Press Release

September 30, 2026

ARMAN FINANCIAL SERVICES LIMITED
Rating Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	70.00	ACUITE A- \| Positive \| Reaffirmed	-	RBI
Non Convertible Debentures (NCD)	0.00	25.00	ACUITE A- \| Positive \| Reaffirmed	-	MCA
Non Convertible Debentures (NCD)	365.00	0.00	ACUITE A- \| Positive \| Reaffirmed	-	SEBI
Total Outstanding	365.00	95.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 A-’ (read as ACUITE A minus) on the Rs.70.00 Cr. bank facility of Arman Financial Services Limited (AFSL). The outlook is revised from ‘Stable’ to 'Positive'.

Acuité has reaffirmed the long-term rating of ‘‘ACUITE A-’ (read as ACUITE A minus) on the Rs.25.00 Cr. Proposed Non-Convertible Debentures facility of Arman Financial Services Limited (AFSL). The outlook is revised from ‘Stable’ to 'Positive'.

Acuité has reaffirmed the long-term rating of ‘‘ACUITE A-’ (read as ACUITE A minus) on the Rs.365.00 Cr. Non-Convertible Debentures facility of Arman Financial Services Limited (AFSL). The outlook is revised from ‘Stable’ to 'Positive'.

Rationale for the rating.
The revision in outlook takes into consideration improvement in profitability metrics and groups asset quality. Accordingly, company reported PAT of Rs.56.61 crore in FY26 from Rs.52.07 crore in FY25 and this further improved and stood at Rs. 45.17 Cr. for of Q1 FY27. Acuite expects the revival in the earning profile and disbursement volumes to sustain given the recovery in MFI sector. Rating continues to drive support from groups healthy capitalisation level indicated through net worth of Rs.933.33 crore as on March 31, 2026 as against Rs.874.41 crore as on March 31, 2025, which further improved to Rs.978.69 crore as on June 30, 2026. The rating remains constrained by the group's significant exposure to unsecured lending segments, primarily through its microfinance and individual business loan portfolios. Though, asset quality indicators have shown improvement they remain moderate, with GNPA at 2.76% as on June 30, 2026 from 3.44% as on March 31, 2026 on consolidated level. Similarly, the on-time portfolio on consolidated level improved to 94.91% as on June 30, 2026 from 90.97% as on March 31, 2025 and 94.53% as on March 31, 2026.

Going forward, the group's ability to sustain the improvement in asset quality, maintain profitability while scaling up its diversified lending portfolio, and preserve its healthy capitalization profile will remain key rating sensitivities.

About the Company

Incorporated in 1992 and promoted by Mr. Jayendra Patel, Arman Financial Services Limited (together with Namra Finance Limited referred to as “Arman Group”) is a non-deposit taking Non-Banking Financial Company registered with RBI. AFSL commenced its operations with asset backed finance lending in the state of Gujarat. Following the RBI directive for creating a separate category of NBFC for lending to micro finance sector, the company was the first in India to obtain "NBFC-MFI" license for its wholly owned subsidiary -Namra Finance Limited (NFL) on February 14, 2013. In March 2017, Arman Financial Services Limited also commenced MSME Lending Business. The Company (AFSL and NFL together) is mainly engaged into micro-financing and asset backed financing. The company offers two-wheeler and MSME financing and Joint Liability Group (JLG) financing. It is registered in Ahmedabad Gujarat. Arman Financial Services Limited, on a consolidated basis, operates in 10 states i.e Gujarat, Madhya Pradesh, Maharashtra, Uttar Pradesh, Uttarakhand, Rajasthan, Jharkhand, Telangana, Haryana and Bihar spread across 149 districts through a network of 402 branches with Assets Under Management (AUM) at Rs 1,642.15 Cr. as on December 31, 2022. Arman Financial Services Limited’s equity shares were listed on BSE in 1995. Currently, Mr. Jayendrabhai Bhailalbhai Patel, Mrs. Ritaben Jayendrabhai Patel, Mr. Alok Prasad, Mr. Yash Kaushik Shah, Mr. Aalok Jayendra Patel, Mr. Aakash Jayendra Patel, Mrs. Geeta Haresh Solanki are directors of the company.

About the Group

Namra Finance Limited (NFL) is a wholly owned subsidiary of AFSL which is a Non-Deposit taking NBFC registered with Reserve Bank of India, promoted by Mr. Jayendra Patel. Prior to May 2013, AFSL was engaged in the business of two-wheeler financing and microfinance lending business through Joint Liability Group (JLG) model. However, NFL got an NBFC – Micro Finance Institution license from RBI on February 14, 2013 and from May 2013, entire new microfinance lending is being carried out by NFL.

Unsupported Rating

Not applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

Acuité has consolidated the business and financial risk profiles of AFSL and NFL (Hereinafter referred to as ‘Arman Group’) for arriving at the rating. The consolidation is in view of common promoters and management, integrated businesses, shared brand name and significant operational and financial linkages between these entities.

Key Rating Drivers

Strength

Established track record of operations with experienced promoters and management

AFSL has been engaged in the financing business since 1992 and has demonstrated a long track record of operations through various business cycles. AFSL commenced its operations with asset backed finance lending in the state of Gujarat and has built a strong experience of 29 years in the industry. Following the RBI directive for creating a separate category of NBFC for lending to micro finance sector, the company was the first in India to obtain "NBFCMFI" license for its wholly owned subsidiary - Namra Finance Limited (NFL) on February 14, 2013. Accordingly, all the assets related to micro finance were transferred to Namra Finance Limited (NFL). In 2017, company began its MSME loan product segment. The group has geographical presence in the states of Gujarat, Telangana, Madhya Pradesh, Uttar Pradesh, Maharashtra, Uttarakhand, Rajasthan, Haryana, Jharkhand, Karnataka and Bihar with a network of 556 branches spread across 170+ districts as on June 30, 2026. The company is promoted by Mr. Jayendra Patel, Vice Chairman and Managing Director, who has 35 years of senior managerial and board level experience in the finance sector. Mr. Patel is the founder member of Gujarat Finance Companies Association. He is supported by Mr. Aalok Patel, Joint Managing Director, who is also on the Board of the company and has more than 15 years of experience in the financial sector. Further, Mr. Alok Prasad is the present Chairman on the Board of AFSL, who is also on the Board of the company and is having 35 years of experience in regulatory, banking and financial services. He has been associated with MFIN as Founder Chief Executive Officer. The Board is well represented by nine directors with adequate and relevant experience in the corporate and finance domains. The subsidiary maintains a CRAR of approximately 39%, reflecting robust capitalization and prudent risk management. Acuité believes that the established presence of the promoters and management coupled with effective guidance from the directors on the board, will support the business risk profile of the company in the near to medium term.

Healthy Capitalization and Prudent Leverage

The group continues to maintain a healthy capital structure, with consolidated tangible net worth improving to Rs.933.33 crore as on March 31, 2026 from Rs.874.41 crore as on March 31, 2025 and further to Rs.978.69 crore as on June 30, 2026. At the entity level, AFSL and NFL reported comfortable CRAR levels of 33.57 percent and 38.83 percent, respectively, as on June 30, 2026. The healthy capitalization provides adequate cushion against asset-side risks while supporting the group's future growth plans. Further, the consolidated gearing remained moderate at 1.90 times as on March 31, 2026 and 2.01 times as on June 30, 2026. further more as on June 30, 2026, approximately 82 percent of the consolidated AUM was covered under the scheme, compared to around 78 percent as on March 31, 2026.

Improving Earnings Profile

The group's earnings profile has exhibited a recovery trajectory following the stress witnessed in FY25. Consolidated PAT improved to Rs.56.61 crore in FY26 from Rs.52.07 crore in FY25, supported by a significant moderation in credit costs to Rs.148.25 crore from Rs.264.10 crore during the same period. The recovery strengthened further in Q1FY27, with the group reporting a PAT of Rs.45.17 crore as against a net loss of Rs.14.58 crore in Q1FY26. The improvement was driven by lower credit costs, healthy net interest margins and growth in the loan portfolio.

Implementation of BCM Model for Enhanced Credit Evaluation

NFL has introduced the Branch Credit Manager (BCM) model to strengthen its credit underwriting framework. This model facilitates independent credit evaluation at the branch level, improving risk assessment and decision making. As of June 2026, approximately 78% of NFL branches (330 out of 424) have adopted the BCM structure, reflecting the company’s commitment to scalable and decentralized credit governance.

Weakness

Moderate Asset Quality Profile Albeit Improving

The group's asset quality profile, while improving, remains moderate given its significant exposure to unsecured lending segments. The consolidated GNPA stood at 3.44 percent as on March 31, 2026 as against 3.37 percent as on March 31, 2025, before improving to 2.76 percent as on June 30, 2026. Encouragingly, the on-time portfolio improved to 94.91 percent as on June 30, 2026 from 90.97 percent as on March 31, 2025, while the 31-90 dpd bucket declined sharply to 0.95 percent from 4.28 percent over the same period, indicating moderation in fresh slippages.

Significant exposure to Unsecured Lending Portfolio

The group's portfolio continues to have significant exposure to unsecured lending segments through its microfinance, individual business loan (IBL) and MSME portfolios. As on June 30, 2026, the consolidated portfolio comprised JLG loans at 41.13%, IBL loans at 32.94% and MSME loans at 19.55% of the overall AUM, with the balance comprising two-wheeler, LAP and solar loans. While asset quality indicators have improved and the portfolio has witnessed increasing diversification over the last few quarters, the unsecured nature of a large part of the portfolio remains susceptible to borrower cash flow volatility, geographical disruptions and sector-specific stress. Acuite will continue to monitor the sustainability of the improvement in asset quality, collection efficiency and credit costs across the unsecured portfolio.

ESG Factors Relevant for Rating

Arman Financial Services Limited (AFSL) belongs to the NBFC sector which complements bank lending in India. Some of the material governance issues for the financial services sector are policies and practices with regard to business ethics, board diversity and independence, compensation structure for board and KMPs, role of the audit committee and shareholders’ rights. On the social aspect, some of the critical issues for the sector are the contributions to financial inclusion and community development, responsible financing including environmentally friendly projects and policies around data privacy. The industry, by nature has a low exposure to environmental risks. AFSL focuses towards overcoming the financial inclusion gap through vehicle finance and microfinance in semi-rural and rural areas. The entity has corporate governance policies on whistle-blower programme and vigil mechanism. The NBFC outlines the policies related to diversity, sexual harassment, and ethical business practices in its code of conduct and also has a high transparency in terms of disclosures related to board and management compensation. AFSL’s CSR policy focuses on development of marginalized communities and initiatives such as Hygiene Awareness programmes among rural women in Gujarat. As part of the ‘green initiative’, the company has switched to electronic mode to send annual reports or Notice of AGM to the shareholders and depository participants.

Rating Sensitivity

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

Sustainable improvement in profitability profile, RoAA above 3.00%
Improvement in net worth while maintaining low gearing ratio.

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

Significant increase in GNPA and NNPA.
Increase in gearing ratio above 5 times

All Covenants

The Financial covenants to be tested on a consolidated basis shall be as under:

Capital Adequacy Ratio of 18% (eighteen percent) or such other higher threshold as may be prescribed by the RBI from time to time;
The ratio of Financial Indebtedness to Tangible Net Worth shall not exceed 5.5x for the tenor of the instrument.
The Company shall at all times maintain a ratio of (x) the sum of Portfolio at Risk over 90 days plus Restructured Loans plus Net Charge-Offs during the last 12 months divided by (y) the Outstanding Gross Loan Portfolio of not greater than 5%.
The Company shall maintain the ratio of the sum of (x) Portfolio at Risk over 90 days + Restructured Loans – Loan Loss Reserve) divided by (y) Tier 1 Capital of no more than 10%
GNPA of not more than 5%
NNPA of not more than 2%
Other covenants as agreed in transaction documents

All the above covenants shall be tested on quarterly basis on June 30, September 30, December 31, March 31

Financial Covenants for INE109C07139

Capital Adequacy Ratio (CAR) (as defined in RBI NBFC Regulations) = 22%.
PAR>90 shall not exceed 6% of Gross Loan Portfolio (GLP).
PAR>90 (net of provisioning) shall not exceed 4% of GLP.
Total Debt / Tangible Net Worth (TNW) shall not exceed 3.75x.
Tangible Net Worth of the Issuer to Gross Loan Portfolio shall be 20.00%.
PAR>90 (net of provision) / TNW shall be = 10.00%.
TNW (consolidated) shall be at least Rs. 720,00,00,000 (Rupees Seven Hundred Twenty Crore only).
Liquidity Coverage Ratio (LCR) shall be a minimum of 100%.
(PAR>90 + Write-offs) (write-offs considered for Trailing Twelve Months) to Gross Loan Portfolio shall be 12% (Twelve Percent)
ALM cumulative mismatches shall be positive for the up-to-1-year bucket.

Testing frequency: Quarterly (as on 31 Mar, 30 Jun, 30 Sep, 31 Dec each year)

Financial Covenants for INE109C07147

The capital adequacy ratio (as defined in RBI NBFC Regulations) shall be above 20%
PAR>90 shall not exceed 6% of Gross Loan Portfolio.
PAR>90 net of provisioning shall not exceed 3.5% (Four Percent) of Gross Loan Portfolio.
Total Debt to Tangible Net worth shall not exceed 4 times.
Minimum Permissible ratio of Tangible Net Worth of the Issuer to Gross Loan Portfolio shall be 20.00%.
Maximum permissible PAR>90 net of provision to Tangible Net Worth of the Issuer shall be 10.00%.
The Tangible Net Worth on a consolidated basis shall be at least Rs. 720,00,00,000/-
Liquidity Coverage Ratio shall be minimum of 100%
Maximum permissible PAR>90 and Write-off (Write off considered for Trailing Twelve Months) to Gross Loan Portfolio shall be 12% (Twelve Percent)
Cumulative mismatches in ALM should be positive for upto 1 year bucket.

In case of breach of any one or more of the Financial Covenants, the Issuer shall pay additional coupon at the rate of 0.25% per annum over and above the applicable Coupon Rate on the principal amount outstanding under the NCDs from the date of occurrence of such a breach, until the NCDs are fully redeemed or till the covenants criteria has been replenished.
The company will check all financial covenants every quarter on a standalone basis.
The covenants will be tested as on 31 March, 30 June, 30 September, and 31 December every year.

Liquidity Position

Adequate

The liquidity profile of Arman Financial Services Limited (AFSL) remains adequate, supported by a positive asset-liability cumulative mismatch. As per the ALM statement dated March 31, 2026, AFSL’s repayment obligations (total outflows) during FY2026-27 are expected to be Rs. 269.61 Cr., against total receivables (inflows) of around Rs. 484.91 Cr. over the same period, resulting in an expected positive mismatch of Rs. 215.30 Cr. The company also maintained cash and bank balances of around Rs. 74.84 Cr. as on March 31, 2026.

Outlook

Positive

Other Factors affecting Rating

None

Key Financials - Standalone / Originator

Particulars	Unit	FY26 (Actual)	FY25 (Actual)
Total Assets	Rs. Cr.	1364.71	1009.36
Total Income*	Rs. Cr.	155.20	136.83
PAT	Rs. Cr.	40.61	43.17
Net Worth	Rs. Cr.	632.44	585.80
Return on Average Assets (RoAA)	(%)	3.42	4.66
Return on Average Net Worth (RoNW)	(%)	6.67	7.70
Debt/Equity	Times	1.14	0.70
Gross NPA	(%)	3.52	3.38
Net NPA	(%)	0.93	0.99

*Total income equals to Net Interest Income plus other income

Key Financials (Consolidated)

Particulars	Unit	FY26 (Actual)	FY25 (Actual)
Total Assets	Rs. Cr.	2769.80	2201.36
Total Income*	Rs. Cr.	439.91	490.14
PAT	Rs. Cr.	56.61	52.07
Net Worth	Rs. Cr.	933.33	874.41
Return on Average Assets (RoAA)	(%)	2.28	2.16
Return on Average Net Worth (RoNW)	(%)	6.26	6.17
Debt/Equity	Times	1.90	1.41
Gross NPA	(%)	3.44	3.37
Net NPA	(%)	0.97	0.55

*Total income equals to Net Interest Income plus other income
Ratios are as per Acuite's Calculations

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
15 Apr 2026	Term Loan	Long Term	1.25	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.56	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	52.69	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	40.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	75.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	100.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	125.00	ACUITE A- \| Stable (Reaffirmed)
18 Mar 2026	Proposed Non Convertible Debentures	Long Term	150.00	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	1.25	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.56	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	52.69	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	40.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	75.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	100.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	10.00	ACUITE Not Applicable (Withdrawn)
	Proposed Non Convertible Debentures	Long Term	0.20	ACUITE Not Applicable (Withdrawn)
05 Feb 2026	Term Loan	Long Term	15.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.29	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	28.21	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	0.20	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	40.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	75.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	100.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	49.80	ACUITE Not Applicable (Withdrawn)
21 Jan 2026	Term Loan	Long Term	15.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	49.80	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	40.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	75.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	100.00	ACUITE A- \| Stable (Assigned)
	Proposed Non Convertible Debentures	Long Term	25.00	ACUITE A- \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	28.21	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	0.20	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.29	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.00	ACUITE A- \| Stable (Reaffirmed)
26 Dec 2025	Term Loan	Long Term	15.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.29	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	28.21	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	0.20	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	49.80	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	40.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	75.00	ACUITE A- \| Stable (Reaffirmed)
28 Nov 2025	Term Loan	Long Term	15.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.29	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	28.21	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	0.20	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	49.80	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	40.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	75.00	ACUITE A- \| Stable (Assigned)
30 Oct 2025	Term Loan	Long Term	15.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.29	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	28.21	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	0.20	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	49.80	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	40.00	ACUITE A- \| Stable (Reaffirmed)
14 Oct 2025	Term Loan	Long Term	15.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.29	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	28.21	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	0.20	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	49.80	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	40.00	ACUITE A- \| Stable (Reaffirmed)
23 Sep 2025	Term Loan	Long Term	15.00	ACUITE A- \| Stable (Downgraded from ACUITE A \| Negative)
	Term Loan	Long Term	6.00	ACUITE A- \| Stable (Downgraded from ACUITE A \| Negative)
	Cash Credit	Long Term	0.50	ACUITE A- \| Stable (Downgraded from ACUITE A \| Negative)
	Term Loan	Long Term	0.29	ACUITE A- \| Stable (Downgraded from ACUITE A \| Negative)
	Term Loan	Long Term	20.00	ACUITE A- \| Stable (Downgraded from ACUITE A \| Negative)
	Proposed Long Term Bank Facility	Long Term	28.21	ACUITE A- \| Stable (Downgraded from ACUITE A \| Negative)
	Proposed Non Convertible Debentures	Long Term	0.20	ACUITE A- \| Stable (Downgraded from ACUITE A \| Negative)
	Non-Covertible Debentures (NCD)	Long Term	49.80	ACUITE A- \| Stable (Downgraded from ACUITE A \| Negative)
	Proposed Non Convertible Debentures	Long Term	10.00	ACUITE A- \| Stable (Downgraded from ACUITE A \| Negative)
	Non-Covertible Debentures (NCD)	Long Term	40.00	ACUITE A- \| Stable (Downgraded from ACUITE A \| Negative)
	Proposed Non Convertible Debentures	Long Term	1.00	ACUITE Not Applicable (Withdrawn)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE Not Applicable (Withdrawn)
	Non-Covertible Debentures (NCD)	Long Term	24.00	ACUITE Not Applicable (Withdrawn)
07 May 2025	Term Loan	Long Term	15.00	ACUITE A \| Negative (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	26.78	ACUITE A \| Negative (Reaffirmed)
	Term Loan	Long Term	1.43	ACUITE A \| Negative (Reaffirmed)
	Term Loan	Long Term	0.29	ACUITE A \| Negative (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A \| Negative (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A \| Negative (Reaffirmed)
	Term Loan	Long Term	6.00	ACUITE A \| Negative (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	1.00	ACUITE A \| Negative (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE A \| Negative (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	0.20	ACUITE A \| Negative (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	49.80	ACUITE A \| Negative (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	24.00	ACUITE A \| Negative (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	50.00	ACUITE A \| Negative (Reaffirmed)
15 Apr 2025	Term Loan	Long Term	15.00	ACUITE A \| Negative (Reaffirmed)
	Term Loan	Long Term	6.00	ACUITE A \| Negative (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A \| Negative (Reaffirmed)
	Term Loan	Long Term	0.29	ACUITE A \| Negative (Reaffirmed)
	Term Loan	Long Term	1.43	ACUITE A \| Negative (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A \| Negative (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	21.16	ACUITE A \| Negative (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	1.00	ACUITE A \| Negative (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE A \| Negative (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	0.20	ACUITE A \| Negative (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	49.80	ACUITE A \| Negative (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	24.00	ACUITE A \| Negative (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	50.00	ACUITE A \| Negative (Assigned)
	Cash Credit	Long Term	2.00	ACUITE A \| Negative (Reaffirmed)
	Term Loan	Long Term	0.56	ACUITE A \| Negative (Reaffirmed)
	Term Loan	Long Term	3.06	ACUITE A \| Negative (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE Not Applicable (Withdrawn)
28 Feb 2025	Term Loan	Long Term	0.29	ACUITE A \| Negative (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	21.16	ACUITE A \| Negative (Reaffirmed)
	Term Loan	Long Term	6.00	ACUITE A \| Negative (Reaffirmed)
	Term Loan	Long Term	1.43	ACUITE A \| Negative (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE A \| Negative (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	1.00	ACUITE A \| Negative (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE A \| Negative (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	0.20	ACUITE A \| Negative (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE A \| Negative (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A \| Negative (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	49.80	ACUITE A \| Negative (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	24.00	ACUITE A \| Negative (Reaffirmed)
	Cash Credit	Long Term	2.00	ACUITE A \| Negative (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A \| Negative (Reaffirmed)
	Term Loan	Long Term	0.56	ACUITE A \| Negative (Reaffirmed)
	Term Loan	Long Term	3.06	ACUITE A \| Negative (Reaffirmed)
18 Nov 2024	Cash Credit	Long Term	2.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	0.56	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	3.06	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	0.29	ACUITE A \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	21.16	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	6.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	1.43	ACUITE A \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE A \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	1.00	ACUITE A \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE A \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	0.20	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	49.80	ACUITE A \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	24.00	ACUITE A \| Stable (Reaffirmed)
	Principal protected market linked debentures	Long Term	20.00	ACUITE Not Applicable (Withdrawn)
	Principal protected market linked debentures	Long Term	25.00	ACUITE Not Applicable (Withdrawn)
16 Aug 2024	Proposed Non Convertible Debentures	Long Term	1.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	24.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Proposed Non Convertible Debentures	Long Term	0.20	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	15.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	20.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	49.80	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	2.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	0.50	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	0.56	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	3.06	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	0.29	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Proposed Long Term Bank Facility	Long Term	21.16	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	6.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	1.43	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Principal protected market linked debentures	Long Term	20.00	ACUITE PP-MLD A \| Stable (Upgraded from ACUITE PP-MLD A- \| Stable)
	Principal protected market linked debentures	Long Term	25.00	ACUITE PP-MLD A \| Stable (Upgraded from ACUITE PP-MLD A- \| Stable)
18 Apr 2024	Non-Covertible Debentures (NCD)	Long Term	24.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	50.00	ACUITE A- \| Stable (Assigned)
	Cash Credit	Long Term	5.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	1.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.56	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.06	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.29	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	39.79	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	9.37	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.43	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE A- \| Stable (Reaffirmed)
	Principal protected market linked debentures	Long Term	20.00	ACUITE PP-MLD A- \| Stable (Reaffirmed)
	Principal protected market linked debentures	Long Term	25.00	ACUITE PP-MLD A- \| Stable (Reaffirmed)
03 Apr 2024	Cash Credit	Long Term	5.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.56	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.06	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.29	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	1.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	24.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	39.79	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	9.37	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.43	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE A- \| Stable (Reaffirmed)
	Principal protected market linked debentures	Long Term	20.00	ACUITE PP-MLD A- \| Stable (Reaffirmed)
	Principal protected market linked debentures	Long Term	25.00	ACUITE PP-MLD A- \| Stable (Reaffirmed)
09 Feb 2024	Cash Credit	Long Term	5.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	1.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	24.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.56	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.06	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.29	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	39.79	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	9.37	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.43	ACUITE A- \| Stable (Reaffirmed)
	Principal protected market linked debentures	Long Term	20.00	ACUITE PP-MLD A- \| Stable (Reaffirmed)
	Principal protected market linked debentures	Long Term	25.00	ACUITE PP-MLD A- \| Stable (Reaffirmed)
21 Aug 2023	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.29	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	14.33	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	31.97	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.29	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.06	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.56	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	1.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	49.00	ACUITE A- \| Stable (Reaffirmed)
	Principal protected market linked debentures	Long Term	25.00	ACUITE PP-MLD A- \| Stable (Reaffirmed)
	Principal protected market linked debentures	Long Term	20.00	ACUITE PP-MLD A- \| Stable (Reaffirmed)
06 Jul 2023	Proposed Non Convertible Debentures	Long Term	25.00	ACUITE A- \| Stable (Assigned)
	Proposed Non Convertible Debentures	Long Term	25.00	ACUITE A- \| Stable (Assigned)
	Cash Credit	Long Term	5.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.56	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.06	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.29	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	31.97	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	14.33	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.29	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE A- \| Stable (Reaffirmed)
	Principal protected market linked debentures	Long Term	20.00	ACUITE PP-MLD A- \| Stable (Reaffirmed)
	Principal protected market linked debentures	Long Term	25.00	ACUITE PP-MLD A- \| Stable (Reaffirmed)
19 May 2023	Cash Credit	Long Term	5.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.56	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.06	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.29	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	31.97	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	14.33	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.29	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE A- \| Stable (Reaffirmed)
	Principal protected market linked debentures	Long Term	20.00	ACUITE PP-MLD A- \| Stable (Reaffirmed)
	Principal protected market linked debentures	Long Term	25.00	ACUITE PP-MLD A- \| Stable (Reaffirmed)
12 Jan 2023	Term Loan	Long Term	4.29	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	2.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.56	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.06	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.29	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	17.30	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	27.00	ACUITE A- \| Stable (Reaffirmed)
	Market Linked Debentures	Long Term	20.00	ACUITE PP-MLD A- \| Stable (Reaffirmed)
	Proposed Market Linked Debentures	Long Term	25.00	ACUITE PP-MLD A- \| Stable (Assigned)

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
IDFC First Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.50	Simple	ACUITE A- \| Positive \| Reaffirmed \| Stable to Positive
Not Applicable	INE109C07105	Non-Convertible Debentures (NCD)	Listed	SEBI	05 Jun 2025	11.40	05 Jun 2028	40.00	Simple	ACUITE A- \| Positive \| Reaffirmed \| Stable to Positive
Not Applicable	INE109C07121	Non-Convertible Debentures (NCD)	Listed	SEBI	04 Dec 2025	11.35	05 Dec 2027	75.00	Simple	ACUITE A- \| Positive \| Reaffirmed \| Stable to Positive
Not Applicable	INE109C07139	Non-Convertible Debentures (NCD)	Listed	SEBI	29 Jan 2026	11.35	29 Jul 2028	100.00	Simple	ACUITE A- \| Positive \| Reaffirmed \| Stable to Positive
Not Applicable	INE109C07139	Non-Convertible Debentures (NCD)	Listed	SEBI	29 Jan 2026	11.35	29 Jul 2028	25.00	Simple	ACUITE A- \| Positive \| Reaffirmed \| Stable to Positive
Not Applicable	INE109C07147	Non-Convertible Debentures (NCD)	Listed	SEBI	25 Mar 2026	10.90	25 Sep 2028	125.00	Simple	ACUITE A- \| Positive \| Reaffirmed \| Stable to Positive
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.	4.41	Simple	ACUITE A- \| Positive \| Reaffirmed \| Stable to Positive
Not Applicable	Not avl. / Not appl.	Proposed Non Convertible Debentures	Unlisted	MCA	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE A- \| Positive \| Reaffirmed \| Stable to Positive
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	21 Jan 2026	Not avl. / Not appl.	21 Jul 2028	20.00	Simple	ACUITE A- \| Positive \| Reaffirmed \| Stable to Positive
IDFC First Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	25 May 2026	Not avl. / Not appl.	25 Nov 2028	18.67	Simple	ACUITE A- \| Positive \| Reaffirmed \| Stable to Positive
IDFC First Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	21 Mar 2025	Not avl. / Not appl.	21 Jun 2027	8.15	Simple	ACUITE A- \| Positive \| Reaffirmed \| Stable to Positive
SBM Bank (India) Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	20 Mar 2026	Not avl. / Not appl.	06 Jul 2028	16.79	Simple	ACUITE A- \| Positive \| Reaffirmed \| Stable to Positive
IDFC First Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	12 Mar 2024	Not avl. / Not appl.	12 Jun 2026	1.48	Simple	ACUITE A- \| Positive \| Reaffirmed \| Stable to Positive

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

Sr.No.	Company Name
1)	Arman Financial Services Limited
2)	Namra Finance Limited

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Yash Dharmale
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 ⁶	RBI
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 a	Fixed Deposits raised by NBFCs, HFCs, FIs	RBI
11 b	Fixed Deposits raised by Banks ⁷	+
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 ⁶	RBI
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) ⁷	+
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.
⁶ By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues.
⁷ To be finalized following a discussion with the regulatory authorities.

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 ⁸	Not applicable

⁸ 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.