Press Release

Press Release

June 26, 2026

REFYNE FINANCE PRIVATE LIMITED
Rating Assigned and Upgraded

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	550.00	ACUITE A- \| Stable \| Upgraded	-	RBI
Non Convertible Debentures (NCD)	0.00	500.00	ACUITE A- \| Stable \| Assigned	-	MCA
Non Convertible Debentures (NCD)	0.00	400.00	ACUITE A- \| Stable \| Upgraded	-	MCA
Commercial Paper (CP)	0.00	100.00	-	ACUITE A1 \| Upgraded	RBI
Total Outstanding	0.00	1550.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 short term rating to ‘ACUITE A1’ (read as ACUITE A one) from ‘ACUITE A2+’ (read as ACUITE A two plus) on the Rs.100.00 Crore Commercial Paper facilities (including proposed facilities) of Refyne Finance Private Limited.

Acuité has upgraded the long term rating to ‘ACUITE A-’ (read as ACUITE A minus) from ‘ACUITE BBB+’ (read as ACUITE triple B plus) on the Rs.550.00 Crore Bank loan facilities (including proposed facilities) of Refyne Finance Private Limited. The outlook is ‘Stable’.

Acuité has upgraded the long term rating to ‘ACUITE A-’ (read as ACUITE A minus) from ‘ACUITE BBB+’ (read as ACUITE triple B plus) on the Rs.400.00 Crore Non-Convertible Debenture facility (including proposed facilities) of Refyne Finance Private Limited. The outlook is ‘Stable’.

Acuité has assigned the long term rating of ‘ACUITE A-’ (read as ACUITE A minus) on the Rs.500.00 Crore Proposed Non-Convertible Debenture facility of Refyne Finance Private Limited. The outlook is ‘Stable’.

Rationale for Rating Upgrade
The rating takes into account the company’s significant growth in scale, as reflected in its AUM, which increased from Rs.127.68 Cr. in FY25 to Rs.1,197.94 Cr. in FY26 , along with improvement in its profitability and overall earnings profile. The company's net worth has increased from Rs. 95.99 Cr. in FY25 to Rs. 322.52 Cr. in FY26 at the standalone level. This is on account of the ICD conversion that took place from Refyne Tech Private Limited to Refyne Finance Private Limited. The rating takes into account the significant improvement in the company’s financial performance, as reflected in its PAT, which improved from Rs. 0.12 Cr. in FY25 to Rs. 19.06 Cr. in FY26. The rating further derives strength from the company’s strong and experienced management team, backing from reputed marquee investors, and adequate capitalization levels.

The company continues to benefit from an extensive partner network of over 500 partners, along with quasi-secured product offerings. Additionally, there is an anticipated equity infusion of Rs. 450 Cr. over the next few months, which is expected to further strengthen the capital position and remains a key monitorable for Acuité. However, the strengths are partially offset by the company’s limited, albeit improving, resource profile and its exposure to regulatory and technology-related risks, which may impact its business operations.

About the Company

Refyne Finance Private Limited, incorporated in 2021. The company is engaged in the business of offering financial Services to salaried employees in India. The present directors of the company are Mr. Naresh Vatwani, Mr. Chitresh Sharma, Mr. Apoorv Kumar and Mr. Deepak Mohan Ahuja. The registered office of the company is in Karnataka.

About the Group

Refyne Tech Private Limited, incorporated in 2020 and headquartered in Bengaluru, Karnataka. The company’s flagship offering, the Salary On-Demand platform, enables employees to access their earned wages in real-time, and provides employees access to longer tenure loans, fostering financial resilience and promoting a stress-free, productive workforce. This plug-and-play technology, trusted by over 500 corporations, helps employees avoid exploitative payday loans by providing instant salary withdrawals at competitive interest rates , supported by RBI compliance and stringent data security standards. Refyne Tech Private Limited combines comprehensive financial wellness solutions from immediate liquidity to financial education and savings aimed at improving employee engagement and financial literacy across India. The present directors of the company are Mr. Apoorv Kumar and Mr. Chitresh Sharma.

Unsupported Rating

Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

Acuité has considered the consolidated business and financial risk profile of Refyne Tech Private Limited (RTPL) , Associate of Refyne Finance Private Limited. This approach is in the view of the equity funds raised by the Refyne Tech Private Limited ( through Refyne Holdings Inc) and subsequently down streamed to its operating Associate (RFPL). Acuité has further factored in the benefits arising from the structure while arriving at the final rating. This approach is also in view of common management besides financial and technology support from RTPL to RFPL.

Key Rating Drivers

Strength

Experienced team and supported by marquee investors
Refyne Finance Private Limited is a Non-deposit taking NBFC which is a associate of Refyne Tech Private Limited. that houses the digital lending app Refyne. The ultimate parent company Refyne Holdings Inc which is based out of USA has multiple marquee investors such as QED Fund, XYZ Venture, Jigsaw, Tiger Global, Gemini Investments, RTP Global, ICICI Bank. Apoorv Kumar, an IIT Guwahati graduate with over 11 years of experience in finance and technology, Apoorv has held roles at Goldman Sachs and Shubhloans, where he designed fixed-income investment strategies, developed a trading platform, and spearheaded technology and data analytics initiatives, Apoorv is the Co-founder and CTO. Chitresh Sharma, Co-founder and CEO, a seasoned entrepreneur with over a decade of experience, having co founded two technology startups. His achievements include recognition in Forbes 30 Under 30 and securing a place among the Top 100 UK startups. Deepak P, CFO, an IIM alumnus, brings 11 years of extensive experience spanning venture capital, fundraising, product strategy, and corporate development in the financial services sector.Additionally, there is an anticipated equity infusion of Rs.450 Cr. over the next few months, which is expected to further strengthen the capital position and remains a key monitorable for Acuité.

Adequate capital position
The company has adequate capitalisation levels with a combined networth which has improved to Rs 706.03 Cr. as of March 31, 2026 (Provisional) as against Rs 583.90 Cr. which is inclusive of Refyne Tech Private Limited and Refyne Finance Private Limited as of March 31, 2025. The company's net worth has improved from Rs. 95.99 Cr. in FY25 to Rs. 322.52 Cr. in FY26 at the standalone level. This is on account of the ICD conversion that took place from Refyne Tech Private Limited to Refyne Finance Private Limited. Refyne Finance Private Limited has been operational since FY 25. The CAR for Refyne Finance Private Limited stood at 20.54 percent as of March 31, 2026.

Secured nature of the product
Refyne Finance Private Limited has partnered with 500+ tier 1 corporate entities with a cumulative employee base of more than 60 lakhs . The company provides its offerings to the employees of their partner entities, through seamless integration with the HRMS platform of the aforementioned entities, hence the product is provided through a B-B-C model. Employees of the partner entities mostly access the services of Refyne through its app. The EWA and STU products are secured by the salary of the employees.

Weakness

Limited Resource Profile albeit improving
The resource profile remains limited, with operations yet to achieve significant diversification or scale compared to established players in the industry. The funding structure includes, Inter-Corporate Deposits (ICDs) extended by Refyne Tech Private Limited, along with NCDs and term loan borrowings from a few Financial Institutions. Additionally, the company’s ability to secure incremental funding at competitive rates will be a key monitorable as it scales operations. Going forward, the company’s ability to diversify its portfolio across major clients and sectors will be a critical factor in reducing concentration risk and strengthening its overall credit profile. Additionally, the company’s growth trajectory will depend on its ability to expand its resource base, diversify funding sources, and strengthen its operational scale while maintaining prudent asset quality and profitability metrics.

Technology and regulatory risks
As technology forms the foundation of the FinTech business model, the company faces inherent risks related to data security, privacy, and system reliability. With all key operations— including data management, loan disbursement, and collections conducted digitally, any technological breach could result in cyber incidents and associated legal and financial liabilities. Additionally, the company operates in a dynamic regulatory environment, which adds further complexity and risk. Consequently, the group remains exposed to both technological vulnerabilities and regulatory challenges.

Rating Sensitivity

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

Significant growth in AUM and disbursements
Significant improvement in profitability metrics
Improvement in capital position

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

Deterioration in asset quality metrics; GNPA in the range of 3-4 percent

All Covenants

Financial Covenants
For ISIN: INE1JJ007122, INE1JJ007148, INE1JJ007171

The capital adequacy ratio (as defined in NBFC Regulations) shall be above 18.00%.
Total Debt to Consolidated Tangible Net worth shall not exceed 4(Four) times.
Maximum permissible ratio of sum of PAR>90 (on the Issuer’s entire portfolio including receivables sold or discounted on non-recourse basis) AUM shall be 4%.
Cumulative mismatches in ALM should be positive for all buckets during the entire tenor of the NCD. Undrawn sanction will be excluded for the purpose of the calculation.
Issuer shall report profit on a quarterly basis.
Minimum Tangible Net Worth of INR 250 Cr on consolidated basis.

For ISIN: INE1JJ007130 and INE1JJ007163

The Issuer shall adhere to the following Financial Covenants at all times throughout the Tenor of this Issuance and until the Debentures are redeemed in full:
GNPA <= 3%, NNPA <= 1.5% (NPA = PAR 90)
Ratio of PAR 90 to ATNW to remain lower than 7.5% at all times during the tenor of the loan.
ATNW here is at Refyne Finance NBFC level, while PAR90 is at the portfolio level consolidated.
CRAR >= 20% at a consol level (Considering networth of Refyne Tech as well as Refyne Finance) and CRAR of >= 20% at Refyne Finance Pvt Ltd.
Total Debt to Consol ATNW (at a consol level including Refyne Tech and Refyne Finance) shall not exceed 3.5x.
Managed Leverage (on book and Managed both) to be < 4x at all times during the tenure of the loan
No cumulative ALM mismatches till up to 12 months in any bucket at Refyne Finance level
Liquidity of 1 month of operating expense (at consol level, including Refyne Tech as well as Refyne Finance) and 1 month of debt repayment (at Refyne Finance Pvt Ltd) to be maintained at Refyne Finance Pvt Ltd
Maximum permissible ratio of the sum of PAR 90 and Write off (trailing 12 months) on AUM shall not exceed 3%.
The Financial covenants shall be tested on a quarterly basis i.e. as on March 31, June 30, September 30, and December 31 of year on consolidated and standalone financial statements.

Liquidity Position

Adequate

The liquidity position of Refyne Finance Private Limited remains adequate with no cumulative mismatches in the ALM as per March 31, 2026. The Cash and Bank balances as of March 31, 2026 stood at Rs 41.15 Cr. on a standalone basis. RFPL has total debt obligations of Rs 556.57 Cr. as against collections from loans and advances of Rs. 735.43 Cr. for a period of one year as on March 31, 2026.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials - Standalone / Originator

Particulars	Unit	FY26 (Actual)	FY25 (Actual)
Total Assets*	Rs. Cr.	1292.00	197.40
Total Income**	Rs. Cr.	88.95	1.09
PAT	Rs. Cr.	19.06	0.12
Net Worth	Rs. Cr.	322.52	95.99
Return on Average Assets (RoAA)	(%)	2.56	0.11
Return on Average Net Worth (RoNW)	(%)	9.11	0.22
Debt/Equity	Times	2.84	1.03
GNPA	(%)	0.61	0.0
NNPA	(%)	0.55	0.0

*Total Assets are adjusted for deferred tax assets
**Total income equals to Net Interest Income plus other income.

Key Financials (Consolidated)

Particulars	Unit	FY26 (Provisional)	FY25 (Actual)
Total Assets	Rs. Cr.	1465.42	655.13
Total Income	Rs. Cr.	196.64	87.71
PAT	Rs. Cr.	67.63	(28.42)
Net Worth	Rs. Cr.	706.03	583.90
Return on Average Assets (RoAA)	(%)	6.38	(5.61)
Return on Average Net Worth (RoNW)	(%)	10.49	(6.12)
Debt/Equity	Times	0.93	0.08

Combined financials as per Acuite's calculations

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

Not Applicable

Any Other Information

None

Applicable Criteria

• Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• 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
• Commercial Paper: https://www.acuite.in/view-rating-criteria-54.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
20 Mar 2026	Proposed Commercial Paper Program	Short Term	30.00	ACUITE A2+ (Reaffirmed)
	Proposed Commercial Paper Program	Short Term	70.00	ACUITE A2+ (Assigned)
	Term Loan	Long Term	8.75	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	19.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	32.08	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	28.89	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	27.22	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	21.06	ACUITE BBB+ \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	65.00	ACUITE BBB+ \| Stable (Assigned)
	Proposed Non Convertible Debentures	Long Term	200.00	ACUITE BBB+ \| Stable (Assigned)
	Term Loan	Long Term	5.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	26.25	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	35.42	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	13.82	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	9.24	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Proposed Term Loan	Long Term	208.27	ACUITE BBB+ \| Stable (Reaffirmed)
	Proposed Term Loan	Long Term	50.00	ACUITE BBB+ \| Stable (Assigned)
	Proposed Non Convertible Debentures	Long Term	15.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	35.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	50.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	35.00	ACUITE BBB+ \| Stable (Assigned)
19 Mar 2026	Proposed Commercial Paper Program	Short Term	30.00	ACUITE A2+ (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	9.24	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	35.42	ACUITE BBB+ \| Stable (Reaffirmed)
	Proposed Term Loan	Long Term	208.27	ACUITE BBB+ \| Stable (Reaffirmed)
	Proposed Term Loan	Long Term	50.00	ACUITE BBB+ \| Stable (Assigned)
	Non-Covertible Debentures (NCD)	Long Term	35.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	50.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	15.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	5.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	26.25	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	13.82	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	8.75	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	19.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	32.08	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	28.89	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	27.22	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	21.06	ACUITE BBB+ \| Stable (Reaffirmed)
23 Jan 2026	Proposed Commercial Paper Program	Short Term	30.00	ACUITE A2+ (Assigned)
	Term Loan	Long Term	24.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	39.58	ACUITE BBB+ \| Stable (Assigned)
	Term Loan	Long Term	10.00	ACUITE BBB+ \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	10.59	ACUITE BBB+ \| Stable (Reaffirmed)
	Proposed Term Loan	Long Term	186.49	ACUITE BBB+ \| Stable (Assigned)
	Proposed Non Convertible Debentures	Long Term	100.00	ACUITE BBB+ \| Stable (Assigned)
	Term Loan	Long Term	8.33	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	32.08	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	15.83	ACUITE BBB+ \| Stable (Assigned)
	Term Loan	Long Term	25.33	ACUITE BBB+ \| Stable (Assigned)
	Term Loan	Long Term	35.00	ACUITE BBB+ \| Stable (Assigned)
	Term Loan	Long Term	33.33	ACUITE BBB+ \| Stable (Assigned)
	Term Loan	Long Term	23.33	ACUITE BBB+ \| Stable (Assigned)
	Term Loan	Long Term	31.11	ACUITE BBB+ \| Stable (Assigned)
	Term Loan	Long Term	25.00	ACUITE BBB+ \| Stable (Reaffirmed)
31 Dec 2025	Proposed Long Term Bank Facility	Long Term	100.00	ACUITE BBB+ \| Stable (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Not Applicable	INE1JJ014029	Commercial Paper Program	Unlisted	RBI	20 Mar 2026	11.00	20 Jul 2026	15.00	Simple	ACUITE A1 \| Upgraded ( from ACUITE A2+ )
Not Applicable	INE1JJ014037	Commercial Paper Program	Unlisted	RBI	23 Mar 2026	11.00	21 Jul 2026	10.00	Simple	ACUITE A1 \| Upgraded ( from ACUITE A2+ )
Not Applicable	INE1JJ014011	Commercial Paper Program	Unlisted	RBI	20 Mar 2026	11.00	18 Jun 2026	15.00	Simple	ACUITE A1 \| Upgraded ( from ACUITE A2+ )
Not Applicable	INE1JJ007171	Non-Convertible Debentures (NCD)	Unlisted	MCA	27 Mar 2026	11.84	27 Apr 2027	15.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Not Applicable	INE1JJ007197	Non-Convertible Debentures (NCD)	Unlisted	MCA	08 Apr 2026	11.25	08 Apr 2028	35.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Not Applicable	INE1JJ007221	Non-Convertible Debentures (NCD)	Unlisted	MCA	30 Apr 2026	11.00	29 Oct 2027	5.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Not Applicable	INE1JJ007205	Non-Convertible Debentures (NCD)	Unlisted	MCA	23 Apr 2026	11.00	23 Oct 2027	25.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Not Applicable	INE1JJ007213	Non-Convertible Debentures (NCD)	Unlisted	MCA	20 Apr 2026	11.50	18 May 2027	25.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Not Applicable	INE1JJ007239	Non-Convertible Debentures (NCD)	Unlisted	MCA	07 May 2026	11.50	07 Aug 2027	60.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Not Applicable	INE1JJ007163	Non-Convertible Debentures (NCD)	Unlisted	MCA	06 Mar 2026	11.90	06 Nov 2027	50.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Not Applicable	INE1JJ007189	Non-Convertible Debentures (NCD)	Unlisted	MCA	31 Mar 2026	11.50	30 Apr 2027	20.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Not Applicable	INE1JJ007122	Non-Convertible Debentures (NCD)	Unlisted	MCA	30 Jan 2026	11.25	30 Jul 2027	35.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Not Applicable	INE1JJ007130	Non-Convertible Debentures (NCD)	Unlisted	MCA	29 Jan 2026	11.90	28 Sep 2027	50.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Not Applicable	INE1JJ007148	Non-Convertible Debentures (NCD)	Unlisted	MCA	02 Mar 2026	11.25	29 Feb 2028	35.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Not Applicable	Not avl. / Not appl.	Proposed Commercial Paper Program	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	60.00	Simple	ACUITE A1 \| Upgraded ( from ACUITE A2+ )
Not Applicable	Not avl. / Not appl.	Proposed Non Convertible Debentures	Unlisted	MCA	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	45.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Not Applicable	Not avl. / Not appl.	Proposed Non Convertible Debentures	Unlisted	MCA	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	500.00	Simple	ACUITE A- \| Stable \| Assigned
Not Applicable	Not avl. / Not appl.	Proposed Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	225.90	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
UTKARSH SMALL FINANCE BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	13 May 2026	Not avl. / Not appl.	25 May 2027	30.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
ICICI BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Apr 2026	Not avl. / Not appl.	30 Apr 2027	13.75	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
INDUSIND BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	18 May 2026	Not avl. / Not appl.	25 Nov 2027	25.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Jana Small Finance Bank Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	14 Apr 2026	Not avl. / Not appl.	03 Apr 2027	50.42	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Anand Rathi Global Financial services	Not avl. / Not appl.	Term Loan	Unlisted	RBI	17 Jan 2026	Not avl. / Not appl.	20 Jul 2027	8.33	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Hinduja Leyland Finance Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	21 Dec 2025	Not avl. / Not appl.	22 Jan 2027	10.20	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
OXYZO Financial Services Private Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Jan 2026	Not avl. / Not appl.	01 Aug 2027	12.50	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
IDFC First Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	18 Jul 2025	Not avl. / Not appl.	21 Jul 2027	29.17	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
A U Small Finance Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	21 Oct 2025	Not avl. / Not appl.	18 Nov 2026	17.50	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Federal Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	12 Dec 2025	Not avl. / Not appl.	31 Dec 2026	14.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Incred Financial Services Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	25 Nov 2025	Not avl. / Not appl.	10 Dec 2026	14.97	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Jana Small Finance Bank Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Jul 2025	Not avl. / Not appl.	03 Aug 2026	9.50	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Jana Small Finance Bank Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Dec 2025	Not avl. / Not appl.	03 Jan 2027	23.33	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
KISETSU SAISON FINANCE (INDIA) PRIVATE LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	10 Dec 2025	Not avl. / Not appl.	15 Feb 2027	15.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
OXYZO Financial Services Private Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	22 Oct 2025	Not avl. / Not appl.	25 Apr 2027	21.39	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Suryoday Small Finance Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Dec 2025	Not avl. / Not appl.	05 Jan 2027	6.82	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Vivriti Capital Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	19 Sep 2025	Not avl. / Not appl.	15 Mar 2027	22.22	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )

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

Sr. No	Company Name
1	REFYNE FINANCE PRIVATE LIMITED
2	REFYNE TECH PRIVATE LIMITED

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Nattasha Venkatesh
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	SEBI
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	Fixed Deposits raised by NBFCs, Banks, HFCs, FIs	RBI
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	SEBI
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)	RBI
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.

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 ⁶	Not applicable

⁶ 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.