Thapar Institute of Engineering & Technology

Brickwork Ratings downgrades the ratings for the Bank Loan Facilities of Rs. 216.00 Crs. of Thapar Institute of Engineering & Technology based on best available information, as the issuer did not cooperate.

Particulars

Facilities**	Amount (Rs.Crs.)		Tenure	Rating#
	Previous	Present		Previous (07 Feb 2025)	Present
Fund Based	216.00	216.00	Long Term	BWR BBB+/Stable removal from ISSUER NOT COOPERATING* category/Upgraded	BWR BBB /Stable ISSUER NOT COOPERATING* /Downgrade
Grand Total	216.00	216.00	(Rupees Two Hundred Sixteen Crores Only)

#Please refer to BWR website www.brickworkratings.com for definition of the ratings
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure
*Issuer did not cooperate; based on best available information.

RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION

Brickwork Ratings has downgraded the rating of the long-term Bank  loan facilities of "Thapar Institute of Engineering and Technology" for Rs. 216 crores at "BWR BBB" and migrated the same in the Issuer Not Cooperating category, based on best available information, as the Issuer did not cooperate.

BWR took up with the issuer and its banker over emails and through telephone calls to provide the required information. Despite the best efforts of BWR to get at least the minimum required information for a review, neither the entity nor its banker has provided the same. In the absence of adequate information from the entity and its banker, BWR is unable to assess the entity's financial performance or its ability to service its debt and maintain a valid rating. The entity has not submitted the NDS of March 2026. Therefore, based on best available information,  lack of management cooperation, non-submission of NDS, and lack of banker’s feedback, the long-term rating was downgraded to "BWR BBB" and moved the ratings  in the Issuer Not Cooperating* category, as the Issuer did not cooperate.

The lenders/investors may note to exercise due caution while using the above rating, which mentions "Issuer Not Cooperating" since the rating lack any projections or forward-looking component as it is arrived at based on the best available information without any management/banker's interaction.

LIMITATIONS OF THE RATING

Information availability risk is a key factor in the assessment of credit risk as generally, non-cooperation by the rated entities to provide required information for a review of the assigned rating may also be accompanied by financial stress. Users of the credit rating should therefore take into account possible deterioration in the credit quality of the rated entity arising from its non-transparency withholding of information required for a review of the rating

ABOUT THE ENTITY

Thapar Institute of Engineering and Technology (TIET) was established under the Thapar Educational Trust (TET) in 1956 by the late Mr. Karam Chand Thapar. The trustees are managing the deemed to be university- TIET. The university is engaged in imparting higher education since 1956. Subsequently, in 1985, the Thapar University Act was passed and the institute was ‘deemed to be a university’ by UGC and the institute was named ‘Thapar University’. However, in FY17, it was renamed again as ‘Thapar Institute of Engineering and Technology’ (TIET) after UGC barred ‘deemed to be universities’ from using the word “University” in their names. The major operations of the university are being managed from its Patiala (Punjab) campus. At this campus, it offers graduate and post-graduate courses in engineering, sciences, management etc. along with doctoral courses for these streams. In addition, the university also operates an off-campus center by the name LM Thapar School of Management in Dera Bassi, Punjab since 2007.

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Creadit Rating Agency	Status and Reason for Non-Cooparation	Date of Press Release
CARE	Care has downgraded the ratings to CARE BB-(Stable ) and maintained the ratings in the INC category based on non submission of information	09Oct2025

ANY OTHER INFORMATION

ICRA has assigned ratings of ICRA A- (Stable ) on 31 March 2026

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)

Facilities	Current Rating  (2026)			2025		2024		2023
Type	Tenure	Amount (Rs.Crs.)	Rating	Date	Rating	Date	Rating	Date	Rating
Fund Based	LT	216.00	BWR BBB/Stable (ISSUER NOT COOPERATING* /Downgrade)	07Feb2025	BWR BBB+Stable (removal from ISSUER NOT COOPERATING* category/Upgraded)	29Mar2024	BWR BBB Stable (ISSUER NOT COOPERATING* /Downgrade)	NA	NA
		0.00	NA	NA	NA	23Sep2024	BWR BB+ Stable (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)	NA	NA
Grand Total		216.00	(Rupees Two Hundred Sixteen Crores Only)

Hyperlink/Reference to applicable Criteria

• General Criteria
• Approach to Financial Ratios
• Policy On Issuer Non -Cooperation
• Education Sector

Analytical Contacts
Karan Ahluwalia Ratings Analyst karan.ahluwalia@brickworkratings.com	Ravi Rashmi Dhar Director - Ratings ravi.d@brickworkratings.com
Media Contact | media@brickworkratings.com	Client Support | clientsupport@brickworkratings.com

SL.No.	Name of the Bank/Lender	Type Of Facilities	Long Term(Rs.Crs.)	Short Term(Rs.Crs.)	Total(Rs.Crs.)	Complexity of the Instrument
1	HDFC Bank	Term Loan - Out-standing	33.75	_	33.75	Simple##
2	HDFC Bank	Term Loan - Out-standing	_	_	0.00	Simple##
3	HDFC Bank	Term Loan - Out-standing	_	_	0.00	Simple##
4	HDFC Bank	Term Loan - Out-standing	_	_	0.00	Simple##
5	HDFC Bank	Term Loan - Out-standing	7.50	_	7.50	Simple##
6	HDFC Bank	Term Loan - Out-standing	25.00	_	25.00	Simple##
7	HDFC Bank	Term Loan - Out-standing	76.00	_	76.00	Simple##
8	HDFC Bank	Term Loan - Out-standing	13.75	_	13.75	Simple##
9	HDFC Bank	Working Capital Demand Loan - Sanctioned	15.00	_	15.00	Simple##
10	ICICI Bank	Over Draft - Sanctioned	30.00	_	30.00	Simple##
11	Punjab National Bank	Over Draft - Sanctioned	15.00	_	15.00	Simple##
Total			216.00	0.00	216.00
TOTAL (Rupees Two Hundred Sixteen Crores Only)

##BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.