Hindustan Construction Company Limited (HCC) has had its long-term credit rating reaffirmed at [ICRA]BB(Stable) for Non-Convertible Debentures (NCDs) amounting to ₹823.90 Crore by ICRA Limited. The rating reaffirmation takes into account HCC's adequate order book position of ₹13,152 Crore as of September 30, 2025, providing near-term revenue visibility. The company's diversified order book across segments and geographies, along with an experienced management team and demonstrated capabilities in executing complex projects, are key strengths. However, the rating is constrained by HCC's high leverage, with a Total Outside Liabilities to Tangible Net Worth (TOL/TNW) ratio of 3.4 times as of September 30, 2025. The company's receivables and work-in-progress inventory remain elevated due to pending arbitrations and claims. HCC is actively monetizing non-core investments and expects to realize ₹1,000 Crore from an ongoing rights issue by the end of December 2025, which is critical for debt repayments in March 2026. HCC has also received approvals from lenders to reduce its corporate guarantee for debt at Prolific Resolution Private Limited (PRPL) to 20% of the debt value. HCC has infused ₹200 Crore into PRPL and plans to infuse the remaining ₹200 Crore by the end of December 2025 using rights issue proceeds. The company's liquidity position is considered stretched, with reliance on on-balance sheet liquidity and elongated credit support from creditors. HCC plans to utilize proceeds from the rights issue and arbitration/court Bank Guarantees (BGs) to meet its debt obligations for FY2026.