Press Release

Press Release

September 08, 2025

RATTANINDIA POWER LIMITED
Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Non Convertible Debentures (NCD)	615.00	Not Applicable \| Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	615.00	-	-

Rating Rationale

Acuité has withdrawn its long-term rating on the Non Convertible Debentures of Rs. 615.00 Cr of RattanIndia Power Limited (RPL). The Non Convertible Debentures are withdrawn without assigning any rating as the facilities have been redeemed. The withdrawal is in accordance with Acuite's policy on withdrawal of ratings as applicable to the respective facility / instrument. The rating is withdrawn on receipt of withdrawal request from the company and No Dues Certificate (NDC) received from the debenture trustee.

About the Company

Delhi based RattanIndia Power Limited (RPL) was incorporated in the year 2007 as Sophia Power Company Limited, originally a part of Indiabulls group. The company changed its name to Indiabulls Power Limited after its listing on NSE as well as BSE in the year 2009. In 2014, subsequent to the group split along with Indiabulls Infrastructure and Power Limited, the company was carved out and renamed as RattanIndia Power Limited. RPL is promoted by Mr. Rajiv Rattan, one of the co-founders of Indiabulls Group and currently holds the Chairmanship of RattanIndia Group. The company operates Amravati Thermal Power Project, located at Amravati district, Maharashtra with a total power generation capacity of 2,700 MW comprising of two phases of 1,350 MW each. While Phase-I of the power plant (270 MW x 5 units) was commissioned in March 2015, Phase-II is abandoned.

Unsupported Rating

Not Applicable

Analytical Approach

Not Applicable

Key Rating Drivers

Strengths

Not Applicable

Weaknesses

Not Applicable

ESG Factors Relevant for Rating

Not Applicable

Rating Sensitivities

Not Applicable

Liquidity Position

Not Applicable

Outlook: Not Applicable

Other Factors affecting Rating

Not Applicable

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	3283.83	3364.00
PAT	Rs. Cr.	215.97	(1027.91)
PAT Margin	(%)	6.58	(30.56)
Total Debt/Tangible Net Worth	Times	0.75	0.78
PBDIT/Interest	Times	1.97	1.77

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

Not Applicable

Any other information

None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on complexity levels of the rated instrument

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

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
16 Dec 2024	Non-Covertible Debentures (NCD)	Long Term	375.00	ACUITE BBB- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	240.00	ACUITE BBB- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	410.00	ACUITE Not Applicable (Withdrawn)
05 Nov 2024	Bank Guarantee (BLR)	Short Term	250.00	ACUITE A3 (Upgraded & Withdrawn from ACUITE A4+)
	Non-Covertible Debentures (NCD)	Long Term	375.00	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+ \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	240.00	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+ \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	410.00	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+ \| Stable)
	Proposed Long Term Bank Facility	Long Term	109.01	ACUITE Not Applicable (Withdrawn)
	Proposed Cash Credit	Long Term	700.99	ACUITE Not Applicable (Withdrawn)
	Term Loan	Long Term	100.00	ACUITE Not Applicable (Withdrawn)
	Proposed Non Convertible Debentures	Long Term	325.00	ACUITE Not Applicable (Withdrawn)
31 May 2024	Bank Guarantee (BLR)	Short Term	250.00	ACUITE A4+ (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	109.01	ACUITE BB+ \| Stable (Reaffirmed)
	Proposed Cash Credit	Long Term	700.99	ACUITE BB+ \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	375.00	ACUITE BB+ \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	240.00	ACUITE BB+ \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	410.00	ACUITE BB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	100.00	ACUITE BB+ \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	325.00	ACUITE Provisional BB+ \| Stable (Reaffirmed)
05 Sep 2023	Bank Guarantee (BLR)	Short Term	250.00	ACUITE A4+ (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	109.01	ACUITE BB+ \| Stable (Upgraded from ACUITE BB \| Stable)
	Proposed Cash Credit	Long Term	700.99	ACUITE BB+ \| Stable (Upgraded from ACUITE BB \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	375.00	ACUITE BB+ \| Stable (Assigned)
	Non-Covertible Debentures (NCD)	Long Term	240.00	ACUITE BB+ \| Stable (Assigned)
	Non-Covertible Debentures (NCD)	Long Term	410.00	ACUITE BB+ \| Stable (Assigned)
	Term Loan	Long Term	100.00	ACUITE BB+ \| Stable (Upgraded from ACUITE BB \| Stable)
	Proposed Non Convertible Debentures	Long Term	325.00	ACUITE Provisional BB+ \| Stable (Upgraded from ACUITE Provisional BB \| Stable)
12 May 2023	Bank Guarantee (BLR)	Short Term	250.00	ACUITE A4+ (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	209.01	ACUITE BB \| Stable (Reaffirmed)
	Proposed Cash Credit	Long Term	700.99	ACUITE BB \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	1350.00	ACUITE Provisional BB \| Stable (Assigned)
30 Dec 2022	Bank Guarantee (BLR)	Short Term	250.00	ACUITE A4+ (Downgraded from ACUITE A3)
	Proposed Long Term Bank Facility	Long Term	209.01	ACUITE BB \| Negative (Downgraded from ACUITE BBB- \| Negative)
	Proposed Cash Credit	Long Term	700.99	ACUITE BB \| Negative (Downgraded from ACUITE BBB- \| Negative)
06 May 2022	Bank Guarantee (BLR)	Short Term	150.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	100.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	209.01	ACUITE A3 (Reaffirmed)
	Proposed Cash Credit	Long Term	700.99	ACUITE BBB- \| Negative (Reaffirmed)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Not Applicable	INE399K07113	Non-Convertible Debentures (NCD)	22 Jun 2023	10.00	31 Dec 2026	375.00	Simple	Not Applicable\|Withdrawn
Not Applicable	INE399K07105	Non-Convertible Debentures (NCD)	22 Jun 2023	16.67	31 Dec 2025	240.00	Simple	Not Applicable\|Withdrawn

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Kruti Patel
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

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

About Acuité Ratings & Research

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

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.