Press Release

May 08, 2026

Inox Wind Limited
Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	265.00	ACUITE AA- \| Stable \| Assigned	-	RBI
Bank Loan Ratings	20.25	ACUITE AA- \| Stable \| Reaffirmed	-	RBI
Bank Loan Ratings	1635.00	-	ACUITE A1+ \| Assigned	RBI
Bank Loan Ratings	681.25	-	ACUITE A1+ \| Reaffirmed	RBI
Total Outstanding	2601.50	-	-	-
Total Withdrawn	0.00	-	-	-

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

ACUITE has assigned its long term rating as 'ACUITE AA- (read as ACUITE double A minus) and short-term rating of 'ACUITE A1+' (read as ACUITE A one plus) on the bank facilities of Rs. 1,900 Crore of Inox Wind Limited (IWL). The outlook is 'Stable'.

Acuite has reaffirmed its long-term rating to 'ACUITE AA- (read as ACUITE double A minus) and its short-term rating of 'ACUITE A1+' (read as ACUITE A one plus) on the bank loan facilities of Rs. 701.50 Cr. of INOX Wind Limited. The outlook is 'Stable'.

Rationale for Rating

The reaffirmation of the rating factors in the company’s established track record of operations and a strong unexecuted order book, comprising over 3.1 GW of Wind Turbine Generator (WTG) supply contracts along with unexecuted EPC contracts exceeding Rs. 2,000 crore under full turnkey projects. With the timely execution of its order book, the company achieved net revenue of Rs. 3,152.88 crore in 9M FY26, compared to Rs. 2,283.85 crore in 9M FY25.

The rating also continues to derive comfort from the increasing scale of operations and improving profitability, supported by a strong financial risk profile, reflected in high net worth and low gearing levels. Additionally, the company maintains a strong liquidity profile, aided by the infusion of funds through a rights issue in August 2025 amounting to Rs. 1,250 crore, which was utilized for the repayment of Non-Convertible, Non-Cumulative, Participating Redeemable Preference Shares (NCPRPS) of Rs. 560 crore.

The ratings further factor in the strong group linkages, as the company is part of the INOXGFL Group. The group has an established presence in the specialties chemicals segment through its flagship company, Gujarat Fluorochemicals Limited (GFL), and a growing presence in the renewable energy segment through INOX Clean Energy Limited (ICEL).

However, the above strengths are partially offset by the company’s working capital–intensive operations, as reflected in elevated gross current asset (GCA) days of 461 days in FY25. Additionally, profitability remains exposed to volatility in the prices of key input materials to some extent, along with regulatory and policy-related risks inherent in the renewable energy sector.

About Company

Himachal Pradesh–based Inox Wind Limited (IWL) was incorporated in 2009 and is engaged in the manufacturing of Wind Turbine Generators (WTGs) and their key components. The company is a leading wind energy solutions provider catering to Independent Power Producers (IPPs), utilities, public sector undertakings (PSUs), corporates, and retail investors. IWL is a fully integrated player in the wind energy value chain, manufacturing critical WTG components in-house, which enables it to maintain high quality standards, advanced technology, reliability, and cost competitiveness. The company’s WTGs are specifically designed for low wind-speed sites, such as those prevalent in India. The company provides end-to-end turnkey solutions for wind farm projects, covering a wide range of services including wind resource assessment, land acquisition and infrastructure development, project execution, erection and commissioning, as well as long-term operations and maintenance (O&M) services for wind power projects. The Board of Directors of the company comprises Mr. Manoj Dixit, Mr. Devansh Jain, Mr. Mukesh Manglik, Mr. Sanjeev Jain, Mr. Brij Mohan Bansal and Ms. Madhurima Sayan Das.

About the Group

IWL, a part of the broader INOXGFL Group, is an integrated renewable energy platform with a strong presence across the wind energy value chain in India. The group operates through its key entities as INOX Wind Limited (Holding company) and two subsidiaries as INOX Green Energy Services Limited (IGESL), and INOX Renewable Solutions Limited (IRSL) which provides end-to-end solutions spanning manufacturing of Wind Turbine Generators (WTGs), EPC execution, operations and maintenance (O&M) services, and renewable asset ownership and development. IWL focuses on the design, manufacturing, and turnkey execution of wind power projects; IGESL provides long-term O&M services for wind assets, ensuring high plant availability and performance; while IRSL is engaged in the development and ownership of renewable power generation assets. Backed by strong promoter support, technical expertise, and operational synergies among group entities, the group has established itself as a significant player in India’s renewable energy sector, with a demonstrated track record of execution and growing scale of operations.

Unsupported Rating

Not Applicable.

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

Acuite has consolidated the business & financial risk profile of Inox Wind Limited (Holding company) along with 2 subsidiaries and 34 step-down subsidiaries to derive at the rating. The detailed list as attached in annexure 2.

Key Rating Drivers

Strengths

Experienced management and support extended by INOXGFL Group
The ratings factor in the strong group linkages arising from Inox Wind Limited (IWL) being a part of the INOXGFL Group, which has an established presence in the speciality chemicals segment through its flagship company, Gujarat Fluorochemicals Limited (GFL), and a diversified presence in the renewable energy segment through IWL, INOX Clean Energy Limited, and multiple subsidiaries across the chain. The group is promoted by the Jain family, which holds a significant stake in IWL and other group entities, either directly or through its investment holding company, Inox Leasing and Finance Limited (ILFL). Acuité notes that the INOXGFL Group has historically demonstrated a strong commitment towards supporting its group companies, including IWL, which has been instrumental in the company’s revival. The group has infused over Rs. 2,000 crore into IWL in the past, providing strong comfort from a credit perspective regarding the group’s stated support posture towards its diversified business interests.

Improving Scale of Operations & Profitability
IWL has demonstrated a significant improvement in its scale of operations, with net revenue increasing to Rs. 3,661.78 crore in FY 25 from Rs. 1,784.94 crore in FY 24, reflecting a strong 105% year-on-year growth. The growth in topline was driven by the addition of a sizeable order book and timely execution of projects during the year. Concurrently, the company’s operating margin improved to 23.65% in FY 25 from 17.05% in FY 24, primarily led by the successful transition to 3/3.3 MW WTG supplies from the earlier 2 MW platforms, which offer higher realizations and improved operational efficiency. The enhanced operating performance translated into a positive PAT of Rs. 435.06 crore in FY25, compared to net losses of Rs. Rs. 46.02 crore in FY24 and Rs. 696.84 crore in FY23, marking a meaningful turnaround in profitability. As per the quarterly results, the group recorded net revenue of Rs. 3,152.88 crore up to December 2025, with operating margins above 22% and net margins exceeding 10%. Acuité believes that the scale of operations and profitability are likely to further improve over the near to medium term, supported by its strong unexecuted order book.

Strong Financial Risk Profile
The financial risk profile remains strong, marked by a significant improvement in net worth, which increased to Rs. 5,361.85 crore in FY25 from Rs. 3,030.81 crore in FY24. The improvement was primarily driven by the fresh issue of share warrants, the completion of the merger of INOX Wind Energy Limited with INOX Wind Limited, and accretion of profits to reserves. Further, a rights issue of Rs. 1,250 crore in August 2025 was infused, out of which Rs. 560 crore was utilized to repay the 0.01% Non-Convertible, Non-Cumulative, Participating Redeemable Preference Shares (NCPRPS), strengthening the capital structure. Consequently, the gearing ratio improved to 0.28 times as on March 31, 2025, compared to 0.69 times as on March 31, 2024, while TOL/TNW moderated to 0.53 times in FY25 from 1.00 time in FY24. The improvement in leverage metrics was accompanied by a notable strengthening in debt protection indicators, with ISCR and DSCR improving to 5.26 times and 1.11 times in FY25, respectively, against 1.29 times and 0.49 times in FY24. Additionally, operational improvements led to an increase in ROCE to 12.60% in FY25 from 4.52% in FY24, while Debt/EBITDA moderated significantly to 1.69 times in FY25 from 6.71 times in FY24.

Acuite believes that the financial risk profile is expected to further improve over the near to medium term, supported by improved profitability and the absence of any major debt-funded capital expenditure plans in the near term.

Strong order book position
As on December 31, 2025, IWL’s total unexecuted order book comprised WTG supply orders aggregating 3.1 GW, along with EPC contract orders exceeding Rs. 2,000 crore under full turnkey projects. The order book is well diversified across customers, including central public sector undertakings (PSUs) such as NTPC Limited and NLC India Limited, as well as leading private sector players in the Commercial & Industrial (C&I) segment, including Aditya Birla Group, Continuum Green Energy, Jakson Limited, and Purva Green (Goenka Group), among others. Acuité believes that the healthy and diversified order book provides medium-term revenue visibility and is expected to support a further increase in the scale of operations over the near to medium term.

Weaknesses

Intensive Working Capital Operations

The operations remain working capital intensive, as reflected in elevated gross current asset (GCA) days of 461 days in FY25, although improved from 617 days in FY24. The high GCA levels are inherent to the nature of the business and are primarily driven by a high inventory holding period of 176 days and elevated debtor days of 276 days in FY25. Inventory days remain high as a significant portion of critical raw material components is procured from overseas suppliers. The longer procurement lead times, coupled with the time required for assembly of these components, result in inventory build-up. Further, debtor days remain stretched as customer payments are typically linked to milestone-based achievements, including supply, erection, commissioning, and grid connectivity, which often leads to delays in collections. Acuité believes that the working capital intensity is likely to remain elevated over the near to medium term, given the inherent nature of its operations, albeit with scope for gradual improvement supported by better execution and scale.

Susceptibility of profitability to input price volatility and regulatory risks
IWL’s profitability remains exposed to volatility in the prices of key input materials as well as regulatory and policy-related risks inherent in the wind energy sector. The company manufactures critical WTG components such as nacelles, hubs, and rotor blades, and any sharp increase in the prices of key raw materials, including steel, aluminium, and fibre composites, could adversely impact operating margins, especially in the absence of adequate price-pass-through mechanisms. Further, the company’s business prospects are sensitive to the regulatory environment governing the renewable energy sector, and any adverse policy developments or delays in implementation could impede the recovery momentum in the wind segment, thereby affecting IWL’s order inflows and overall operating performance as a wind OEM.

ESG Factors Relevant for Rating

IWL is committed to sustainability and environmental protection, recognizing its role in the wind energy market to reduce its environmental footprint. It ensures full compliance with environmental laws and integrates evolving requirements into its practices. The company fosters open communication with regulatory authorities, meeting or exceeding sustainability obligations. Engaging with stakeholders, including employees, customers, and communities, it addresses their sustainability expectations. The company actively oversees sustainability initiatives, promoting a culture of transparency and accountability. With a strong focus on long-term environmental responsibility, it strives for a sustainable, low-carbon future.

Rating Sensitivities

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

Sustained improvement in the scale of operations, accompanied by maintenance of healthy profitability margins.
Reduction in debtor levels, leading to improved working capital efficiency and strengthened liquidity position.

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

Deterioration in the financial risk profile or liquidity position, which could adversely impact debt protection metrics.
Weakening of the credit profile of the INOXGFL group, or any adverse change in the extent of support, linkages, of the group towards INOX Wind Limited (IWL).

Liquidity Position

Strong

The group's liquidity profile remains strong, supported by healthy net cash accruals of Rs. 617.37 crore in FY25, which adequately covered its debt obligations of Rs. 538 crore during the same period. Further, the group had cash and bank balances of Rs. 21.01 crore along with Rs. 180.77 crore of unencumbered investments in mutual funds as on March 31, 2025, providing additional liquidity support. The current ratio stood comfortable at 2.03 times in FY25, reflecting adequate short-term liquidity. Liquidity is further strengthened by the rights issue of Rs. 1,250 crore, part of which has been utilized to meet working capital requirements, thereby providing a liquidity cushion to the company. Acuité believes that the liquidity profile is likely to remain strong over the near to medium term, driven by steady cash accruals and the absence of any major debt-funded capital expenditure plans.

Outlook - Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	3661.78	1784.94
PAT	Rs. Cr.	435.06	(46.02)
PAT Margin	(%)	11.88	(2.58)
Total Debt/Tangible Net Worth	Times	0.28	0.69
PBDIT/Interest	Times	5.26	1.29

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

Not Applicable

Any Other Information

None.

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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
05 Sep 2025	Letter of Credit	Short Term	160.00	ACUITE A1+ (Reaffirmed)
	Letter of Credit	Short Term	100.00	ACUITE A1+ (Reaffirmed)
	Letter of Credit	Short Term	100.00	ACUITE A1+ (Assigned)
	Letter of Credit	Short Term	40.00	ACUITE A1+ (Reaffirmed)
	Letter of Credit	Short Term	30.00	ACUITE A1+ (Assigned)
	Proposed Short Term Bank Facility	Short Term	101.50	ACUITE A1+ (Assigned)
	Letter of Credit	Short Term	51.50	ACUITE A1+ (Reaffirmed)
	Letter of Credit	Short Term	98.50	ACUITE A1+ (Assigned)
	Cash Credit	Long Term	15.00	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Stable)
	Cash Credit	Long Term	5.00	ACUITE AA- \| Stable (Assigned)
23 May 2025	Cash Credit	Long Term	15.00	ACUITE A+ \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	25.00	ACUITE A+ (Reaffirmed & Withdrawn)
	Cash Credit	Long Term	5.00	ACUITE A+ (Reaffirmed & Withdrawn)
	Letter of Credit	Short Term	160.00	ACUITE A1+ (Reaffirmed)
	Letter of Credit	Short Term	100.00	ACUITE A1+ (Reaffirmed)
	Letter of Credit	Short Term	40.00	ACUITE A1+ (Reaffirmed)
	Letter of Credit	Short Term	195.00	ACUITE A1+ (Reaffirmed & Withdrawn)
	Letter of Credit	Short Term	10.00	ACUITE A1+ (Reaffirmed)
	Letter of Credit	Short Term	41.50	ACUITE A1+ (Assigned)
31 Dec 2024	Cash Credit	Long Term	5.00	ACUITE A+ \| Stable (Assigned)
	Cash Credit	Long Term	15.00	ACUITE A+ \| Stable (Assigned)
	Working Capital Demand Loan (WCDL)	Long Term	25.00	ACUITE A+ \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	150.00	ACUITE A+ \| Stable (Assigned)
	Letter of Credit	Short Term	195.00	ACUITE A1+ (Assigned)
	Letter of Credit	Short Term	160.00	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
AXIS BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	35.00	Simple	ACUITE A1+ \| Assigned
State Bank of India	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE A1+ \| Assigned
INDUSIND BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE AA- \| Stable \| Reaffirmed
CSB Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE AA- \| Stable \| Reaffirmed
AXIS BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE AA- \| Stable \| Assigned
IDBI Bank Ltd.	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE AA- \| Stable \| Assigned
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 AA- \| Stable \| Assigned
State Bank of India	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	50.00	Simple	ACUITE AA- \| Stable \| Assigned
BARCLAYS BANK PLC	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	149.75	Simple	ACUITE A1+ \| Reaffirmed
INDUSIND BANK LIMITED	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	160.00	Simple	ACUITE A1+ \| Reaffirmed
JP Morgan Chase Bank NA	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	200.00	Simple	ACUITE A1+ \| Reaffirmed
CSB Bank Limited	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	70.00	Simple	ACUITE A1+ \| Reaffirmed
CSB Bank Limited	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	55.00	Simple	ACUITE A1+ \| Assigned
Standard Chartered Bank	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	150.00	Simple	ACUITE A1+ \| Assigned
IDBI Bank Ltd.	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	195.00	Simple	ACUITE A1+ \| Assigned
RBL Bank	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	250.00	Simple	ACUITE A1+ \| Assigned
AXIS BANK LIMITED	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	125.00	Simple	ACUITE A1+ \| Assigned
DBS Bank Ltd	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	275.00	Simple	ACUITE A1+ \| Assigned
State Bank of India	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 A1+ \| Assigned
YES BANK LIMITED	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	350.00	Simple	ACUITE A1+ \| Assigned
Not Applicable	Not avl. / Not appl.	Proposed Short Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	101.50	Simple	ACUITE A1+ \| Reaffirmed
BARCLAYS BANK PLC	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.25	Simple	ACUITE AA- \| Stable \| Reaffirmed
CSB Bank Limited	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE AA- \| Stable \| Assigned
YES BANK LIMITED	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	50.00	Simple	ACUITE AA- \| Stable \| Assigned
IDBI Bank Ltd.	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE AA- \| Stable \| Assigned

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

Sr. No.	Name of the entity
1	Inox Wind Limited
2	Inox Green Energy Services Limited
3	Inox Renewable Solutions Limited
4	Haroda Wind Energy Private Limited
5	Suswind Power Private Limited
6	Tempest Wind Energy Private Limited
7	Vasuprada Renewables Private Limited
8	Vibhav Energy Private Limited
9	Vigodi Wind Energy Private Limited
10	Vuelta Wind Energy Private Limited
11	Khatiyu Wind Energy Private Limited
12	Ravapur Wind Energy Private Limited
13	IGESL Solar O&M Services Private Limited
14	Wind Four Renergy Private Limited
15	I-Fox Windtechnik India Private Limited
16	Resowi Energy Private Limited
17	Marut-Shakti India Limited
18	RBRK Investments Limited
19	Sarayu Wind Power (Tallimadugula) Private Limited
20	Satviki Energy Private Limited
21	Sarayu Wind Power (Kondapuram) Private Limited
22	Vinirrmaa Energy Generation Private Limited
23	Dangri Wind Energy Private Limited
24	Dharvi Kalan Wind Energy Private Limited
25	Junachay Wind Energy Private Limited
26	Kadoliya Wind Energy Private Limited
27	Lakhapar Wind Energy Private Limited
28	Ghanikhedi Wind Energy Private Limited
29	Amiya Wind Energy Private Limited
30	Laxmansar Wind Energy Private Limited
31	Pokharan Wind Energy Private Limited
32	Waft Energy Private Limited
33	Ramsar Wind Energy Private Limited
34	Fatehgarh Wind Energy Private Limited
35	Giral Bess Private Limited
36	Sadla Windone Private Limited
37	Sadla Windtwo Private Limited

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Kartik Arora
Senior Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:

A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	SEBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11	Fixed Deposits raised by NBFCs, Banks, HFCs, FIs	RBI
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts	SEBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs)	RBI
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁴ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁶	Not applicable

⁶ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer:

An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.