Press Release

Press Release

October 08, 2026

OMSAIRAM STEELS AND ALLOYS PRIVATE 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	331.00	ACUITE A- \| Stable \| Reaffirmed	-	RBI
Bank Loan Ratings	0.00	160.00	-	ACUITE A2+ \| Reaffirmed	RBI
Total Outstanding	0.00	491.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 its long-term rating of ‘ACUITE A-’ (read as ACUITE A minus) and short-term rating of ‘ACUITE A2+’ (read as ACUITE A two plus) on the Rs. 491.00 Cr. bank facilities of Omsairam Steels and Alloys Private Limited (OSAPL). The outlook is ‘Stable’.

Rationale for reaffirmation
The rating reaffirmation takes into the account steady growth in revenues and profitability wherein debt funded capex and acquisition moderated financial risk profile to an extent. The rating also considers group’s established track record in Sponge iron and TMT manufacturing sector, extensive management experience and adequate liquidity position. However, these strengths are constrained by risk associated with the stabilisation of capex, the cyclical nature of the steel industry and the vulnerability of the margins to the volatility in commodity prices.

About the Company

Jalna – Based, Omsairam Steels and Alloys Private Limited (OSAPL) was incorporated in 2003. The company manufactures and sells its TMT bars in the name of Uma TMT 500 which is well established brand in Maharashtra, Gujarat, Goa, Karnataka, and Andhra Pradesh. The company offers a wide range of products like billets and end products like construction bars used in the construction Industry. The promoters of the company are Mr. Dinesh Satyanarayan Bharuka and Mr. Rajendra Satyanarayan Bharuka.

About the Group

Uma Steel Alloys and Power Limited (USAPL) (Formerly Sanvijay Alloys And Power Limited - SAPL)
SAPL was acquired by OSAPL in the year 2022, which was engaged in the business of manufacturing sponge Iron and generation of power. SAPL was incorporated in 2003 and is based in Chandrapur. Subsequently SAPL’s name changed to USAPL in July 2026. The directors of the company are Mr. Rajendra Satyanarayan Bharuka, Mr. Dinesh Satyanarayan Bharuka, Mr. Shamsundar Ramaprasad Sharma, Mr. Vandana Jawahar Dembda and Mr. Kalme Sandipkumar Ashokrao.

Somu Steel and Power Limited (SSPL)
SSPL is a 100 per cent subsidiary of Uma Steel Alloys and Power Limited (USAPL) incorporated in the year 2024. It is engaged in trading of iron and steel products. Directors of Somu Steel & Power Limited are Mr. Saurabh Sanjay Agrawal, Mr. Rajendra Satyanarayan Bharuka, Mr. Ajay Puranlal Agrawal, Mr. Sanjay Agrawal Puranlal, and Mr. Dinesh Satyanarayan Bharuka.

Unsupported Rating

Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

Acuite has consolidated business and financial risk profile of Omsairam Steels and Alloys Private Limited (OSAPL) and its wholly owned subsidiary i.e Uma Steel Alloys and Power Limited (USAPL) and step-down subsidiary namely Somu Steel and Power Limited (SSPL), hereinafter referred to as Omsairam Group (OSG). The consolidation is in the view of integrated nature of business, common promoters and corporate guarantee extended by OSAPL to SAPL.

Key Rating Drivers

Strengths

Experienced promoters and an established track record of operations
OSAPL has a long operational track record in the iron and steel industry spanning two decades. Mr. Dinesh S. Bharuka started his career in 1986 with his family business of dealing in scrap metal at various steel processing plants in Maharashtra. In 2003, he and his brother, Mr. Rajendra Bharuka, incorporated this company and entered the steel business. The extensive experience of promotors has helped the group establish long-term relationships with its customers. OSAPL’s manufacturing facility is located in Jalna, MH, with billet production capacity of five lakh metric tons per year and five lakh fifty thousand metric tons of TMT bars per year. In FY22, OSAPL acquired Uma Steel Alloys and Power Limited (USAPL) as part of a backward integration initiative.

Improvement in operating performance amidst volatile revenues
The group’s revenue improved and stood at Rs. 1,647.84 Cr. in FY26 (prov.) from Rs. 1,267.86 Cr. in FY25 and Rs. 1,551.03 Cr. in FY24. The improvement in revenue in FY26 is on account of better capacity utilization and improved price realizations. The operating margins of the group stood at 16.96 per cent in FY2026 (Prov.) and 14.60 per cent in FY25. Further, the group PAT margin has also improved and stood at 8.07 per cent in FY2026 (Prov.) as against 6.27 per cent in FY2025. Further, the revenue shows improvement in OSAPL and USAPL with revenue at Rs. 328.03 Cr. (as against Rs. 311.46 Cr. in Q1FY26) and Rs. 145.78 Cr. (as against Rs. 113.13 Cr. in Q1FY26) respectively in Q1FY27 while SSPL booked revenue of Rs. 66.50 Cr. during 5MFY27. Acuité believes that the business risk profile would improve steadily in the medium term on the back of steady demand.

Healthy financial profile risk
OSG’s financial risk profile remained healthy marked by healthy capital structure and coverage indicators. OSG’s net worth stood Rs. 882.90 Cr. as on March 31, 2026 (Prov.) as against Rs. 543.66 Cr. as on 31 March, 2025. The increase in net worth is due to accretion of profits to reserves and it also includes quasi equity of Rs. 206.26 Cr. in FY26 (prov.). The gearing ratio has improved to 1.49 times as on March 31, 2026 (Prov.) as against 1.72 times as on March 31, 2025. The total debt of the group stood at Rs.1,318.70 Cr. as on March 31, 2026 (Prov.) as compared to Rs. 934.19 Cr. in FY25. The total debt in FY26 (prov.) consists of long-term loans, Rs. 849.61 Cr, loan from promotors of Rs. 76.73 Cr, short-term working capital debt of Rs. 350.79 Cr. and CPLTD of Rs.41.56 Cr. The TOL/TNW stood at 1.72 times in FY26 (prov.) and 2.05 times in FY25. Further, the debt protection metrics stood comfortable with Interest coverage ratio (ICR) at 3.48 times in FY26 (prov.) as compared 3.55 times as on March 31, 2025. During FY26, OSAPL availed Rs. 200 Cr. NCDs (maturing on March 2029) to fund the acquisition of a company in similar line of business along with its SPV OSR Cement Private Limited as a part of larger Rs. 400 Cr NCD programme, the acquisition is expected to strengthen group’s overall operating efficiency. Debt Service Coverage Ratio (DSCR) stood at 2.49 times in FY26 (prov.) as compared to 1.99 times in FY25. The net cash accrual (NCA) to total debt (TD) is 0.14 times as on March 31, 2026 (Prov.) and as on March 31, 2025. The Total outside liabilities to Tangible net worth stood at 1.72 times for FY2026 (prov.) as against 2.05 times in FY2025.

Meanwhile, USAPL has ongoing debt funded capex, with total cost of Rs. 1169.32 Cr, funded through the term loan of Rs. 735 Cr. and rest through own funds. The Pellet plant is operational from September 2026 while the DRI plant is expected to be operational from March 2027. While the integration would benefit the overall operating efficiency, the stabilisation of capex, the elevated debt levels and debt repayment obligations are expected to moderate overall financial risk profile of the group to an extent in the medium term.

Weaknesses

Moderately intensive working capital management
OSG’s working capital operations are moderate in nature as reflected by its gross current asset (GCA) days of around 186 days in FY26 (Prov.) as against 203 days in FY25. Company maintains an inventory of about 63 days in FY26 (Prov.) as compared to 65 days in FY25. OSG debtor’s days stood at 27 days in FY26 (Prov.) as against 24 days in FY25. Creditor’s days also stood at 12 days in FY26 (Prov.) as against 21 days in FY25. Further, the consolidated average bank limit utilisation for fund-based limits stood moderate at 72.42 per cent and non-fund-based limits stood at ~ 54.01 per cent for latest five months ending July 2026. Acuite believes, that the working capital operations of the group will remain at same level as evident from collection mechanism and comfortable inventory levels over the medium term.

Intense competition and inherent cyclical nature of the steel industry
The steel-rolling industry remains fragmented and unorganized. The company is exposed to intense competitive pressures from many organized and unorganized players, along with its exposure to the inherent cyclical nature of the steel industry. Additionally, prices of raw materials and products are highly volatile in nature. Business operations also face competition from cheaper Indonesian and Chinese imports. A substantial increase in imports may adversely impact realization and volumes and, hence, remain a key monitorable.

ESG Factors Relevant for Rating

Omsairam Steels & Alloys Private Limited reflects responsible business practices through its well-established brand "Uma TMT 500," catering to key markets across western and southern India. The company offers a diverse product range including billets and construction bars, serving construction sectors. While specific environmental and social initiatives are not disclosed, governance is anchored by an experienced leadership team comprising Mr. Dinesh Satyanarayan Bharuka and Mr. Rajendra Satyanarayan Bharuka

Rating Sensitivities

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

Significant growth in revenues while maintaining healthy profitability
Improvement in working capital management with GCA below 180 days
Improvement in financial risk profile

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

Significant decline in revenues and profitability margins
Deterioration in financial risk profile due to unexpected borrowings with DSCR falling below 1.60 times consistently
Further, elongation in working capital cycle exerting pressure on liquidity

Liquidity Position

Adequate

OSG’s net cash accruals improved and stood at Rs. 182.52 Cr. for FY26 (Prov.) against maturing repayment obligation of Rs. 24.89 Cr. during the same period. Net cash accruals are expected to be around Rs.220.70 Cr. in FY27 against the repayment obligation of Rs. 41.56 Cr. and Rs. 343.74 Cr. during FY28 against repayment obligation of Rs. 180.00 Cr. during the same period. OSG’s current ratio stood at 1.37 times and cash and bank balances stood at Rs.1.96 Cr. as on March 31, 2026 (Prov.). OSG’s working capital operations are moderate in nature as reflected by its gross current asset (GCA) days of around 186 days in FY26 (Prov.) as against 203 days in FY25. Further, the consolidated average bank limit utilisation for fund-based limits stood moderate at 72.42 per cent and non-fund-based limits stood at ~ 54.01 per cent for latest five months ending July 2026. Acuité believes that the company's liquidity position is likely to remain adequate over the medium term, aided by healthy cash accruals against debt obligations and moderate bank limit utilisation.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	1647.84	1267.86
PAT	Rs. Cr.	132.98	79.51
PAT Margin	(%)	8.07	6.27
Total Debt/Tangible Net Worth	Times	1.49	1.72
PBDIT/Interest	Times	3.48	3.55

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

Not Applicable

Any Other Information

None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm

Note on complexity levels of the rated instrument

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

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
30 Sep 2025	Cash Credit	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	22.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	23.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.31	ACUITE A- \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	12.33	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	32.09	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	130.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	24.12	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	24.96	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	22.19	ACUITE A- \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	30.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	40.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	10.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	20.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	60.00	ACUITE A2+ (Reaffirmed)
01 Sep 2025	Term Loan	Long Term	24.96	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	22.19	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	23.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.31	ACUITE A- \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	12.33	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	32.09	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	130.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	24.12	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	22.00	ACUITE A- \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	30.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	40.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	10.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	20.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	60.00	ACUITE A2+ (Reaffirmed)
03 Jun 2024	Term Loan	Long Term	20.43	ACUITE A- \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	16.45	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	22.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	130.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	31.68	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	20.83	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	41.61	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	23.00	ACUITE A- \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	60.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	30.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	40.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	10.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	20.00	ACUITE A2+ (Reaffirmed)
06 Mar 2023	Cash Credit	Long Term	15.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	107.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	35.00	ACUITE A- \| Stable (Assigned)
	Proposed Cash Credit	Long Term	60.00	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	54.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	18.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	17.00	ACUITE A- \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	30.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	20.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	20.00	ACUITE A2+ (Reaffirmed)
	Proposed Bank Guarantee	Short Term	60.00	ACUITE A2+ (Assigned)
	Proposed Letter of Credit	Short Term	30.00	ACUITE A2+ (Assigned)
07 Feb 2023	Cash Credit	Long Term	71.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	36.00	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	54.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	18.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	17.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	15.00	ACUITE A- \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	30.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	20.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	20.00	ACUITE A2+ (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
Union Bank of India	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	60.00	Simple	ACUITE A2+ \| Reaffirmed
AXIS BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	30.00	Simple	ACUITE A2+ \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE A2+ \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	130.00	Simple	ACUITE A- \| Stable \| Reaffirmed
Punjab National 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 A- \| Stable \| Reaffirmed
AXIS BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	22.00	Simple	ACUITE A- \| Stable \| Reaffirmed
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.	23.00	Simple	ACUITE A- \| Stable \| 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.	40.00	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.	10.00	Simple	ACUITE A2+ \| 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.	12.34	Simple	ACUITE A- \| Stable \| Reaffirmed
Bajaj Finance Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	05 Apr 2031	17.50	Simple	ACUITE A- \| Stable \| Reaffirmed
Bajaj Finance Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Sep 2029	17.94	Simple	ACUITE A- \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Mar 2028	18.49	Simple	ACUITE A- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Mar 2028	9.47	Simple	ACUITE A- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Working Capital Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Dec 2027	7.42	Simple	ACUITE A- \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Working Capital Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 May 2031	25.94	Simple	ACUITE A- \| Stable \| Reaffirmed
AXIS BANK LIMITED	Not avl. / Not appl.	Working Capital Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Jun 2031	4.35	Simple	ACUITE A- \| Stable \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Working Capital Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 May 2031	4.99	Simple	ACUITE A- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Working Capital Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Jun 2031	12.56	Simple	ACUITE A- \| Stable \| Reaffirmed

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

Sr.No.	Company Name
1	Omsairam Steels And Alloys Private Limited
2	Uma Steel Alloys and Power Limited (USAPL)
3	Somu Steel and Power Limited

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Anuja Bele
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.