Press Release

Press Release

July 07, 2026

LULU FINANCIAL SERVICES (INDIA) PRIVATE 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	100.00	ACUITE BBB- \| Stable \| Reaffirmed	-	RBI
Non Convertible Debentures (NCD)	0.00	50.00	ACUITE BBB- \| Stable \| Assigned	-	MCA
Non Convertible Debentures (NCD)	0.00	50.00	ACUITE BBB- \| Stable \| Reaffirmed	-	MCA
Total Outstanding	0.00	200.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

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

Rating Rationale

Acuité has reaffirmed the long-term rating of ‘ACUITE BBB-’ (read as ACUITE triple B minus) on the Rs. 100.00 crore bank facilities of Lulu Financial Services (India) Private Limited (LFSPL). The outlook is ‘Stable’.

Acuité has reaffirmed the long-term rating of ‘ACUITE BBB-’ (read as ACUITE triple B minus) on the Rs. 50.00 crore NCD facilities of Lulu Financial Services (India) Private Limited (LFSPL). The outlook is ‘Stable’.

Acuité has assigned the long-term rating of ‘ACUITE BBB-’ (read as ACUITE triple B minus) on the Rs. 50.00 crore NCD facilities of Lulu Financial Services (India) Private Limited (LFSPL). The outlook is ‘Stable’.

Rationale for rating
The rating continues to factor in LFSPL’s strong parentage, adequate capitalization levels, increasing scale of operations as well as healthy asset quality metrics. LFSPL benefits from strong parentage as part of the Lulu Group. The networth of the company stood at Rs. 68.04 Cr. (provisional) as on March 31, 2026 as compared to Rs. 41.42 Cr. as on March 31, 2025 owing to regular capital infusions by promoter group. There has been a significant growth of ~195 percent YoY in the AUM to Rs. 203.35 Cr. (provisional) as on March 31, 2026 from Rs. 68.85 Cr. as on March 31, 2025. The total disbursements during FY2026(provisional) stood at Rs. 826.39 Cr. as against Rs. 220.13 Cr. during FY2025. The GNPA and NNPA stood at 0.08 percent and 0.05 percent, respectively, as on March 31, 2026 (provisional) and 1.09 percent and 0.20 percent, respectively, as on March 31, 2025. The rating is, however, constrained by modest scale of operations, geographical concentration, limited borrowing profile and subdued earning profile. LFSPL is now present in three states namely, Kerala, Tamil Nadu and Karnataka, and has achieved break-even by declaring a PAT of Rs. 1.62 Cr. during FY2026 (provisional) as compared to a loss of Rs. 2.02 Cr. during FY2025 and a loss of Rs. 3.09 Cr. during FY2024.
Going forward, the company’s ability to profitably scale-up its operations while maintaining the asset quality will be a key monitorable.

About the company

Incorporated in 2018, Lulu Financial Services (India) Private Limited has its registered office in Kerala. The company is engaged in lending services by providing gold loans, business loans, MSME loans, personal loans and consumer durable loans to MSMEs, traders and the common man. Lulu Financial Holdings Limited is a UAE based holding company, investing in financial services and products and holds majority stake in Lulu Financial Services (India) Private Limited. LFSPL operates in Kerala Tamil Nadu and Karnataka, and has 66 branches as on March 31, 2026.

Unsupported Rating

Not applicable

Analytical Approach

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

Key Rating Drivers

Strength

Strong Parentage and Experienced Management

Mr. M. A. Yusuff Ali is the founder, Chairman, and Managing Director of LuLu Group International, a UAE-headquartered multinational conglomerate with diversified interests spanning retail, real estate, logistics, food processing, and hospitality. The Group has grown into a global enterprise operating over 250 hypermarkets and shopping malls across the GCC, Egypt, India, Indonesia, and Malaysia, employing more than 65,000 people and generating annual revenues exceeding US $8 billion (Rs.70,000 crore).
LuLu Financial Holdings Limited which has a networth of ~43 million USD and PAT of ~2 million USD for CY2023, is the holding company of Lulu Financial Services (India) Private Limited. Currently, the company has four directors, namely; Mr. Surendran Amittathody, (Managing Director & CEO) with over 40 years of banking experience and joined LuLu Financial Group in 2015 as General Manager, Mr. Richard Wason (Director), a member of ICAI with 30 years of experience in the financial services field, Mr. Unnikrishnan Menon (Director), holding over 30 years of extensive cross-functional experience in Corporate & Commercial Banking, Credit & Financial Analysis, Trade Finance, Credit Administration, Retail / Consumer Banking and related areas across the Banking Sector and Mr. Mathew Vilayil (Director), who is a seasoned banker with over four decades of expertise and exposure across the whole gamut of banking and financial management.
Acuité believes that the company will continue to benefit from its established presence and experience of the promoters.

Growth in AUM and Disbursements while maintaining healthy Asset Quality
There has been a significant growth of ~195 percent YoY in the AUM to Rs. 203.35 Cr. (provisional) as on March 31, 2026 from Rs. 68.85 Cr. as on March 31, 2025. The total disbursements during FY2026(provisional) stood at Rs. 826.39 Cr. as against Rs. 220.13 Cr. during FY2025. The GNPA (90+dpd) and NNPA stood at 0.08 percent and 0.05 percent, respectively, as on March 31, 2026 (provisional) as against 1.09 percent and 0.20 percent, respectively, as on March 31, 2025. Majority of the loan portfolio (~99 percent as on March 31, 2026) is attributed to gold loans and the on-time dpd profile has remained in the range of 89 – 99 percent from FY2022 till FY2026.
Going forward, as the company scales up its business operations in existing and newer geographies, maintaining asset quality would be a key monitorable.

Adequate Capital Structure
The networth of the company stood at Rs. 68.04 Cr. (provisional) as on March 31, 2026 as compared to Rs. 41.42 Cr. as on March 31, 2025 (Rs. 18.44 Cr. as on March 31, 2024) owing to regular capital infusions by promoter group. The entity received Rs. 25 Cr. of capital infusion in H1FY2026 and is expected to receive Rs. 25 Cr. in H1FY2027. The company’s CAR stood at 34.73 percent as on March 31, 2026(provisional) and 59.68 percent as on March 31, 2025. The company has grown and diversified its borrowing profile by availing term loans and issuing NCDs, which has increased the total borrowings from Rs. 45.78 Cr. as on March 31, 2025 to Rs. 154.57 Cr. (provisional) as on March 31, 2026. Subsequently, the gearing levels stands at 2.27 times (provisional) as on March 31, 2026 as compared to 1.11 times as on March 31, 2025.
Going forward, the company’s ability to maintain a healthy capital structure through efficient resource mobilisation will be a key monitorable.

Weakness

High geographical concentration
The company got incorporated in 2018 with operations commencing in Kerala FY2022 onwards. LFSPL’s has its presence in majorly two states; Kerala (~27 percent) and Tamil Nadu (~63 percent) with a branch base of 66 as on March 31, 2026. The entity has expanded its operations into Karnataka in H2FY2026, however major operations are yet to commence. The company’s operations are expected to remain confined to the South region.
Acuité believes that geographical concentration will continue to weigh on the company’s credit profile.

Subdued earning profile; albeit improving
The company has achieved break-even by declaring a PAT of Rs. 1.62 Cr. (provisional) during FY2026 as compared to a loss of Rs. 2.02 Cr. during FY2025 and a loss of Rs. 3.09 Cr. during FY2024. As the company is in the nascent stage of operations, the costs attributed to recruit necessary personnel and establishing its presence via branch expansion, the past record of the company’s earning profile remains weak.
Going forward, the company’s ability to profitably scale-up its operations while maintaining the asset quality will be a key monitorable.

Rating Sensitivity

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

Significant growth in scale of operations as denoted by AUM, disbursements and branch expansion
Sustained improvement in the earning profile

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

Deterioration in asset quality metrics as reflected by the on-time portfolio, GNPA and NNPA
High gearing on a sustained basis of more than 4 times and low liquidity buffers

All Covenants

Maintain Capital Adequacy Ratio & Tier 1 of not less than 20% or any other higher threshold as may be prescribed by the RBI from time to time, whichever is higher
Total Debt to Adjusted Tangible Net Worth (ATNW) should not exceed 4 times subject to a minimum AUM of INR 400 Cr. In all other cases, total Debt to ATNW should not exceed 3.50 times
PAT is non-negative for any financial quarter
Gross NPA not to exceed 2.50%
Net NPA not to exceed 1%
Undertake Equity Infusion of INR 25 Cr. by September 2026
No Cumulative ALM mismatches
The Gold Loan portfolio should consistently represent atleast 90% of the total loan book
Maintain minimum liquidity amount (Unencumbered Cash) equivalent to its liabilities for the immediately succeeding 1 month, after including put options/interest resets on the liabilities of the company
The issuer shall not prepay any loans or redeem NCDs, voluntarily or mandatorily before its stated maturity such that it leads to a negative mismatch on cumulative basis in any of the buckets of ALM statement upto the residual tenor of the Debentures after including put options/interest resets on the liabilities. Unutilized bank lines, undisbursed committed sanctions of the company and cash credit limits shall not be taken into account while testing the same.
Total-related party transactions where the issuer has the obligation not to exceed 10% of the Networth in any financial year; no transaction in case the obligation to pay is on the related party. Funds received from related parties shall be permissible, provided such inflows are recorded as liabilities in the ordinary course of business.
Any other additional covenant as may be mutually agreed and shall form part of the transaction documents.

Liquidity Position

Adequate

LFSPL’s overall liquidity profile remains adequate with no negative cumulative mismatches as per ALM dated March 31, 2026 in the near to medium term. As per the ALM statement dated March 31, 2026, total debt obligations stood at Rs. 80.66 crore up to the one-year period against expected inflows of Rs. 219.29 crore over the same period, resulting in a cumulative positive mismatch of Rs. 138.62 crore up to one year. Additionally, the cash and bank balances stood at Rs. 9.90 Cr. (provisional) as on March 31, 2026.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials - Standalone / Originator

Particulars	Unit	FY26(Provisional)	FY25(Actual)
Total Assets	Rs. Cr.	227.18	89.89
Total Income*	Rs. Cr.	14.96	6.42
PAT	Rs. Cr.	1.62	(2.02)
Net Worth	Rs. Cr.	68.04	41.42
Return on Average Assets (RoAA)	(%)	1.02	(2.77)
Return on Average Net Worth (RoNW)	(%)	2.97	(6.75)
Debt/Equity	Times	2.27	1.11
Gross NPA	(%)	0.08	1.09
Net NPA	(%)	0.05	0.20

*Total income equals to Net Interest Income plus other income

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

Not applicable

Any other information

None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.htm

Note on complexity levels of the rated instrument

In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
03 Dec 2025	Secured Overdraft	Long Term	5.00	ACUITE BBB- \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	10.00	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.44	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.46	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.58	ACUITE BBB- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	57.52	ACUITE BBB- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	50.00	ACUITE BBB- \| Stable (Assigned)
11 Nov 2025	Secured Overdraft	Long Term	5.00	ACUITE BBB- \| Stable (Assigned)
	Secured Overdraft	Long Term	10.00	ACUITE BBB- \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	62.10	ACUITE BBB- \| Stable (Assigned)
	Cash Credit	Long Term	5.00	ACUITE BBB- \| Stable (Assigned)
	Term Loan	Long Term	4.44	ACUITE BBB- \| Stable (Assigned)
	Cash Credit	Long Term	10.00	ACUITE BBB- \| Stable (Assigned)
	Term Loan	Long Term	3.46	ACUITE BBB- \| Stable (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Federal 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 BBB- \| Stable \| Reaffirmed
South Indian Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE BBB- \| Stable \| Reaffirmed
SBM Bank (India) Ltd.	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Not Applicable	INE16OZ07697	Non-Convertible Debentures (NCD)	Unlisted	MCA	18 May 2026	12.40	17 Apr 2029	25.00	Simple	ACUITE BBB- \| Stable \| Assigned
Not Applicable	INE16OZ07515	Non-Convertible Debentures (NCD)	Unlisted	MCA	28 Jan 2026	11.00	28 Jan 2029	0.02	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Not Applicable	INE16OZ07507	Non-Convertible Debentures (NCD)	Unlisted	MCA	28 Jan 2026	11.00	28 Jan 2029	0.06	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Not Applicable	INE16OZ07481	Non-Convertible Debentures (NCD)	Unlisted	MCA	28 Jan 2026	11.00	28 Jan 2029	0.57	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Not Applicable	INE16OZ07499	Non-Convertible Debentures (NCD)	Unlisted	MCA	28 Jan 2026	11.25	28 Jan 2029	0.10	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Not Applicable	INE16OZ07523	Non-Convertible Debentures (NCD)	Unlisted	MCA	28 Jan 2026	11.25	28 Jan 2029	0.21	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Not Applicable	INE16OZ07564	Non-Convertible Debentures (NCD)	Unlisted	MCA	28 Jan 2026	10.50	28 Jan 2028	0.07	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Not Applicable	INE16OZ07531	Non-Convertible Debentures (NCD)	Unlisted	MCA	28 Jan 2026	10.50	28 Jan 2028	0.08	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Not Applicable	INE16OZ07556	Non-Convertible Debentures (NCD)	Unlisted	MCA	28 Jan 2026	10.75	28 Jan 2028	0.06	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Not Applicable	INE16OZ07572	Non-Convertible Debentures (NCD)	Unlisted	MCA	28 Jan 2026	10.25	30 Jan 2027	0.19	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Not Applicable	INE16OZ07549	Non-Convertible Debentures (NCD)	Unlisted	MCA	28 Jan 2026	10.25	30 Jan 2027	0.06	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Not Applicable	INE16OZ07580	Non-Convertible Debentures (NCD)	Unlisted	MCA	28 Jan 2026	10.00	30 Jan 2027	0.13	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Not Applicable	INE16OZ07598	Non-Convertible Debentures (NCD)	Unlisted	MCA	28 Jan 2026	10.00	30 Jan 2027	0.45	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Not Applicable	INE16OZ07606	Non-Convertible Debentures (NCD)	Unlisted	MCA	28 Jan 2026	10.75	28 Jan 2028	0.04	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Not Applicable	INE16OZ07614	Non-Convertible Debentures (NCD)	Unlisted	MCA	16 Mar 2026	12.00	16 Mar 2028	25.00	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Not Applicable	INE16OZ07630	Non-Convertible Debentures (NCD)	Unlisted	MCA	13 Mar 2026	10.75	13 Mar 2028	0.02	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Not Applicable	INE16OZ07648	Non-Convertible Debentures (NCD)	Unlisted	MCA	13 Mar 2026	10.25	15 Mar 2027	0.02	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Not Applicable	INE16OZ07622	Non-Convertible Debentures (NCD)	Unlisted	MCA	13 Mar 2026	10.00	15 Mar 2027	0.12	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Not Applicable	INE16OZ07689	Non-Convertible Debentures (NCD)	Unlisted	MCA	13 Mar 2026	10.00	15 Mar 2027	0.07	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Not Applicable	INE16OZ07671	Non-Convertible Debentures (NCD)	Unlisted	MCA	13 Mar 2026	11.25	13 Mar 2029	0.02	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Not Applicable	INE16OZ07655	Non-Convertible Debentures (NCD)	Unlisted	MCA	13 Mar 2026	11.25	13 Mar 2029	0.16	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Not Applicable	INE16OZ07663	Non-Convertible Debentures (NCD)	Unlisted	MCA	13 Mar 2026	11.00	13 Mar 2029	0.46	Simple	ACUITE BBB- \| Stable \| Reaffirmed
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.	21.14	Simple	ACUITE BBB- \| 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.	25.00	Simple	ACUITE BBB- \| 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.	22.09	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Karnataka Bank Ltd	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Dhanlaxmi Bank Ltd	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	25 Jun 2025	Not avl. / Not appl.	27 Jun 2028	3.74	Simple	ACUITE BBB- \| Stable \| Reaffirmed
South Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	18 Mar 2025	Not avl. / Not appl.	25 Mar 2028	3.33	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	09 Jul 2024	Not avl. / Not appl.	31 Dec 2026	1.79	Simple	ACUITE BBB- \| Stable \| Reaffirmed
South Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	25 Feb 2026	Not avl. / Not appl.	25 Feb 2029	5.00	Simple	ACUITE BBB- \| Stable \| Reaffirmed

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Nivedita Gokul
Analyst - Rating Operations

Contact details exclusively for investors and lenders

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

List of instruments and names of regulators of the instruments

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

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	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.