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Rationale    While arriving at the ratings, ICRA has taken a consolidated view of Mrs Bectors Food Specialities Limited (MBFSL) and Bakebest Foods Private Limited (BFPL), commonly referred to as the Group, given the close business, financial and managerial linkages among the entities. The rating action factors in ICRA's expectation of continued healthy operational performance of Mrs. Bectors Food Specialities Limited (MBFSL), supported by its established brands in biscuits and bakery segments. Moreover, the extensive experience of its promoters in the industry, its well-entrenched distribution network and wide market reach across northern India provide further comfort. The ratings also factor in MBFSL's established relationships with reputed institutional clients for biscuit exports under private labelling, and large quick service restaurant (QSR) customers for its institutional bakery items (buns and breads). In FY2025, the company registered a healthy growth of 15% in its operating income, led by a strong YoY segmental growth in both its bread and bakery segments. The revenue growth moderated to around 8% in 9M FY2026 owing to weak demand from export markets(impacted by USA tariffs), leading to lower-than-expected growth in biscuits segment. The ongoing capacity enhancements in both breads and bakery businesses is expected to generate adequate surplus capacity for the company to scale up over the medium term as well as regionally diversify its presence. ICRA expects MBFSL's revenues to grow at moderate pace over the medium term, drivenby its increasing distribution reach, with focus on expansion in western and southern regions. The operating profit margins are expected to remain at 12-13.5%, as benefits of operating leverage will be offset to an extent by the company's investments towards marketing and brand-building and elevated raw material prices in the near term. A sustained revenue growth, together with healthy profitability, inherently low working capital requirements and phased capacity expansions have supported the company's cash flows over the years, keeping its reliance on debt limited. The company successfully completed its qualified institutional placement (QIP) in September 2024, which resulted in the infusion of Rs. 400 crore. The proceeds from the same have been used for debt prepayment and towards part-funding of the ongoing capex. Along with sustained accretion to reserves, the proceeds from the QIP improved the company's capitalisation and coverage metrics. The sustenance of healthy business performance is expected to help the entity maintain strong financial risk profile going forward. The ratings also continue to draw strength from the company's well-recognised brands in northern India, its strong distribution network and its established relationships with reputed institutional clients for biscuit exports, sales of buns and private labelling. The extensive experience of MBFSL's promoters in the food-processing industry, its regionally diversified manufacturing base across multiple states and favourable growth prospects for the industry provide further comfort. The ratings, however, remain constrained by exposure to stiff competition from branded as well as local/regional players, vulnerability of the company's profitability to adverse movements in raw material prices, and high quality and reputational risks, given its presence in the food industry. Despite efforts made in recent years to regionally diversify its presence, the company continues to derive most of its revenues from the northern Indian states, exposing it to concentration risk. The ratings continue to be constrained by its exposure to stiff competition from branded as well as local/regional players, vulnerability of the company's profitability to adverse movements in raw material prices, and high quality and reputational risks, given comfortable, aided by healthy cash accruals, coupled with low external debt and a healthy liquidity position. MBFSL's presence in the food industry. The Stable outlook on the long-term rating reflects ICRA's expectation that the credit profile of the entity will remainPowered by Capital Market - Live

The order is scheduled to be executed over the next 5'6 months. These casing pipes are critical components of the structural casing string installed in wellbores, helping stabilize wells and support subsequent casing strings during offshore drilling operations. Designed for operational safety and structural integrity, the pipes ensure long-term reliability in challenging offshore environments. UDTL is currently the only domestic supplier of these specialized products in India. The company said rising crude oil prices, partly due to geopolitical tensions involving Israel, Iran, and the United States, are expected to drive higher drilling activity, creating a favourable demand environment for its products in the near to medium term. 'This prestigious order underscores our strong partnership with ONGC and reaffirms the trust our customers place in our high-performance products and stringent quality standards,' UDTL said. The pipes will be manufactured domestically, reinforcing the company's commitment to promoting indigenous manufacturing, reducing import dependence, and strengthening India's industrial capabilities in the oil and gas equipment sector. UDTL added that the order strengthens its order book and revenue visibility, supporting both short-term operational stability and long-term growth. Jyoti Kumar, GM ' Sales and Marketing, said, 'We are pleased to secure this order for 36-inch casing connectors, which incorporate advanced multi-start thread technology. This design allows faster makeup with minimal rotations, reduces the risk of cross-threading during installation, and provides the structural strength required for drivable conductor casing. These features help operators improve installation efficiency while ensuring reliability in demanding offshore conditions.' United Drilling Tools is a leading manufacturer of oil drilling-related equipment in India and has obtained global quality certifications for its major products. The scrip fell 1.21% to Rs 180.70 on the BSE. Maharatna ONGC is the largest crude oil and natural gas company in India, contributing around 71% to domestic production. It has in-house capabilities across all areas of oil and gas exploration, production, and related services. The Government of India held a 58.89% stake in ONGC as of December 2025. The scrip shed 0.33% to Rs 269.15 on the BSE. Powered by Capital Market - Live

Polycab India Ltd, OneSource Specialty Pharma Ltd, TD Power Systems Ltd and Hexaware Technologies Ltd are among the other losers in the BSE's 'A' group today, 10 March 2026.KEI Industries Ltd crashed 6.69% to Rs 4469.6 at 14:45 IST.The stock was the biggest loser in the BSE's 'A' group.On the BSE, 80647 shares were traded on the counter so far as against the average daily volumes of 16060 shares in the past one month.Polycab India Ltd tumbled 6.46% to Rs 7697.35. The stock was the second biggest loser in 'A' group.On the BSE, 58988 shares were traded on the counter so far as against the average daily volumes of 26478 shares in the past one month.OneSource Specialty Pharma Ltd lost 3.91% to Rs 1455.8. The stock was the third biggest loser in 'A' group.On the BSE, 1.32 lakh shares were traded on the counter so far as against the average daily volumes of 41678 shares in the past one month.TD Power Systems Ltd slipped 3.68% to Rs 814.3. The stock was the fourth biggest loser in 'A' group.On the BSE, 1.19 lakh shares were traded on the counter so far as against the average daily volumes of 92891 shares in the past one month.Hexaware Technologies Ltd dropped 3.37% to Rs 441.55. The stock was the fifth biggest loser in 'A' group.On the BSE, 44759 shares were traded on the counter so far as against the average daily volumes of 1.72 lakh shares in the past one month.Powered by Capital Market - Live