Press Release

Press Release

August 19, 2026

MANGALORE ELECTRICITY SUPPLY COMPANY LIMITED
Rating Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	2285.00	ACUITE A \| Stable \| Reaffirmed	-	RBI
Bank Loan Ratings	0.00	515.00	-	ACUITE A1 \| Reaffirmed	RBI
Total Outstanding	0.00	2800.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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

Acuite has as reaffirmed the long-term rating of 'ACUITE A' (read as ACUITE A) and the short-term rating of 'ACUITE A1' (read as ACUITE A one) on the Rs.2800.00 Crore bank facilities of Mangalore Electricity Supply Company Limited (MESCOM). The outlook is 'Stable'.

Rationale for Rating Reaffirmation
The rating reaffirmation considers the Government of Karnataka's (GOK's) complete ownership of MESCOM and its strategic importance to GOK to cater to electricity distribution in four districts of Karnataka State. The rating also factors in the favourable consumer mix, yearly revision of tariffs by Karnataka State Electricity Regulatory Commission (KERC), and regular support from GOK for the capex requirements. Further, it has healthy billing and collection efficiency along with low AT&C losses. Further, the rating remains constrained by intensive working capital operations of the company. Acuite notes the regulated nature of the operations and any significant changes in the regulatory environment will impinge on the credit profile of the company.

About the Company

Mangalore Electricity Supply Company Limited was incorporated in 2002. The company engaged in the distribution of power in four revenue districts of Karnataka, viz. Dakshina Kannada, Udupi, Shivamogga and Chikmagaluru. The present directors are Mr. Shivanna, Mr. Rajee Jayakumar, Ms. Snehal Sudhakar Lokhande, Mr. Balaram Krishanappa, Mr. Mahadevaswamy Prasanna Koluthur Mahadevayya, Mr. Sagadageri Beeranna Prashantkumar, Mr. Shimoga Achyuthamurthy Pushpa, Mr. Reju Murickummoodu Thankachan, Mr. Dalavayee Kodandapani and Mr. Pankaj Kumar Pandey. The registered office is in Mangalore, Karnataka.

Unsupported Rating

ACUITE BB+/Stable

Analytical Approach

Acuité has taken the standalone view on the business and financial risk profile of Mangalore Electricity Supply Company Limited (MESCOM). Acuité has also factored in benefits emanating from the 100% ownership of Government of Karnataka along with GoK’s financial support in form of annual equity infusion and subsidies to MESCOM.

Key Rating Drivers

Strengths

Strategic importance to Government of Karnataka (GOK)
MESCOM is a wholly owned entity of GOK and holds strategic importance to GOK. MESCOM is one of the five distribution companies in Karnataka and caters to electricity distribution for four districts in Karnataka, namely Dakshin Karnataka, Udupi, Chickmangaluru, Shimoga and has long-term and short-term power purchase agreements (PPAs) with various hydel, thermal, atomic, and renewable power generators and supplies power as per tariffs regulated by the Karnataka State Electricity Regulatory Commission (KERC). By virtue of its strategic importance, the GOK has been providing funding support to the entity in the form of an annual equity infusion and subsidies. Acuite believes that MESCOM, being a 100 percent undertaking of GOK, shall continue to benefit from the financial, operational, and management support from GOK. However, any change in ownership pattern or any event that impinges on GOK's overall credit profile shall remain a key rating sensitivity.

Favourable Consumer Mix and Healthy Collection & Billing Efficiency
MESCOM has a favorable consumption mix, with domestic, commercial, and industrial industries and agricultural. Since commercial and industrial consumption commands a higher tariff, this correlates well with the company's revenue. The revenue of the company is backed by increase in number of connections as reflected by addition of 52,164 new consumers with total consumers in FY2026 (prov.) of 28,13,694 as against 27,61,530 consumers in FY2025. Further, the company has healthy collection efficiency, which is evident by 97.03 percent bill collections from commercial, industrial, and institutional customers in FY2026 (Prov.). In addition, the billing efficiency is healthy at 99.84 percent in FY2026 (Prov.). Moreover, the Distribution and Aggregate Technical and Commercial (AT&C) losses of the company stood at around ~11 per cent in FY26 (prov.) as against 8.34 percent in FY25. The increase in AT&C losses is attributable to moderation in the collection efficiency. Acuite believes that the company will continue to draw benefits from its favorable consumer mix, improved AT&C losses along with healthy billing and collection efficiency.

Improvement in scale of operations along with profitability
The operational income improved and stood at Rs.6517.48 Cr. in FY2026(Prov.) as against Rs.6161.45 Cr. in FY2025. The improvement is backed by the increase in sales of energy in FY2026(Prov.) as compared to the previous year along with increase in number of connections. The EBITDA margin also improved and stood at 20.61 per cent in FY26(Prov.) as against 10.61 per cent in FY25 and (5.25) per cent in FY2024. Likewise, the PAT margin stood at 0.62 per cent in FY2026(Prov.) as against (1.56) per cent in FY2025 and (3.28) per cent in FY24. The improvement in margins is on an account decline in power purchase costs wherein average power purchase cost declined to Rs.5.13 per unit in FY2026 (prov.) as against Rs.5.82 per unit in FY25 and Rs.6.87 per unit in FY24 on the back of increased contribution from sustainable sources of power supply in total purchases. Further, the company has booked a revenue of around Rs.2048 crores from sale of energy in Q1FY27 and are expecting to close the year at around Rs.6700 crores. Acuite believes that ability of the company to sustain its scale of operations while maintaining its profitability will remain a key monitorable factor.

Weaknesses

Moderate Financial Risk Profile
The financial risk profile of the company remained moderate, marked by the net worth of Rs.941.16 Crores in FY2026 (Prov.) as against Rs.857.38 Crores in FY2025. The improvement in net worth is due to increase in reserves on an account of accumulation of profits into reserves. Further, the total debt of the company stood at Rs.1818.68 Crore as on 31st March 2026(Prov.) as against Rs.1576.05 Crore as on 31st March 2025. The gearing (debt to equity ratio) stood at 1.93 times as on 31st March 2026 (prov.) as against 1.84 times as on 31st March 2025. Further, the coverage indicators of the company improved with interest coverage ratio (ICR) and debt service coverage ratio (DSCR) which stood at 3.23 times and 1.33 times respectively as on 31st March 2026 (prov.) as against 2.26 times and 0.83 times respectively as on 31st March 2025. The TOL/TNW ratio of the company stood high at 6.57 times as on 31st March 2026 (prov.) as against 7.58 times as on 31st March 2025 and DEBT-EBITDA of the company stood at 3.67 times as on 31st March 2026(Prov.) as against 4.38 times as on 31st March 2025.
Acuité believes that the financial risk profile of the company will remain in similar range in near to medium term on account of continuous debt laden capex plans.

Moderate working capital operations
The working capital operations of the company remained moderate marked by gross current asset (GCA) of 156 days as on 31st March 2026 (Prov.) as compared to 195 days as on 31st March 2025. Further, the debtor days stood at 102 days as on 31st March 2026 (prov.) as compared to 101 days as 31st March 2025. On the other hand, the creditor days stood at 80 days as on 31st March 2026 (Prov.) as compared to 110 days in the previous year. The inventory days of the company stood at 8 days as on 31st March 2026 (prov.) as compared to 4 days as on 31st March 2025. The working capital limits stood at an average of 65.47 per cent for fund- based limits and 84.69% for non-fund based limits for the last twelve months ended March 2026. Acuité believes that the working capital operations are likely to remain similar range in near to medium term due to nature of operation.

Regulated nature of operations
The regulatory framework governing the power sector influences the revenues. State electricity regulatory commissions determine revenues of players such as MESCOM. The Karnataka Electricity Regulatory Commission (KERC) takes into account key parameters such as the cost structure and expected return on capital employed to arrive at distribution tariffs. Any significant changes in the regulatory environment will have an impact on the credit profile of the company.

Assessment of Adequacy of Credit Enhancement under various scenarios including stress scenarios (applicable for ratings factoring specified support considerations with or without the “CE” suffix)

Acuite takes into consideration the benefit derived by MESCOM from the 100% ownership of Government of Karnataka.

Stress Case Scenario
While the rating has been derived on the standalone credit risk profile and cash flows of MESCOM, Acuite believes given the 100% holding of Government of Karnataka, in case of any stress case scenario, the required support would come from the state of Karnataka.

Rating Sensitivities

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

Sustained growth in scale of operations with stable profitability.
AT&C and T&D losses below 8 per cent on a sustained basis.
Improvement in the credit risk profile of the Government of Karnataka (GoK).

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

Deterioration in financial risk profile with Debt/EBITDA above 4.5 times.
Reduced support from Government of karnataka leading to stretched liquidity and repayment obligations.

Liquidity Position

Adequate

The liquidity profile of the company is adequate with net cash accruals of Rs.342.28 Cr. as on 31st March 2026 (Prov.) against the debt repayment obligation of Rs.219.92 Crore over the same period. Going forward, the company is expected to generate net cash accruals under the range of Rs.300.00 Crore to Rs.410.00 Crore against the debt repayment obligations up to Rs.301.61 Crore during FY27-28. Any shortfall if any will be met by support from GoK. The working capital limits utilisation stood at an average of 65.47 per cent for fund- based limits and 84.69 per cent for non-fund based limits for the last twelve months ended March 2026. The current ratio of the company stood at 1.01 times as on 31st March 2026(Prov.). Further, the cash and bank balance stood at Rs.45.02 Crore as on 31st March 2026 (Prov.). Acuité believes that the liquidity position of the company is expected to remain adequate in near to medium term.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	6517.48	6161.45
PAT	Rs. Cr.	40.26	(96.35)
PAT Margin	(%)	0.62	(1.56)
Total Debt/Tangible Net Worth	Times	1.93	1.84
PBDIT/Interest	Times	3.23	2.26

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
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Group And Parent Support: https://www.acuite.in/view-rating-criteria-47.htm
• State Government Ratings : https://www.acuite.in/view-rating-criteria-26.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
21 May 2025	Term Loan	Long Term	62.50	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	55.56	ACUITE A \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	100.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	171.09	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	297.25	ACUITE A \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	135.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	206.05	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	133.95	ACUITE A \| Stable (Assigned)
	Working Capital Demand Loan (WCDL)	Long Term	265.00	ACUITE A \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	70.92	ACUITE A \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	126.05	ACUITE A \| Stable (Assigned)
	Term Loan	Long Term	40.96	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	88.22	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	33.60	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	144.46	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	196.98	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	74.08	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	83.33	ACUITE A \| Stable (Reaffirmed)
	Letter of Credit	Short Term	75.00	ACUITE A1 (Reaffirmed)
	Short-term Loan	Short Term	100.00	ACUITE A1 (Reaffirmed)
	Short-term Loan	Short Term	100.00	ACUITE A1 (Reaffirmed)
	Short-term Loan	Short Term	40.00	ACUITE A1 (Assigned)
	Letter of Credit	Short Term	200.00	ACUITE A1 (Reaffirmed)
18 Jun 2024	Term Loan	Long Term	3.57	ACUITE A \| Stable (Assigned)
	Term Loan	Long Term	2.60	ACUITE A \| Stable (Assigned)
	Term Loan	Long Term	79.17	ACUITE A \| Stable (Assigned)
	Term Loan	Long Term	7.12	ACUITE A \| Stable (Assigned)
	Term Loan	Long Term	3.80	ACUITE A \| Stable (Assigned)
	Term Loan	Long Term	101.86	ACUITE A \| Stable (Assigned)
	Term Loan	Long Term	100.00	ACUITE A \| Stable (Assigned)
	Term Loan	Long Term	72.22	ACUITE A \| Stable (Assigned)
	Term Loan	Long Term	173.35	ACUITE A \| Stable (Assigned)
	Term Loan	Long Term	228.09	ACUITE A \| Stable (Assigned)
	Term Loan	Long Term	195.55	ACUITE A \| Stable (Assigned)
	Term Loan	Long Term	300.00	ACUITE A \| Stable (Assigned)
	Term Loan	Long Term	47.52	ACUITE A \| Stable (Assigned)
	Term Loan	Long Term	100.83	ACUITE A \| Stable (Assigned)
	Term Loan	Long Term	38.40	ACUITE A \| Stable (Assigned)
	Working Capital Demand Loan (WCDL)	Long Term	265.00	ACUITE A \| Stable (Assigned)
	Working Capital Demand Loan (WCDL)	Long Term	100.00	ACUITE A \| Stable (Assigned)
	Working Capital Demand Loan (WCDL)	Long Term	135.00	ACUITE A \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	70.92	ACUITE A \| Stable (Assigned)
	Letter of Credit	Short Term	200.00	ACUITE A1 (Assigned)
	Proposed Short Term Bank Facility	Short Term	200.00	ACUITE A1 (Assigned)
	Proposed Letter of Credit	Short Term	75.00	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
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.	200.00	Simple	ACUITE A1 \| Reaffirmed
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.	75.00	Simple	ACUITE A1 \| 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.	136.61	Simple	ACUITE A \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Short Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	62.80	Simple	ACUITE A1 \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Short-term Loan	Unlisted	RBI	05 Mar 2026	Not avl. / Not appl.	30 Apr 2029	100.00	Simple	ACUITE A1 \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Short-term Loan	Unlisted	RBI	16 Dec 2024	Not avl. / Not appl.	16 Oct 2027	77.20	Simple	ACUITE A1 \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	18 May 2026	Not avl. / Not appl.	30 Jun 2036	180.00	Simple	ACUITE A \| Stable \| Reaffirmed
Canara Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	25 Mar 2026	Not avl. / Not appl.	30 Jun 2036	180.00	Simple	ACUITE A \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	16 Dec 2024	Not avl. / Not appl.	16 Dec 2035	330.58	Simple	ACUITE A \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Dec 2019	Not avl. / Not appl.	30 Nov 2028	40.28	Simple	ACUITE A \| Stable \| Reaffirmed
Canara Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	01 Dec 2018	Not avl. / Not appl.	31 Oct 2027	37.04	Simple	ACUITE A \| Stable \| Reaffirmed
Canara Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Mar 2021	Not avl. / Not appl.	31 Mar 2030	61.11	Simple	ACUITE A \| Stable \| Reaffirmed
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Jul 2019	Not avl. / Not appl.	31 May 2028	33.33	Simple	ACUITE A \| Stable \| Reaffirmed
BANK OF INDIA	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Mar 2021	Not avl. / Not appl.	31 Mar 2030	105.95	Simple	ACUITE A \| Stable \| Reaffirmed
BANK OF INDIA	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Jun 2022	Not avl. / Not appl.	30 Jun 2031	155.49	Simple	ACUITE A \| Stable \| Reaffirmed
Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	18 Apr 2023	Not avl. / Not appl.	31 Mar 2031	140.53	Simple	ACUITE A \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	28 Feb 2024	Not avl. / Not appl.	31 Mar 2034	253.25	Simple	ACUITE A \| Stable \| Reaffirmed
Rural Electrification Corporation Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	13 Jan 2021	Not avl. / Not appl.	31 May 2031	32.22	Simple	ACUITE A \| Stable \| Reaffirmed
Rural Electrification Corporation Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Oct 2022	Not avl. / Not appl.	28 Feb 2032	71.41	Simple	ACUITE A \| Stable \| Reaffirmed
Rural Electrification Corporation Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	28 Feb 2022	Not avl. / Not appl.	28 Feb 2032	27.20	Simple	ACUITE A \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	265.00	Simple	ACUITE A \| Stable \| Reaffirmed
Canara Bank	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE A \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	135.00	Simple	ACUITE A \| Stable \| Reaffirmed

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

Sr. No.	Company Name
1	Mangalore Electricity Supply Company Limited
2	Government of Karnataka

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Akshat Shah
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 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.