Press Release

Press Release

November 28, 2025

R K D CONSTRUCTION PRIVATE LIMITED
Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	144.50	ACUITE A \| Positive \| Reaffirmed	-
Bank Loan Ratings	50.00	-	ACUITE A1 \| Assigned
Bank Loan Ratings	850.50	-	ACUITE A1 \| Reaffirmed
Total Outstanding	1045.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuité has reaffirmed its long-term rating of 'ACUITE A' (read as ACUITE A) and the short-term rating of 'ACUITE A1’ (read as ACUITE A one) on the Rs. 995 Cr. bank facilities of R K D Construction Private Limited (RKD). The outlook remains 'Positive'.
Further, Acuite has assigned the short term rating of 'ACUITE A1’ (read as ACUITE A one) on the Rs. 50.00 Cr. bank facilities of R K D Construction Private Limited (RKD).

Rationale for rating
The rating reaffirmation reflects the healthy business risk profile driven by strong project execution, a long operational track record, and growing revenues & profitability. The company has reported a revenue of Rs. 509 Cr. in H1 FY2026 and has an outstanding order book of Rs. 2,571.35 Cr, supporting medium-term revenue visibility. The rating also factors the healthy financial risk profile but is constrained by the moderately working capital operations, high exposure to the road sector, and strong competition in the industry.
Going forward, continued growth in scale of operations with a healthy financial risk profile and restricted disbursements to group companies remains a key rating monitorable.

About the Company

RKD Construction Private Limited based in Orissa, was started as a proprietorship firm in 1980 by Lt. Rohit Kumar Das and was changed to a closely held company in 1996. The company is engaged in civil construction activities for road and national highway projects. The current directors of the company are Mr. Rohan Das, Mr. Swayam Prakash Das, and Mr. Akshya Kumar Das.

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has taken a standalone view of the business and financial risk profile of RKD Construction Private Limited to arrive at the rating.

Key Rating Drivers

Strengths

Long operational track record
RKD Construction Private Limited was founded by Late Rohit Kumar Das in 1996. Presently the company is managed by second generation promoters. Further, the current management has more than two decades of experience in construction business. Over the years, the company has developed expertise in road and highway construction through successful completion of projects in Odisha, Jharkhand, and Bihar.

Growing scale of operations coupled with healthy order book
The revenue of the company grew by ~25% in FY2025 to Rs. 1,011.65 Cr. from Rs. 805.47 Cr. in FY2024. Further, as of H1 FY2026 the company has achieved revenue of ~Rs. 509 Cr. The growth in revenue is supported by a strong order book position of Rs. 2,571.35 Cr as on November 21, 2025, reflecting sound revenue visibility over the medium term. Further, additional work contracts of Rs. 1000 - 1500 Cr are expected to be received in the near term. The operating margin dipped marginally to 13.90 percent in FY2025 from 14.60 percent in FY2024 (FY2023: 13.81 percent), reflecting early-stage project execution, which has improved to 14.89 percent in H1 FY2026 and is expected to remain in a similar range over the medium term.

Healthy financial risk profile
The company’s financial profile remains healthy, driven by growing net worth, low gearing and comfortable debt protection metrics. Tangible net worth rose to Rs. 524.99 Cr. as of 31 Mar 2025 from Rs. 453.67 Cr. in the previous year. While the total debt increased due to capex funding and higher working capital requirement, gearing remained below unity at 0.53 times on March 31, 2025. The TOL/TNW levels, however moderated to 1.30 times in FY2025 from 0.82 times in FY2024. Debt protection metrics stood moderately comfortable: with interest coverage ratio at 3.74 times and debt service coverage ratio 1.94 times in FY2025.
The company’s financial risk profile is expected to remain healthy over the medium term given no large debt-funded capex plans.

Weaknesses

Significant exposure in group companies

The company has made significant infusions (through equity and preference share) along with loans & advances towards its group companies and SPVs. These infusions constitute ~50 percent of the tangible networth. Out of the two road SPVs, one of them is currently under construction and shall require infusion of funds from the sponsor. Further, these investments are expected to remain over the medium term as the company plans to undertake new HAM projects.
Therefore, any significant outflow towards the group companies thereby impacting the liquidity of the company shall be a key rating monitorable.

Moderate working capital operations
The company’s working capital remains moderate, with Gross Current Assets of 150 days as on 31 March 2025, up from 100 days a year earlier, largely due to higher other current assets such as retention/security deposits. Inventory levels increased to 51 days on March 31, 2025 from 32 days, while debtor days stood at 26 days as against 25 days in the previous year.
Going forward, restriction of further elongation will remain a key monitorable.

Tender based nature of operations and competitive industry
The company majorly executes government road construction/widening projects; therefore, the revenue of the company is highly dependent on the number and value of tenders floated by the Government. Moreover, since the nature of operations is tender based, the business depends on the ability to bid for contracts successfully. However, the company has a healthy outstanding order book position on the back of which this risk is reduced upto certain extent.

Rating Sensitivities

Increasing revenues with order book growth along with maintenance of stable profit margins.
Significant increase in debt levels, leading to deterioration of the financial risk profile
Significant outflow to group companies in the form of investments or loans thereby impacting its liquidity.
Restriction of further elongation in working capital cycle

Liquidity Position

Adequate

The liquidity position of the company is adequate, as reflected from its net cash accrual of Rs. 89.22 Cr in FY2025 as against repayment obligations of Rs. 25.00 Cr. during the same period. Further, the company is expected to generate cash accruals in the range of Rs. 100 - 120 Cr. during FY2026 & FY2027 as against repayment obligation of Rs. 25 – 22 Cr. during the same period. The average utilization of working capital limits remained at ~ 92 percent and non-fund-based limit utilisation at ~48 percent for the last six months ended October 2025. The current ratio stood moderate at 1.02 times in FY2025. Further, the cash and bank balance of the company stood at Rs. 3.33 Cr. as on March 31, 2025

Acuite expects the liquidity position of the company to remain adequate over the medium term backed by steady accruals.

Outlook: Positive

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	1011.65	805.47
PAT	Rs. Cr.	68.14	53.43
PAT Margin	(%)	6.74	6.63
Total Debt/Tangible Net Worth	Times	0.53	0.38
PBDIT/Interest	Times	3.74	3.84

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
19 Aug 2025	Cash Credit	Long Term	4.00	ACUITE A \| Positive (Reaffirmed )
	Cash Credit	Long Term	25.00	ACUITE A \| Positive (Reaffirmed )
	Secured Overdraft	Long Term	14.00	ACUITE A \| Positive (Reaffirmed )
	Cash Credit	Long Term	4.00	ACUITE A \| Positive (Reaffirmed )
	Cash Credit	Long Term	6.00	ACUITE A \| Positive (Reaffirmed )
	Cash Credit	Long Term	62.50	ACUITE A \| Positive (Reaffirmed )
	Cash Credit	Long Term	9.00	ACUITE A \| Positive (Reaffirmed )
	Proposed Long Term Loan	Long Term	14.00	ACUITE A \| Positive (Reaffirmed )
	Proposed Cash Credit	Long Term	6.00	ACUITE A \| Positive (Reaffirmed )
	Bank Guarantee/Letter of Guarantee	Short Term	45.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	112.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	20.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	90.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	82.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	36.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	50.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	262.50	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	86.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	40.00	ACUITE A1 (Reaffirmed)
	Proposed Bank Guarantee	Short Term	27.00	ACUITE A1 (Reaffirmed)
22 May 2024	Cash Credit	Long Term	62.50	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	9.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	4.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	6.00	ACUITE A \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	14.00	ACUITE A \| Stable (Reaffirmed)
	Proposed Long Term Loan	Long Term	14.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	25.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	4.00	ACUITE A \| Stable (Reaffirmed)
	Proposed Cash Credit	Long Term	6.00	ACUITE A \| Stable (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	50.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	90.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	262.50	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	86.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	40.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	20.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	112.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	45.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	82.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	36.00	ACUITE A1 (Reaffirmed)
	Proposed Bank Guarantee	Short Term	27.00	ACUITE A1 (Reaffirmed)
30 Apr 2024	Cash Credit	Long Term	47.50	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	15.00	ACUITE A \| Stable (Assigned)
	Cash Credit	Long Term	9.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	4.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	6.00	ACUITE A \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	9.00	ACUITE A \| Stable (Reaffirmed)
	Proposed Long Term Loan	Long Term	14.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	21.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	4.00	ACUITE A \| Stable (Reaffirmed)
	Proposed Cash Credit	Long Term	15.00	ACUITE A \| Stable (Assigned)
	Bank Guarantee/Letter of Guarantee	Short Term	50.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	90.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	177.50	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	85.00	ACUITE A1 (Assigned)
	Bank Guarantee/Letter of Guarantee	Short Term	50.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	40.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	5.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	78.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	45.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	44.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	36.00	ACUITE A1 (Reaffirmed)
	Proposed Bank Guarantee	Short Term	150.00	ACUITE A1 (Assigned)
05 Apr 2023	Cash Credit	Long Term	47.50	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	9.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	4.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	6.00	ACUITE A \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	9.00	ACUITE A \| Stable (Reaffirmed)
	Proposed Long Term Loan	Long Term	14.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	21.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	4.00	ACUITE A \| Stable (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	50.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	90.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	177.50	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	50.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	40.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	5.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	78.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	45.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	44.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	36.00	ACUITE A1 (Reaffirmed)
07 Mar 2022	Cash Credit	Long Term	12.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	35.50	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	20.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	1.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	7.00	ACUITE A \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	10.00	ACUITE A \| Stable (Reaffirmed)
	Proposed Long Term Loan	Long Term	13.00	ACUITE A \| Stable (Reaffirmed)
	Proposed Bank Guarantee	Short Term	10.00	ACUITE A1 (Reaffirmed)
	Proposed Bank Guarantee	Short Term	140.00	ACUITE A1 (Assigned)
	Bank Guarantee/Letter of Guarantee	Short Term	13.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	30.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	50.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	45.00	ACUITE A1 (Assigned)
	Bank Guarantee/Letter of Guarantee	Short Term	35.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	19.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	44.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	41.00	ACUITE A1 (Assigned)
	Bank Guarantee/Letter of Guarantee	Short Term	10.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	15.00	ACUITE A1 (Assigned)
	Bank Guarantee/Letter of Guarantee	Short Term	114.50	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	50.00	ACUITE A1 (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Indian Bank	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	112.00	Simple	ACUITE A1 \| Reaffirmed
Bank Of Baroda	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	45.00	Simple	ACUITE A1 \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	82.00	Simple	ACUITE A1 \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	36.00	Simple	ACUITE A1 \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	50.00	Simple	ACUITE A1 \| Reaffirmed
Punjab and Sind Bank	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	90.00	Simple	ACUITE A1 \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	262.50	Simple	ACUITE A1 \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	86.00	Simple	ACUITE A1 \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	40.00	Simple	ACUITE A1 \| Reaffirmed
Karnataka Bank Ltd	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE A1 \| Reaffirmed
Indian Bank	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE A \| Positive \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	62.50	Simple	ACUITE A \| Positive \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	9.00	Simple	ACUITE A \| Positive \| Reaffirmed
Punjab and Sind Bank	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	4.00	Simple	ACUITE A \| Positive \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	6.00	Simple	ACUITE A \| Positive \| Reaffirmed
Bank Of Baroda	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	4.00	Simple	ACUITE A \| Positive \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Bank Guarantee	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	27.00	Simple	ACUITE A1 \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	6.00	Simple	ACUITE A \| Positive \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Long Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	14.00	Simple	ACUITE A \| Positive \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Short Term Bank Facility	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	50.00	Simple	ACUITE A1 \| Assigned
Karnataka Bank Ltd	Not avl. / Not appl.	Secured Overdraft	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	14.00	Simple	ACUITE A \| Positive \| Reaffirmed

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.