Press Release

Press Release

September 15, 2026

PROTIUM FINANCE LIMITED
Rating Upgraded

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	5000.00	ACUITE AA \| Stable \| Upgraded	-	RBI
Non Convertible Debentures (NCD)	0.00	350.00	ACUITE AA \| Stable \| Upgraded	-	MCA
Total Outstanding	0.00	5350.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 upgraded the long-term rating of ‘ACUITE AA-’ (read as ACUITE double A minus) to ACUITE AA’ (read as ACUITE double A) on the Rs. 5000.00 Cr. bank facilities of Protium Finance Limited (PFL). The outlook is 'Stable'.

Acuité has upgraded the long-term rating of ‘ACUITE AA-’ (read as ACUITE double A minus) to ACUITE AA’ (read as ACUITE double A) on the Rs. 350.00 Cr. Non-Convertible Debentures of Protium Finance Limited (PFL). The outlook is 'Stable'.

Rationale for the rating
The rating upgrade reflects Protium Finance Limited's demonstrated business growth while maintaining a stable asset quality profile. The company reported healthy AUM of Rs. 9,088.25 crore and disbursements of Rs. 5,697.46 crore in FY26. Asset quality remained comfortable with GNPA and NNPA at 2.33% and 1.54%, respectively, as on March 31, 2026 as against GNPA and NNPA at 2.41% and 1.51% as on March 31,2025. The rating also factors in the company's strong capitalization profile, reflected by a CAR of 38.70% as on March 31, 2026. Further, the rating takes into consideration the gradual shift of portfolio towards 95% of the portfolio being secured or guarantee-backed, as against 71% in March 2023. The portfolio profile remains resilient, with secured products constituting 79% of the AUM as on June 30, 2026, while an additional 16% of the portfolio is covered under CGTMSE/CGFMU guarantee schemes, supporting credit resilience across economic cycles. The rating continues to derive comfort from the experienced management team and strong investor support through Consilience Capital Management, which supports the company's financial flexibility and growth aspirations. The company’s business profile exhibits with relatively stable disbursement and collection trends across the year, supporting consistency in operating performance.
The rating remains constrained by moderate earnings growth, with PAT increasing marginally to Rs. 173.53 crore in FY26 from Rs. 171.01 crore in FY25. The profitability was impacted by one-off reversal on account of conservative interpretation of the guarantee terms and the implementation of a more conservative written off policy for unsecured business loans during FY26.
Going forward, Acuité's expectation that the company will sustain its growth momentum and ability to improve profitability metrics while maintaining asset quality will remain a key monitorable.

About the company

Incorporated in 2019, Protium Finance Limited (PFL) is a Mumbai based NBFC engaged in lending secured and unsecured loans to MSME. The company is promoted by Consilience Capital Management and led by Mr. Peeyush Misra (MD & CEO) who has over 2 decades of experience in risk management and running global businesses. PFL operates through a network of 135 branches spread across and having a presence in 16 states as on March 31, 2026.

Unsupported Rating

Not applicable.

Analytical Approach

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

Key Rating Drivers

Strength

Healthy business growth and diversified portfolio profile
Protium Finance Limited (PFL) has demonstrated strong growth in its lending franchise, with AUM increasing to Rs. 9,088.25 crore as on March 31, 2026 from Rs. 7,333.93 crore as on March 31, 2025, while annual disbursements stood at Rs. 5,697.46 crore in FY26 as against Rs. 5,071.63 crore in FY25. The company continues to maintain a diversified portfolio with a focus on MSME lending across geographies and products. Further, the portfolio profile has strengthened over the years with secured loans constituting nearly 79% of the portfolio, while an additional 16% is covered under CGTMSE/CGFMU guarantee schemes, resulting in approximately 95% of the overall portfolio being secured or guarantee-backed, thereby providing resilience to asset quality.

Comfortable asset quality supported by prudent underwriting practices.
The company has maintained comfortable asset quality metrics despite rapid portfolio growth and a challenging operating environment for MSME lenders. PFL reported a GNPA of 2.33% and NNPA of 1.54% as on March 31, 2026, as compared to 2.41% and 1.51%, respectively, as on March 31, 2025. The asset quality profile is supported by prudent underwriting practices, portfolio diversification and increasing share of secured and guarantee-backed exposures. The collection efficiency also remained healthy during FY26 and Q1FY27, providing comfort on the company’s ability to manage asset quality through credit cycles.

Strong capitalization and comfortable leverage profile
The rating draws comfort from the company's strong capitalization profile and conservative leverage levels. PFL reported a net worth of Rs. 2,651.62 crore as on March 31, 2026 against Rs. 2,465.08 crore as on March 31, 2025, supported by internal accruals and historical equity infusions. The company maintained a Capital Adequacy Ratio (CAR) of 38.70% as on March 31, 2026, significantly above the regulatory requirements. Further, the gearing remained comfortable at 1.45 times as on March 31, 2026, compared to 1.54 times in the previous year, thereby providing adequate headroom to support future growth. The rating also factors in the experienced management team and continued support from reputed investors, which strengthen the company's overall credit profile.

Weakness

Moderation in profitability despite healthy business growth
The rating remains constrained by moderation in profitability, with PAT increasing marginally to Rs. 173.53 crore in FY26 from Rs. 171.01 crore in FY25, despite healthy growth in AUM and earnings. The profitability was impacted by one-off reversal on account of conservative interpretation of the guarantee terms and the implementation of a more conservative written off policy for unsecured business loans during FY26. While the company continues to maintain comfortable asset quality indicators and healthy capitalization, its ability to improve profitability metrics while sustaining growth and asset quality will remain a key monitorable.

ESG Factors Relevant for Rating

Protium Finance Limited primarily lends to MSMEs. Some of the material governance issues for the financial services sector are policies and practices with regard to business ethics, board diversity and independence, compensation structure for board and KMPs, role of the audit committee and shareholders’ rights. On the social aspect, some of the critical issues for the sector are the contributions to financial inclusion and community development, responsible financing including environmentally friendly projects and policies around data privacy. The industry, by nature has a low exposure to environmental risks. The entity maintains adequate transparency in its business ethics practices as can be inferred from the entity’s disclosures regarding related party transactions, vigil mechanism and whistle blower policy. The board of directors of the Protium comprise of 4 independent directors out of a total of 5 directors. The audit committee formed by the entity majorly comprises of independent directors with the objective to monitor and provide an unbiased supervision of the management’s financial reporting process. Protium also maintains transparency in terms of disclosures pertaining to interest rate policy and its adherence to Fair Practice Code as disseminated by Reserve Bank of India's circular

Rating Sensitivity

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

Significant growth in AUM and disbursements.
Significant improvements in profitability metrics, ROAA above 4 percent.

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

Deterioration in asset quality metrics, collection efficiency.
GNPA greater than 4 percent

Liquidity Position

Strong

The liquidity position of the company remains strong, supported by positive cumulative ALM mismatches across all maturity buckets up to one year. As per the ALM statement dated March 31, 2026, PFL repayment obligations (total outflows) during FY2026-27 stood at Rs. 2,036.65 Cr., over a one-year period, against receivables (total inflows) of Rs. 2,760.35 Cr. over the same period resulting in a positive cumulative surplus of Rs. 723.70 Cr. Further, the company maintained healthy liquidity in the form of cash and bank balances of Rs. 503.92 Cr. as on March 31, 2026. The cumulative mismatch remained positive across all time buckets, indicating strong liquidity to meet its debt servicing obligations in a timely manner.

Outlook - Stable

Other Factors affecting Rating

None.

Key Financials - Standalone / Originator

Particulars	Unit	FY26 (Actual)	FY25 (Actual)
Total Assets	Rs. Cr.	6862.54	6493.01
Total Income*	Rs. Cr.	781.04	672.60
PAT	Rs. Cr.	173.53	171.01
Net Worth	Rs. Cr.	2651.62	2465.08
Return on Average Assets (RoAA)	(%)	2.6	2.92
Return on Average Net Worth (RoNW)	(%)	6.78	7.2
Debt/Equity	Times	1.45	1.54
Gross NPA	(%)	2.33	2.41
Net NPA	(%)	1.54	1.51

*Total income equals Net Interest Income plus other income

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

Not Applicable

Any other information

None.

Applicable Criteria

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

Note on complexity levels of the rated instrument

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

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
16 Oct 2025	Term Loan	Long Term	29.17	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	34.38	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	56.25	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	43.32	ACUITE AA- \| Stable (Reaffirmed)
	External Commercial Borrowing	Long Term	166.56	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	80.00	ACUITE AA- \| Stable (Reaffirmed)
	External Commercial Borrowing	Long Term	211.28	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	95.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	32.45	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.11	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	61.83	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	24.98	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	56.22	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	87.52	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	95.84	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	200.00	ACUITE AA- \| Stable (Assigned)
	Term Loan	Long Term	58.32	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	68.75	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	29.81	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	39.99	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	16.24	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	16.67	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	37.49	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	79.87	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	255.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	66.66	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.79	ACUITE AA- \| Stable (Reaffirmed)
	External Commercial Borrowing	Long Term	83.10	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	39.47	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	199.95	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	49.10	ACUITE AA- \| Stable (Reaffirmed)
	External Commercial Borrowing	Long Term	86.02	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	9.62	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	13.46	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	61.54	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	69.23	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	23.61	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	68.75	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	52.08	ACUITE AA- \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	1.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	220.24	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.26	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.50	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	18.96	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	175.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	37.32	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	5.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.28	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	100.00	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	253.38	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	600.00	ACUITE AA- \| Stable (Assigned)
	Proposed Non Convertible Debentures	Long Term	250.00	ACUITE AA- \| Stable (Assigned)
	Term Loan	Long Term	13.33	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	27.78	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	11.11	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	24.31	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	29.17	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	132.13	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.10	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.49	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	2.08	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	12.50	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	6.25	ACUITE AA- \| Stable (Reaffirmed)
Cash Credit	Long Term	1.00	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	13.89	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	16.72	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	3.73	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	13.16	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	11.54	ACUITE AA- \| Stable (Reaffirmed)
Cash Credit	Long Term	1.00	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	1.39	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	2.78	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	50.00	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	1.67	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	2.39	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	4.72	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	3.89	ACUITE AA- \| Stable (Reaffirmed)
External Commercial Borrowing	Long Term	24.98	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	17.50	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	54.54	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	127.48	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	200.00	ACUITE AA- \| Stable (Assigned)
Proposed Non Convertible Debentures	Long Term	0.50	ACUITE Not Applicable (Withdrawn)
Non-Covertible Debentures (NCD)	Long Term	49.50	ACUITE Not Applicable (Withdrawn)
10 Mar 2025	Term Loan	Long Term	2.08	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.71	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.74	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	2.46	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.17	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.17	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.94	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	22.98	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.25	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	22.22	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.25	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.74	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	5.56	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.79	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	17.31	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	11.30	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	16.67	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	9.99	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	14.55	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	1.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	9.92	ACUITE AA- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	49.50	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.48	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	11.97	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.83	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.42	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.78	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.50	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	19.48	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	75.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	1.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.63	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.48	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	13.46	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	100.00	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	0.50	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	21.11	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	26.39	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	19.74	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.39	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.92	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	66.67	ACUITE AA- \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	1.00	ACUITE AA- \| Stable (Reaffirmed)
	External Commercial Borrowing	Long Term	24.98	ACUITE AA- \| Stable (Reaffirmed)
	External Commercial Borrowing	Long Term	166.56	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	94.23	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	8.93	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	100.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.97	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	19.23	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	33.32	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	19.63	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	33.33	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	16.66	ACUITE AA- \| Stable (Reaffirmed)
	External Commercial Borrowing	Long Term	83.10	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	90.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	69.73	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	41.67	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	43.75	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	65.62	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.14	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	91.67	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	37.50	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	76.92	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	75.00	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	39.84	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	22.50	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	44.74	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	31.11	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	59.37	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	43.27	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	37.50	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	150.00	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	55.00	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	50.00	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	62.33	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	241.07	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	285.00	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	150.00	ACUITE AA- \| Stable (Reaffirmed)
Proposed Long Term Bank Facility	Long Term	79.00	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	60.00	ACUITE AA- \| Stable (Reaffirmed)
External Commercial Borrowing	Long Term	199.83	ACUITE AA- \| Stable (Reaffirmed)
External Commercial Borrowing	Long Term	11.45	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	45.00	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	50.00	ACUITE AA- \| Stable (Assigned)
Proposed Long Term Bank Facility	Long Term	250.00	ACUITE AA- \| Stable (Assigned)
Term Loan	Long Term	200.00	ACUITE AA- \| Stable (Assigned)
Proposed Commercial Paper Program	Short Term	100.00	ACUITE Not Applicable (Withdrawn)
Proposed Market Linked Debentures	Long Term	25.00	ACUITE Not Applicable (Withdrawn)
Principal protected market linked debentures	Long Term	50.00	ACUITE Not Applicable (Withdrawn)
30 Sep 2024	Proposed Commercial Paper Program	Short Term	100.00	ACUITE A1+ (Reaffirmed)
	Term Loan	Long Term	18.18	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	2.80	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.25	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.33	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	5.59	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.47	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	8.33	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	8.33	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.50	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	36.73	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	9.03	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	36.11	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.04	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.42	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.49	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	16.36	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	1.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	13.45	ACUITE AA- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	49.50	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	37.48	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.96	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	29.17	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	14.59	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.56	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	11.67	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	22.24	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	100.00	ACUITE AA- \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	5.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	2.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	1.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	18.75	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	18.84	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	17.31	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	100.00	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	0.50	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	26.67	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	33.33	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	21.05	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	8.33	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	77.08	ACUITE AA- \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	1.00	ACUITE AA- \| Stable (Reaffirmed)
	External Commercial Borrowing	Long Term	24.98	ACUITE AA- \| Stable (Reaffirmed)
	External Commercial Borrowing	Long Term	166.56	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	104.48	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	9.53	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	100.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	19.44	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	21.15	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	41.66	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	21.93	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	38.89	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.83	ACUITE AA- \| Stable (Reaffirmed)
	External Commercial Borrowing	Long Term	83.10	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	100.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	75.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	45.83	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	46.88	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	75.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	23.61	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	11.36	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	8.33	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	18.42	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	26.92	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	16.44	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	19.44	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	100.00	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	50.00	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	44.44	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	92.31	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	91.67	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	49.85	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	27.50	ACUITE AA- \| Stable (Reaffirmed)
Proposed Long Term Bank Facility	Long Term	186.02	ACUITE AA- \| Stable (Reaffirmed)
Proposed Long Term Bank Facility	Long Term	553.50	ACUITE AA- \| Stable (Assigned)
Term Loan	Long Term	49.99	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	35.00	ACUITE AA- \| Stable (Assigned)
Term Loan	Long Term	75.00	ACUITE AA- \| Stable (Assigned)
Term Loan	Long Term	46.50	ACUITE AA- \| Stable (Assigned)
Term Loan	Long Term	40.00	ACUITE AA- \| Stable (Assigned)
Term Loan	Long Term	150.00	ACUITE AA- \| Stable (Assigned)
Term Loan	Long Term	100.00	ACUITE AA- \| Stable (Assigned)
Principal protected market linked debentures	Long Term	50.00	ACUITE PP-MLD AA- \| Stable (Reaffirmed)
Proposed Market Linked Debentures	Long Term	25.00	ACUITE PP-MLD AA- \| Stable (Reaffirmed)
23 Apr 2024	Proposed Commercial Paper Program	Short Term	100.00	ACUITE A1+ (Reaffirmed)
	Term Loan	Long Term	30.00	ACUITE AA- \| Stable (Assigned)
	Term Loan	Long Term	50.00	ACUITE AA- \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	45.00	ACUITE AA- \| Stable (Assigned)
	Term Loan	Long Term	14.82	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	11.11	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	19.74	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	30.77	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	21.58	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.83	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	40.91	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	5.03	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	8.33	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.14	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	9.26	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	9.99	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.42	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.42	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.63	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.16	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	146.47	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	50.49	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	13.19	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.83	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.25	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	14.58	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	14.58	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	14.99	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	17.27	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	1.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	16.83	ACUITE AA- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	49.50	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	49.99	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	13.90	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	33.33	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	16.67	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	13.33	ACUITE AA- \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	50.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.83	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	23.62	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	112.50	ACUITE AA- \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	5.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	2.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	1.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.31	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	21.64	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	19.23	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	100.00	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	0.50	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	32.22	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	40.28	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	23.68	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.28	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.08	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	87.50	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	1.00	ACUITE AA- \| Stable (Reaffirmed)
	External Commercial Borrowing	Long Term	24.98	ACUITE AA- \| Stable (Reaffirmed)
	External Commercial Borrowing	Long Term	166.56	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	114.73	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	9.99	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	100.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	22.92	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	23.08	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	45.83	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	24.14	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	47.22	ACUITE AA- \| Stable (Reaffirmed)
Proposed Long Term Bank Facility	Long Term	101.44	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	25.00	ACUITE AA- \| Stable (Reaffirmed)
External Commercial Borrowing	Long Term	83.10	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	50.00	ACUITE AA- \| Stable (Assigned)
Secured Overdraft	Long Term	75.00	ACUITE AA- \| Stable (Assigned)
Term Loan	Long Term	100.00	ACUITE AA- \| Stable (Assigned)
Term Loan	Long Term	100.00	ACUITE AA- \| Stable (Assigned)
Term Loan	Long Term	50.00	ACUITE AA- \| Stable (Assigned)
Proposed Market Linked Debentures	Long Term	25.00	ACUITE PP-MLD AA- \| Stable (Reaffirmed)
Principal protected market linked debentures	Long Term	50.00	ACUITE PP-MLD AA- \| Stable (Reaffirmed)
09 Jan 2024	Proposed Commercial Paper Program	Short Term	100.00	ACUITE A1+ (Reaffirmed)
	Term Loan	Long Term	21.15	ACUITE AA- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	49.50	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	14.45	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	55.03	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	37.50	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.42	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	2.50	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.66	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	8.75	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	18.15	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	62.49	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	18.33	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	18.75	ACUITE AA- \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	50.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	125.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	2.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	16.84	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.78	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	16.25	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	21.87	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	23.32	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	1.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	18.79	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	58.74	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	58.33	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	18.33	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	9.37	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	16.66	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	11.38	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.49	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.50	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.50	ACUITE AA- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	0.10	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE AA- \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	3.75	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	100.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	44.44	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	54.55	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.75	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.28	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.67	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	21.05	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	34.62	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	24.67	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	22.22	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE AA- \| Stable (Assigned)
	Term Loan	Long Term	25.00	ACUITE AA- \| Stable (Assigned)
	Term Loan	Long Term	50.00	ACUITE AA- \| Stable (Assigned)
	Term Loan	Long Term	25.00	ACUITE AA- \| Stable (Assigned)
	Term Loan	Long Term	50.00	ACUITE AA- \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	94.12	ACUITE AA- \| Stable (Assigned)
	Term Loan	Long Term	25.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	19.44	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	13.33	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	93.75	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.25	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	1.00	ACUITE AA- \| Stable (Reaffirmed)
	External Commercial Borrowing	Long Term	24.98	ACUITE AA- \| Stable (Reaffirmed)
	External Commercial Borrowing	Long Term	166.56	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	120.88	ACUITE AA- \| Stable (Assigned)
	Term Loan	Long Term	10.00	ACUITE AA- \| Stable (Assigned)
	Term Loan	Long Term	100.00	ACUITE AA- \| Stable (Assigned)
Cash Credit	Long Term	1.00	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	35.56	ACUITE AA- \| Stable (Reaffirmed)
Proposed Non Convertible Debentures	Long Term	0.50	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	6.33	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	8.27	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	17.19	ACUITE AA- \| Stable (Reaffirmed)
Proposed Long Term Bank Facility	Long Term	37.91	ACUITE AA- \| Stable (Reaffirmed)
Principal protected market linked debentures	Long Term	50.00	ACUITE PP-MLD AA- \| Stable (Reaffirmed)
Proposed Market Linked Debentures	Long Term	25.00	ACUITE PP-MLD AA- \| Stable (Reaffirmed)
30 Sep 2023	Proposed Commercial Paper Program	Short Term	100.00	ACUITE A1+ (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	150.00	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Secured Overdraft	Long Term	5.00	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Cash Credit	Long Term	2.00	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Cash Credit	Long Term	1.00	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	25.00	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	25.00	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	25.00	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Proposed Non Convertible Debentures	Long Term	100.00	ACUITE AA- \| Stable (Assigned)
	Term Loan	Long Term	18.75	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	20.00	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Cash Credit	Long Term	1.00	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	22.57	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Working Capital Demand Loan (WCDL)	Long Term	0.10	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Non-Covertible Debentures (NCD)	Long Term	49.50	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	87.50	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	14.99	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Proposed Long Term Bank Facility	Long Term	199.18	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	45.83	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	22.92	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	18.33	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Secured Overdraft	Long Term	50.00	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Cash Credit	Long Term	1.00	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	23.33	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	20.71	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	16.11	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	23.68	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	42.31	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	30.83	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	25.00	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Proposed Secured Non-Convertible Debentures	Long Term	0.50	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	12.50	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	12.50	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	81.82	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	11.25	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	8.84	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	6.25	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	14.58	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	12.38	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	15.48	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	17.50	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	16.67	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	16.67	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	20.31	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	11.66	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Proposed Long Term Bank Facility	Long Term	37.91	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	75.24	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	19.44	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	75.00	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	11.25	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	23.33	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	15.62	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	20.83	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Term Loan	Long Term	20.83	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Positive)
	Proposed Market Linked Debentures	Long Term	25.00	ACUITE PP-MLD AA- \| Stable (Upgraded from ACUITE PP-MLD A+ \| Positive)
	Principal protected market linked debentures	Long Term	50.00	ACUITE PP-MLD AA- \| Stable (Upgraded from ACUITE PP-MLD A+ \| Positive)
24 Apr 2023	Term Loan	Long Term	22.57	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	17.78	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	24.99	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	46.15	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	33.92	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE A+ \| Positive (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	12.27	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	83.52	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	21.53	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	83.33	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	12.50	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	25.83	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	18.75	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	22.92	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	22.92	ACUITE A+ \| Positive (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE A+ \| Positive (Reaffirmed)
	Cash Credit	Long Term	2.00	ACUITE A+ \| Positive (Reaffirmed)
	Cash Credit	Long Term	1.00	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A+ \| Positive (Reaffirmed)
	Cash Credit	Long Term	1.00	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	24.39	ACUITE A+ \| Positive (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	0.10	ACUITE A+ \| Positive (Reaffirmed)
	Proposed Secured Non-Convertible Debentures	Long Term	50.00	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	100.00	ACUITE A+ \| Positive (Assigned)
	Term Loan	Long Term	15.00	ACUITE A+ \| Positive (Assigned)
	Proposed Long Term Bank Facility	Long Term	385.00	ACUITE A+ \| Positive (Assigned)
	Term Loan	Long Term	50.00	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A+ \| Positive (Reaffirmed)
	Secured Overdraft	Long Term	50.00	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	18.75	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	18.75	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	21.88	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	14.16	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	18.75	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	18.75	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	95.45	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	10.05	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	7.50	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	16.67	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	14.36	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	17.46	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A+ \| Positive (Reaffirmed)
	Proposed Commercial Paper Program	Short Term	100.00	ACUITE A1+ (Reaffirmed)
	Proposed Market Linked Debentures	Long Term	25.00	ACUITE PP-MLD A+ \| Positive (Reaffirmed)
	Principal protected market linked debentures	Long Term	50.00	ACUITE PP-MLD A+ \| Positive (Reaffirmed)
10 Apr 2023	Term Loan	Long Term	23.19	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	18.33	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	24.99	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	34.94	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	20.83	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	20.83	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	100.00	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	16.25	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	10.45	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	8.75	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	18.75	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	15.03	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	18.11	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	22.50	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	20.83	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	20.83	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	21.88	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE A+ \| Positive (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	67.53	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	86.25	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	22.22	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	86.11	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	12.92	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	26.67	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	19.79	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	22.92	ACUITE A+ \| Positive (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE A+ \| Positive (Reaffirmed)
	Cash Credit	Long Term	2.00	ACUITE A+ \| Positive (Reaffirmed)
	Cash Credit	Long Term	1.00	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A+ \| Positive (Reaffirmed)
	Cash Credit	Long Term	1.00	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE A+ \| Positive (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	0.10	ACUITE A+ \| Positive (Reaffirmed)
	Proposed Secured Non-Convertible Debentures	Long Term	50.00	ACUITE A+ \| Positive (Assigned)
	Proposed Commercial Paper Program	Short Term	100.00	ACUITE A1+ (Reaffirmed)
	Proposed Market Linked Debentures	Long Term	25.00	ACUITE PP-MLD A+ \| Positive (Reaffirmed)
	Principal protected market linked debentures	Long Term	50.00	ACUITE PP-MLD A+ \| Positive (Reaffirmed)
16 Feb 2023	Cash Credit	Long Term	1.00	ACUITE A+ \| Positive (Reaffirmed)
	Cash Credit	Long Term	2.00	ACUITE A+ \| Positive (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	21.88	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	28.33	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	13.75	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	91.67	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	23.61	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	91.75	ACUITE A+ \| Positive (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	82.34	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	16.67	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	23.44	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	20.83	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	20.83	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	22.50	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	19.42	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	16.31	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	18.75	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	11.24	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	18.75	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	109.09	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	37.00	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	19.44	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	24.40	ACUITE A+ \| Positive (Reaffirmed)
	Proposed Commercial Paper Program	Short Term	100.00	ACUITE A1+ (Assigned)
	Proposed Market Linked Debentures	Long Term	25.00	ACUITE PP-MLD A+ \| Positive (Reaffirmed)
	Principal protected market linked debentures	Long Term	50.00	ACUITE PP-MLD A+ \| Positive (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
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
AXIS BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
AXIS BANK LIMITED	Not avl. / Not appl.	External Commercial Borrowing	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	19 Oct 2026	24.98	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Canara Bank	Not avl. / Not appl.	External Commercial Borrowing	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	19 Oct 2026	166.56	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Canara Bank	Not avl. / Not appl.	External Commercial Borrowing	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	21 Nov 2029	211.28	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Union Bank of India	Not avl. / Not appl.	External Commercial Borrowing	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Jan 2027	83.10	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
RBL Bank	Not avl. / Not appl.	External Commercial Borrowing	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	16 Jun 2028	86.02	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
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.	734.32	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Not Applicable	Not avl. / Not appl.	Proposed Non Convertible Debentures	Unlisted	MCA	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	250.00	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Not Applicable	Not avl. / Not appl.	Proposed Non Convertible Debentures	Unlisted	MCA	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
IDFC First Bank Limited	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1.00	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	09 Dec 2027	7.89	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
National Bank for Agriculture and Rural Development (NABARD)	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Dec 2029	164.00	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Bajaj Finance Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	26 Jun 2028	20.00	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Jun 2030	168.41	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Canara Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 May 2030	80.00	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
AXIS BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Aug 2029	105.00	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
IDBI Bank Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Jul 2030	84.20	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	25 Sep 2030	204.00	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	28 Sep 2030	305.99	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
INDIAN OVERSEAS BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Apr 2029	369.20	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Karnataka Bank Ltd	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	02 Dec 2028	90.99	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Punjab and Sind Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	07 Mar 2031	100.00	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
AXIS BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	10 Jul 2030	150.00	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Bandhan Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	29 Jun 2030	150.00	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Federal Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Jan 2030	125.00	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Jul 2029	200.00	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Ujjivan Small Finance Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Dec 2026	75.00	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
A U Small Finance Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	18 Aug 2026	4.44	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	05 Aug 2026	5.56	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	24 Aug 2028	13.16	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
IDFC First Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	20 Sep 2027	13.95	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
DCB Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Jun 2027	6.25	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
IDBI Bank Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Jun 2027	5.94	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Federal Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Sep 2026	1.92	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
DCB Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Nov 2028	14.58	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Dhanlaxmi Bank Ltd	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	21 Mar 2029	39.28	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Bandhan Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	26 Mar 2028	43.75	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Federal Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	28 Jun 2028	46.13	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
INDUSIND BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	03 May 2028	49.99	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
AXIS BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	02 May 2029	41.25	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Federal Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	29 Mar 2027	5.76	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
THE KARUR VYSYA BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	29 Dec 2027	10.48	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Bandhan Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Dec 2026	8.33	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
AXIS BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	29 May 2027	10.41	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
AXIS BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	29 May 2028	18.75	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	22 Jul 2028	2.47	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
UCO BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	25 Jul 2027	41.51	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
BANK OF MAHARASHTRA	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	08 Aug 2028	16.65	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
A U Small Finance Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	18 Apr 2027	12.50	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Federal Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Jun 2027	30.74	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
INDUSIND BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	28 Mar 2027	24.97	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Karnataka Bank Ltd	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Jan 2027	9.81	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Nabkisan Finance Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Apr 2027	7.49	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Mar 2029	28.94	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Bajaj Finance Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	28 Aug 2027	4.86	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Aug 2026	12.48	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Suryoday Small Finance Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	05 Sep 2028	27.22	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
National Bank for Agriculture and Rural Development (NABARD)	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	03 Oct 2029	97.50	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
INDIAN OVERSEAS BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Mar 2031	79.20	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
YES BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	29 Oct 2027	28.30	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
IDFC First Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Oct 2031	187.50	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	29 Oct 2029	194.99	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Micro Units Development and Refinance Agency bank (MUDRA)	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	10 Feb 2028	83.29	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )
Nabkisan Finance Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Jan 2028	32.71	Simple	ACUITE AA \| Stable \| Upgraded ( from ACUITE AA- )

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Tejas Chaugule
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.