Press Release

September 22, 2026

CAPRI GLOBAL CAPITAL 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	2400.00	ACUITE AA+ \| Stable \| Assigned	-	RBI
Bank Loan Ratings	0.00	10550.00	ACUITE AA+ \| Stable \| Reaffirmed	-	RBI
Non Convertible Debentures (NCD)	400.00	0.00	ACUITE AA+ \| Stable \| Assigned	-	SEBI
Non Convertible Debentures (NCD)	0.00	1553.88	ACUITE AA+ \| Stable \| Reaffirmed	-	MCA
Non Convertible Debentures (NCD)	1296.12	0.00	ACUITE AA+ \| Stable \| Reaffirmed	-	SEBI
Bank Loan Ratings	0.00	200.00	-	ACUITE A1+ \| Assigned	RBI
Total Outstanding	1696.12	14703.88	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 its long-term rating of 'ACUITE AA+' (read as ACUITE Double A plus) on the Rs. 10550.00 Cr. Bank Loan Facilities of Capri Global Capital Limited (CGCL). The outlook is 'Stable'.

Acuité has assigned its long-term rating of 'ACUITE AA+' (read as ACUITE Double A plus) on the Rs. 2400.00 Cr. Bank Loan Facilities of Capri Global Capital Limited (CGCL). The outlook is 'Stable'.

Acuité has assigned its long-term rating of 'ACUITE AA+' (read as ACUITE Double A plus) on the Rs. 400.00 Cr. Proposed Non-Convertible Debentures of Capri Global Capital Limited (CGCL). The outlook is 'Stable'.

Acuité has reaffirmed its long-term rating of 'ACUITE AA+' (read as ACUITE Double A plus) on the Rs. 1553.88 Cr. Proposed Non-Convertible Debentures of Capri Global Capital Limited (CGCL). The outlook is 'Stable'.

Acuité has reaffirmed its long-term rating of 'ACUITE AA+' (read as ACUITE Double A plus) on the Rs. 1296.12 Cr. Non-Convertible Debentures of Capri Global Capital Limited (CGCL). The outlook is 'Stable'.

Acuité has assigned its short-term rating of 'ACUITE A1+' (read as ACUITE A one plus) on the Rs. 200.00 Cr. Bank Loan Facilities of Capri Global Capital Limited (CGCL).

Rationale for the rating
The rating takes into consideration the strong growth in the scale of operations, improvements in the earning profile, and asset quality of Capri Global Group. The AUM of CGCL (consolidated) stood at Rs. 22,860.20 Cr. in FY25 which saw a significant growth to an AUM of Rs 36,623.30 Cr in FY26 and further to Rs 40,110.75 Cr in Q1FY27. The disbursements saw a similar trend which stood at Rs 45,223.00 Cr for FY 26 as against Rs 25,289.00 Cr for FY 25 ( Q1FY27: Rs 11,114 Cr), accordingly the group reported a significant improvement in PAT from Rs. 478.53 Cr. in FY25 to a PAT of Rs 949.15 Cr. for FY26 and further to Rs 353.38 Cr in Q1FY27.Further, on a consolidated basis the group continues to have a healthy asset quality marked by the Net non-performing assets (NNPA) of 0.90 percent as on March 31, 2025, improving to 0.54 percent as on March 31, 2026. As on June 30, 2026, the NNPA level stood at 0.60 percent. The rating continues to drive support from CGCL’s comfortable capitalization levels marked by networth of Rs. 7203.48 Cr. with a leverage at 3.39 times as on March 31, 2026 (consolidated). The rating also considers the AUM composition shifting towards more secured and safer assets like Gold Loan at ~48 percent of the total AUM as of Q1FY27 & Housing finance Loan at ~20 percent of total AUM as of Q1FY27 followed by secured MSME and Construction finance loans. Acuite takes note of plans of diversification of the revenue stream for fees based services by venturing into the activities such as Insurance brokerage, Car loan origination platform , stock broking activities, etc.The rating remains susceptible to the delinquencies in the MSME portfolio which remains relatively high with a GNPA of 3.10 percent in Q1FY27. Further, the rating also factors in moderate seasoning of the scaled-up loan book and its incremental contribution to the profitability indicators and susceptibility to risk inherent in the MSME and construction finance segment. Going forward, the group’s ability to profitably continue the scale-up in business, particularly the gold loan segment further, raising resources at competitive rates and maintenance of asset quality of its growing portfolio shall remain key monitorable.

About the Company

Capri Global Capital Limited (CGCL) is the flagship company of Capri Group which was incorporated in 1994. It is non- deposit taking systemically important non-banking finance company(NBFC-ICC) engaged in extending loans to MSMEs loans secured against property and construction finance. CGCL has a subsidiary Capri Global Housing Finance Limited (CGHFL). CGCL’s equity is listed on BSE and NSE with the promoter and promoter group holding 59.90 percent as of March 2026. CGCL is promoted by Mr. Rajesh Sharma (Managing Director) and the day-to-day operations are managed by the team led by Mr. Rajesh Sharma. The company is based in Mumbai.

About the Group

Capri Global Capital Limited (CGCL) is the flagship company of Capri Group which was incorporated in 1994 which is based in Mumbai. It is non- deposit taking systemically important non-banking finance company(NBFC-ICC) engaged in extending loans to MSMEs loans secured against property and construction finance. CGCL has a subsidiaries such as Capri Global Housing Finance Limited (CGHFL), Capri Loans Car Platform Private Limited, Capri Global Capital Markets Private Limited, Capri Global Securities Private Limited and Capri Global Insurance Brokers Private Limited. CGCL’s equity is listed on BSE and NSE with the promoter and promoter group holding ~60 percent as on June 30, 2026. CGCL is promoted by Mr. Rajesh Sharma (Managing Director) and the day-to-day operations are managed by the team led by Mr. Rajesh Sharma.

Unsupported Rating

Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

Acuite has consolidated the business and financial risk profiles of Capri Global Capital Limited (Parent Company) and its wholly owned subsidiaries. This consolidation is in the view of the common promoters, shared brand name and strong financial and operation synergies.

Key Rating Drivers

Strength

Experienced management & healthy resources raising ability
Capri group, through its flagship company CGCL, forayed into lending business in 2010, primarily focusing towards wholesale lending and gradually shifted towards a retail book. The Group’s flagship company CGCL is listed on both BSE and NSE. Capri Group is promoted by Mr. Rajesh Sharma, with an experience of around three decades in financial services sector. CGCL has a board comprising of six members with an experience of more than three to four decades in the banking, financial services, public administration sectors. The promoter group holds ~60 percent and the remaining 40 percent is held by public, which includes mutual funds, foreign portfolio investors, individuals, bodies corporate etc. CGHFL, the housing finance arm of Capri Group is a wholly owned subsidiary of CGCL. On a consolidated basis, CGCL’s Networth stood at Rs.7203.48 Cr. and AUM of Rs.36623.30 Cr. as on March 31, 2026. CGCL’s (standalone) CRAR stood at 25.85 percent as on March 31, 2026 as against 22.84 percent as on March 31, 2025. The CAR stood at 24.7 percent as on June 30, 2026 on the consolidated level. The Group is moderately levered and its consolidated gearing stood at 3.39 times as on March 31, 2026.

Sustained growth in AUM through focus diversification of portfolio
Over the last few years, the group has been diversifying its portfolio towards granular MSME and housing loans and into gold loans. The Group’s portfolio comprises of four product verticals namely, loans to MSMEs which are secured against property, housing finance, construction finance, gold loans and indirect lending to smaller NBFCs and MFIs. The company had forayed into the gold loan vertical during FY2023 as a conscious attempt to increase their focus towards diversification of the loan book. CGCL has 999 dedicated branches as of FY26 out of the 1429 total branches which has helped them scale up the gold loan book to Rs 16,964.60 Cr. as against Rs 8042.2 Cr. as on March 31, 2025 in a short span of time. The gold loan book stood at Rs 19,178.54 Cr. in Q1FY27. The consolidated Asset Under Management (AUM) increased to Rs. 36,623.30 Cr. as on March 31, 2026 from Rs. 22,860.20 Cr. as on March 31, 2025. In Q1FY27, the consolidated AUM stood at Rs 40,110.75 Cr. The growth in AUM was driven by growth across all product verticals but significant growth seen from the gold loan book. The Group has adopted cautious strategy towards its Construction Finance segment and intends to limit the exposure to Construction Finance to under 20 percent of AUM going forward. Under the construction finance vertical, the company majorly lends to small and medium sized developers. Acuité believes that the management’s philosophy of focusing on the retail segment and lending towards granular assets is likely to augur well from a risk standpoint.

Improvement in earning profile
On a consolidated basis, Capri Group’s profitability indicators have improved from FY2025 marked by Return on Average Assets (RoAA) at 2.67 percent as on March 31, 2025 which improved to 3.56 percent as on March 31, 2026. The Operating Expenses to Earning Assets (Opex) stood at 6.75 percent as on March 31, 2025 which saw a reduction to 5.32 percent as on March 31,2026 with the Net Interest Margins (NIM) at 9.96 percent as on March 31, 2026. The group’s PAT levels saw significant improvement from FY25 with a PAT of Rs 478.53 Cr. to a PAT of Rs. 949.15 Cr. for FY26. In Q1FY27, the group reported a PAT of Rs 353.38 Cr. as against Rs 174.90 Cr. in Q1FY26. Going forward ability of the company to build its loan portfolio while improving its profitability and sustain the growth in its fee based income will remain a monitorable.

Weakness

Susceptibility of asset quality to inherent risks in MSME segment and real estate sector
Capri Group has a presence in the lending space since 2010. The company’s primary focus of lending is MSME & Housing Finance segment which jointly contributes ~36 percent of the overall portfolio as on June 30, 2026 which has reduced from ~38 percent as of March 31, 2026. The Group primarily caters to borrowers who are self employed and are engaged in small businesses and trading activities. The cashflows of these borrowers are dependent on the overall economic activity in the region. The Gross NPAs in the MSME vertical stood at 3.95 percent in FY25 and 2.99 percent for FY26. In Q1FY27, the GNPA from MSME stood at 3.10 percent. Through its construction finance segment the company continues to be exposed to the vagaries of the real estate industry. Though these exposures are secured by way of an exclusive mortgage of immovable properties with an escrow mechanism. Additionally, a sustained slowdown in funding to the wholesale segment over the near to medium term may adversely impact the developer’s ability to complete the existing projects in a timely manner as well as launch new projects. However, since MSME and Construction finance segments comprise considerable portion of the portfolio, the risk of slippage in asset quality will be a key monitorable.

ESG Factors Relevant for Rating

Capri Global Capital Limited (CGCL) 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. CGCL has been focusing on extending loans to MSMEs loans secured against property and construction finance. The Capri group board comprises of five members with an experience of more than three to four decades in the banking, financial services, public administration sectors. The group companies maintains adequate disclosures with respect to the various board level committees mainly audit committee, nomination and renumeration committee along with stakeholder management committee. 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, CGCL is actively engaged in community development programmes through its CSR activities.

Rating Sensitivity

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

Sustained growth in scale of operation while maintaining the asset quality
Healthy capital position and profitability metrics while maintaining RoAA in the range of 3 percent to 4 percent
Diversification of the funding profile with a broader mix of lenders and capital market instruments

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

Material deterioration in asset quality, reflected in consolidated GNPA of 4.5 percent, or a sustained increase in credit costs
Significant rise in gearing levels and/or weakening of liquidity buffers

All Covenants

Financial Covenants for ISIN :INE180C07163

Standalone Net Worth: Rs 3200 Cr
CRAR: 15%
GNPA % (including +90 DPD): 5.00%
NNPA %: 3.00%
Debt Equity Ratio: 6.00

Covenants for the Rs 400 Cr NCD Public Issue
The Company shall not breach the CRAR as per the RBI guidelines at any given point of time and the same will be tested at the end of every quarter

Creation of security and maintenance of the required security cover;
Compliance with applicable law;
Maintenance of corporate existence;
Compliance with information covenants including submission of financial results and providing a certificate from the statutory auditor with respect to use of Issue proceeds;
Intimation to the Debenture Trustee prior to undertaking or entering into any amalgamation, demerger, merger or corporate restructuring or reconstruction scheme proposed by the Company;
Adherence of negative covenants;
Maintenance of statutory registers and proper books of accounts as required under applicable law;
Attending to the complaints received in respect of the NCDs expeditiously and satisfactorily;
Transfer of unclaimed interest to the Investor Education and Protection Fund in accordance with applicable law;
Enter the covenants of the issuance in the ‘security and covenant monitoring system’ hosted by the Depositories; and
Compliance with anti-money laundering laws.

Security Cover

1st Pari-Passu charge by way of hypothecation of Standard Receivables, including Loan Book, un-encumbered cash and bank balance of the Company to be shared with existing and future lenders. (Excluding Receivables offered exclusively as security to NABARD).
The security shall be created upfront & perfected within 30 days from the date of creation of security.
The Company shall maintain security cover of at least 1.00 times of the entire secured obligations throughout the tenure of the NCDs.

All Covenants of the Issue And Default Interest Rates

Default in payment: In case of default in payment principal redemption on the due dates, penal interest of at least @ 2% p.a. will be payable by the Issuer for the defaulting period on the defaulted amount.
In the event the security stipulated is not created and perfected within the timelines as stipulated in the column titled ‘Security’; i.e., before making listing application to BSE Limited, additional interest of 2% (two percent) per annum or such higher rate as may be prescribed by law, shall be payable on the principal amount of the Debt Securities till the date of creation and perfection of the security interest.
In case of delay in listing beyond 3 (three) Working Days from the Issue Closing Date, the Company will pay additional interest of 1% p.a. over the Coupon Rate to the Debenture Holders from the date of allotment till the listing of Debt Securities.
Allotment of securities: The Issuer shall allot the NCDs within the timeline as prescribed under applicable law failing which the Issuer shall be liable to pay interest as mentioned in the prevailing law.
On the happening of any of the event of default, in addition to the rights specified above, the debenture Holders/ debenture Trustees shall have the right as indicated in the SEBI Regulations/ Companies Act 2013 from time to time.

Liquidity Position

Adequate

Capri Global Capital Limited has well matched asset liability profile with no negative cumulative mismatches in the maturity buckets for a period of one year based on ALM as on June 30, 2026. The company has cash and bank balances which stood at Rs 2946.6 Cr. as on June 30, 2026 on a consolidated level. The company has debt repayment obligations of around Rs 7035 Cr. for a period of one year as of June 30,2026 while the collections from loans and advances stood in excess of Rs 13,480 Cr. for the same period.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials - Standalone / Originator

Particulars	Unit	FY26 (Actual)	FY25 (Actual)
Total Assets*	Rs. Cr.	26438.81	16328.99
Total Income**	Rs. Cr.	2304.73	1462.05
Profit After Tax (PAT)	Rs. Cr.	824.96	414.89
Net worth	Rs. Cr.	6736.63	3964.84
Return on Average Assets (RoAA)	(%)	3.86	3.03
Return on Net Worth(RoNW)	(%)	15.42	11.03
Debt/Equity	Times	2.85	3.04
Gross NPA	(%)	0.88	1.56
Net NPA	(%)	0.50	0.91

* Total Assets adjusted for deferred tax assets
**Total income equals to Net Interest Income plus other income
^FY25 Balance sheet has been restated.

Key Financials (Consolidated)

Particulars	Unit	FY26 (Actual)	FY25 (Actual)
Total Assets*	Rs. Cr.	32593.77	20748.15
Total Income**	Rs. Cr.	3012.06	1977.12
Profit After Tax (PAT)	Rs. Cr.	949.15	478.53
Net worth	Rs. Cr.	7203.48	4304.10
Return on Average Assets (RoAA)	(%)	3.56	2.67
Return on Net Worth(RoNW)	(%)	16.50	11.76
Debt/Equity	Times	3.39	3.68
Gross NPA	(%)	0.91	1.53
Net NPA	(%)	0.54	0.90

*Total Assets adjusted for deferred tax assets
**Total income equals to Net Interest Income plus other income
^FY25 Balance sheet has been restated.

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
02 Jul 2026	Term Loan	Long Term	229.21	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Cash Credit	Long Term	25.00	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	155.56	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	309.10	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	259.08	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	500.00	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	68.44	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	107.10	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	149.84	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	197.86	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	275.00	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	500.00	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	666.65	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	8.89	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	112.50	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	7.89	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	9.38	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	119.93	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	224.93	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	366.67	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	500.00	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	174.99	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	100.00	ACUITE AA+ \| Stable (Assigned)
	Term Loan	Long Term	100.00	ACUITE AA+ \| Stable (Assigned)
	Term Loan	Long Term	103.71	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	500.00	ACUITE AA+ \| Stable (Assigned)
	Credit Exposure Limit (FCNR)	Long Term	50.00	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	280.00	ACUITE AA+ \| Stable (Assigned)
	Secured Overdraft	Long Term	1.00	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	97.50	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	150.00	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	193.35	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	224.25	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	174.99	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	150.00	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	86.78	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	23.37	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	75.92	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	50.00	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	59.91	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Proposed Non Convertible Debentures	Long Term	10.00	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Proposed Long Term Loan	Long Term	779.59	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Proposed Non Convertible Debentures	Long Term	100.00	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Proposed Non Convertible Debentures	Long Term	1443.88	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	541.63	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	383.33	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	47.00	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	248.13	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	22.14	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	56.70	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	93.80	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	31.99	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	36.36	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	100.00	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	40.09	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	60.09	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	112.35	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	41.49	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Proposed Short Term Bank Facility	Long Term	20.00	ACUITE AA+ \| Stable (Assigned)
	Proposed Long Term Loan	Long Term	274.31	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	246.04	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
	Term Loan	Long Term	47.73	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
Term Loan	Long Term	20.00	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
Term Loan	Long Term	40.00	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
Term Loan	Long Term	210.00	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
Term Loan	Long Term	266.00	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
Term Loan	Long Term	500.00	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
Term Loan	Long Term	128.55	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
Non-Covertible Debentures (NCD)	Long Term	50.00	ACUITE AA+ \| Stable (Upgraded from ACUITE AA \| Stable)
19 Mar 2026	Non-Covertible Debentures (NCD)	Long Term	86.78	ACUITE AA \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	23.37	ACUITE AA \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	75.92	ACUITE AA \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	50.00	ACUITE AA \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE AA \| Stable (Reaffirmed)
	Proposed Long Term Loan	Long Term	429.24	ACUITE AA \| Stable (Reaffirmed)
	Proposed Long Term Loan	Long Term	2000.00	ACUITE AA \| Stable (Assigned)
	Proposed Long Term Loan	Long Term	36.40	ACUITE AA \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	100.00	ACUITE AA \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	100.00	ACUITE AA \| Stable (Assigned)
	Proposed Non Convertible Debentures	Long Term	2000.00	ACUITE AA \| Stable (Assigned)
	Term Loan	Long Term	259.23	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	47.73	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	225.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	287.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	183.32	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	162.96	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	111.60	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	114.24	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	157.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	208.27	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	287.50	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	708.32	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	8.89	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	125.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	16.23	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	9.38	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	250.04	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	583.31	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	400.00	ACUITE AA \| Stable (Reaffirmed)
	Credit Exposure Limit (FCNR)	Long Term	50.00	ACUITE AA \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	59.91	ACUITE AA \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	10.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	105.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	208.35	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	239.25	ACUITE AA \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE AA \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	50.00	ACUITE AA \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	40.09	ACUITE AA \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	60.09	ACUITE AA \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	112.35	ACUITE AA \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	41.49	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	129.93	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	239.93	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	400.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	327.28	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	500.00	ACUITE AA \| Stable (Assigned)
	Term Loan	Long Term	272.72	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	187.49	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	73.70	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	135.69	ACUITE AA \| Stable (Reaffirmed)
11 Sep 2025	Term Loan	Long Term	208.27	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	121.38	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	791.66	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	17.82	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	183.32	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	150.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	32.91	ACUITE AA \| Stable (Assigned)
	Term Loan	Long Term	177.78	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	127.39	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	327.28	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	300.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	73.70	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	142.84	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	157.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	269.93	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	187.49	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	120.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	238.35	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	269.33	ACUITE AA \| Stable (Reaffirmed)
	Credit Exposure Limit (FCNR)	Long Term	64.00	ACUITE AA \| Stable (Assigned)
	Proposed Long Term Loan	Long Term	0.22	ACUITE AA \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE AA \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	300.00	ACUITE AA \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	50.00	ACUITE AA \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	100.00	ACUITE AA \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	80.00	ACUITE AA \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	200.00	ACUITE AA \| Stable (Assigned)
	Proposed Long Term Loan	Long Term	935.36	ACUITE AA \| Stable (Assigned)
	Term Loan	Long Term	284.13	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	149.93	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	9.38	ACUITE AA \| Stable (Assigned)
	Term Loan	Long Term	291.70	ACUITE AA \| Stable (Assigned)
	Term Loan	Long Term	666.65	ACUITE AA \| Stable (Assigned)
	Term Loan	Long Term	68.18	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	30.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	70.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	255.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	329.00	ACUITE AA \| Stable (Reaffirmed)
30 Apr 2025	Term Loan	Long Term	135.71	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	225.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	135.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	265.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	285.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	89.48	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	134.21	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	381.82	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	300.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	200.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	185.19	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	178.52	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	171.43	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	239.58	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	80.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	270.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	350.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	40.00	ACUITE AA \| Stable (Reaffirmed)
	Proposed Long Term Loan	Long Term	564.06	ACUITE AA \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	130.00	ACUITE AA \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE AA \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	400.00	ACUITE AA \| Stable (Assigned)
	Term Loan	Long Term	300.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	75.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	160.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	285.00	ACUITE AA \| Stable (Reaffirmed)
	Proposed Commercial Paper Program	Short Term	100.00	ACUITE Not Applicable (Withdrawn)
24 Sep 2024	Proposed Commercial Paper Program	Short Term	100.00	ACUITE A1+ (Reaffirmed)
	Term Loan	Long Term	150.00	ACUITE AA \| Stable (Assigned)
	Term Loan	Long Term	150.00	ACUITE AA \| Stable (Assigned)
	Term Loan	Long Term	200.00	ACUITE AA \| Stable (Assigned)
	Term Loan	Long Term	178.57	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	400.00	ACUITE AA \| Stable (Assigned)
	Term Loan	Long Term	300.00	ACUITE AA \| Stable (Assigned)
	Proposed Long Term Loan	Long Term	887.15	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	70.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	110.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	200.00	ACUITE AA \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	447.14	ACUITE AA \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	150.00	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	300.00	ACUITE AA \| Stable (Assigned)
	Proposed Long Term Loan	Long Term	960.00	ACUITE AA \| Stable (Assigned)
	Term Loan	Long Term	250.00	ACUITE AA \| Stable (Assigned)
	Term Loan	Long Term	100.00	ACUITE AA \| Stable (Assigned)
	Term Loan	Long Term	157.14	ACUITE AA \| Stable (Reaffirmed)
	Term Loan	Long Term	190.00	ACUITE AA \| Stable (Assigned)
31 Aug 2024	Proposed Commercial Paper Program	Short Term	100.00	ACUITE A1+ (Reaffirmed)
	Term Loan	Long Term	200.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	164.29	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Proposed Long Term Bank Facility	Long Term	447.14	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	110.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	70.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Proposed Long Term Loan	Long Term	880.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Proposed Non Convertible Debentures	Long Term	150.00	ACUITE AA \| Stable (Assigned)
	Term Loan	Long Term	178.57	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
16 Jan 2024	Proposed Commercial Paper Program	Short Term	100.00	ACUITE A1+ (Reaffirmed)
	Proposed Long Term Loan	Long Term	1350.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	110.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	150.00	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	440.00	ACUITE AA- \| Stable (Reaffirmed)
22 Sep 2023	Proposed Commercial Paper Program	Short Term	100.00	ACUITE A1+ (Reaffirmed)
	Proposed Long Term Loan	Long Term	1350.00	ACUITE AA- \| Stable (Assigned)
	Term Loan	Long Term	110.00	ACUITE AA- \| Stable (Assigned)
	Term Loan	Long Term	150.00	ACUITE AA- \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	440.00	ACUITE AA- \| Stable (Assigned)
14 Sep 2023	Proposed Commercial Paper Program	Short Term	100.00	ACUITE A1+ (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
ICICI 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 AA+ \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Credit Exposure Limit (FCNR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	50.00	Simple	ACUITE AA+ \| Stable \| Reaffirmed
IDFC First Bank Limited	Not avl. / Not appl.	Forward Contracts	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Not Applicable	INE180C07148	Non-Convertible Debentures (NCD)	Listed	SEBI	28 Mar 2025	9.40	09 Feb 2035	20.00	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Not Applicable	INE180C07262	Non-Convertible Debentures (NCD)	Listed	SEBI	25 Mar 2026	8.90	30 Sep 2029	20.00	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Not Applicable	INE180C07270	Non-Convertible Debentures (NCD)	Listed	SEBI	25 Mar 2026	9.25	10 Mar 2036	47.00	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Not Applicable	INE180C07288	Non-Convertible Debentures (NCD)	Listed	SEBI	30 Apr 2026	9.00	30 Apr 2028	248.13	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Not Applicable	INE180C07296	Non-Convertible Debentures (NCD)	Listed	SEBI	30 Apr 2026	8.93	30 Apr 2031	22.14	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Not Applicable	INE180C07304	Non-Convertible Debentures (NCD)	Listed	SEBI	30 Apr 2026	8.80	30 Apr 2029	56.70	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Not Applicable	INE180C07312	Non-Convertible Debentures (NCD)	Listed	SEBI	30 Apr 2026	9.50	30 Apr 2036	93.80	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Not Applicable	INE180C07320	Non-Convertible Debentures (NCD)	Listed	SEBI	30 Apr 2026	9.15	30 Apr 2029	31.99	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Not Applicable	INE180C07338	Non-Convertible Debentures (NCD)	Listed	SEBI	30 Apr 2026	9.30	30 Apr 2031	36.36	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Not Applicable	INE180C07213	Non-Convertible Debentures (NCD)	Listed	SEBI	13 Oct 2025	9.70	13 Oct 2035	60.09	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Not Applicable	INE180C07197	Non-Convertible Debentures (NCD)	Listed	SEBI	13 Oct 2025	9.45	13 Oct 2030	112.35	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Not Applicable	INE180C07205	Non-Convertible Debentures (NCD)	Listed	SEBI	13 Oct 2025	9.25	13 Oct 2028	41.49	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Not Applicable	INE180C07171	Non-Convertible Debentures (NCD)	Listed	SEBI	13 Oct 2025	8.90	13 Oct 2028	86.78	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Not Applicable	INE180C07189	Non-Convertible Debentures (NCD)	Listed	SEBI	13 Oct 2025	8.55	13 Apr 2027	23.37	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Not Applicable	INE180C07221	Non-Convertible Debentures (NCD)	Listed	SEBI	13 Oct 2025	8.90	13 Apr 2027	75.92	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Not Applicable	INE180C07239	Non-Convertible Debentures (NCD)	Listed	SEBI	24 Nov 2025	9.25	24 May 2028	50.00	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Not Applicable	INE180C07247	Non-Convertible Debentures (NCD)	Listed	SEBI	01 Dec 2025	8.90	01 Jun 2027	20.00	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Not Applicable	INE180C07254	Non-Convertible Debentures (NCD)	Listed	SEBI	28 Jan 2026	9.00	28 Jan 2028	59.91	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Not Applicable	INE180C07155	Non-Convertible Debentures (NCD)	Listed	SEBI	29 Apr 2025	9.00	31 Jul 2028	50.00	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Not Applicable	INE180C07163	Non-Convertible Debentures (NCD)	Listed	SEBI	08 Jul 2025	9.25	08 Jul 2028	100.00	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Not Applicable	INE180C07254	Non-Convertible Debentures (NCD)	Listed	SEBI	28 Jan 2026	9.00	28 Jan 2028	40.09	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Long Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	274.31	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Long Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1204.90	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Long Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	2000.00	Simple	ACUITE AA+ \| Stable \| Assigned
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 AA+ \| Stable \| Assigned
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.	200.00	Simple	ACUITE AA+ \| Stable \| Assigned
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 AA+ \| Stable \| Assigned
Not Applicable	Not avl. / Not appl.	Proposed Non Convertible Debentures	Unlisted	MCA	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Non Convertible Debentures	Unlisted	MCA	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1443.88	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Non Convertible Debentures	Unlisted	MCA	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE AA+ \| Stable \| Reaffirmed
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.	200.00	Simple	ACUITE A1+ \| Assigned
IDFC First Bank Limited	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1.00	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	09 Jun 2026	Not avl. / Not appl.	16 Jun 2032	500.00	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	27 Apr 2026	Not avl. / Not appl.	18 May 2029	500.00	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Tata Capital Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	15 Apr 2026	Not avl. / Not appl.	10 May 2028	91.67	Simple	ACUITE AA+ \| Stable \| Reaffirmed
ICICI BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	17 Apr 2026	Not avl. / Not appl.	29 Apr 2030	140.63	Simple	ACUITE AA+ \| Stable \| Reaffirmed
INDIAN OVERSEAS BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	10 Mar 2026	Not avl. / Not appl.	31 Mar 2033	500.00	Simple	ACUITE AA+ \| Stable \| Reaffirmed
National Bank for Agriculture and Rural Development (NABARD)	Not avl. / Not appl.	Term Loan	Unlisted	RBI	02 Mar 2026	Not avl. / Not appl.	30 Dec 2030	473.68	Simple	ACUITE AA+ \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	02 Jan 2026	Not avl. / Not appl.	30 Jan 2032	383.33	Simple	ACUITE AA+ \| Stable \| Reaffirmed
UCO BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	22 Dec 2025	Not avl. / Not appl.	31 Dec 2028	333.33	Simple	ACUITE AA+ \| Stable \| Reaffirmed
UCO BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	13 Mar 2026	Not avl. / Not appl.	13 Mar 2029	458.33	Simple	ACUITE AA+ \| Stable \| Reaffirmed
BANK OF INDIA	Not avl. / Not appl.	Term Loan	Unlisted	RBI	02 Dec 2025	Not avl. / Not appl.	31 May 2031	150.00	Simple	ACUITE AA+ \| Stable \| Reaffirmed
National Bank for Agriculture and Rural Development (NABARD)	Not avl. / Not appl.	Term Loan	Unlisted	RBI	25 Mar 2025	Not avl. / Not appl.	31 Dec 2029	245.00	Simple	ACUITE AA+ \| Stable \| Reaffirmed
LIC Housing Finance Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	26 Mar 2025	Not avl. / Not appl.	01 Apr 2030	237.19	Simple	ACUITE AA+ \| Stable \| Reaffirmed
A U Small Finance Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 May 2026	Not avl. / Not appl.	03 Jun 2028	95.83	Simple	ACUITE AA+ \| Stable \| Reaffirmed
IDFC First Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	04 May 2026	Not avl. / Not appl.	01 Jun 2029	280.00	Simple	ACUITE AA+ \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	10 Jul 2024	Not avl. / Not appl.	31 Aug 2030	624.98	Simple	ACUITE AA+ \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	14 Jan 2019	Not avl. / Not appl.	01 Jan 2026	8.89	Simple	ACUITE AA+ \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	11 Apr 2022	Not avl. / Not appl.	30 Jun 2028	100.00	Simple	ACUITE AA+ \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	20 Jan 2020	Not avl. / Not appl.	30 Aug 2026	7.89	Simple	ACUITE AA+ \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	18 Jun 2020	Not avl. / Not appl.	28 Nov 2025	9.38	Simple	ACUITE AA+ \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	27 Dec 2022	Not avl. / Not appl.	31 Dec 2028	208.38	Simple	ACUITE AA+ \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	24 Aug 2023	Not avl. / Not appl.	30 Aug 2029	541.63	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	19 Sep 2025	Not avl. / Not appl.	30 Sep 2031	262.50	Simple	ACUITE AA+ \| Stable \| Reaffirmed
National Bank for Agriculture and Rural Development (NABARD)	Not avl. / Not appl.	Term Loan	Unlisted	RBI	11 Feb 2021	Not avl. / Not appl.	30 Dec 2025	20.00	Simple	ACUITE AA+ \| Stable \| Reaffirmed
National Bank for Agriculture and Rural Development (NABARD)	Not avl. / Not appl.	Term Loan	Unlisted	RBI	13 Dec 2021	Not avl. / Not appl.	30 Dec 2026	30.00	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	03 May 2024	Not avl. / Not appl.	30 Jun 2031	121.41	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	17 Feb 2023	Not avl. / Not appl.	28 Feb 2030	107.10	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	11 Oct 2023	Not avl. / Not appl.	30 Jun 2031	142.68	Simple	ACUITE AA+ \| Stable \| Reaffirmed
INDIAN OVERSEAS BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	27 Jun 2024	Not avl. / Not appl.	28 Jun 2030	290.92	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Canara Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	24 Jun 2024	Not avl. / Not appl.	28 Jun 2029	178.35	Simple	ACUITE AA+ \| Stable \| Reaffirmed
BANK OF INDIA	Not avl. / Not appl.	Term Loan	Unlisted	RBI	12 Aug 2024	Not avl. / Not appl.	30 Aug 2029	97.50	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Aug 2024	Not avl. / Not appl.	30 Sep 2029	162.49	Simple	ACUITE AA+ \| Stable \| Reaffirmed
National Bank for Agriculture and Rural Development (NABARD)	Not avl. / Not appl.	Term Loan	Unlisted	RBI	02 Sep 2024	Not avl. / Not appl.	30 Sep 2029	195.00	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Punjab and Sind Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	26 Jun 2024	Not avl. / Not appl.	28 Jun 2029	63.18	Simple	ACUITE AA+ \| Stable \| Reaffirmed
UCO BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	28 Mar 2024	Not avl. / Not appl.	30 Mar 2029	109.93	Simple	ACUITE AA+ \| Stable \| Reaffirmed
CENTRAL BANK OF INDIA	Not avl. / Not appl.	Term Loan	Unlisted	RBI	27 Jun 2024	Not avl. / Not appl.	29 Jun 2031	166.66	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	26 Jun 2024	Not avl. / Not appl.	28 Jun 2029	95.81	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	18 Dec 2024	Not avl. / Not appl.	31 Dec 2030	187.44	Simple	ACUITE AA+ \| Stable \| Reaffirmed
UCO BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	27 Dec 2024	Not avl. / Not appl.	31 Dec 2029	209.93	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Canara Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	24 Dec 2024	Not avl. / Not appl.	27 Dec 2029	209.25	Simple	ACUITE AA+ \| Stable \| Reaffirmed
INDIAN OVERSEAS BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Dec 2024	Not avl. / Not appl.	30 Dec 2030	245.44	Simple	ACUITE AA+ \| Stable \| Reaffirmed
Nabkisan Finance Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	07 Nov 2024	Not avl. / Not appl.	01 Dec 2027	40.91	Simple	ACUITE AA+ \| Stable \| Reaffirmed
IDBI Bank Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	23 Sep 2024	Not avl. / Not appl.	30 Jun 2031	148.15	Simple	ACUITE AA+ \| Stable \| Reaffirmed
THE KARUR VYSYA BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Jul 2026	Not avl. / Not appl.	31 Jul 2029	100.00	Simple	ACUITE AA+ \| Stable \| Assigned
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Unlisted	RBI	28 Jul 2026	Not avl. / Not appl.	27 Aug 2030	300.00	Simple	ACUITE AA+ \| Stable \| Assigned

#Out of the cummulative proposed Non- Convertible Debentures facilities of Rs 400.00 Cr assigned, Rs 300 Cr is reserved for the Subordinate debt Issue of Capri Global Capital Limited.

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

Sr. No.	Company Name
1	Capri Global Housing Finance Limited
2	Capri Loans Car Platform Private Limited
3	Capri Global Capital Markets Private Limited (Formerly known as Capri Global Financial Services Private Limited)
4	Capri Global Securities Private Limited (Formerly known as Capri Global Broking Private Limited) (Formerly known as Capri Global Wealth Management Private Limited)
5	Capri Global Insurance Brokers Private Limited
6	Capri Global Capital Limited

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Nattasha Venkatesh
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.