Press Release

Press Release

June 10, 2026

MANAKSIA ALUMINIUM COMPANY 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	8.73	ACUITE BBB+ \| Stable \| Assigned	-	RBI
Bank Loan Ratings	0.00	183.50	ACUITE BBB+ \| Stable \| Reaffirmed	-	RBI
Bank Loan Ratings	0.00	34.50	-	ACUITE A2+ \| Assigned	RBI
Bank Loan Ratings	0.00	61.50	-	ACUITE A2+ \| Reaffirmed	RBI
Total Outstanding	0.00	288.23	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

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

Rating Rationale

Acuité has reaffirmed its long-term rating of ‘ACUITE BBB+’ (read as ACUITE triple B plus) on the Rs.183.50 Cr. bank facilities and its short-term rating of ‘ACUITE A2+’ (read as ACUITE A two plus) on the Rs.61.50 Cr. bank facilities of Manaksia Aluminium Company Limited (MACL). The outlook is revised from 'Negative' to 'Stable'.

Acuité has assigned its long-term rating of ‘ACUITE BBB+’ (read as ACUITE triple B plus) on the Rs.8.73 Cr. bank facilities and its short-term rating of ‘ACUITE A2+’ (read as ACUITE A two plus) on the Rs.34.50 Cr. bank facilities of Manaksia Aluminium Company Limited (MACL). The outlook is 'Stable'.

Rationale for rating
The revision in the outlook and rating reaffirmation reflects the company’s improving operating performance supported by growth in volumes and improved realisations, along with its diversified presence across domestic and export markets and established track record in aluminium rolled products, which support overall business stability. However, the credit profile remains constrained by moderate financial risk profile, working capital intensive operations, tightly matched liquidity position and exposure to commodity price volatility and regulatory risks. The revision in outlook from Negative to Stable factors in improved business stability and recovery in earnings visibility following better conditions in export markets.

About the Company

Incorporated in 2010 and based in Kolkata, Manaksia Aluminium Company Limited specializes in production of aluminium flat rolled product. The company has also been accorded the status of Three Star Export House. Major products include Aluminium Coils, Aluminium Plain Sheets, Aluminium Roofing Sheets, Aluminium Pre-Painted/Colour Coated Coils, Aluminium Flooring Sheets (5 Bar & Diamond pattern), and Embossed Coils. Present directors are Mr. Anirudha Agrawal, Mr. Sunil Kumar Agrawal, Mr. Chandan Ambaly, Ms. Suprity Biswas, Mr. Shuvendu Sekhar Mohanty, and Mr. Debasis Banerjee.

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has considered the standalone business and financial risk profiles of MACL to arrive at the rating.

Key Rating Drivers

Strengths

Improved operating performance supported by better realizations and diversification
The company has demonstrated improved operating performance in FY2026, with revenue increasing to Rs.563.91 Cr. from Rs.509.18 Cr. in FY2025, driven by higher realizations and marginal growth in sales volume. Despite challenges such as US tariff changes and raw material price volatility, profitability remained stable with operating margins of 8.25%. The company has also reduced its dependence on the US market by increasing domestic sales, thereby improving its revenue diversification and business stability.

Established market presence with export advantage and anti dumping duty exemption
MACL benefits from its long-standing presence in the aluminium flat rolled products segment and a diversified product portfolio catering to both domestic and export markets. The company continues to enjoy a key competitive advantage through its exemption from anti-dumping duty (ADD) in the US market, enabling unrestricted access and strengthening customer relationships. This, coupled with its status as a Three Star Export House, supports its export competitiveness.

Weaknesses

Working capital intensive nature of operations
The working capital intensive nature of operations of the company is marked by elevated gross current assets (GCA) of 245 days in FY2026, similar to FY2025 levels. Inventory levels remain inherently high due to import-led procurement cycles (~60 days lead time). However, management highlighted a reduction in physical inventory levels (from ~8,000 MT to ~6,500 MT) during FY2026, indicating improved inventory management despite stable reported GCA days. To support working capital and liquidity, the company has recently availed CGSE loan of Rs.50 Cr to support its working capital operations.

Receivables remain moderate, with debtor days typically in the 30–35 day range, though a temporary increase was observed towards year-end due to shipment timing differences. Collections were realized subsequently, mitigating credit risk concerns. Payables continue to provide support to the working capital cycle, with credit period of ~110–120 days through LC-backed imports, partially offsetting the high inventory holding. The average bank limit utilization (including fund and non fund based) stood moderate at 81.19% for the past 06 months ending March 2026.

The working capital intensity is structural to the business model and is expected to remain elevated but stable over the near term.

Moderate financial risk profile with stretched debt coverage
The company’s moderate financial risk profile is moderate marked by growing net worth, moderate gearing and comfortable debt protection metrics. The tangible net worth of the company improved and stood at Rs.161.84 Cr. as on March 31, 2026, as against Rs.154.83 Cr. as on March 31, 2025. The increase in the net worth is primarily attributable to accretion of profits into reserves. The capital structure is further supported by subordinated unsecured loans from promoters/directors amounting to ~Rs.19.49 Cr.

The capital structure remains moderately leveraged, with total debt of Rs.221.59 Cr. as on March 31, 2026. The gearing improved to 1.37 times in FY2026 from 1.42 times in FY2025. The debt protection metrics showed marginal improvement, with interest coverage ratio increasing to 1.69 times in FY2026 from 1.60 times in FY2025, supported by higher operating profits. The debt service coverage ratio stood at 1.00 time in FY2026 as against 0.97 times in FY2025, indicating tightly matched cash accruals vis-à-vis repayment obligations. Further, Debt/EBITDA improved to 4.68 times in FY2026 from 5.00 times in FY2025.

Going ahead, the financial risk profile of the company is expected to remain moderate, supported by stable operating performance and controlled capex plans, though sustained improvement in profitability and cash accruals will be key monitorables for further strengthening of coverage indicators.

Exposure to commodity price volatility and regulatory risks
The company remains exposed to fluctuations in aluminium prices and foreign exchange movements, which can impact margins. Additionally, regulatory risks such as changes in US tariffs remain a key monitorable, given its export exposure.

Rating Sensitivities

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

Improvement in operating performance with net cash accruals growing above Rs 30-40 Cr
Improvement in the debt protection metrics and overall financial risk profile leading to improvement in the liquidity position.

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

Deterioration in operating performance with net cash accruals falling below ~Rs.15 Crs or decline in profitability margins.
Further elongation in working capital cycle or increased reliance on working capital borrowings, leading to weakening of financial risk profile.

Liquidity Position

Adequate

The company’s liquidity is adequate albeit tightly matched, marked by slightly insufficient net cash accruals of Rs.16.48 Cr. in FY2026 as against repayment obligations of Rs.16.60 Cr. during the same period, resulting in marginal dependence on external sources or working capital limits for debt servicing. Going forward, the company is expected to generate sufficient net cash accruals in the range of ~Rs.20-22 Cr. over the near term against repayment obligation in the range of ~Rs.16-17 Cr. during the same period. The reliance on working capital limits stood moderate at 81.19% for the past 06 months ending March 2026. The current ratio stood moderate at 1.17 times, and cash balance stood at Rs.2.36 Cr. as on 31st March 2026.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Actual)	FY 25 (Actual)
Operating Income	Rs. Cr.	563.91	509.18
PAT	Rs. Cr.	6.76	6.05
PAT Margin	(%)	1.20	1.19
Total Debt/Tangible Net Worth	Times	1.37	1.42
PBDIT/Interest	Times	1.69	1.60

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

Not Applicable

Any other information

None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on complexity levels of the rated instrument

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

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
12 Mar 2025	Letter of Credit	Short Term	11.50	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	9.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	5.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	10.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	7.50	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	6.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	12.00	ACUITE A2+ (Reaffirmed)
	Cash Credit	Long Term	27.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	2.40	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	0.44	ACUITE BBB+ \| Negative (Reaffirmed)
	Cash Credit	Long Term	40.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	0.93	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	6.59	ACUITE BBB+ \| Negative (Reaffirmed)
	Cash Credit	Long Term	35.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Cash Credit	Long Term	14.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	0.77	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	0.93	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	1.88	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	2.60	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	2.13	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	2.18	ACUITE BBB+ \| Negative (Reaffirmed)
	Cash Credit	Long Term	19.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Cash Credit	Long Term	14.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	2.67	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	2.31	ACUITE BBB+ \| Negative (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	3.17	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	6.00	ACUITE BBB+ \| Negative (Reaffirmed)
21 Aug 2024	Letter of Credit	Short Term	5.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	10.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	7.50	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	6.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	12.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	11.50	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	9.00	ACUITE A2+ (Reaffirmed)
	Cash Credit	Long Term	27.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	2.40	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	0.44	ACUITE BBB+ \| Negative (Reaffirmed)
	Cash Credit	Long Term	40.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	0.93	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	6.59	ACUITE BBB+ \| Negative (Reaffirmed)
	Cash Credit	Long Term	35.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Cash Credit	Long Term	14.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	0.77	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	0.93	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	1.88	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	2.60	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	2.13	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	2.18	ACUITE BBB+ \| Negative (Reaffirmed)
	Cash Credit	Long Term	19.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Cash Credit	Long Term	14.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	2.67	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	2.31	ACUITE BBB+ \| Negative (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	9.17	ACUITE BBB+ \| Negative (Reaffirmed)
30 Nov 2023	Letter of Credit	Short Term	11.50	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	9.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	5.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	10.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	7.50	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	6.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	12.00	ACUITE A2+ (Reaffirmed)
	Cash Credit	Long Term	27.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	2.40	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	0.44	ACUITE BBB+ \| Negative (Reaffirmed)
	Cash Credit	Long Term	40.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	0.93	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	6.59	ACUITE BBB+ \| Negative (Reaffirmed)
	Cash Credit	Long Term	35.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Cash Credit	Long Term	14.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	0.77	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	0.93	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	1.88	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	2.60	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	2.13	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	2.18	ACUITE BBB+ \| Negative (Reaffirmed)
	Cash Credit	Long Term	19.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Cash Credit	Long Term	14.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	2.67	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	2.31	ACUITE BBB+ \| Negative (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	9.17	ACUITE BBB+ \| Negative (Reaffirmed)

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
Bank Of Baroda	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE A2+ \| Reaffirmed
Bank Of Baroda	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	35.00	Simple	ACUITE BBB+ \| Stable \| Reaffirmed \| Negative to Stable
Indian Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE BBB+ \| Stable \| Reaffirmed \| Negative to Stable
H D F C Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	28.00	Simple	ACUITE BBB+ \| Stable \| Reaffirmed \| Negative to Stable
IDBI Bank Ltd.	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	14.00	Simple	ACUITE BBB+ \| Stable \| Reaffirmed \| Negative to Stable
INDUSIND BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	19.00	Simple	ACUITE BBB+ \| Stable \| Reaffirmed \| Negative to Stable
Punjab National 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 BBB+ \| Stable \| Reaffirmed \| Negative to Stable
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 BBB+ \| Stable \| Reaffirmed \| Negative to Stable
Union Bank of India	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 \| Negative to Stable
Union Bank of India	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE A2+ \| Reaffirmed
Indian Bank	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	9.50	Simple	ACUITE A2+ \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	12.00	Simple	ACUITE A2+ \| 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.	6.00	Simple	ACUITE A2+ \| Reaffirmed
Bank Of Baroda	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	9.00	Simple	ACUITE A2+ \| Reaffirmed
IDBI Bank Ltd.	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE A2+ \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE A2+ \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	13.00	Simple	ACUITE A2+ \| Assigned
Bank Of Baroda	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.50	Simple	ACUITE A2+ \| Assigned
INDIAN OVERSEAS BANK	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1.00	Simple	ACUITE A2+ \| Assigned
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.	2.42	Simple	ACUITE BBB+ \| Stable \| Reaffirmed \| Negative to Stable
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.	0.23	Simple	ACUITE BBB+ \| Stable \| Assigned
Indian Bank	Not avl. / Not appl.	Stand By Line of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE BBB+ \| Stable \| Assigned
Bandhan Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	19 Jan 2024	Not avl. / Not appl.	19 Mar 2029	3.77	Simple	ACUITE BBB+ \| Stable \| Reaffirmed \| Negative to Stable
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Unlisted	RBI	28 Feb 2022	Not avl. / Not appl.	29 Sep 2028	0.58	Simple	ACUITE BBB+ \| Stable \| Reaffirmed \| Negative to Stable
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Unlisted	RBI	21 Jan 2022	Not avl. / Not appl.	31 Dec 2027	2.59	Simple	ACUITE BBB+ \| Stable \| Reaffirmed \| Negative to Stable
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Dec 2021	Not avl. / Not appl.	30 Nov 2026	0.09	Simple	ACUITE BBB+ \| Stable \| Reaffirmed \| Negative to Stable
Federal Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	03 Jun 2022	Not avl. / Not appl.	06 May 2028	1.71	Simple	ACUITE BBB+ \| Stable \| Reaffirmed \| Negative to Stable
IDBI Bank Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Mar 2022	Not avl. / Not appl.	01 Nov 2024	0.77	Simple	ACUITE BBB+ \| Stable \| Reaffirmed \| Negative to Stable
IDBI Bank Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Sep 2021	Not avl. / Not appl.	12 Nov 2024	0.93	Simple	ACUITE BBB+ \| Stable \| Reaffirmed \| Negative to Stable
Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	13 Sep 2022	Not avl. / Not appl.	31 Aug 2028	0.25	Simple	ACUITE BBB+ \| Stable \| Reaffirmed \| Negative to Stable
Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	02 Sep 2021	Not avl. / Not appl.	02 Sep 2027	1.39	Simple	ACUITE BBB+ \| Stable \| Reaffirmed \| Negative to Stable
Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	21 May 2026	Not avl. / Not appl.	31 Mar 2031	3.50	Simple	ACUITE BBB+ \| Stable \| Assigned

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Sanidhya Jain
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

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

List of instruments and names of regulators of the instruments

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

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

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

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

B. Other activities:

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

⁶ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

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

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

About Acuité Ratings & Research

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

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

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