Press Release

Press Release

January 03, 2025

NKG INFRASTRUCTURE LIMITED
Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	40.00	ACUITE BBB+ \| Stable \| Assigned	-
Bank Loan Ratings	350.00	ACUITE BBB+ \| Stable \| Reaffirmed	-
Bank Loan Ratings	1050.00	-	ACUITE A2+ \| Reaffirmed
Total Outstanding	1440.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuité has reaffirmed its long-term rating to ‘ACUITE BBB+‘ (read as ACUITE triple B plus) and short-term rating to ‘ACUITE A2+‘ (read as ACUITE A two plus) on the Rs 1400.00 Cr. bank facilities of NKG Infrastructure Limited (NKG). The outlook is ‘Stable’.
Acuité has assigned its long-term rating to ‘ACUITE BBB+‘ (read as ACUITE triple B plus) on the Rs 40.00 Cr. bank facilities of NKG Infrastructure Limited (NKG). The outlook is ‘Stable’.

Rationale for rating Reaffirmation
The rating reaffirmation takes into consideration NKGs improved scale of operations backed by healthy order book position. The rating continues to derive strength from the healthy financial risk profile of the company marked by low gearing and comfortable debt protection metrics. Going forward, the resolution of ongoing investigation of Enforcement Directorate (ED) and CBI case and continued receipt of new contracts while maintaining scale of operations and improving profitability margins would remain a key rating monitorable.

About the Company

NKG was originally set up by Mr. Naresh Kumar Garg and his family members in 1976 as a partnership firm, NK Garg and Company. In 1989 the company was reconstituted as Private limited and in 2005 as Public Limited Company. During its initial years of operations, NKG was involved in construction of roads in and around Ghaziabad (Uttar Pradesh). With 30 years of experience in the construction industry, NKG has completed over 500 infrastructure projects in 15 different Indian states across various sectors like roads, bridges, buildings, water and sewage treatment plants, water pipelines, rainwater harvesting, electric transmission distribution stations/substations, and solar power plants. Major clients of the company are the public limited and Government owned like National Highway Authority of India (NHAI), Public Works Department in major states (PWD), Airport Authority of India (AAI), Employees’ State Insurance (ESI), HSCC, NBCC, CPWD, DG-MAP, AIMS, MES, B&R Company India Limited, UPRNN etc

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has taken a standalone view of the business and financial risk profile of NKG Infrastructure Limited to arrive at the rating

Key Rating Drivers

Strengths

Established track record of operations
NKG was originally set up by Mr. Naresh Kumar Garg and his family members in 1976 as a partnership firm, NK Garg and Company. The firm was reconstituted as a private limited company, NK Garg and Company Pvt Ltd, in 1989, changed the name as NKG Infrastructure Pvt Ltd in 2005 and as a public limited company with the current name in 2006. The company has a long track record of more than four decades in the execution and construction of infrastructure projects in different states. Acuité believes NKG will continue to benefit from its established track of operations and extensive experience of the management.

Improvement in scale of operations and operating margins
The revenue of the company improved and stood at Rs. 2249.98 Cr. in FY2024 as against Rs.1527.51 Cr. FY2023 and Rs.1727.56 Cr. in FY2022, reflecting a YOY growth of 47.30% in FY2024 majorly on account of strong execution of orders and healthy order book position. Also, the company has booked revenue of Rs. 759.02 Cr. in H1FY2025. The company’s EBITDA has increased in absolute terms in FY2024 to Rs. 174.84 Cr. as against Rs. 168.58 Cr. in FY2023. However, the company’s operating margins remained subdued at 7.77% in FY2024 as against 11.04% in FY2023 due to one-time Rs.33.52 cr. expenses as an accounting procedure against considered consent award. The company has booked EBITDA margin of ~10.22% in H1FY2025. Acuite believes that, while NKG would be able to maintain its scale of operations on the back of established presence in the industry, consistent improvement in operating margins will remain as a key rating sensitivity.

Healthy Order Book position
The company has an outstanding unexecuted order book of Rs. 4627.14 Cr. as on 30^th September 2024 as compared to Rs. 5270.18 Cr. as on 31^st March 2024. NKG is broadly concentrating on execution of projects in hand including Jal Jeevan Mission, AIIMS, Airports, redevelopment projects etc. The order book have remained in the range of Rs. 4000 – Rs. 5000 crore at any given point in time in last couple of years. The healthy order book shows revenue visibility over the medium term.

Healthy Financial Risk Profile
The financial risk profile of the company is healthy marked by high net worth, low gearing, and comfortable debt protection metrics. The tangible net worth of the company stood high at Rs. 1039.81 crore as on March 31, 2024 as compared to Rs. 949.41 crore as on March 31, 2023. NKG infused preference capital to the tune of ~Rs. 45.00 (including share premium) as on as on March 31, 2024. The total debt of the company stood at Rs. 309.38 crore as on 31st March 2024 as against Rs. 315.69 Crore as on 31st March 2023 and Rs. 278.25 Crore as on 31st March 2022. The debt outstanding of the company comprises of long-term debt of Rs. 89.86 crore, Unsecured loans worth Rs. 11.74 crore and Rs. 207.79 crore of short-term debt. The gearing of the company remained low at 0.30 times as on 31 March 2024. The debt protection matrices of the company moderated with interest-coverage-ratio and debt service-coverage-ratio of 3.18 times and 1.79 times for FY24 as against 3.52 times and 2.40 times in FY23 respectively. Acuite believes that the financial risk profile of the company will remain healthy in near to medium term.

Weaknesses

Working Capital Intensive Nature of Operations
The working operations of the company are intensive albeit improving in nature marked by GCA days of 203 days in FY2024 against 275 days for FY2023. The high GCA days are majorly on account from inventory days due to the nature of the construction industry which has a higher work in progress construction projects. Debtor days stood at 23 days in FY2024 and 35 days in FY2023 against 87 days in FY2022. This improvement was majorly due to the timely realization of debtors from Government Authorities. The inventory levels of the company stood at 129 days in FY2024 compared to 192 days in FY23. The creditor days of the company stood at 42 days for FY24 compared against 85 days in FY23. The average bank limit Fund based, and non fund-based utilization of the company stood high at 94.27% and 94.11% for the 10 months ended September 2024. Acuité believes that the working capital management from the company will remain a key rating sensitivity going ahead.

Exposure to Intense competition in a fragmented industry
The infrastructure is a fairly fragmented industry with a presence of few large pan India players where subcontracting & project specific partnerships for technical/financial reasons are fairly common. The company faces stiff competition with its competitors in procuring orders through bidding, immense competition for procuring tenders leads to very competitive pricing which in turn lead to stress on the margins. Moreover, susceptibility of raw material pricing again keeps profit margin vulnerable and is a key sensitivity factor. However, presence of price escalation clause prevents the company from exposure to raw material price fluctuations to some extent. Also, the vast experience of the promoters give the company an edge in procuring big size ticket orders but the stability of the order size in diversified segment is a key sensitive factor.

ESG Factors Relevant for Rating

The infrastructure development industry has a significant social impact since it is a labour intensive business. Further, community support and development, employee safety and human rights are material factors from the social perspective. Governance issues that assume relevance include board and management compensation, shareholders rights and board diversity. The extent of direct or indirect emissions and the efficiency of deployment of vehicle fleets and heavy machinery has a considerable impact in the environmental performance of this industry. Since material costs are relatively high, strategies should be in place to reduce wastages and recycle raw materials to the extent possible to minimise the environmental impact. NKG adheres to execute the project with consistent cost control and quality assurance. The social initiatives of NKG includes activities like eye donation camps, blood donation camps, plantation activities and development of 200 houses for labor forces. The company conducts the social events for the upliftment of labour forces. On the corporate governance front, the company applies internal governance structures such as Code of Conduct, Business Excellence Model and Code of corporate disclosure policies. Also, the NKG has separate Audit Committee and Nomination and Remuneration Committee.

Rating Sensitivities

Continuous improvement in the revenues and profitability along with improved financial risk profile while maintaining an adequate liquidity.
Elongation in working capital management
Resolution of ongoing investigation of Enforcement Directorate (ED) and CBI case

Liquidity Position

Adequate

The liquidity position of the company remained adequate on account of adequate net cash accruals against maturing debt obligations. The net cash accruals of the company stood at Rs. 105.78 Cr. in FY24 against matured debt obligations of Rs. 34.16 Cr. during the same period. However, the average fund-based utilization by the company remains highly utilized at 94.27% for the last 10 months ended September 2024 on account of the working capital intensive nature of operations. Also, the company maintains a cash balance of Rs. 1.31 crores as on 31st March 2024. The company infused compulsory convertible preference capital to the tune of INR 45.00 crore in FY 2024 and planning to infuse INR 25.00 crore in FY2025 and INR 46.00 crore in FY2026.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 24 (Actual)	FY 23 (Actual)
Operating Income	Rs. Cr.	2249.98	1527.51
PAT	Rs. Cr.	45.72	59.59
PAT Margin	(%)	2.03	3.90
Total Debt/Tangible Net Worth	Times	0.30	0.33
PBDIT/Interest	Times	3.18	3.52

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

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 Jul 2024	Bank Guarantee (BLR)	Short Term	395.00	ACUITE A2+ (Downgraded from ACUITE A1)
	Bank Guarantee (BLR)	Short Term	100.00	ACUITE A2+ (Downgraded from ACUITE A1)
	Bank Guarantee (BLR)	Short Term	90.00	ACUITE A2+ (Downgraded from ACUITE A1)
	Bank Guarantee (BLR)	Short Term	50.00	ACUITE A2+ (Downgraded from ACUITE A1)
	Bank Guarantee (BLR)	Short Term	140.00	ACUITE A2+ (Downgraded from ACUITE A1)
	Bank Guarantee (BLR)	Short Term	97.50	ACUITE A2+ (Downgraded from ACUITE A1)
	Proposed Bank Guarantee	Short Term	100.00	ACUITE A2+ (Downgraded from ACUITE A1)
	Bank Guarantee (BLR)	Short Term	77.50	ACUITE A2+ (Downgraded from ACUITE A1)
	Term Loan	Long Term	12.25	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	0.40	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	10.00	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	10.00	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	35.00	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	0.04	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	22.50	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	100.00	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	17.50	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	20.00	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Proposed Cash Credit	Long Term	64.65	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	10.72	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	8.58	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	13.49	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	2.18	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	7.03	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	0.81	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Proposed Long Term Loan	Long Term	12.69	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	0.12	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	0.50	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	0.15	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	1.00	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	0.39	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
05 Apr 2023	Cash Credit	Long Term	30.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Cash Credit	Long Term	69.68	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	100.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	22.50	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	17.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.64	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	5.97	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.08	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	14.39	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	16.89	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	2.38	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.48	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	2.40	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	35.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.98	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.17	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.63	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.31	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.00	ACUITE A- \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	395.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	100.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	90.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	77.50	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	50.00	ACUITE A1 (Reaffirmed)
	Proposed Bank Guarantee	Short Term	197.50	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	140.00	ACUITE A1 (Reaffirmed)
04 Mar 2022	Term Loan	Long Term	18.29	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	0.12	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	0.82	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	4.85	ACUITE A- \| Stable (Assigned)
	Proposed Long Term Loan	Long Term	54.21	ACUITE A- \| Stable (Assigned)
	Cash Credit	Long Term	30.00	ACUITE A- \| Stable (Assigned)
	Cash Credit	Long Term	10.00	ACUITE A- \| Stable (Assigned)
	Proposed Cash Credit	Long Term	35.00	ACUITE A- \| Stable (Assigned)
	Cash Credit	Long Term	100.00	ACUITE A- \| Stable (Assigned)
	Cash Credit	Long Term	57.50	ACUITE A- \| Stable (Assigned)
	Cash Credit	Long Term	17.50	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	10.59	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	2.39	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	0.11	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	8.62	ACUITE A- \| Stable (Assigned)
	Bank Guarantee (BLR)	Short Term	395.00	ACUITE A1 (Assigned)
	Bank Guarantee (BLR)	Short Term	110.00	ACUITE A1 (Assigned)
	Bank Guarantee (BLR)	Short Term	90.00	ACUITE A1 (Assigned)
	Bank Guarantee (BLR)	Short Term	50.00	ACUITE A1 (Assigned)
	Bank Guarantee (BLR)	Short Term	50.00	ACUITE A1 (Assigned)
	Proposed Bank Guarantee	Short Term	355.00	ACUITE A1 (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
State Bank of India	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	395.00	Simple	ACUITE A2+ \| Reaffirmed
ICICI Bank Ltd	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE A2+ \| Reaffirmed
Axis Bank	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	90.00	Simple	ACUITE A2+ \| Reaffirmed
Central Bank of India	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	50.00	Simple	ACUITE A2+ \| Reaffirmed
Canara Bank	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	140.00	Simple	ACUITE A2+ \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	97.50	Simple	ACUITE A2+ \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	77.50	Simple	ACUITE A2+ \| Reaffirmed
Axis Bank	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	22.50	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
ICICI Bank Ltd	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
Central Bank of India	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	17.50	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
Canara Bank	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	35.00	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Bank Guarantee	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE A2+ \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	64.65	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Long Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	23.20	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Long Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	28.65	Simple	ACUITE BBB+ \| Stable \| Assigned
Tata Motors Finance Limited	Not avl. / Not appl.	Term Loan	02 Feb 2020	Not avl. / Not appl.	11 Sep 2024	0.81	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
Mahindra & Mahindra Financial Services Ltd.	Not avl. / Not appl.	Term Loan	10 Dec 2019	Not avl. / Not appl.	10 Mar 2026	7.03	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
Hinduja Leyland Finance Ltd.	Not avl. / Not appl.	Term Loan	07 Apr 2022	Not avl. / Not appl.	07 Mar 2026	0.08	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
MERCEDES-BENZ FINANCIAL SERVICES INDIA PRIVATE LIMITED (ERSTWHILE DAIMLER FINANCIAL SERVICES INDIA PRIVATE LIMITED)	Not avl. / Not appl.	Term Loan	18 May 2022	Not avl. / Not appl.	18 Apr 2027	0.40	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
Tata Motors Finance Solutions Ltd.	Not avl. / Not appl.	Term Loan	02 Feb 2020	Not avl. / Not appl.	11 Sep 2024	1.00	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
Unity Small Finance Bank Limited	Not avl. / Not appl.	Term Loan	04 Jan 2024	Not avl. / Not appl.	04 Jun 2025	0.27	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
Bajaj Finance Ltd.	Not avl. / Not appl.	Term Loan	02 Sep 2023	Not avl. / Not appl.	02 Aug 2028	0.34	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
Axis Bank	Not avl. / Not appl.	Term Loan	20 Sep 2019	Not avl. / Not appl.	10 Aug 2028	7.64	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
HDB Financial Services Ltd.	Not avl. / Not appl.	Term Loan	04 Nov 2021	Not avl. / Not appl.	04 Sep 2026	5.39	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
HDFC Bank Ltd	Not avl. / Not appl.	Term Loan	05 Oct 2019	Not avl. / Not appl.	05 Jan 2025	0.01	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
Indusind Bank Ltd	Not avl. / Not appl.	Term Loan	04 Feb 2020	Not avl. / Not appl.	10 Sep 2027	12.10	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
Kotak Mahindra Bank	Not avl. / Not appl.	Term Loan	15 Oct 2018	Not avl. / Not appl.	20 Oct 2026	9.90	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
Kotak Mahindra Prime Limited	Not avl. / Not appl.	Term Loan	02 May 2019	Not avl. / Not appl.	05 Nov 2028	2.18	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
Kotak Mahindra Prime Limited	Not avl. / Not appl.	Term Loan	02 May 2019	Not avl. / Not appl.	05 Nov 2028	2.59	Simple	ACUITE BBB+ \| Stable \| Assigned
Mahindra & Mahindra Financial Services Ltd.	Not avl. / Not appl.	Term Loan	10 Dec 2019	Not avl. / Not appl.	10 Mar 2026	0.90	Simple	ACUITE BBB+ \| Stable \| Assigned
Aditya Birla Finance Limited	Not avl. / Not appl.	Term Loan	01 Feb 2024	Not avl. / Not appl.	05 Aug 2025	0.65	Simple	ACUITE BBB+ \| Stable \| Assigned
IDFC First Bank Limited	Not avl. / Not appl.	Term Loan	05 Jan 2024	Not avl. / Not appl.	03 Feb 2026	0.51	Simple	ACUITE BBB+ \| Stable \| Assigned
IDFC First Bank Limited	Not avl. / Not appl.	Term Loan	06 Jun 2024	Not avl. / Not appl.	10 Jun 2028	0.47	Simple	ACUITE BBB+ \| Stable \| Assigned
IDFC First Bank Limited	Not avl. / Not appl.	Term Loan	08 Jul 2024	Not avl. / Not appl.	10 Jun 2028	4.19	Simple	ACUITE BBB+ \| Stable \| Assigned
Tata Motors Finance Limited	Not avl. / Not appl.	Term Loan	02 Mar 2024	Not avl. / Not appl.	02 Feb 2026	2.04	Simple	ACUITE BBB+ \| Stable \| Assigned

Contacts

Mohit Jain
Senior Vice President - Rating Operations

Nidhi Gala
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

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

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.

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