Press Release

Press Release

October 22, 2026

FUTURE ENTERPRISES LIMITED
Rating Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	1275.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*	-	RBI
Fixed Deposits (FD)	0.00	700.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*	-	MCA
Non Convertible Debentures (NCD)	0.00	800.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*	-	MCA
Non Convertible Debentures (NCD)	654.00	0.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*	-	SEBI
Bank Loan Ratings	0.00	602.00	-	ACUITE D \| Reaffirmed \| Issuer not co-operating*	RBI
Commercial Paper (CP)	0.00	500.00	-	ACUITE D \| Reaffirmed \| Issuer not co-operating*	RBI
Total Outstanding	654.00	3877.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-
* The issuer did not co-operate; based on best available information.

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 D’ (read as ACUITE D) and short-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 1877.00 crore bank facilities of Future Enterprises Limited (FEL). The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.
Acuité has also reaffirmed the short-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 500.00 crore Commercial Paper Programme of Future Enterprises Limited. The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.
Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 1454.00 crore Non- Convertible debentures of Future Enterprises Limited. The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.
Further, Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 700 crore of Fixed Deposit Programme Future Enterprises Limited. The rating continues to be flagged as “Issuer Not Co-operating” and is based on the best available information.

About the Company

Future Enterprises Limited (FEL) was established in the year 1987. It owns the physical assets and other retail infrastructure associated with the retail activity of FRL, apart from the strategic investments in various other companies in Future Group like Future bazaar India Limited, Future Supply Chain Solutions Limited, and Future Media (India) Limited among others. Further, FEL is also engaged in e-retail, media ventures and global sourcing of food, fashion, footwear and others from international markets among other businesses. FEL has its registered office based in Mumbai. Mr. Kishore Biyani, key promoter continues to be associated with both, FEL and FRL.

About the Group

Future Group is an Indian private conglomerate, headquartered in Mumbai. The company is known for having a significant prominence in Indian retail and fashion sectors, with popular supermarket chains like Big Bazaar and Food Bazaar, lifestyle stores like Brand Factory, Central etc. and for having notable presence in integrated foods and FMCG manufacturing sectors. Future Retail (initially Pantaloons Retail India Ltd (PRIL) and Future Lifestyle Fashions, two operating companies of Future Group, are among the top retail companies listed in BSE with respect to assets and in NSE with respect to market capitalization.
Future Retail Limited:
Mumbai Based , Future Retail Limited was incorporated in 2007. The flagship company of the Future Group (one of India’s largest retailers), is engaged mainly in value retailing. FRL, the retail arm of Future Group, operates diverse and multiple retail formats, namely Big Bazaar, FBB, Easy day, E-zone etc. As on March 2021, the company operates across 1308 large and small format stores spread across 397 cities in India with an area of around 15.69 million sq. ft. and a mixed format of large and small stores across Big Bazaar, Food Bazaar, Foodhall, ezone and others. It is promoted by Mr. Ravindra Dhariwal, Mr. Kishore Laxminarayan Biyani , Mr. Jacob Mathew.

Unsupported Rating

Not Applicable

Non-cooperation by the issuer/borrower:

Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date.
Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality.
This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

Limitation regarding information availability

This rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower) . Acuite endeavoured to gather information about the entity/industry from the public domain. Any rating with the suffix 'Issuer not cooperating' is assigned without any management interaction with the issuer entity or any data / information from the entity. Sometimes this non co-operation by a rated entity may be due to a result of deterioration in the credit risk profile of the entity. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

About the Rated Entity - Key Financials

The rated entity has not shared the latest financial statement for Acuite to comment.

Rating Sensitivity

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

Not Applicable

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

Not Applicable

All Covenants

"No information provided by the issuer / available for Acuite to comment upon."

Liquidity Position

"No information provided by the issuer / available for Acuite to comment upon."

Outlook

Not Applicable

Other Factors affecting Rating

None

Status of non-cooperation with previous CRA

Not Applicable

Any other information

None

Applicable Criteria

• Trading Entities: https://www.acuite.in/view-rating-criteria-61.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm
• Commercial Paper: https://www.acuite.in/view-rating-criteria-54.htm
• Fixed Deposit Programmes: https://www.acuite.in/view-rating-criteria-64.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
22 Oct 2025	Cash Credit	Long Term	40.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	10.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	72.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	18.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	120.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	30.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	72.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	18.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	200.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	150.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	100.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	56.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	14.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	60.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	15.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	100.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Fixed Deposit Program	Long Term	700.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	120.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	180.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Proposed Non Convertible Debentures	Long Term	300.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	80.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	120.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	59.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	88.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	75.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	87.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	6.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	29.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	27.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	18.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	2.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	23.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	45.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	24.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	26.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Proposed Long Term Bank Facility	Long Term	200.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	129.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	110.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	147.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	41.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	100.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	25.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	50.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Commercial Paper Program	Short Term	400.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Commercial Paper Program	Short Term	100.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
22 Oct 2024	Fixed Deposit Program	Long Term	700.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	120.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	180.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Proposed Non Convertible Debentures	Long Term	300.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	80.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	120.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	59.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	88.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	75.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	87.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	6.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	29.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	27.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	18.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	2.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	23.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	45.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	24.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	26.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	40.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	10.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	120.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	30.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	200.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	150.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	100.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	56.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	14.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	72.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	18.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	100.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	72.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	18.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	60.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	15.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Proposed Long Term Bank Facility	Long Term	200.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Commercial Paper Program	Short Term	400.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Commercial Paper Program	Short Term	100.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	129.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	147.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	100.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	41.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	50.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	110.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	25.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
27 Oct 2023	Proposed Long Term Bank Facility	Long Term	200.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Fixed Deposit Program	Long Term	700.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	120.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	180.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Proposed Non Convertible Debentures	Long Term	300.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	80.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	120.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	59.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	88.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	75.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	87.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	6.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	29.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	27.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	18.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	2.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	23.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	45.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	24.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	26.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	40.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	10.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	120.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	30.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	200.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	150.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	100.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	56.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	14.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	72.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	18.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	100.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	72.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	18.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	60.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	15.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Commercial Paper Program	Short Term	400.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Commercial Paper Program	Short Term	100.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	129.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	147.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	100.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	41.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	50.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	110.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	25.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.

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
AXIS BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	40.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
AXIS BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
CENTRAL BANK OF INDIA	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	120.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
CENTRAL BANK OF INDIA	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	30.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
INDIAN OVERSEAS BANK	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	56.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
INDIAN OVERSEAS BANK	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	14.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
DBS BANK INDIA LIMITED (ERSTWHILE DBS BANK LIMITED)	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	72.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
DBS BANK INDIA LIMITED (ERSTWHILE DBS BANK LIMITED)	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	18.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
South Indian Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Canara Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	72.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Canara Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	18.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Punjab National Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	60.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Punjab National Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	Not avl. / Not appl.	Commercial Paper Program	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	400.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	Not avl. / Not appl.	Commercial Paper Program	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	Not avl. / Not appl.	Fixed Deposit Program	Unlisted	MCA	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	700.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
AXIS BANK LIMITED	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	129.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
CENTRAL BANK OF INDIA	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	147.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
INDIAN OVERSEAS BANK	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
DBS BANK INDIA LIMITED (ERSTWHILE DBS BANK LIMITED)	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	41.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
South Indian Bank	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	50.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Canara Bank	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	110.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Punjab National Bank	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07925	Non-Convertible Debentures (NCD)	Unlisted	MCA	11 Oct 2018	10.15	31 Mar 2022	120.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07933	Non-Convertible Debentures (NCD)	Unlisted	MCA	11 Oct 2018	10.15	30 Sep 2026	180.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07966	Non-Convertible Debentures (NCD)	Unlisted	MCA	19 Jun 2019	10.15	31 Mar 2022	80.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07974	Non-Convertible Debentures (NCD)	Unlisted	MCA	19 Jun 2019	10.15	18 Jun 2027	120.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07644	Non-Convertible Debentures (NCD)	Listed	SEBI	12 Mar 2018	9.40	12 Mar 2023	20.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07651	Non-Convertible Debentures (NCD)	Listed	SEBI	12 Mar 2018	9.50	12 Mar 2025	59.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07669	Non-Convertible Debentures (NCD)	Listed	SEBI	12 Mar 2018	9.50	12 Mar 2025	25.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07594	Non-Convertible Debentures (NCD)	Listed	SEBI	26 Sep 2017	8.80	26 Sep 2022	88.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07602	Non-Convertible Debentures (NCD)	Listed	SEBI	26 Sep 2017	8.91	26 Sep 2024	75.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07610	Non-Convertible Debentures (NCD)	Listed	SEBI	13 Oct 2017	8.91	13 Oct 2024	87.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07404	Non-Convertible Debentures (NCD)	Listed	SEBI	13 Oct 2016	9.75	13 Oct 2021	25.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07412	Non-Convertible Debentures (NCD)	Listed	SEBI	13 Oct 2016	9.80	13 Oct 2023	25.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07420	Non-Convertible Debentures (NCD)	Listed	SEBI	26 Oct 2016	9.75	26 Oct 2021	20.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07438	Non-Convertible Debentures (NCD)	Listed	SEBI	26 Oct 2016	9.80	26 Oct 2023	30.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07446	Non-Convertible Debentures (NCD)	Listed	SEBI	05 Dec 2016	9.75	05 Dec 2021	6.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07453	Non-Convertible Debentures (NCD)	Listed	SEBI	05 Dec 2016	9.80	05 Dec 2023	29.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07461	Non-Convertible Debentures (NCD)	Listed	SEBI	21 Dec 2016	9.50	21 Dec 2021	27.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07479	Non-Convertible Debentures (NCD)	Listed	SEBI	21 Dec 2016	9.55	21 Dec 2023	18.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07578	Non-Convertible Debentures (NCD)	Listed	SEBI	16 May 2017	9.17	16 May 2022	2.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07586	Non-Convertible Debentures (NCD)	Listed	SEBI	16 May 2017	9.28	16 May 2024	23.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07545	Non-Convertible Debentures (NCD)	Listed	SEBI	26 Apr 2017	9.28	26 Apr 2024	45.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07552	Non-Convertible Debentures (NCD)	Listed	SEBI	09 May 2017	9.17	09 May 2022	24.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07560	Non-Convertible Debentures (NCD)	Listed	SEBI	09 May 2017	9.28	09 May 2024	26.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
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.	200.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	Not avl. / Not appl.	Proposed Non Convertible Debentures	Unlisted	MCA	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	300.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
IDBI Bank Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	16 Apr 2016	Not avl. / Not appl.	31 Jan 2023	200.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	19 Oct 2019	Not avl. / Not appl.	29 Jan 2024	150.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	05 Jun 2018	Not avl. / Not appl.	30 Jun 2025	100.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*

* The issuer did not co-operate; based on best available information.

Disclosure of list of non-cooperative issuers

• Listed :- https://www.acuite.in/Non-Cooperative_Issuer_Listed.php
• Unlisted :- https://www.acuite.in/Non-Cooperative_Issuer_Unlisted.php

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Ujjwal Srivastva
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.