Press Release August 07, 2025 AMBIT FINVEST PRIVATE LIMITED Rating Assigned and Upgraded

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	1000.00	ACUITE AA | Stable | Assigned	-
Bank Loan Ratings	3100.00	ACUITE AA | Stable | Upgraded	-
Non Convertible Debentures (NCD)	350.00	ACUITE AA | Stable | Assigned	-
Non Convertible Debentures (NCD)	400.00	ACUITE AA | Stable | Upgraded	-
Total Outstanding	4850.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuité has assigned the long-term rating of ‘ACUITE AA’ (read as ACUITE double A ) on the Rs. 1000.00 Cr. bank facilities of Ambit Finvest Private Limited (AFPL). The outlook is ‘Stable’. ­Acuité has upgraded the long-term rating from ‘ACUITE AA-’ (read as ACUITE double A minus) to 'ACUITE AA’ (read as ACUITE double A ) on the Rs. 3100.00 Cr. bank facilities of Ambit Finvest Private Limited (AFPL) . The outlook is ‘Stable’. Acuité has assigned the long-term rating of ‘ACUITE AA’ (read as ACUITE double A ) on the Rs. 350.00 Cr. of non-convertible debentures of Ambit Finvest Private Limited (AFPL). The outlook is ‘Stable’. ­Acuité has upgraded the long-term rating from ‘ACUITE AA-’ (read as ACUITE double A minus) to 'ACUITE AA’ (read as ACUITE double A ) on the Rs. 400.00 Cr.of non-convertible debentures of Ambit Finvest Private Limited (AFPL) The outlook is ‘Stable’. Rationale for the rating The upgrade in the rating takes into consideration AFPL’s experienced management, significant support from marquee investors and strong resource raising ability. The rating also takes into consideration the diversified business profile as well as the established presence of Ambit Group in investment banking and asset management businesses supported by strong management and wide base of institutional clients. The capital infusion in FY2025 from the marquee investor, Daiwa securities group inc. has resulted in healthy capitalization levels and low leverage at AFPL along with stronger ability to raise funds from banks and financial institutions. At a consolidated level, Ambit Group’s networth stood at Rs. 2107.14 Cr. as on March 31, 2025. Acuité has also noted the shift in AFPL’s business strategy from structured finance book to a more granular SME lending which is expected to provide some cushion against asset quality shocks going forward. Some of these rating strengths however, are constrained by the geographic concentration and low seasoning of AFPL’s SME portfolio.On a consolidated level, the earnings quality of Ambit Group is susceptible to volatility since significant portion of its revenues is dependent on capital market conditions.

About the Company

­Mumbai based, ­Incorporated in 2006, Ambit Finvest Private Limited is the systemically important NonBanking Financial Company (ND-SI NBFC) of Ambit Group. AFPL commenced its lending business in structured finance segment in 2011. Later, AFPL acquired the SME loan book of Finmax Credit & Finance Private Limited in September 2018 and commenced its SME lending business. Going forward, the company would only be focusing on SME and Retail segment.

About the Group

­Mumbai based Ambit Private Limited (APL), the holding company of the Ambit Group was incorporated in 1997 and has diversified line of business operations across various fund based and non-fund based businesses. Ambit Group is promoted by Mr. Ashok Wadhwa and offers customized solutions in the areas of Investment Banking (Corporate Finance and Equity Capital Markets), Institutional Equities & Research, Asset Management, Wealth Management and SME Lending. The Ambit Group comprises Ambit Private Limited and its 14 subsidiaries (as on March 31, 2025). Ambit group has pan India presence and has a global footprint with offices in Singapore, UAE and USA.

Unsupported Rating

­Not Applicable.

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

­Acuité has considered the consolidated view on the business and financial risk profile of Ambit Private Limited and its subsidiaries including Ambit Finvest Private Limited and others to arrive at the rating. The approach is driven by common management, shared brand,and strong operational and financial synergies between the group companies.

Key Rating Drivers

Strength

­Experienced management, team driving portfolio growth at AFPL. Ambit Finvest Private Limited (AFPL) is led by Mr.Sanjay Agarwal (CEO), Mr. Vikrant Narang (Deputy CEO) and Mr. Sanjay Dhoka (COO & CFO). The company also gains from expertise of senior advisor like Mr. Sunil Gulati (ex CRO at RBL Bank) and very experienced board .AFPL was a captive NBFC of Ambit Group till August 2018, having an exposure to mostly structured finance segment. However, post fund raising the company has changed its lending strategy whereby it is significantly expanding its SME portfolio and has curtailed structured finance. AFPL has demonstrated growth in its scale of operations by expanding its network of branches to 238 across 11 states as on March 31, 2025. AFPL’s outstanding loan portfolio (AUM) stood at Rs. 4550.58 crore as on March 31, 2025 from Rs. 3934.80 crore as on March 31, 2024. The growth in portfolio was on account of healthy disbursements in FY2024 & FY2025 at around Rs. 2617 Cr.and Rs. 2623 Cr. respectively. Acuité expects AFPL to maintain the growth momentum in its SME portfolio with more focus on micro-LAP segment while diversifying its geographical reach. Funding from marquee investor and comfortable capitalization levels. AFPL’s networth stood at Rs. 1512.33 Cr. as on March 31, 2025 (Rs.1022.25  Cr. as on March 31, 2024) and Rs. 703.03 Cr. as on March 31, 2023. During FY2020, Adar Poonawalla (CEO- Serum Institute of India) invested around Rs. 234.63 Cr. in AFPL for a 24.9 percent stake. The investment was done through affiliate companies namely Rising Sun Holdings Private Limited and Jeevadravya Bio-Pharma Private Limited. Post infusion and due to inherent risks in wholesale lending, the company has stopped structured lending and has been focusing on growing its SME and retail book. In addition to being high-yielding, SME and retail portfolio shall provide granularity to AFPL’s portfolio and help mitigate credit risk. The capitalization levels post equity infusion stood comfortable to support expansion plans of the company. AFPL’s Capital Adequacy Ratio (CAR) stood comfortable at 35.70 percent as on March 31, 2025 (29.44 percent as on March 31, 2024). AFPL’s gearing stood at 1.75 times as on March 31, 2025 (2.35 times as on March 31, 2024). Acuité believes that the company’s comfortable capitalization levels will support its growth plans over the medium term. Strong brand name and diversified business profile. Ambit Group is an established brand with presence in investment banking, institutional equities, asset management, global private client and SME lending businesses. Mr. Ashok Wadhwa is the Group Chief Executive Officer and founder of Ambit Group. He is recipient of several awards, including the Priyadarshini Academy award for outstanding contribution in the field of financial management. Within the investment banking segment, Ambit is consistently ranked amongst the top 10 M&Aadvisory firms in India. The group has advised over 280 transactions. Ambit has strategic business alliance with Daiwa Securities Group Inc., Japan for M&A advisory services in IndoJapan corridor and also has backing of QInvest to develop cross border M&A advisory services between MENA region and India. The group also caters to Mutual Fund, Insurance companies and FIIs. Ambit Finvest Private Limited (AFPL) the NBFC arm of the Ambit Group has a presence in SME and retail lending segment. Ambit Private Ltd (APL), the holding company along with the senior management hold around 55 percent stake in AFPL. It draws strength from common brand name, capital and management support. Over the last few years, AFPL has received funding support from the parent at regular intervals. It also benefits from operational synergies in the form of established corporate governance set up at group level and integration of support functions like accounting, finance, human resources. Acuité believes, Ambit group’s established position in financial services and diversified fund based and non-fund based business operations will continue to support its business risk profile. Healthy Earnings Profile. AFPL’s profitability indicators were healthy marked by Net Interest Margin (NIM) which stood at 11.79 percent as on March 31, 2025. Return on Average Assets (RoAA) has marginally improved to 1.55 percent as on March 31, 2025 from 1.32 percent as on March 31, 2024. Acuité believes the earning profile of Ambit Group from the non-fund based business operations would remain susceptible to inherent risks in capital market and overall economic environment, while its fund based business operations would continue to drive the group’s future growth trajectory.

Weakness

­Relatively low seasoned portfolio; moderate asset quality. AFPL commenced its operations in structured finance business in 2011 and the company has stopped disbursements in this segment post equity infusion since March 2020. Further, AFPL commenced its SME lending operations after acquiring the SME portfolio from Finmax in September 2018 and would be focusing on the SME and Retail segment going forward. Loans offered under SME lending have an average tenure ranging between 1-3 years for unsecured loans and 10-15 years for secured loans. Unsecured loans comprise 27 percent of the total SME portfolio while rest are secured. The company’s loan book of Rs. 3722.38 Cr. as on March 31, 2025 (Rs 3062.85 Cr. as on Mar'24) has grown significantly from Rs. 2279.62 Cr. as on March 31, 2023. Due to substantial growth in SME book in the last few years, ~ 85 percent of the overall portfolio had a seasoning of less than two years as on March 31, 2025. The company has geographical concentration in states of Maharashtra, Karnataka and Gujarat (incl. Head Office) with the same constituting 33.43 percent of o/s SME portfolio. AFPL is making concentrated approach to diversify its geographical presence and has expanded its branch network from 30 branches as on March 31, 2021 to 238 branches as on March 31, 2025 (169 branches as on Mar'24). Along with this, the company is also targeting penetration in Tier 2 and Tier 3 cities while adding customized products in its offerings. AFPL reported significant growth in portfolio while maintaining asset quality with on-time portfolio at 90.80 percent, gross non-performing asset (GNPA) at 2.50 percent and net nonperforming asset (NNPA) at 1.49 percent as on March 31, 2025. Acuité believes that the company’s ability to maintain its asset quality given the low seasoned SME loan book and increased presence in the newer geographies will remain a key rating monitorable.

ESG Factors Relevant for Rating

­Ambit Private Limited (APL), has a diversified revenue stream with a majority portion accruing from the financial services sector. Adoption and upkeep of strong business ethics is a sensitive material issue for the financial services business linked to capital markets to avoid fraud, insider trading and other anti-competitive behaviour. Other important governance issues relevant for the industry include management and board compensation, board independence as well as diversity, shareholder rights and role of audit committee. As regards the social factors, product or service quality has high materiality so as to minimise misinformation about the products to the customers and reduce reputational risks. For the industry, retention, and development of skilled manpower along with equal opportunity for employees is crucial. While data security is highly relevant due to company’s access to confidential client information, social initiatives such as enhancing financial literacy and improving financial inclusion are fairly important for the financial services sector. The material of environmental factors is low for this industry. The company’s board comprises of a total of nine directors out of which three are independent directors and three are non-executive directors. AFPL maintains adequate disclosures with respect to the various board level committees mainly audit committee, nomination and renumeration committee along with stakeholder management committee. AFPL also maintains adequate level of transparency with regards to business ethics issues like related party transactions, investors grievances, litigations, and regulatory penalties for the group, if relevant. In terms of its social impact, AFPL is actively engaged in community development programmes through its CSR committee.

Rating Sensitivity

­ Any significant deterioration in collection efficiency and asset quality. Any material changes in the earnings of the Ambit Group. Any regulatory developments in the sector

All Covenants

­CRAR should be in excess of 20% NNPA not to exceed 3% Total Debt to Equity < 4 times TOL / TNW not to exceed 5 times The covenants shall be certified by the Company within 50 days from end of each reporting quarter. Where: CRAR - Capital adequacy ratio i.e. Capital-to-risk weighted assets ratio (CRAR) NNPA - reported Net Non-Performing Assets of the company as a percentage of Net Advances TOL - Total outstanding liabilities (TOL) i.e. sum of total current and long-term liabilities of the Issuer TNW - Tangible Net-worth (TNW) i.e. ‘Total Networth’ net of ‘Intangible Assets’ Promoter shareholding [directly / indirectly] in Issuer entity should not fall below 51% during the Tenor, without consent of majority of NCD holders.

Liquidity Position

Adequate

­AFPL’s overall liquidity profile remains adequate with no negative cumulative mismatches in near to medium term as per ALM dated March 31, 2025. The company has maintained unencumbered Cash and bank balances and bank deposits of around Rs. 243 Cr. and 88 Cr. of undrawn CC limits as on Mar 31, 2025. The borrowing profile of AFPL of ~Rs. 2527 Cr. as on March 31, 2025 comprised Term loans (~87 percent) from Banks and NBFC/FIs, MLD’s & NCD’s (~13 percent). AFPL’s total collection efficiency for scheduled demand for six months ended March 2025 was 97.16 percent.

Outlook

­Stable.

Other Factors affecting Rating

­None.

Key Financials - Standalone / Originator

­ Particulars Unit FY25(Actual) FY24(Actual) Total Assets Rs. Cr. 4282.13 3571.77 Total Income* Rs. Cr. 457 357.05 PAT Rs. Cr. 61.05 41.11 Net Worth Rs. Cr. 1512.33 1022.25 Return on Average Assets (RoAA) (%) 1.55 1.32 Return on Average Net Worth (RoNW) (%) 4.82 4.77 Debt/Equity Times 1.75 2.35 Gross NPA (%) 2.50 2.57 Net NPA (%) 1.49 1.34 *Total income equals to Net Interest Income plus other income

Key Financials (Consolidated)

­ Particulars Unit FY25(Actual) FY24(Actual) Total Assets Rs. Cr. 5111.99 4253.46 Total Income* Rs. Cr. 903.44 691.44 PAT Rs. Cr. 196.95 164.16 Net Worth Rs. Cr. 2107.14 1518.80 Return on Average Assets (RoAA) (%) 4.21 4.43 Return on Average Net Worth (RoNW) (%) 10.86 12.42 Debt/Equity Times 1.25 1.61 Gross NPA (%) - - Net NPA (%) - - *Total income equals to Net Interest Income plus other income

Status of non-cooperation with previous CRA (if applicable)

­Not Applicable

Any Other Information

­None.

Applicable Criteria

• Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm

Note on complexity levels of the rated instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 30 May 2025 Cash Credit Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.75 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.73 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 136.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 135.00 ACUITE AA- | Stable (Reaffirmed) Credit Exposure Limit (FCNR) Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 56.05 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 56.05 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 30.40 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 7.19 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 5.55 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 2.42 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 8.33 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 19.97 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 10.96 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 19.33 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 0.70 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Credit Exposure Limit (FCNR) Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 139.58 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 2.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 32.50 ACUITE AA- | Stable (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 84.21 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 28.33 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 6.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 5.16 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 9.94 ACUITE AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 264.41 ACUITE AA- | Stable (Reaffirmed) Unsecured subordinated non-convertible debenture Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 2.00 ACUITE AA- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 125.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 6.67 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 100.83 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 7.22 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 9.69 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 67.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 29.97 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 8.26 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 16.49 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 49.00 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 49.00 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.82 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.45 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 13.89 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 100.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 14.99 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 26.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 8.33 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.73 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 13.33 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 17.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 48.75 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 6.23 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 13.75 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 2.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 16.67 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 56.24 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 2.80 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 11.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.21 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 13.22 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 14.00 ACUITE AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 500.00 ACUITE AA- | Stable (Assigned) Proposed Non Convertible Debentures Long Term 100.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 42.43 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 30.45 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 17.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 90.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 46.44 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 3.07 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 26.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 34.01 ACUITE AA- | Stable (Reaffirmed) Proposed Commercial Paper Program Short Term 50.00 ACUITE Not Applicable (Withdrawn) Proposed Commercial Paper Program Short Term 15.00 ACUITE Not Applicable (Withdrawn) 09 Oct 2024 Proposed Commercial Paper Program Short Term 15.00 ACUITE A1+ (Reaffirmed) Proposed Commercial Paper Program Short Term 50.00 ACUITE A1+ (Reaffirmed) Term Loan Long Term 3.75 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 38.75 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 38.85 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 17.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 37.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.22 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 52.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 16.00 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 49.00 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 49.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.83 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 19.09 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 177.08 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 26.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 167.48 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 2.00 ACUITE AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 270.39 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 67.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 36.36 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 100.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 27.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 18.33 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.92 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 49.14 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 75.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 6.77 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 24.42 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 60.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 1.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 8.75 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 0.88 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 21.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 42.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 21.87 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 4.14 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 8.75 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.75 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 10.80 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 16.87 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 37.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 3.47 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 5.62 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 2.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 13.26 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 36.69 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 14.99 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 6.15 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 2.78 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 4.44 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 8.75 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 9.98 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 2.08 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 13.87 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 7.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 55.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 14.91 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.56 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 16.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 32.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.99 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.83 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.49 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.03 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 13.99 ACUITE AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 211.33 ACUITE AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 100.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 14.17 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Unsecured subordinated non-convertible debenture Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.55 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 21.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 31.84 ACUITE AA- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 2.00 ACUITE AA- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 150.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 16.21 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 17.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 27.08 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 100.00 ACUITE Not Applicable (Withdrawn) Commercial Paper Program Short Term 30.00 ACUITE Not Applicable (Withdrawn) Commercial Paper Program Short Term 30.00 ACUITE Not Applicable (Withdrawn) Commercial Paper Program Short Term 25.00 ACUITE Not Applicable (Withdrawn) 14 Nov 2023 Proposed Commercial Paper Program Short Term 65.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Reaffirmed) Term Loan Long Term 18.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 48.39 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 29.99 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 8.60 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 7.78 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 9.44 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 13.74 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 8.33 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 18.05 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 70.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 18.86 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.56 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 33.33 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 17.46 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 31.99 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 17.00 ACUITE AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 225.30 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 21.67 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 21.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 35.00 ACUITE AA- | Stable (Reaffirmed) Unsecured subordinated non-convertible debenture Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 18.89 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 18.75 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 47.20 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.49 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 48.75 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 45.46 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 11.13 ACUITE AA- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 2.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 1.67 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 31.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 4.55 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 1.21 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 8.31 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.75 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 14.40 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 4.17 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 4.46 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 6.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 52.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 5.52 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 9.72 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 8.43 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 2.00 ACUITE AA- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 150.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.03 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 45.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 17.22 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 75.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 28.49 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 49.00 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 49.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 71.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 28.33 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 1.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 45.83 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 200.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 50.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 25.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 35.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 196.50 ACUITE AA- | Stable (Assigned) Term Loan Long Term 1.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 20.00 ACUITE AA- | Stable (Assigned) Cash Credit Long Term 2.00 ACUITE AA- | Stable (Assigned) Proposed Long Term Bank Facility Long Term 220.50 ACUITE AA- | Stable (Assigned) Principal protected market linked debentures Long Term 100.00 ACUITE PP-MLD AA- | Stable (Reaffirmed) 03 Jul 2023 Proposed Commercial Paper Program Short Term 90.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1+ (Reaffirmed) Term Loan Long Term 32.22 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 45.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 41.67 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 35.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 21.30 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 36.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 19.00 ACUITE AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 216.24 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 26.67 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 23.74 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 45.00 ACUITE AA- | Stable (Reaffirmed) Unsecured subordinated non-convertible debenture Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.92 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 49.98 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 28.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 57.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 14.03 ACUITE AA- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 2.00 ACUITE AA- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 150.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 75.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 24.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 49.00 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 49.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 4.17 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 37.49 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 9.09 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 3.71 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 11.08 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.75 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 1.50 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 16.80 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 8.33 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 9.02 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 10.42 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 26.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 56.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.20 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 13.89 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 10.31 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 2.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 21.65 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 54.62 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 39.99 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 10.76 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 11.11 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.78 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 16.24 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.83 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 80.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 21.49 ACUITE AA- | Stable (Reaffirmed) Principal protected market linked debentures Long Term 100.00 ACUITE Not Applicable (Withdrawn) Proposed principal protected market linked debentures Long Term 100.00 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 100.00 ACUITE PP-MLD AA- | Stable (Reaffirmed) 24 Mar 2023 Proposed Commercial Paper Program Short Term 150.00 ACUITE A1+ (Reaffirmed) Term Loan Long Term 4.58 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 26.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 37.49 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 11.36 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 4.96 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.47 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.75 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 1.50 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 33.33 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 23.75 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 47.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 45.83 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 37.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.57 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 38.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 19.00 ACUITE AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 390.17 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 27.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 23.74 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Unsecured subordinated non-convertible debenture Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 49.99 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 16.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 18.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 10.42 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 11.31 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 28.12 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 60.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 24.98 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 14.58 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 10.31 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 2.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 23.31 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 58.80 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 39.99 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 11.06 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 11.67 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 13.33 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 16.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 17.48 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.22 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 85.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 21.93 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 58.75 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE AA- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 100.00 ACUITE AA- | Stable (Assigned) Proposed Non Convertible Debentures Long Term 150.00 ACUITE AA- | Stable (Assigned) Proposed principal protected market linked debentures Long Term 100.00 ACUITE PP-MLD AA- | Stable (Reaffirmed) Principal protected market linked debentures Long Term 100.00 ACUITE PP-MLD AA- | Stable (Reaffirmed) Principal protected market linked debentures Long Term 100.00 ACUITE PP-MLD AA- | Stable (Reaffirmed) 29 Nov 2022 Proposed Commercial Paper Program Short Term 150.00 ACUITE A1+ (Reaffirmed) Term Loan Long Term 37.78 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 524.35 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Proposed Unsecured subordinated non-convertible debenture Long Term 50.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 6.24 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 1.56 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 40.62 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 6.82 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 13.63 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 6.21 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 13.87 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 17.50 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.75 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 1.50 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 17.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 19.20 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 13.59 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 14.58 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 63.75 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 36.10 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 17.36 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.18 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 2.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 62.47 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 44.99 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.29 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 13.89 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.56 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 17.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 18.75 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 16.67 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 23.61 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 90.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 23.68 ACUITE AA- | Stable (Reaffirmed) Proposed principal protected market linked debentures Long Term 100.00 ACUITE PP-MLD AA- | Stable (Reaffirmed) Principal protected market linked debentures Long Term 100.00 ACUITE PP-MLD AA- | Stable (Reaffirmed) Principal protected market linked debentures Long Term 100.00 ACUITE PP-MLD AA- | Stable (Reaffirmed) 28 Jun 2022 Proposed Commercial Paper Program Short Term 25.00 ACUITE A1+ (Reaffirmed) Proposed Commercial Paper Program Short Term 100.00 ACUITE A1+ (Assigned) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Assigned) Proposed Long Term Bank Facility Long Term 700.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 21.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.80 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 18.75 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.44 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.83 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 75.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 23.61 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 2.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 73.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 21.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.92 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 100.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 41.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 6.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 6.82 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.45 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 1.67 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 0.83 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 6.21 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 18.02 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 21.25 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.75 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 1.50 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 6.65 ACUITE AA- | Stable (Reaffirmed) Principal protected market linked debentures Long Term 100.00 ACUITE PP-MLD AA- | Stable (Reaffirmed) Proposed principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA- | Stable (Assigned) Proposed principal protected market linked debentures Long Term 150.00 ACUITE PP-MLD AA- | Stable (Assigned) 07 Mar 2022 Proposed Commercial Paper Program Short Term 50.00 ACUITE A1+ (Reaffirmed) Term Loan Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 41.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 6.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 6.82 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.45 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 1.67 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 0.83 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 6.21 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 18.02 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 21.25 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.75 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 1.50 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 155.15 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 21.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.80 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 18.75 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.44 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.83 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 75.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 23.61 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE AA- | Stable (Assigned) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 2.00 ACUITE AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 26.50 ACUITE AA- | Stable (Assigned) Term Loan Long Term 30.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 73.50 ACUITE AA- | Stable (Assigned) Term Loan Long Term 50.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 15.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 20.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 20.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 21.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.92 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 100.00 ACUITE PP-MLD AA- | Stable (Reaffirmed)

­

Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating IDBI Bank Ltd. Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.75 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Indusind Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) State Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Federal Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) A U Small Finance Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Kotak Mahindra Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) HDFC Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Indian Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) IDFC First Bank Limited Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) State Bank of India Not avl. / Not appl. Credit Exposure Limit (FCNR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Federal Bank Not avl. / Not appl. Credit Exposure Limit (FCNR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Not Applicable INE985V07082 Non-Convertible Debentures (NCD) 30 Sep 2024 Not avl. / Not appl. 30 Sep 2027 25.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Not Applicable INE985V07058 Non-Convertible Debentures (NCD) 28 Mar 2023 9.5 27 Mar 2026 49.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Not Applicable INE985V07066 Non-Convertible Debentures (NCD) 16 May 2023 9.5 15 May 2026 49.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Not Applicable INE985V07090 Non-Convertible Debentures (NCD) 27 May 2025 9.15 27 May 2027 100.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Not Applicable INE985V07108 Non-Convertible Debentures (NCD) 25 Jul 2025 8.25 25 Jul 2028 25.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 532.07 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1000.00 Simple ACUITE AA | Stable | Assigned Not Applicable Not avl. / Not appl. Proposed Non Convertible Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 350.00 Simple ACUITE AA | Stable | Assigned Not Applicable Not avl. / Not appl. Proposed Non Convertible Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Not Applicable Not avl. / Not appl. Proposed Non Convertible Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 100.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Aditya Birla Finance Limited Not avl. / Not appl. Term Loan 20 Mar 2023 Not avl. / Not appl. 03 Apr 2026 7.74 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Kotak Mahindra Bank Not avl. / Not appl. Term Loan 23 Mar 2023 Not avl. / Not appl. 30 Mar 2026 7.50 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Karnataka Bank Ltd Not avl. / Not appl. Term Loan 15 Mar 2023 Not avl. / Not appl. 28 Mar 2028 27.47 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Bajaj Finance Ltd. Not avl. / Not appl. Term Loan 22 Mar 2023 Not avl. / Not appl. 05 Apr 2026 5.56 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Indusind Bank Ltd Not avl. / Not appl. Term Loan 30 Mar 2023 Not avl. / Not appl. 31 Mar 2026 22.50 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) A U Small Finance Bank Not avl. / Not appl. Term Loan 24 May 2023 Not avl. / Not appl. 18 Jun 2026 8.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Yes Bank Ltd Not avl. / Not appl. Term Loan 13 Jun 2023 Not avl. / Not appl. 01 Jun 2028 18.31 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) A U Small Finance Bank Not avl. / Not appl. Term Loan 28 Oct 2022 Not avl. / Not appl. 03 Nov 2025 4.17 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) UCO Bank Not avl. / Not appl. Term Loan 26 Sep 2022 Not avl. / Not appl. 15 Nov 2027 12.49 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) IDBI Bank Ltd. Not avl. / Not appl. Term Loan 22 Aug 2022 Not avl. / Not appl. 09 Sep 2027 11.25 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Federal Bank Not avl. / Not appl. Term Loan 06 Sep 2022 Not avl. / Not appl. 20 Sep 2027 22.50 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) TATA Capital Financial Service Ltd. Not avl. / Not appl. Term Loan 28 Jun 2022 Not avl. / Not appl. 26 Sep 2025 4.17 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Nabkisan Finance Limited Not avl. / Not appl. Term Loan 22 Sep 2022 Not avl. / Not appl. 01 Sep 2026 12.49 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Aditya Birla Finance Limited Not avl. / Not appl. Term Loan 19 Sep 2022 Not avl. / Not appl. 01 Oct 2025 3.72 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Indian Bank Not avl. / Not appl. Term Loan 26 Jul 2022 Not avl. / Not appl. 30 Sep 2027 17.93 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Union Bank of India Not avl. / Not appl. Term Loan 10 Dec 2021 Not avl. / Not appl. 30 Jun 2026 6.59 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) State Bank of India Not avl. / Not appl. Term Loan 22 Oct 2021 Not avl. / Not appl. 29 Dec 2026 22.05 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Bandhan Bank Not avl. / Not appl. Term Loan 29 Jan 2022 Not avl. / Not appl. 01 Feb 2026 2.46 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Federal Bank Not avl. / Not appl. Term Loan 11 Mar 2021 Not avl. / Not appl. 24 Mar 2026 3.75 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Indian Bank Not avl. / Not appl. Term Loan 02 Mar 2021 Not avl. / Not appl. 30 May 2026 4.96 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Indian Overseas Bank Not avl. / Not appl. Term Loan 18 Feb 2022 Not avl. / Not appl. 31 Dec 2026 8.28 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Bank of Baroda Not avl. / Not appl. Term Loan 29 Mar 2022 Not avl. / Not appl. 31 Mar 2027 35.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Yes Bank Ltd Not avl. / Not appl. Term Loan 28 Mar 2022 Not avl. / Not appl. 28 Apr 2027 9.65 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) HDFC Bank Ltd Not avl. / Not appl. Term Loan 08 Jul 2022 Not avl. / Not appl. 30 Aug 2025 2.22 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) IDBI Bank Ltd. Not avl. / Not appl. Term Loan 20 Mar 2021 Not avl. / Not appl. 31 Mar 2026 3.75 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) CSB Bank Limited Not avl. / Not appl. Term Loan 20 Sep 2021 Not avl. / Not appl. 30 Sep 2026 5.99 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Bank of Maharashtra Not avl. / Not appl. Term Loan 26 Aug 2021 Not avl. / Not appl. 26 Sep 2026 9.37 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) National Bank for Agriculture and Rural Development (NABARD) Not avl. / Not appl. Term Loan 20 Sep 2021 Not avl. / Not appl. 31 Dec 2026 22.49 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) South Indian Bank Not avl. / Not appl. Term Loan 29 Nov 2021 Not avl. / Not appl. 28 Nov 2025 1.86 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Bank of Baroda Not avl. / Not appl. Term Loan 27 Jun 2023 Not avl. / Not appl. 28 Jun 2028 45.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) DCB Bank Limited Not avl. / Not appl. Term Loan 27 Jun 2023 Not avl. / Not appl. 30 Jun 2028 30.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Utkarsh Small Finance Bank Ltd. Not avl. / Not appl. Term Loan 27 Jun 2023 Not avl. / Not appl. 15 Jul 2026 10.83 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) TATA Capital Financial Service Ltd. Not avl. / Not appl. Term Loan 06 Jul 2023 Not avl. / Not appl. 26 Jul 2026 10.61 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) ICICI Bank Ltd Not avl. / Not appl. Term Loan 25 Jul 2023 Not avl. / Not appl. 31 Jul 2025 2.08 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Federal Bank Not avl. / Not appl. Term Loan 10 Aug 2023 Not avl. / Not appl. 18 Aug 2028 16.25 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) IDFC First Bank Limited Not avl. / Not appl. Term Loan 12 Sep 2023 Not avl. / Not appl. 27 Feb 2028 127.08 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Indian Bank Not avl. / Not appl. Term Loan 25 Sep 2023 Not avl. / Not appl. 30 Sep 2028 31.51 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Capital Small Finance Bank Ltd. Not avl. / Not appl. Term Loan 20 Sep 2023 Not avl. / Not appl. 01 Dec 2026 12.08 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) KISETSU SAISON FINANCE (INDIA) PRIVATE LIMITED Not avl. / Not appl. Term Loan 06 Sep 2023 Not avl. / Not appl. 15 Sep 2026 14.58 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) State Bank of India Not avl. / Not appl. Term Loan 02 Aug 2023 Not avl. / Not appl. 29 Sep 2028 126.50 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Yes Bank Ltd Not avl. / Not appl. Term Loan 13 Jun 2023 Not avl. / Not appl. 01 Aug 2028 0.67 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Dhanlaxmi Bank Ltd Not avl. / Not appl. Term Loan 25 Aug 2023 Not avl. / Not appl. 31 Oct 2026 11.98 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Punjab and Sind Bank Not avl. / Not appl. Term Loan 29 Dec 2023 Not avl. / Not appl. 31 Dec 2028 52.49 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Karur Vysya Bank Not avl. / Not appl. Term Loan 22 Sep 2023 Not avl. / Not appl. 30 Nov 2026 21.81 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Small Industries Development Bank of India Not avl. / Not appl. Term Loan 16 Feb 2024 Not avl. / Not appl. 10 Mar 2029 78.95 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Bajaj Finance Ltd. Not avl. / Not appl. Term Loan 14 Feb 2024 Not avl. / Not appl. 22 Feb 2027 17.50 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) City Union Bank Ltd Not avl. / Not appl. Term Loan 06 Mar 2024 Not avl. / Not appl. 27 Mar 2027 11.57 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Kotak Mahindra Bank Not avl. / Not appl. Term Loan 19 Mar 2024 Not avl. / Not appl. 27 Mar 2027 14.58 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Nabkisan Finance Limited Not avl. / Not appl. Term Loan 29 Feb 2024 Not avl. / Not appl. 01 Apr 2027 19.99 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Nabsamruddhi Finance Limited Not avl. / Not appl. Term Loan 21 Mar 2024 Not avl. / Not appl. 01 Apr 2029 40.96 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Indusind Bank Ltd Not avl. / Not appl. Term Loan 26 Mar 2024 Not avl. / Not appl. 28 Jun 2027 60.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Ujjivan Small Finance Bank Not avl. / Not appl. Term Loan 29 May 2024 Not avl. / Not appl. 30 Jun 2027 20.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Canara Bank Not avl. / Not appl. Term Loan 27 Sep 2024 Not avl. / Not appl. 27 Sep 2031 44.65 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Indian Bank Not avl. / Not appl. Term Loan 30 Sep 2024 Not avl. / Not appl. 30 Sep 2027 18.71 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) State Bank of India Not avl. / Not appl. Term Loan 25 Sep 2024 Not avl. / Not appl. 25 Sep 2029 127.50 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) DCB Bank Limited Not avl. / Not appl. Term Loan 14 Jan 2021 Not avl. / Not appl. 29 Jan 2026 9.37 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) CSB Bank Limited Not avl. / Not appl. Term Loan 15 Feb 2021 Not avl. / Not appl. 26 Feb 2026 3.75 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Bank of Maharashtra Not avl. / Not appl. Term Loan 15 Dec 2022 Not avl. / Not appl. 30 Dec 2027 11.10 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Ujjivan Small Finance Bank Not avl. / Not appl. Term Loan 26 Dec 2022 Not avl. / Not appl. 31 Dec 2025 4.17 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Canara Bank Not avl. / Not appl. Term Loan 28 Dec 2022 Not avl. / Not appl. 30 Dec 2027 27.66 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Union Bank of India Not avl. / Not appl. Term Loan 23 Nov 2022 Not avl. / Not appl. 31 Dec 2027 14.99 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Bandhan Bank Not avl. / Not appl. Term Loan 27 Dec 2022 Not avl. / Not appl. 30 Dec 2026 23.75 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) HDFC Bank Ltd Not avl. / Not appl. Term Loan 08 Jul 2022 Not avl. / Not appl. 30 Aug 2025 0.97 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Federal Bank Not avl. / Not appl. Term Loan 24 Sep 2024 Not avl. / Not appl. 25 Sep 2029 85.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) A U Small Finance Bank Not avl. / Not appl. Term Loan 27 Nov 2024 Not avl. / Not appl. 18 Dec 2027 91.67 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Bajaj Finserv Limited Not avl. / Not appl. Term Loan 27 Dec 2024 Not avl. / Not appl. 27 Dec 2027 25.83 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Micro Units Development and Refinance Agency bank (MUDRA) Not avl. / Not appl. Term Loan 20 Feb 2025 Not avl. / Not appl. 10 Mar 2028 91.50 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) State Bank of India Not avl. / Not appl. Term Loan 16 Dec 2024 Not avl. / Not appl. 16 Dec 2029 53.10 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) State Bank of India Not avl. / Not appl. Term Loan 19 Dec 2024 Not avl. / Not appl. 19 Dec 2029 53.10 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) State Bank of India Not avl. / Not appl. Term Loan 23 Dec 2024 Not avl. / Not appl. 23 Dec 2029 28.80 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Dhanlaxmi Bank Ltd Not avl. / Not appl. Term Loan 06 Mar 2025 Not avl. / Not appl. 06 Mar 2028 29.99 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) ICICI Bank Ltd Not avl. / Not appl. Term Loan 25 Mar 2025 Not avl. / Not appl. 24 Mar 2028 45.83 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Karnataka Bank Ltd Not avl. / Not appl. Term Loan 28 Mar 2025 Not avl. / Not appl. 28 Mar 2030 47.50 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Punjab and Sind Bank Not avl. / Not appl. Term Loan 29 Mar 2025 Not avl. / Not appl. 31 Mar 2030 38.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Bajaj Finance Ltd. Not avl. / Not appl. Term Loan 26 Jun 2025 Not avl. / Not appl. 26 Sep 2028 40.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Federal Bank Not avl. / Not appl. Term Loan 30 Jun 2025 Not avl. / Not appl. 30 Jun 2030 50.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) ICICI Bank Ltd Not avl. / Not appl. Term Loan 30 Jun 2025 Not avl. / Not appl. 31 Jul 2028 50.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) ICICI Bank Ltd Not avl. / Not appl. Term Loan 30 Jun 2025 Not avl. / Not appl. 31 Jul 2028 50.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Indian Overseas Bank Not avl. / Not appl. Term Loan 27 Jun 2025 Not avl. / Not appl. 27 Jun 2035 50.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Indian Overseas Bank Not avl. / Not appl. Term Loan 27 Jun 2025 Not avl. / Not appl. 27 Jun 2035 50.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Indusind Bank Ltd Not avl. / Not appl. Term Loan 23 Jun 2025 Not avl. / Not appl. 23 Jun 2029 72.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Nabkisan Finance Limited Not avl. / Not appl. Term Loan 19 Jun 2025 Not avl. / Not appl. 01 Jul 2028 60.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Ujjivan Small Finance Bank Not avl. / Not appl. Term Loan 27 Jun 2025 Not avl. / Not appl. 27 May 2028 30.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) Not Applicable INE985V08015 Unsecured subordinated non-convertible debenture 30 Nov 2022 11.00 30 May 2028 50.00 Complex ACUITE AA | Stable | Upgraded ( from ACUITE AA- ) DCB Bank Limited Not avl. / Not appl. Working Capital Demand Loan (WCDL) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 50.00 Simple ACUITE AA | Stable | Upgraded ( from ACUITE AA- )

*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

­ Sr. No Name of the companies 1 Ambit Capital Private Limited 2 Ambit Finvest Private limited  3 Ambit Global Private Client Limited 4 Ambit Investment Advisors Private Limited  5 Ambit Wealth Advisors Private Limited  6 Pragma Business Ventures Private Limited 7 Pragma Advisors LPP 8 Ambit Investments 9 Ambit Principal Investments 10 Ambit Investment Managers Private Limited 11 Ambit Singapore Pte. Limited 12 Ambit America Inc. 13 Ambit Mauritius Investment Managers Private Limited 14 Ambit Wealth Private Limited

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Tejas Chaugule Associate Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.