Mumbai, April 1 -- The credit ratio of India Inc declined in the second half of fiscal 2026, even as the overall credit outlook for the FY27 remains stable but cautious due to the ongoing West Asia conflict, noted Crisil Ratings in its latest projections.

The credit ratio of Indian companies, which measures the proportion of rating upgrades to downgrades, stood at 1.50 times in the second half of FY26, moderating from 2.17 times in the first half. During the period, there were 383 upgrades and 255 downgrades.

Despite the moderation, corporate resilience remained visible. The reaffirmation rate improved to around 82 per cent compared with about 80 per cent in the previous half, indicating stable credit profiles for a majority of companie...