Press Release

Press Release

September 17, 2026

CAPITAL INDIA FINANCE LIMITED
Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	775.00	ACUITE A- \| Stable \| Reaffirmed	-	RBI
Non Convertible Debentures (NCD)	100.00	0.00	ACUITE A- \| Stable \| Assigned	-	SEBI
Bank Loan Ratings	0.00	25.00	-	ACUITE A2+ \| Reaffirmed	RBI
Total Outstanding	100.00	800.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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. 775.00 Cr. bank facilities of Capital India Finance Limited (CIFL). The Outlook is 'Stable'.

Acuité has assigned the long-term rating of ‘ACUITE A-’ (read as ACUITE A minus) on the Rs. 100.00 Cr. proposed Non-Covertible Debentures (NCD) facilities of Capital India Finance Limited (CIFL). The Outlook is 'Stable'.

Acuité has reaffirmed the short-term rating of ‘ACUITE A2+’ (read as ACUITE A two plus) on the Rs. 25.00 Cr. bank facilities of Capital India Finance Limited (CIFL).

Rationale for Rating
The rating continues to factor the experienced management, strong capitalization levels and scale of operations of the Capital India Finance Limited. The company’s networth stood at of Rs. 669.32 Cr. as on March 31, 2026 with a leverage of 1.39 times (Rs. 621.54 Cr. as on March 31, 2025 with a leverage of 1.06 times). CIFL’s overall CRAR stood at 40.99 percent with Tier 1 capital comprising of 40.76 percent as on March 31, 2026. The entity’s the AUM has increased from Rs. 1004.52 Cr. as on March 31, 2025 to Rs. 1,227.37 Cr. as on March 31, 2026. The company’s disbursements increased from Rs. 465.46 Cr. in FY25 to Rs. 753.52 Cr. in FY26. CIFL has expanded its branch network by 17 branches with additional penetration in two states during FY2026. Acuité continues to take into consideration the shift towards more granular MSME lending (~89% of the portfolio as on June 30, 2026) which is expected to provide some cushion against asset quality shocks going forward.
Some of these rating strengths, however, are constrained with moderate profitability and deteriorating asset quality. Owning to its stake sale in Capital India Home loans during FY2026, an exceptional gain of Rs. 97.92 Cr. was registered during FY2026. The company’s earning profile improved as denoted by a PAT of Rs.40.36 Cr. during FY2026 as compared to Rs. 11.78 Cr. during FY2025. However, the company’s PAT for Q1FY2027 stood at Rs. 3.76 Cr. CIFL’s GNPA deteriorated from 1.83 percent as on March 31, 2025 to 2.50 percent as on March 31, 2026 and further to 3.28 percent as on June 30, 2026. Going forward, the improvement in earning profile and AUM levels while keeping the asset quality in check, would remain key rating monitorable.
Further, Acuite notes the board approval received towards the sale of its Forex division, operating under the RemitX brand. The transaction is subject to receipt of applicable regulatory and other requisite approvals which is expected to conclude within FY2027.

About the company

CIFL is a middle layer non deposit taking non-banking financial company (NBFC) registered with the Reserve Bank of India. The company is engaged in extending credit towards MSME segment in form of Loan against Property having a portfolio vintage of more than 5 years. Presently, the company has expanded its borrower base and has been focusing on MSME business lending from their earlier exposure towards wholesale financing including real estate financing. The company commenced its lending operations in November 2017. Presently, CIFL is led by Mr. Keshav Porwal (Managing Director) and Mr. Pinank Shah ( CEO ), each having an experience of more than two decades in financial services. The company’s equity is listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). CIFL has its registered office in Delhi and corporate office in Mumbai.

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has considered the standalone business and financial risk profile of CIFL to arrive at the rating.

Key Rating Drivers

Strength

Experienced management team led by industry veterans and backed by resourceful investors
Capital India Group has strong backing from its investors and experienced management team. The Group is promoted by Narvar Family and is led by senior professionals such as Mr. Keshav Porwal (Managing Director) and Mr. Pinank Shah (CEO) along with other senior management team with relevant experience in lending domain. Mr. Keshav Porwal has more than two decades of experience in Financial Services sector and brings considerable experience in successfully closing large and complex transactions involving PE investments and restructuring of medium-size companies, etc. Mr. Pinank Shah is a seasoned leader with over two decades of experience in financial services and has a proven history of establishing businesses and guiding diverse teams to success. CIFL’s Board comprises of seven members of which five are independent Directors. The Board includes reputed personnel with extensive industry experience panning across the Indian Banking system, Administration and the RBI. The day-to-day operations are managed by seasoned professionals with relevant expertise in MSME lending business and other domains. CIFL is backed by domestic long-term investors such as Capital India Corp Private Limited (holding ~73 percent), Dharampal Satyapal Group (holding ~11 percent), RJ Corp Limited (holding ~5 percent) among others as on June 30, 2026.
Acuité believes that CIFL’s business profile will be supported by expertise of seasoned professional managing the day to day operations and the support from the resourceful investors.

Strong Capitalisation
CIFL’s net worth remains strong at Rs. 669.32 Cr. as on March 31, 2026 owing to internal accruals (Rs. 621.54 Cr. as on March 31, 2025). It reported a strong overall capital adequacy ratio (CRAR) of 40.99 percent, with Tier 1 capital comprising of at 40.76 percent as on March 31, 2026 (Overall capital adequacy ratio (CRAR) of 36.08 percent, with Tier 1 capital comprising of 35.45 percent as on March 31, 2025). The gearing remains comfortable at 1.39 times as on March 31, 2026 as compared to 1.06 times as on March 31, 2025.
Acuité believes, going forward, that the ability of the company to deploy the funds profitably will be a key factor to monitor.

Weakness

Deteriorating asset quality and high credit costs
CIFL’s GNPA deteriorated from 1.83 percent as on March 31, 2025 to 2.50 percent as on March 31, 2026 and further to 3.28 percent as on June 30, 2026. The company maintained a provision coverage ratio of ~48 percent during FY2026. The NNPA as on March 31, 2026 stood at 1.32 percent as compared to 0.98 percent as on March 31, 2025. The on-time portfolio of the company stood at 80.12 percent as on June 30, 2026. During FY2026, the company has written off bad debts (net of recoveries) to the extent of Rs. 32.71 Cr. which has significantly affected the earning profile of the company.
Acuité believes that going forward the ability of the company to scale its operations while maintaining asset quality would remain a key monitorable.

Stagnant AUM levels; albeit improving
The AUM has remained largely at similar levels over the past four years. The AUM as on March 31, 2022 stood at Rs. 911.83 Cr. and has marginally improved to Rs. 1,004.52 Cr. as on March 31, 2025. This is owed to the disbursements being in the range of Rs. 450 Cr. to Rs. 500 Cr. each year, over the past four years. However, the entity’s the AUM has increased from Rs. 1,004.52 Cr. as on March 31, 2025 to Rs. 1,227.37 Cr. as on March 31, 2026. The company’s disbursements increased from Rs. 465.46 Cr. in FY25 to Rs. 753.52 Cr. in FY26. Further, the company’s AUM stood at Rs. 1,227.71 Cr. as on June 30, 2026.
Acuité believes that going forward the ability of the company to profitably scale its operations would remain a key monitorable.

ESG Factors Relevant for Rating

Capital India Finance Limited (CIFL) belongs to the Non-Banking Financial Companies (NBFC) sector which complements bank lending in India. Some of the material governance issues for the sector are policies and practices with regards 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, sustainable financing including environmentally friendly projects and policies around data privacy. The industry, by nature has a low exposure to environmental risks. While CIFL was earlier engaged in extending wholesale credit towards real estate, LAP and corporate/structured finance loans, it has expanded its borrower base and has been focusing on MSME loans which supports financial inclusion by financing of smaller businesses. The Capital India's board comprises of a total of seven directors out of which five are independent directors and including two female directors. The Chairman of the Board is Mr. Vinod Kumar Somani. Mr. Somani is a Chartered Accountant and senior partner with M/s KG Somani & Co. and has expert knowledge of Finance, Companies Act and Taxation. Other Board members include reputed personnel industry with extensive experience in industries panning across the Indian Banking system, Administration and the RBI. The group companies maintains adequate disclosures with respect to the various board level committees mainly audit committee, nomination and renumeration committee along with other committees. The group companies 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, CIFL is actively engaged in community development programmes through its CSR activities.

Rating Sensitivity

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

Significant growth in AUM and disbursements
Improvement in profitability metrics as indicated by ROAA above 2.5 percent on a sustained basis

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

Deterioration in asset quality metrics; GNPA greater than 4.5 percent on a sustained basis
Increase in credit costs leading to sharp decline in the earning profile
High gearing and low liquidity buffers

All Covenants

Not applicable as they are proposed NCDs

Liquidity Position

Adequate

The company’s liquidity position remains adequate, supported by its comfortable capitalization profile. As per the ALM statement dated June 30, 2026, total expected outflows stood at Rs. 428.83 Cr. up to a one-year period against expected inflows of Rs. 756.17 Cr. over the same period, resulting in a cumulative positive mismatch of Rs. 327.33 Cr. up to one year. Further, the company reported total borrowings of Rs. 930.87 Cr. and maintained a comfortable net worth of Rs. 669.32 Cr. as on March 31, 2026 , with a healthy CRAR of 40.99 percent. CIFL has total liquidity of Rs. 293.22 Cr. as on June 30, 2026 comprising of cash and cash equivalents, free FDs and liquid investment in mutual funds.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials - Standalone / Originator

Particulars	Unit	FY26 (Actual)	FY25 (Actual)
Total Assets	Rs. Cr.	1701.36	1359.63
Total Income*	Rs. Cr.	146.68	134.93
PAT	Rs. Cr.	40.36	11.78
Net Worth	Rs. Cr.	669.32	621.54
Return on Average Assets (RoAA)	(%)	2.64	0.91
Return on Average Net Worth (RoNW)	(%)	6.25	1.92
Debt/Equity	Times	1.39	1.06
Gross NPA (Owned portfolio)	(%)	2.50	1.83
Net NPA (Owned portfolio)	(%)	1.32	0.98

*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

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.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
29 Sep 2025	Term Loan	Long Term	6.36	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	23.43	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	16.63	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	13.33	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	2.27	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	16.64	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	9.69	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.41	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	11.25	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	9.99	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	43.05	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	9.72	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.22	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.35	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.48	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	17.66	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	57.87	ACUITE A- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	47.36	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	18.72	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	41.68	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	262.64	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.62	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.02	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	18.91	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	22.70	ACUITE A- \| Stable (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	25.00	ACUITE A2+ (Reaffirmed)
21 May 2025	Term Loan	Long Term	8.18	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	19.97	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	20.61	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	19.79	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	1.35	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	4.48	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	23.53	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	63.15	ACUITE A- (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	25.00	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	28.13	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	11.67	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	13.33	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	11.09	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	12.50	ACUITE A- (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	189.41	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	2.50	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	14.39	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	4.55	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	20.81	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	11.25	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	47.22	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	7.20	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	7.32	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	21.62	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	25.95	ACUITE A- (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	25.00	ACUITE A2+ (Reaffirmed)
19 Nov 2024	Term Loan	Long Term	14.58	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	9.85	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	29.15	ACUITE A- (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	25.00	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	1.35	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	15.55	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	35.30	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	4.17	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	24.97	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	8.30	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	13.75	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	13.87	ACUITE A- (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	175.30	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	37.50	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	9.18	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	21.60	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	73.78	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	15.56	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	4.58	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	16.84	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	10.46	ACUITE A- (Reaffirmed)
	Term Loan	Long Term	24.36	ACUITE A- (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	25.00	ACUITE A2+ (Reaffirmed)
06 Sep 2024	Term Loan	Long Term	12.12	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	33.32	ACUITE A- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	17.89	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.27	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	5.83	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.61	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	17.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	41.19	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.25	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	14.94	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	220.11	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.07	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	28.80	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	79.04	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	16.67	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	30.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	27.47	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.47	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.26	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	42.19	ACUITE A- \| Stable (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	25.00	ACUITE A2+ (Reaffirmed)
16 Jul 2024	Term Loan	Long Term	0.76	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	27.47	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.47	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.26	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	42.19	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	17.89	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.27	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	5.83	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	30.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.61	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.36	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	17.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	41.19	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.25	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	14.94	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	217.99	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.07	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	28.80	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	79.04	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	16.67	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.12	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	33.32	ACUITE A- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	25.00	ACUITE A2+ (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE Not Applicable (Withdrawn)
	Proposed Non Convertible Debentures	Long Term	35.00	ACUITE Not Applicable (Withdrawn)
31 Jul 2023	Term Loan	Long Term	9.09	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.66	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	35.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	16.70	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.82	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	25.28	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	64.72	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	14.58	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	37.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	29.15	ACUITE A- \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.83	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	129.48	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	60.94	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	21.21	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	13.44	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	57.60	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	100.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	25.00	ACUITE A2+ (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	50.00	ACUITE Not Applicable (Withdrawn)
31 Jan 2023	Term Loan	Long Term	13.64	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.18	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.02	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	50.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	35.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	41.69	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	9.56	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	29.17	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	76.48	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	18.75	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	42.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	37.49	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	22.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	23.61	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	261.10	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	70.31	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE A- (Reaffirmed & Withdrawn)
	Non-Covertible Debentures (NCD)	Long Term	10.00	ACUITE A- (Reaffirmed & Withdrawn)
	Proposed Short Term Bank Facility	Short Term	25.00	ACUITE A2+ (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
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.	494.34	Simple	ACUITE A- \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Non Convertible Debentures	Proposed to be Listed	SEBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE A- \| Stable \| Assigned
Not Applicable	Not avl. / Not appl.	Proposed Short Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE A2+ \| Reaffirmed
Dhanlaxmi Bank Ltd	Not avl. / Not appl.	Term Loan	Unlisted	RBI	13 Sep 2024	Not avl. / Not appl.	27 Sep 2027	6.25	Simple	ACUITE A- \| Stable \| Reaffirmed
Jana Small Finance Bank Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	25 Sep 2024	Not avl. / Not appl.	03 Nov 2027	11.49	Simple	ACUITE A- \| Stable \| Reaffirmed
A U Small Finance Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	28 Sep 2024	Not avl. / Not appl.	18 Sep 2026	4.17	Simple	ACUITE A- \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Sep 2024	Not avl. / Not appl.	30 Nov 2029	36.84	Simple	ACUITE A- \| Stable \| Reaffirmed
UTKARSH SMALL FINANCE BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	21 Oct 2024	Not avl. / Not appl.	30 Nov 2027	13.78	Simple	ACUITE A- \| Stable \| Reaffirmed
INDIAN OVERSEAS BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Nov 2024	Not avl. / Not appl.	30 Nov 2029	38.88	Simple	ACUITE A- \| Stable \| Reaffirmed
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	Not avl. / Not appl.	Term Loan	Unlisted	RBI	17 Mar 2025	Not avl. / Not appl.	31 Mar 2027	18.80	Simple	ACUITE A- \| Stable \| Reaffirmed
INDIAN OVERSEAS BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	01 Mar 2022	Not avl. / Not appl.	30 Sep 2027	5.00	Simple	ACUITE A- \| Stable \| Reaffirmed
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Unlisted	RBI	28 Jul 2022	Not avl. / Not appl.	28 Jul 2026	4.69	Simple	ACUITE A- \| Stable \| Reaffirmed
Hinduja Leyland Finance Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	23 Dec 2022	Not avl. / Not appl.	23 Dec 2026	2.23	Simple	ACUITE A- \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Mar 2023	Not avl. / Not appl.	29 Mar 2028	36.81	Simple	ACUITE A- \| Stable \| Reaffirmed
Punjab and Sind Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	24 Mar 2023	Not avl. / Not appl.	24 Mar 2028	7.78	Simple	ACUITE A- \| Stable \| Reaffirmed
IDBI Bank Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	05 Sep 2023	Not avl. / Not appl.	05 Sep 2028	9.47	Simple	ACUITE A- \| Stable \| Reaffirmed
Bandhan Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Sep 2023	Not avl. / Not appl.	29 Sep 2026	1.36	Simple	ACUITE A- \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	15 Dec 2023	Not avl. / Not appl.	15 Dec 2027	11.21	Simple	ACUITE A- \| Stable \| Reaffirmed
INDIAN OVERSEAS BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	03 May 2024	Not avl. / Not appl.	03 May 2029	33.32	Simple	ACUITE A- \| Stable \| Reaffirmed
Punjab and Sind Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Sep 2021	Not avl. / Not appl.	30 Sep 2026	1.94	Simple	ACUITE A- \| Stable \| Reaffirmed
UCO BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	11 Feb 2022	Not avl. / Not appl.	30 Mar 2027	7.49	Simple	ACUITE A- \| Stable \| Reaffirmed
Canara Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	22 Mar 2022	Not avl. / Not appl.	30 Mar 2027	4.15	Simple	ACUITE A- \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE A- \| Stable \| Reaffirmed

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Nivedita Gokul
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.