New Delhi: 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.

Reaffirmations remained largely stable at 80 per cent over the past three years, indicating that most ratings continued to hold strong despite a changing external environment, the report stated.

Steady domestic demand and the government’s infrastructure push sustained upgrade momentum, with nearly 40 per cent of

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