Press Release

September 10, 2026

SRG HOUSING FINANCE LIMITED
Rating Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	1175.00	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications	-	RBI
Non Convertible Debentures (NCD)	0.00	124.00	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications	-	MCA
Non Convertible Debentures (NCD)	76.00	0.00	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications	-	SEBI
Total Outstanding	76.00	1299.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

Acuité has reaffirmed the long-term rating to ’ACUITE A-’ (read as ACUITE A Minus) on Rs 1175.00 Cr. Bank Loan facilities of SRG Housing Finance Limited (SHFL) and is on Rating Watch with Developing Implications.

Acuité has reaffirmed the long-term rating to ’ACUITE A-’ (read as ACUITE A Minus) on Rs 76.00 Cr. Non Convertible Debentures facilities of SRG Housing Finance Limited (SHFL) and is on Rating Watch with Developing Implications.

Acuité has reaffirmed the long-term rating to ’ACUITE A-’ (read as ACUITE A Minus) on Rs 124.00 Cr. Non Convertible Debentures facilities of SRG Housing Finance Limited (SHFL) and is on Rating Watch with Developing Implications.

Update for this Press Release

Acuite notes that there are media reports concerning an investigation by the National Housing Bank (NHB), regarding suspected anomalies in certain loan accounts, their potential impact on NHB’s refinance exposure, and reports suggesting a 'Red Flagged Account' (RFA) classification. SRG Housing Finance Limited vide a stock exchanges filling dated September 10, 2026, has issued an official notification on exchanges, with regards to “Clarification on Market Rumours and False News Articles”. As per the filing made with the exchanges the company has denied and rejected the observations, allegations and implications reported in these articles. The company further said that the NHB audit is ongoing and is not yet concluded.

The rating has been placed under Watch with Developing Implications for Acuite to closely monitor the progress related to these developments.

Acuite will continue to engage with the management of SRG Housing and closely monitor the progress related to the aforesaid developments. Acuité will try to understand its impact on the company’s financial profile, liquidity position and asset quality, if any and will endeavour to resolve the rating watch at the earliest.

For all other sections, kindly refer to the previous Rating Rationale available through this link: Press Release

Key Financials :

Particulars	Unit	FY26(Actual)	FY25(Actual)
Total Assets	Rs. Cr.	1166.93	863.10
Total Income*	Rs. Cr.	121.95	92.51
PAT	Rs. Cr.	32.49	24.40
Net Worth	Rs. Cr.	296.91	263.95
Return on Average Assets (RoAA)	(%)	3.20	3.19
Return on Average Net Worth (RoNW)	(%)	11.59	11.52
Debt/Equity	Times	2.89	2.21
Gross NPA	(%)	1.77	1.84
Net NPA	(%)	0.65	0.61

*Total income equals to Net Interest Income plus other income

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

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
08 May 2026	Term Loan	Long Term	2.32	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	11.73	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.18	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	5.76	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.26	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	29.82	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	8.79	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	11.90	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	13.81	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	33.48	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	49.05	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.77	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.31	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	54.15	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	48.27	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	3.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	14.58	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.73	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.68	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.05	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	8.75	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	50.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	2.73	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	5.12	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	17.81	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	5.42	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	16.96	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	26.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	24.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	275.70	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	300.00	ACUITE A- \| Stable (Assigned)
	Proposed Non Convertible Debentures	Long Term	100.00	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	2.99	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.54	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.20	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	11.67	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.77	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	21.09	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.77	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	39.17	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	18.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.44	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.45	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	13.25	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.25	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	11.21	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.07	ACUITE A- \| Stable (Reaffirmed)
07 Apr 2026	Term Loan	Long Term	14.58	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	0.73	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	13.81	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	33.48	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	49.05	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	15.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	0.77	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	1.31	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	54.15	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	48.27	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	2.32	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	11.73	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	1.68	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	7.18	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	5.76	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	10.26	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	29.82	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	8.79	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	11.90	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	4.05	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	20.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	8.75	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	2.73	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	5.12	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	17.81	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Non-Covertible Debentures (NCD)	Long Term	26.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Non-Covertible Debentures (NCD)	Long Term	50.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Proposed Non Convertible Debentures	Long Term	24.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Proposed Long Term Bank Facility	Long Term	184.20	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Proposed Long Term Bank Facility	Long Term	100.00	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	2.99	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	4.54	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	12.20	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	11.67	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	0.77	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	15.50	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	21.09	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	12.77	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	39.17	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	18.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	5.42	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	16.96	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	7.44	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	7.45	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	13.25	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	7.25	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	11.21	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	4.07	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Positive)
08 Jan 2026	Proposed Long Term Bank Facility	Long Term	180.00	ACUITE BBB+ \| Positive (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	50.00	ACUITE BBB+ \| Positive (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	26.00	ACUITE BBB+ \| Positive (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	24.00	ACUITE BBB+ \| Positive (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	500.00	ACUITE BBB+ \| Positive (Assigned)
	Term Loan	Long Term	15.00	ACUITE BBB+ \| Positive (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE BBB+ \| Positive (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE BBB+ \| Positive (Reaffirmed)
	Term Loan	Long Term	35.00	ACUITE BBB+ \| Positive (Reaffirmed)
16 Oct 2025	Proposed Long Term Bank Facility	Long Term	275.00	ACUITE BBB+ \| Positive (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	50.00	ACUITE BBB+ \| Positive (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	50.00	ACUITE BBB+ \| Positive (Assigned)
06 Aug 2025	Proposed Long Term Bank Facility	Long Term	275.00	ACUITE BBB+ \| Positive (Reaffirmed )
06 Aug 2025	Proposed Non Convertible Debentures	Long Term	50.00	ACUITE BBB+ \| Positive (Assigned)
28 Feb 2025	Proposed Long Term Bank Facility	Long Term	275.00	ACUITE BBB+ \| Stable (Assigned)
12 Nov 2024	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE Not Applicable (Withdrawn)
28 Nov 2023	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE BBB \| Stable (Reaffirmed)

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.