Press Release

Press Release

May 29, 2026

AMBIT FINVEST PRIVATE LIMITED
Rating Reaffirmed and Withdrawn

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	4100.00	ACUITE AA \| Stable \| Reaffirmed	-	RBI
Non Convertible Debentures (NCD)	0.00	502.00	ACUITE AA \| Stable \| Reaffirmed	-	MCA
Non Convertible Debentures (NCD)	150.00	0.00	ACUITE AA \| Stable \| Reaffirmed	-	SEBI
Non Convertible Debentures (NCD)	98.00	0.00	Not Applicable \| Withdrawn	-	SEBI
Total Outstanding	150.00	4602.00	-	-	-
Total Withdrawn	98.00	0.00	-	-	-

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

Acuité has reaffirmed the long-term rating of ‘ACUITE AA’ (read as ACUITE double A) on the Rs. 4100.00 Cr. bank facilities of Ambit Finvest Private Limited (AFPL). The outlook is ‘Stable’.

Acuité has reaffirmed the long-term rating of ‘ACUITE AA’ (read as ACUITE double A) on the Rs. 502.00 Cr. of non-convertible debentures of Ambit Finvest Private Limited (AFPL). The outlook is ‘Stable’.

Acuité has reaffirmed the long-term rating of ‘ACUITE AA’ (read as ACUITE double A) on the Rs. 150.00 Cr. of non-convertible debentures of Ambit Finvest Private Limited (AFPL). The outlook is ‘Stable’.

Acuité has withdrawn the long-term rating on the Rs.98.00 Cr. non-convertible debentures facilities of Ambit Finvest Private Limited (AFPL) without assigning any rating as the instrument is fully repaid. The withdrawal is on account of NDC (No Due Certificate) received from the trustee. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument.

Rationale for the rating
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 (Joint 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 266 across 12 states as on March 31, 2026. AFPL’s outstanding loan portfolio (AUM) stood at Rs. 5143.95 crore as on March 31, 2026 from Rs. 4550.58 crore as on March 31, 2025. The growth in portfolio was on account of healthy disbursements in FY2025 & FY2026 at around Rs. 2623.26 Cr. and Rs. 2789.81 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. 1616.79 Cr. as on March 31, 2026 (Rs.1512.33 Cr. as on March 31, 2025) and Rs. 1022.25 Cr. as on March 31, 2024. 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 33.77 percent as on March 31, 2026 (35.70 percent as on March 31, 2025). AFPL’s gearing stood at 2.10 times as on March 31, 2026 (1.75 times as on March 31, 2025).
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 11.31 percent as on March 31, 2026. Return on Average Assets (RoAA) has marginally improved to 1.91 percent as on March 31, 2026 from 1.55 percent as on March 31, 2025. 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. 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, 2026.
The company has geographical concentration in states of Maharashtra, Karnataka and Gujarat (incl. Head Office) with the same constituting 32.96 percent of AUM and 31 percent of loan book. 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 266 branches as on March 31, 2026 (238 branches as on Mar'25). 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 91.13 percent, gross non-performing asset (GNPA) at 2.86 percent and net nonperforming asset (NNPA) at 1.87 percent as on March 31, 2026.
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

Potential triggers (individual or collective) for an upward rating action:

Significant growth in AUM and disbursements.
Significant improvements in profitability metrics

Potential triggers (individual or collective) for a downward rating action:

Deterioration in asset quality metrics, collection efficiency
GNPA greater than 5 percent

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, 2026. The company has maintained unencumbered Cash and bank balances and bank deposits of around Rs. 138.09 Cr. as on Mar 31, 2026. The borrowing profile of AFPL of ~Rs. 3377.63 Cr. as on March 31, 2026 comprised Term loans from Banks and NBFC/FIs, MLD’s & NCD’s. AFPL’s total collection efficiency for scheduled demand for six months ended March 2026 was 97.24 percent

Outlook - Stable

Other Factors affecting Rating

None.

Key Financials - Standalone / Originator

Particulars	Unit	FY26(Actual)	FY25(Actual)
Total Assets	Rs. Cr.	5213.68	4282.13
Total Income*	Rs. Cr.	536.58	457
PAT	Rs. Cr.	90.61	61.05
Net Worth	Rs. Cr.	1616.79	1512.33
Return on Average Assets (RoAA)	(%)	1.91	1.55
Return on Average Net Worth (RoNW)	(%)	5.79	4.82
Debt/Equity	Times	2.10	1.75
Gross NPA	(%)	2.86	2.50
Net NPA	(%)	1.87	1.49

*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
07 Aug 2025	Term Loan	Long Term	9.65	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	16.25	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	85.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	9.37	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	72.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	2.46	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	23.75	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	45.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	2.22	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Cash Credit	Long Term	5.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	21.81	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	0.97	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	5.99	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	50.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Cash Credit	Long Term	3.75	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	3.75	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	11.25	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	18.31	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	4.96	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	17.93	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Cash Credit	Long Term	10.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	0.67	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Cash Credit	Long Term	5.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	3.75	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	31.51	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	22.50	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	18.71	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	9.37	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	11.10	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	11.57	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	11.98	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	29.99	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	8.28	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	50.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	50.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Cash Credit	Long Term	10.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	30.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	35.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	12.49	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	1.86	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	2.08	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	45.83	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	50.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	27.47	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	47.50	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Cash Credit	Long Term	2.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	7.50	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	14.58	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	52.49	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	38.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Cash Credit	Long Term	10.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	22.05	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	126.50	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	127.50	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Credit Exposure Limit (FCNR)	Long Term	20.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	127.08	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Cash Credit	Long Term	2.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	50.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	78.95	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Credit Exposure Limit (FCNR)	Long Term	10.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	53.10	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	53.10	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	28.80	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	6.59	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	14.99	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	60.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	27.66	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	44.65	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	22.50	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	25.83	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	4.17	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	20.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	30.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	3.72	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	7.74	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Unsecured subordinated non-convertible debenture	Long Term	50.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Proposed Non Convertible Debentures	Long Term	2.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Proposed Non Convertible Debentures	Long Term	100.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Non-Covertible Debentures (NCD)	Long Term	49.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Non-Covertible Debentures (NCD)	Long Term	49.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Proposed Long Term Bank Facility	Long Term	532.07	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Non-Covertible Debentures (NCD)	Long Term	100.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Proposed Non Convertible Debentures	Long Term	350.00	ACUITE AA \| Stable (Assigned)
Proposed Long Term Bank Facility	Long Term	1000.00	ACUITE AA \| Stable (Assigned)
Term Loan	Long Term	40.96	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Cash Credit	Long Term	10.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	4.17	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	8.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	91.67	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	5.56	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	17.50	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	40.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	12.08	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	91.50	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	12.49	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	19.99	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	60.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	22.49	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	4.17	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	10.61	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	10.83	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	14.58	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	3.75	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
Term Loan	Long Term	50.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
30 May 2025	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	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)
	Term Loan	Long Term	34.01	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.00	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)
	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	20.82	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	25.45	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)
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)
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)
Cash Credit	Long Term	10.00	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	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	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)
Term Loan	Long Term	27.08	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	17.50	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	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)
	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)
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	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	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)
	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)
	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	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)
	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	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)
Principal protected market linked debentures	Long Term	100.00	ACUITE PP-MLD 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)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
IDBI Bank Ltd.	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	3.75	Simple	ACUITE AA \| Stable \| Reaffirmed
INDUSIND BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE AA \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE AA \| Stable \| Reaffirmed
A U Small Finance Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE AA \| Stable \| Reaffirmed
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	2.00	Simple	ACUITE AA \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE AA \| Stable \| Reaffirmed
IDFC First Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	2.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Indian Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE AA \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE AA \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Credit Exposure Limit (FCNR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Credit Exposure Limit (FCNR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE AA \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Credit Exposure Limit (FCNR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Not Applicable	INE985V07082	Non-Convertible Debentures (NCD)	Listed	SEBI	30 Sep 2024	Not avl. / Not appl.	30 Sep 2027	25.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Not Applicable	INE985V07090	Non-Convertible Debentures (NCD)	Listed	SEBI	27 May 2025	9.15	27 May 2027	100.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Not Applicable	INE985V07108	Non-Convertible Debentures (NCD)	Listed	SEBI	25 Jul 2025	8.25	25 Jul 2028	25.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Not Applicable	INE985V07058	Non-Convertible Debentures (NCD)	Listed	SEBI	28 Mar 2023	9.50	27 Mar 2026	49.00	Simple	ACUITE Not Applicable \| Withdrawn
Not Applicable	INE985V07066	Non-Convertible Debentures (NCD)	Listed	SEBI	16 May 2023	9.5	15 May 2026	49.00	Simple	ACUITE Not Applicable \| Withdrawn
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	393.91	Simple	ACUITE AA \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	630.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Non Convertible Debentures	Unlisted	MCA	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	350.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Non Convertible Debentures	Unlisted	MCA	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	2.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Non Convertible Debentures	Unlisted	MCA	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Aditya Birla Finance Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	24 Mar 2023	Not avl. / Not appl.	03 Apr 2026	3.17	Simple	ACUITE AA \| Stable \| Reaffirmed
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Mar 2023	Not avl. / Not appl.	30 Mar 2026	2.50	Simple	ACUITE AA \| Stable \| Reaffirmed
Karnataka Bank Ltd	Not avl. / Not appl.	Term Loan	Unlisted	RBI	28 Mar 2023	Not avl. / Not appl.	28 Mar 2028	19.97	Simple	ACUITE AA \| Stable \| Reaffirmed
Bajaj Finance Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Mar 2023	Not avl. / Not appl.	05 Apr 2026	2.22	Simple	ACUITE AA \| Stable \| Reaffirmed
INDUSIND BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Mar 2023	Not avl. / Not appl.	31 Mar 2026	7.50	Simple	ACUITE AA \| Stable \| Reaffirmed
A U Small Finance Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 May 2023	Not avl. / Not appl.	18 Jun 2026	2.00	Simple	ACUITE AA \| Stable \| Reaffirmed
YES BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	26 Jun 2023	Not avl. / Not appl.	01 Jun 2028	13.23	Simple	ACUITE AA \| Stable \| Reaffirmed
IDBI Bank Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	09 Sep 2022	Not avl. / Not appl.	09 Sep 2027	7.50	Simple	ACUITE AA \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	20 Sep 2022	Not avl. / Not appl.	20 Sep 2027	15.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Nabkisan Finance Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Sep 2022	Not avl. / Not appl.	01 Sep 2026	4.98	Simple	ACUITE AA \| Stable \| Reaffirmed
Aditya Birla Finance Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Sep 2022	Not avl. / Not appl.	01 Oct 2025	2.25	Simple	ACUITE AA \| Stable \| Reaffirmed
Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Sep 2022	Not avl. / Not appl.	30 Sep 2027	11.93	Simple	ACUITE AA \| Stable \| Reaffirmed
BANK OF MAHARASHTRA	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Dec 2022	Not avl. / Not appl.	30 Dec 2027	11.09	Simple	ACUITE AA \| Stable \| Reaffirmed
Canara Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Dec 2022	Not avl. / Not appl.	30 Dec 2027	19.21	Simple	ACUITE AA \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Dec 2022	Not avl. / Not appl.	31 Dec 2027	10.49	Simple	ACUITE AA \| Stable \| Reaffirmed
Bandhan Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Dec 2022	Not avl. / Not appl.	30 Dec 2026	11.25	Simple	ACUITE AA \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Dec 2021	Not avl. / Not appl.	30 Jun 2026	1.58	Simple	ACUITE AA \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Dec 2021	Not avl. / Not appl.	29 Dec 2026	11.03	Simple	ACUITE AA \| Stable \| Reaffirmed
Bandhan Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	09 Feb 2022	Not avl. / Not appl.	01 Feb 2026	1.84	Simple	ACUITE AA \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	24 Mar 2021	Not avl. / Not appl.	24 Mar 2026	1.25	Simple	ACUITE AA \| Stable \| Reaffirmed
Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	28 Jun 2021	Not avl. / Not appl.	30 May 2026	1.21	Simple	ACUITE AA \| Stable \| Reaffirmed
YES BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	28 Apr 2022	Not avl. / Not appl.	28 Apr 2027	5.70	Simple	ACUITE AA \| Stable \| Reaffirmed
IDBI Bank Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Mar 2021	Not avl. / Not appl.	31 Mar 2026	1.25	Simple	ACUITE AA \| Stable \| Reaffirmed
CSB Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Sep 2021	Not avl. / Not appl.	30 Sep 2026	2.38	Simple	ACUITE AA \| Stable \| Reaffirmed
BANK OF MAHARASHTRA	Not avl. / Not appl.	Term Loan	Unlisted	RBI	27 Sep 2021	Not avl. / Not appl.	26 Sep 2026	3.75	Simple	ACUITE AA \| Stable \| Reaffirmed
National Bank for Agriculture and Rural Development (NABARD)	Not avl. / Not appl.	Term Loan	Unlisted	RBI	26 Nov 2021	Not avl. / Not appl.	31 Dec 2026	11.25	Simple	ACUITE AA \| Stable \| Reaffirmed
CSB Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	26 Feb 2021	Not avl. / Not appl.	26 Feb 2026	1.24	Simple	ACUITE AA \| Stable \| Reaffirmed
ICICI BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	25 Mar 2025	Not avl. / Not appl.	24 Mar 2028	33.33	Simple	ACUITE AA \| Stable \| Reaffirmed
Karnataka Bank Ltd	Not avl. / Not appl.	Term Loan	Unlisted	RBI	28 Mar 2025	Not avl. / Not appl.	28 Mar 2030	40.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Punjab and Sind Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Mar 2025	Not avl. / Not appl.	31 Mar 2030	31.99	Simple	ACUITE AA \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	24 Sep 2024	Not avl. / Not appl.	25 Sep 2029	70.00	Simple	ACUITE AA \| Stable \| Reaffirmed
A U Small Finance Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	28 Nov 2024	Not avl. / Not appl.	18 Dec 2027	64.17	Simple	ACUITE AA \| Stable \| Reaffirmed
Bajaj Finance Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	27 Dec 2024	Not avl. / Not appl.	27 Dec 2027	18.33	Simple	ACUITE AA \| Stable \| Reaffirmed
Micro Units Development and Refinance Agency bank (MUDRA)	Not avl. / Not appl.	Term Loan	Unlisted	RBI	21 Mar 2025	Not avl. / Not appl.	10 Mar 2028	66.00	Simple	ACUITE AA \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	16 Dec 2024	Not avl. / Not appl.	16 Dec 2029	44.25	Simple	ACUITE AA \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	19 Dec 2024	Not avl. / Not appl.	19 Dec 2029	44.25	Simple	ACUITE AA \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	23 Dec 2024	Not avl. / Not appl.	23 Dec 2029	24.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Dhanlaxmi Bank Ltd	Not avl. / Not appl.	Term Loan	Unlisted	RBI	06 Mar 2025	Not avl. / Not appl.	06 Mar 2028	23.95	Simple	ACUITE AA \| Stable \| Reaffirmed
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Unlisted	RBI	28 Jun 2023	Not avl. / Not appl.	28 Jun 2028	8.75	Simple	ACUITE AA \| Stable \| Reaffirmed
DCB Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	28 Jun 2023	Not avl. / Not appl.	30 Jun 2028	22.51	Simple	ACUITE AA \| Stable \| Reaffirmed
UTKARSH SMALL FINANCE BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	01 Jul 2023	Not avl. / Not appl.	15 Jul 2026	3.33	Simple	ACUITE AA \| Stable \| Reaffirmed
TATA Capital Financial Service Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	26 Jul 2023	Not avl. / Not appl.	26 Jul 2026	4.24	Simple	ACUITE AA \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	18 Aug 2023	Not avl. / Not appl.	18 Aug 2028	12.49	Simple	ACUITE AA \| Stable \| Reaffirmed
IDFC First Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	27 Sep 2023	Not avl. / Not appl.	27 Feb 2028	89.58	Simple	ACUITE AA \| Stable \| Reaffirmed
Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Sep 2023	Not avl. / Not appl.	30 Sep 2028	24.01	Simple	ACUITE AA \| Stable \| Reaffirmed
Capital Small Finance Bank Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Sep 2023	Not avl. / Not appl.	01 Dec 2026	5.53	Simple	ACUITE AA \| Stable \| Reaffirmed
KISETSU SAISON FINANCE (INDIA) PRIVATE LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	15 Sep 2023	Not avl. / Not appl.	15 Sep 2026	5.83	Simple	ACUITE AA \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	26 Sep 2023	Not avl. / Not appl.	29 Sep 2028	96.50	Simple	ACUITE AA \| Stable \| Reaffirmed
YES BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	02 Aug 2023	Not avl. / Not appl.	01 Aug 2028	0.49	Simple	ACUITE AA \| Stable \| Reaffirmed
Dhanlaxmi Bank Ltd	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Oct 2023	Not avl. / Not appl.	31 Oct 2026	5.98	Simple	ACUITE AA \| Stable \| Reaffirmed
Punjab and Sind Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Dec 2023	Not avl. / Not appl.	31 Dec 2028	41.23	Simple	ACUITE AA \| Stable \| Reaffirmed
THE KARUR VYSYA BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Nov 2023	Not avl. / Not appl.	30 Nov 2026	10.90	Simple	ACUITE AA \| Stable \| Reaffirmed
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	Not avl. / Not appl.	Term Loan	Unlisted	RBI	28 Mar 2024	Not avl. / Not appl.	10 Mar 2029	63.16	Simple	ACUITE AA \| Stable \| Reaffirmed
Bajaj Finance Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	22 Feb 2024	Not avl. / Not appl.	22 Feb 2027	10.00	Simple	ACUITE AA \| Stable \| Reaffirmed
City Union Bank Ltd	Not avl. / Not appl.	Term Loan	Unlisted	RBI	27 Mar 2024	Not avl. / Not appl.	27 Mar 2027	6.57	Simple	ACUITE AA \| Stable \| Reaffirmed
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	27 Mar 2024	Not avl. / Not appl.	27 Mar 2027	8.33	Simple	ACUITE AA \| Stable \| Reaffirmed
Nabkisan Finance Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	27 Mar 2024	Not avl. / Not appl.	01 Apr 2027	12.49	Simple	ACUITE AA \| Stable \| Reaffirmed
Nabsamruddhi Finance Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	21 Mar 2024	Not avl. / Not appl.	01 Apr 2029	33.33	Simple	ACUITE AA \| Stable \| Reaffirmed
INDUSIND BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	28 Jun 2024	Not avl. / Not appl.	28 Jun 2027	37.50	Simple	ACUITE AA \| Stable \| Reaffirmed
Ujjivan Small Finance Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 May 2024	Not avl. / Not appl.	30 Jun 2027	12.50	Simple	ACUITE AA \| Stable \| Reaffirmed
Canara Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	25 Sep 2024	Not avl. / Not appl.	27 Sep 2031	39.30	Simple	ACUITE AA \| Stable \| Reaffirmed
Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Sep 2024	Not avl. / Not appl.	30 Sep 2027	12.45	Simple	ACUITE AA \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	25 Sep 2024	Not avl. / Not appl.	25 Sep 2029	105.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Jul 2025	Not avl. / Not appl.	31 Jul 2030	89.90	Simple	ACUITE AA \| Stable \| Reaffirmed
Canara Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	25 Aug 2025	Not avl. / Not appl.	25 Jul 2032	74.99	Simple	ACUITE AA \| Stable \| Reaffirmed
BANK OF INDIA (BOI)	Not avl. / Not appl.	Term Loan	Unlisted	RBI	25 Sep 2025	Not avl. / Not appl.	30 Sep 2030	89.99	Simple	ACUITE AA \| Stable \| Reaffirmed
UCO BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Sep 2025	Not avl. / Not appl.	30 Sep 2030	67.49	Simple	ACUITE AA \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Oct 2025	Not avl. / Not appl.	29 Oct 2030	95.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Bajaj Finance Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	26 Jun 2025	Not avl. / Not appl.	26 Sep 2028	31.11	Simple	ACUITE AA \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Jun 2025	Not avl. / Not appl.	30 Jun 2030	42.50	Simple	ACUITE AA \| Stable \| Reaffirmed
ICICI BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Jun 2025	Not avl. / Not appl.	31 Jul 2028	37.84	Simple	ACUITE AA \| Stable \| Reaffirmed
ICICI BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Jun 2025	Not avl. / Not appl.	31 Jul 2028	37.84	Simple	ACUITE AA \| Stable \| Reaffirmed
INDIAN OVERSEAS BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	27 Jun 2025	Not avl. / Not appl.	27 Jun 2035	46.23	Simple	ACUITE AA \| Stable \| Reaffirmed
INDIAN OVERSEAS BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	27 Jun 2025	Not avl. / Not appl.	27 Jun 2035	46.23	Simple	ACUITE AA \| Stable \| Reaffirmed
INDUSIND BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	23 Jun 2025	Not avl. / Not appl.	23 Jun 2029	58.50	Simple	ACUITE AA \| Stable \| Reaffirmed
Nabkisan Finance Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	19 Jun 2025	Not avl. / Not appl.	01 Jul 2028	54.54	Simple	ACUITE AA \| Stable \| Reaffirmed
Ujjivan Small Finance Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	27 Jun 2025	Not avl. / Not appl.	27 May 2028	22.50	Simple	ACUITE AA \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	28 Nov 2025	Not avl. / Not appl.	28 Nov 2030	71.25	Simple	ACUITE AA \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	09 Feb 2026	Not avl. / Not appl.	09 Feb 2031	100.00	Simple	ACUITE AA \| Stable \| Reaffirmed
ICICI BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Dec 2025	Not avl. / Not appl.	31 Jan 2029	22.97	Simple	ACUITE AA \| Stable \| Reaffirmed
CSB Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Dec 2025	Not avl. / Not appl.	31 Dec 2029	37.50	Simple	ACUITE AA \| Stable \| Reaffirmed
A U Small Finance Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Jan 2026	Not avl. / Not appl.	18 Feb 2029	72.92	Simple	ACUITE AA \| Stable \| Reaffirmed
IDBI Bank Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Jan 2026	Not avl. / Not appl.	30 Jan 2033	75.00	Simple	ACUITE AA \| Stable \| Reaffirmed
YES BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	07 Apr 2026	Not avl. / Not appl.	07 Apr 2029	25.00	Simple	ACUITE AA \| Stable \| Reaffirmed
IDFC First Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	23 Apr 2026	Not avl. / Not appl.	23 Mar 2030	100.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Karnataka Bank Ltd	Not avl. / Not appl.	Term Loan	Unlisted	RBI	27 Mar 2026	Not avl. / Not appl.	27 Mar 2029	50.00	Simple	ACUITE AA \| Stable \| Reaffirmed
National Bank for Agriculture and Rural Development (NABARD)	Not avl. / Not appl.	Term Loan	Unlisted	RBI	20 Mar 2026	Not avl. / Not appl.	30 Jun 2030	150.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Nabkisan Finance Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	20 Mar 2026	Not avl. / Not appl.	31 Mar 2031	70.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Not Applicable	INE985V08015	Unsecured subordinated non-convertible debenture	Unlisted	MCA	30 Nov 2022	11.00	30 May 2028	50.00	Complex	ACUITE AA \| Stable \| Reaffirmed
DCB Bank Limited	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	75.00	Simple	ACUITE AA \| Stable \| Reaffirmed

*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
Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:
A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	SEBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11	Fixed Deposits raised by NBFCs, Banks, HFCs, FIs	RBI
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts	SEBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs)	RBI
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁴ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁶	Not applicable

⁶ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

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.