Press Release

Press Release

August 04, 2026

CAPITAL POWER SYSTEMS LIMITED
Rating Upgraded

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	197.50	ACUITE BBB+ \| Stable \| Upgraded	-	RBI
Bank Loan Ratings	0.00	110.50	-	ACUITE A2+ \| Upgraded	RBI
Total Outstanding	0.00	308.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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

Acuite has upgraded the long term rating to 'ACUITE BBB+' (read as ACUITE triple B plus) from ‘ACUITE BBB’ (read as ACUITE triple B) and short term rating to ‘ACUITE A2+’ (read as ACUITE A two plus) from ‘ACUITE A2’ (read as ACUITE A two) on the Rs.308.00 Crore bank loan facilities of Capital Power Systems Limited (CPSL). The outlook is 'Stable'.

Rationale for upgrade
The rating upgrade factors the significant improvement in the company's scale of operations, with operating income increasing to Rs. 423.60 Cr. in FY2026 (Prov.) from Rs. 216.62 Cr. in FY2025, driven by increase in execution of smart metering orders. The company's profitability also improved, reflected by EBITDA and PAT margins of 17.91% and 8.48%, respectively, in FY2026 (Prov.), as against 15.37% and 4.44% in FY2025. The revenue visibility also remains healthy, supported by an unexecuted order book of approximately Rs. 1,600 Cr. as on 11^th July 2026. The rating further derives comfort from the company's financial risk profile marked by moderate net worth, gearing and debt protection metrics as well as adequate liquidity position supported by sufficient accruals to repayment obligations, moderately utilized working capital limit and moderate current ratio. However, the above-mentioned strengths are constrained by the intensive working capital operations and highly competitive nature of the industry.

Acuité also notes that a fire incident occurred at the company’s manufacturing facility in March 2026, which temporarily disrupted operations. While manufacturing activities in the unaffected plots resumed from June 2026 following phased restoration efforts, complete restoration of the affected units is expected over the next 6-8 months. The assessment of losses remains under process by concerned authorities and insurers. However, the company has estimated total insurance claim receivables of Rs.105.98 Cr. Timely restoration of the manufacturing capacity and realization of insurance claims will remain key rating monitorable factors.

About the Company

Incorporated in 1988, New Delhi based, Capital Power Systems Limited is engaged in the manufacturing of electricity meters, gas meters and water meters for Advanced Metering Infrastructure Service Providers (AMISPs) and state power utilities. Also, for the last few years, the company has also been engaged in turnkey projects wherein installation, operation, and maintenance of meters are also being done by the company. The company is managed by Mr. Pawan Kumar Bansal, Mr. Abhishek Bansal and Mr. Om Kishan Gupta.

Unsupported Rating

Not Applicable

Analytical Approach

Acuite has considered the standalone financial and business risk profiles of Capital Power Systems Limited to arrive at the rating.

Key Rating Drivers

Strengths

Experienced management and long operational track record
CPSL has a long operational track record of more than three decades in this line of business. The promoter of the company, Mr. Pawan Kumar Bansal, has more than three decades of experience in this industry and is involved in the day-to-day operations. The experience of the promoters has helped the company to maintain a healthy relationship with its customers and suppliers. Acuite believes that the company will continue to derive benefit from the long track record of operations and experienced management’s strong understanding of market dynamics.

Improved revenue and profitability metrics
The company reported a healthy growth in operating income of 96% to Rs. 423.60 Cr. in FY2026 (Prov.) from Rs. 216.62 Cr. in FY2025, driven by increased sales and execution of smart metering orders. The growth was further supported by rising demand for smart metering solutions from state power utilities and Advanced Metering Infrastructure Service Providers (AMISPs) under various government initiatives aimed at modernizing power distribution infrastructure. Furthermore, the company has an unexecuted order book of Rs. 1,660 Cr. as on 11th July 2026, providing healthy revenue visibility over the near to medium term.

Moreover, profitability improved with the EBITDA margin increasing to 17.91% in FY2026 (Prov.) from 15.37% in FY2025, while the PAT margin improved to 8.48% in FY2026 (Prov.) from 4.44% in FY2025, primarily due to better absorption of fixed costs amid higher scale of operations. Acuité expects the company's business risk profile to remain supported by steady order execution and the commissioning of its second manufacturing unit in FY2027, which is expected to aid future growth. However, the ability of the company to bag new orders and timely execution of the existing orders will remain a key rating monitorable.

Moderate Financial Risk Profile
The financial risk profile of the company is marked by moderate net worth, gearing, and debt protection metrics. The tangible net worth of the company stood at Rs. 116.68 Cr as on 31st March 2026 (Prov.) as against Rs. 74.77 Cr. as on 31st March 2025 on account of infusion of funds in the form of equity share capital and accretion into reserves. The capital structure is marked by gearing ratio, which stood at 1.24 times as on 31st March 2026 (Prov.) as against 2.00 times as on 31st March 2025. Moreover, the coverage indicators are reflected by the interest coverage ratio and debt service coverage ratio, which stood at 3.23 times and 1.98 times, respectively, as on 31st March 2026 (Prov.) as against 2.04 times and 1.57 times as on 31st March 2025. The Total Outside Liabilities/Tangible Net Worth (TOL/TNW) stood at 2.04 times as on 31st March 2026 (Prov.) as against 2.79 times as on 31st March 2025 and Debt/EBITDA stood at 2.07 times as on 31st March 2026 (Prov.) as against 4.49 times as on 31st March 2025. Acuite expects the financial risk profile of the company to remain moderate, supported by steady accruals in near to medium term.

Weaknesses

Intensive Working Capital Operations
The working capital operations of the company improved yet remained intensive, marked by GCA days of 230 days as on 31st March 2026 (Prov.) as against 360 days as on 31st March 2025. The improvement is primarily attributable to lower inventory and improved receivable levels. Inventory holding reduced to 46 days in FY2026 (Prov.) from 207 days in FY2025, largely on account of inventory losses arising from the fire incident at the company's facility in March 2026. Further, the debtor days stood at 75 days as on 31st March 2026 (Prov.) as against 146 days as on 31st March 2025 owing to faster realisation from customers and the creditor days stood at 97 days as on 31st March 2026 (Prov.) as against 127 days as on 31st March 2025. However, the overall working capital operations continue to remain intensive due to sizeable insurance claims receivable of Rs. 105.98 Cr. pertaining to losses of raw materials, finished goods, and fixed assets caused by the fire incident. Acuite expects the working capital operations to remain at similar levels in the near to medium term owing to the nature of its business and project-based order execution.

Highly competitive nature of the industry
The company operates in the highly competitive metering industry, where it faces competition from several established players for securing orders from Advanced Metering Infrastructure Service Providers (AMISPs) and state power utilities. This, coupled with the increasing presence of new entrants in the smart metering segment, may exert pressure on the company's operating margins. Acuite notes that while the company's established track record and execution capabilities support order inflows, its profitability remains vulnerable to heightened competitive intensity within the sector.

Rating Sensitivities

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

Consistent growth in operating income by more than 40%.
Significant improvement in the operating profitability position.
Improvement in capital structure and debt protection metrics.

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

Decline in revenue y-o-y and/or operating profitability margins below 13%.
Stretch in working capital operations
Deterioration in the financial risk profile owing to any large debt-funded capex.

Liquidity Position

Adequate

The liquidity position of the company is adequate, as reflected by net cash accruals of Rs. 39.00 Cr in FY2026 (Prov.) as against debt repayment obligations of Rs. 9.06 Cr during the same period. Additionally, the cash and bank balance of the company stood at Rs. 0.05 Cr. in FY2026 (Prov.). The promoters are also financially backed to infuse funds as and when required, thus providing an additional cushion to the liquidity. The current ratio stood at 1.48 times in FY2026 (Prov.). Moreover, the fund based and non-fund based working capital limit stood utilized at 75.60% and 62.11% for the last six months ended June 2026. Acuite expects the company to maintain adequate liquidity position supported by sufficient accruals against debt repayment obligations, moderately utilized working capital limit, and a moderate current ratio.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	423.60	216.62
PAT	Rs. Cr.	35.93	9.62
PAT Margin	(%)	8.48	4.44
Total Debt/Tangible Net Worth	Times	1.24	2.00
PBDIT/Interest	Times	3.23	2.04

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

Not Applicable

Any other information

None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.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
06 May 2025	Bank Guarantee (BLR)	Short Term	28.00	ACUITE A2 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	4.00	ACUITE A2 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	20.00	ACUITE A2 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	5.00	ACUITE A2 (Assigned)
	Bank Guarantee (BLR)	Short Term	26.00	ACUITE A2 (Reaffirmed)
	Letter of Credit	Short Term	20.50	ACUITE A2 (Reaffirmed)
	Letter of Credit	Short Term	5.00	ACUITE A2 (Assigned)
	Bank Guarantee (BLR)	Short Term	10.00	ACUITE A2 (Assigned)
	Bank Guarantee (BLR)	Short Term	10.00	ACUITE A2 (Assigned)
	Bank Guarantee (BLR)	Short Term	28.50	ACUITE A2 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	3.50	ACUITE A2 (Assigned)
	Bank Guarantee (BLR)	Short Term	5.00	ACUITE A2 (Assigned)
	Cash Credit	Long Term	6.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	20.00	ACUITE BBB \| Stable (Assigned)
	Cash Credit	Long Term	25.00	ACUITE BBB \| Stable (Assigned)
	Cash Credit	Long Term	18.00	ACUITE BBB \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	1.75	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.75	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	14.50	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	3.00	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	8.50	ACUITE BBB \| Stable (Assigned)
	Cash Credit	Long Term	13.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	2.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE BBB \| Stable (Assigned)
06 May 2024	Bank Guarantee (BLR)	Short Term	2.51	ACUITE A2 (Assigned)
	Bank Guarantee (BLR)	Short Term	26.00	ACUITE A2 (Assigned)
	Bank Guarantee (BLR)	Short Term	20.00	ACUITE A2 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	24.50	ACUITE A2 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	4.00	ACUITE A2 (Assigned)
	Letter of Credit	Short Term	20.50	ACUITE A2 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	25.49	ACUITE A2 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	4.00	ACUITE A2 (Reaffirmed)
	Cash Credit	Long Term	13.00	ACUITE BBB \| Stable (Assigned)
	Cash Credit	Long Term	11.59	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	2.00	ACUITE BBB \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	0.08	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	6.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	14.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	4.00	ACUITE BBB \| Stable (Assigned)
	Cash Credit	Long Term	0.91	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	25.00	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	0.78	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	0.80	ACUITE BBB \| Stable (Assigned)
	Working Capital Term Loan	Long Term	2.84	ACUITE BBB \| Stable (Reaffirmed)
29 Mar 2023	Bank Guarantee (BLR)	Short Term	4.00	ACUITE A2 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A2 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	9.50	ACUITE A2 (Assigned)
	Bank Guarantee (BLR)	Short Term	13.00	ACUITE A2 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	7.00	ACUITE A2 (Assigned)
	Letter of Credit	Short Term	11.50	ACUITE A2 (Reaffirmed)
	Letter of Credit	Short Term	9.00	ACUITE A2 (Assigned)
	Bank Guarantee (BLR)	Short Term	17.00	ACUITE A2 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	6.00	ACUITE A2 (Assigned)
	Cash Credit	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	2.00	ACUITE BBB \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	3.00	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Cash Credit	Long Term	1.97	ACUITE BBB \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	1.45	ACUITE BBB \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	0.14	ACUITE BBB \| Stable (Assigned)
	Working Capital Term Loan	Long Term	0.35	ACUITE BBB \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	0.09	ACUITE BBB \| Stable (Assigned)
	Cash Credit	Long Term	5.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	1.00	ACUITE BBB \| Stable (Assigned)
	Cash Credit	Long Term	10.73	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	3.27	ACUITE BBB \| 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
YES BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	42.00	Simple	ACUITE A2+ \| Upgraded ( from ACUITE A2 )
AXIS BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	33.50	Simple	ACUITE A2+ \| Upgraded ( from ACUITE A2 )
H D F C Bank Limited	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE A2+ \| Upgraded ( from ACUITE A2 )
CSB Bank Limited	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE A2+ \| Upgraded ( from ACUITE A2 )
CSB Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE BBB+ \| Stable \| Upgraded ( from ACUITE BBB )
State Bank of India	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE BBB+ \| Stable \| Upgraded ( from ACUITE BBB )
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.	17.50	Simple	ACUITE BBB+ \| Stable \| Upgraded ( from ACUITE BBB )
YES BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	16.00	Simple	ACUITE BBB+ \| Stable \| Upgraded ( from ACUITE BBB )
AXIS BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	28.00	Simple	ACUITE BBB+ \| Stable \| Upgraded ( from ACUITE BBB )
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.	4.49	Simple	ACUITE BBB+ \| Stable \| Upgraded ( from ACUITE BBB )
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Aug 2024	Not avl. / Not appl.	07 Oct 2031	7.42	Simple	ACUITE BBB+ \| Stable \| Upgraded ( from ACUITE BBB )
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	12 Nov 2025	Not avl. / Not appl.	30 Sep 2031	55.00	Simple	ACUITE BBB+ \| Stable \| Upgraded ( from ACUITE BBB )
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	23 Jun 2023	Not avl. / Not appl.	07 Dec 2029	18.29	Simple	ACUITE BBB+ \| Stable \| Upgraded ( from ACUITE BBB )
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	23 Jun 2023	Not avl. / Not appl.	07 Dec 2027	0.30	Simple	ACUITE BBB+ \| Stable \| Upgraded ( from ACUITE BBB )
AXIS BANK LIMITED	Not avl. / Not appl.	Working Capital Term Loan	Unlisted	RBI	10 Dec 2021	Not avl. / Not appl.	01 Dec 2026	0.50	Simple	ACUITE BBB+ \| Stable \| Upgraded ( from ACUITE BBB )

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Archita Sharma
Associate 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.