m T-bill+43 bps

800.00

Repayable in Full

Less: Impact of EIR

(0.41)

Total

9,221.91

     

a) Term loans other than ECB is denominated in indian currency and secured against loans and book debts.

b) External commercial borrowing is denominated in foreign currency and secured against loans and book debts.