Hospitality sector records 23 upgrades in FY24: ICRA


According to ICRA, FY24 continued the trend of upward mobility, with two entities upgraded for every downgrade. The hospitality sector emerged as the standout performer, boasting 23 upgrades and a remarkable 37% upgrade rate, without any downgrades. ICRA maintains a favorable outlook for the Hospitality sector in FY2025.

Other sectors witnessing notable upgrades include auto, finance, power, real estate, and transport infrastructure. Conversely, sectors like agriculture, chemicals, construction, and textiles experienced more downgrades.

While industries like aviation, hospitality, auto, and banking benefited from favorable industry conditions, ICRA notes that company-specific factors also played a significant role in upgrades. Factors such as market share expansion, improved cost structures, reduced project risks, and fresh equity infusions contributed to the majority of rating upgrades, according to K Ravichandran, ICRA’s Chief Rating Officer.

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