Press Release

Press Release

September 25, 2026

TAMIL NADU POWER GENERATION CORPORATION LIMITED
Rating Assigned

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	5491.19	ACUITE BBB- \| Stable \| Assigned	-	RBI
Bank Loan Ratings	0.00	731.00	-	ACUITE A3 \| Assigned	RBI
Total Outstanding	0.00	6222.19	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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

Acuite has assigned its long-term rating of 'ACUITE BBB-' (read as ACUITE triple B minus) and short-term rating of 'ACUITE A3' (read as ACUITE A three) on Rs.6222.19 Cr. bank facilities of Tamil Nadu Power Generation Corporation Limited (TNPGCL). The outlook is 'Stable'.

Rationale for rating:
The rating assigned to TNPGCL reflects its strategic importance to the Government of Tamil Nadu (GoTN) as the state's primary thermal and gas-based power generation utility, its regulated tariff framework that provides visibility over revenues, and its established generation portfolio with an installed capacity of over 5,636.08 MW. The rating also factors in the company's critical role in meeting Tamil Nadu's power requirements, continued government ownership and the presence of GoTN guarantees on a significant portion of its borrowings. However, the rating is constrained by the corporation's weak financial risk profile, characterised by a negative net worth position, sizeable legacy debt burden, weak debt protection metrics, intensive working capital operations and exposure of the operations to regulatory risks. Going forward, TNPGCL's ability to improve its operating performance, strengthening its financial risk profile through improved internal accrual generation and timely equity support from the Government of Tamil Nadu, while managing its planned capital expenditure programme effectively, will remain key rating monitorable.

About the Company

Tamil Nadu Power Generation Corporation Limited (TNPGCL) was incorporated on February 09, 2024, pursuant to the restructuring of the erstwhile Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO). As part of the restructuring, the thermal and gas-based power generation business was transferred to TNPGCL, while the renewable energy generation business was transferred to Tamil Nadu Green Energy Corporation Limited (TNGECL). Following the restructuring, TANGEDCO was renamed as Tamil Nadu Power Distribution Corporation Limited (TNPDCL), which is responsible for power distribution activities in the state. Tamil Nadu Electricity Board (TNEB), the holding company of TNPGCL, is wholly owned by the Government of Tamil Nadu (GoTN). The Board of Directors of TNPGCL comprises Dr. J. Radhakrishnan, I.A.S., Dr. Beela Venkatesan, I.A.S., Mr. S. Nagarajan, I.A.S., Mr. Prashant M. Wadnere, I.A.S., Dr. Alby John Varghese, I.A.S., Ms. K. Indrani, Mr. Vishnu Mahajan, I.A.S., Mr. Senthil Kumar, Mr. K. Karukkuvelrajan and Mr. K. Balakrishnan.

Unsupported Rating

ACUITE BB-/Stable/A4+

Analytical Approach

Acuité has taken a standalone view of the business and financial risk profile of Tamil Nadu Power Generation Corporation Limited (TNPGCL) to arrive at the rating. Acuité has also factored in benefits emanating from the ownership by Government of Tamil Nadu. GoTN’s financial support to TNPGCL in the form of its 100 per cent ownership and its guarantee for certain borrowings of TNPGCL.

Key Rating Drivers

Strengths

Strategic Importance to the Government of Tamil Nadu:
TNPGCL holds strategic importance to the Government of Tamil Nadu (GoTN) as the state's principal thermal and gas-based power generation utility, with an installed generation capacity of 5,120 MW of thermal power and around 408 MW of operational gas-based capacity. The company plays a critical role in meeting Tamil Nadu's base-load power requirements and contributes to the state's energy security through power supply to Tamil Nadu Power Distribution Corporation Limited (TNPDCL), the state-owned distribution utility. Further, TNPGCL is undertaking significant capacity expansion projects, including the Udangudi and North Chennai thermal power projects, which are expected to augment the state's generation capacity over the medium term. The strategic importance of the company is reflected in the continued ownership, policy support, guarantees on a substantial portion of its borrowings and proposed equity support from GoTN towards its capital expenditure programme. Acuité believes TNPGCL's strategic importance to GoTN, coupled with its critical role in the state's power sector, is likely to support continued policy and financial support from the government.

Established Offtake Arrangement and Regulated Tariff Framework:
TNPGCL supplies its entire power generation from thermal and gas-based stations to Tamil Nadu Power Distribution Corporation Limited (TNPDCL), the state-owned distribution utility. The company operates under a regulated cost-plus tariff framework determined by the Tamil Nadu Electricity Regulatory Commission (TNERC), which provides visibility in the recovery of approved fixed capacity charges and variable energy charges. Under the prevailing Multi-Year Tariff (MYT) Order applicable for FY2023-FY2027, approved energy charges for thermal stations range between Rs.2.38/kWh and Rs.5.01/kWh, while energy charges for gas-based stations range between Rs.1.78/kWh and Rs.1.95/kWh. The regulated tariff framework, coupled with the established offtake arrangement with TNPDCL, supports revenue visibility and mitigates market-related demand risks. The next tariff revision is expected in September 2027 for the subsequent control period beginning FY2028. Acuité believes TNPGCL's established offtake arrangement with TNPDCL and the regulated tariff framework provide visibility in revenue recovery and mitigate exposure to market and demand-related risks.

Weaknesses

Moderation in operating performance:
TNPGCL's operating income moderated to Rs.13,802.73 Cr. in FY2026 (Prov.) from Rs.16,029.65 Cr. in FY2025, primarily due to lower power generation during the year on account of outages at Tuticorin Thermal Power Station, maintenance shutdowns at Mettur Thermal Power Station and fuel availability constraints at certain gas-based stations. Consequently, EBITDA moderated to Rs.3,395.74 Cr. in FY2026 (Prov.) from Rs.3,831.62 Cr. in FY2025. However, the operating margin improved marginally to 24.60 percent in FY2026 (Prov.) from 23.90 percent in FY2025, supported by the regulated tariff framework. The company reported a net loss of Rs.2,882.95 Cr. in FY2026 (Prov.) as against a net loss of Rs.2,228.97 Cr. in FY2025, resulting in a net loss margin of 20.89 percent in FY2026 (Prov.) and 13.91 percent in FY2025, respectively. The profitability profile continues to remain impacted by the sizeable interest burden associated with the legacy debt transferred pursuant to the restructuring of the state power sector. Acuité believes TNPGCL's operating performance continues to benefit from the regulated tariff framework, however, its overall profitability remains moderated by the sizeable finance costs.

Intensive working capital operations:
TNPGCL's working capital operations are intensive in nature, as reflected by the gross current asset (GCA) of 426 days in FY2026 (Prov.) as against 280 days in FY2025. The elongation in the working capital cycle was primarily driven by higher receivables from the sole off-taker, Tamil Nadu Power Distribution Corporation Limited (TNPDCL), resulting in debtor days of 81 days in FY2026 (Prov.) compared to 4 days in FY2025, along with increased advances and other current assets. The creditors primarily comprise legacy payables, resulting in creditor days of 719 days in FY2026 (Prov.) against 598 days in FY2025.The current ratio remained subdued at 0.34 times in FY2026 (Prov.) as against 0.19 times in FY2025. The fund-based working capital limits utilization remained at an average of around 12.4 percent during the twelve months ended July 2026, providing cushion for short-term liquidity requirements. Acuité believes the company's working capital operations are likely to remain intensive over the medium term on account of the elevated receivables position, although the associated credit risk is partly mitigated by the state-owned nature of the counterparty and TNPGCL's strategic importance to the Government of Tamil Nadu.

Weak Financial Risk Profile
TNPGCL's financial risk profile is below average, marked by a negative net worth position, high leverage and weak debt protection metrics. The company continued to report losses during FY2026 (Prov.), resulting in a further erosion of its net worth position which stood negative at -Rs.43611.33 Cr. as on March 31, 2026 (Prov.) compared to -Rs.40,732.91 Cr. as on March 31, 2025. The overall debt levels remained high at Rs.1,05,746.23 crore as on March 31, 2026 (Prov.) against Rs.91,325.94 crore as on March 31, 2025, primarily due to the legacy debt transferred to the company pursuant to the restructuring of the state power sector, coupled with borrowings availed towards ongoing capital expenditure requirements. Consequently, the capital structure remained stretched, with gearing deteriorating to (-2.42) times as on March 31, 2026 (Prov.) from (-2.24) times as on March 31, 2025. The TOL/TNW ratio stood at (-3.19) times as on March 31, 2026 (Prov.) against (-3.04) times as on March 31, 2025.The debt protection metrics remained weak, with the interest coverage ratio declining to 0.64 times in FY2026 (Prov.) from 0.77 times in FY2025 and debt service coverage ratio (DSCR) declined to 0.20 times in FY2026 (Prov.) from 0.77 times in FY2025. Further, Debt-to-EBITDA deteriorated to 28.56 times from 17.93 times over the same period. Acuité believes the financial risk profile of the company is likely to remain constrained over the medium term on account of its sizeable debt burden and ongoing debt-funded capital expenditure programme.

Exposure to Regulatory risks:
TNPGCL's operations remain subject to the regulatory framework governing the power sector in Tamil Nadu. Tariffs for the company's thermal and gas-based generating stations are determined by the Tamil Nadu Electricity Regulatory Commission (TNERC) under a regulated cost-plus tariff mechanism, which provides for recovery of approved fixed and variable costs. While the regulatory framework supports revenue visibility, any adverse changes in tariff regulations, delays in tariff approvals, disallowance of costs, or changes in the regulatory norms governing cost recovery could impact the company's cash flows and profitability. Acuité believes that any significant change in the regulatory environment or tariff determination mechanism may have a bearing on the credit profile of the company.

Assessment of Adequacy of Credit Enhancement under various scenarios including stress scenarios (applicable for ratings factoring specified support considerations with or without the “CE” suffix)

TNPGCL is the principal thermal and gas-based power generation utility in Tamil Nadu and plays a critical role in ensuring energy security and meeting the state's base-load power requirements. TNPGCL is undertaking significant capacity expansion projects, which require substantial funding support. The Government of Tamil Nadu (GoTN) has extended support to TNPGCL through the transfer of generation assets and liabilities pursuant to the sector restructuring, proposed equity contributions towards ongoing capital expenditure programmes and guarantees on a significant portion of the company's borrowings.

Stress Scenario:
Acuité believes that support from GoTN will continue through equity infusion, debt facilitation and extension of guarantees, if required, considering TNPGCL's strategic importance to the state's power sector and its critical role in ensuring reliable power supply in Tamil Nadu.

ESG Factors Relevant for Rating

TNPGCL is exposed to environmental risks associated with thermal power generation, including carbon emissions, evolving environmental regulations and the need for continued investment in emission-control and pollution-mitigation measures. However, the transition of renewable energy assets to Tamil Nadu Green Energy Corporation Limited (TNGECL) and the company's focus on improving generation efficiency and commissioning newer thermal units are expected to support operational sustainability over the medium term. Social risks remain moderate, given TNPGCL's strategic role as a state-owned utility responsible for meeting a significant portion of Tamil Nadu's base-load power requirements and ensuring energy security within the state. Governance risks are also moderate supported by its status as a government entity with established oversight mechanisms, regulatory supervision by the Tamil Nadu Electricity Regulatory Commission (TNERC), and the presence of experienced government nominees on the Board. However, timely tariff approvals, effective execution of ongoing projects and resolution of legacy accounting and reconciliation issues remain important from a governance perspective.

Rating Sensitivities

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

Credit profile of Government of Tamil Nadu
Significant improvement in scale of operations and profitability
Improvement in the financial risk profile, reflected through a reduction in overall debt levels and improvement in DSCR to above 1.0 time on a sustained basis.

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

Significant increase in debt levels beyond anticipated levels due to debt-funded capex, resulting in further weakening of debt protection metrics.
Significant elongation in receivable cycle with GCA above 500 days and consequent pressure on liquidity
Deterioration in credit risk profile of Government of Tamil Nadu

Liquidity Position

Stretched

TNPGCL's liquidity position is stretched, primarily on account of negative net cash accruals (NCAs) vis-à-vis its debt repayment obligations during FY2026 (Prov.). Going forward, the NCAs are expected to remain negative, driven by high interest burden associated with the legacy debt transferred pursuant to the restructuring of the state power sector. The company's working capital operations remain intensive, as reflected in the elevated GCA of 426 days in FY2026 (Prov.), while the current ratio remained at 0.34 times as on March 31, 2026 (Prov.). However, TNPGCL’s liquidity is supported by its strategic importance to the Government of Tamil Nadu (GoTN), established access to funding from government-owned financial institutions and the presence of state government guarantees on a substantial portion of its borrowings. Further, average utilization of fund-based working capital limits remained low at around 12.4 percent during the twelve months ended July 2026, providing headroom to address short-term requirements. The company also has unencumbered cash and bank balances of Rs.1,056.95 crore as on March 31, 2026 (Prov.), providing additional support to its liquidity profile. Acuité believes TNPGCL's liquidity position will remain stretched over the medium term, however, continued access to institutional funding, availability of unutilised bank lines and timely support from GoTN are expected to support the company's liquidity profile.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	13802.73	16029.65
PAT	Rs. Cr.	(2882.95)	(2228.97)
PAT Margin	(%)	(20.89)	(13.91)
Total Debt/Tangible Net Worth	Times	(2.42)	(2.24)
PBDIT/Interest	Times	0.64	0.77

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

None

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
• Group And Parent Support: https://www.acuite.in/view-rating-criteria-47.htm
• State Government Ratings : https://www.acuite.in/view-rating-criteria-26.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 :

Not applicable

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
State Bank of India	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	110.00	Simple	ACUITE A3 \| Assigned
BANK OF INDIA	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	30.00	Simple	ACUITE A3 \| Assigned
Indian Bank	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	45.00	Simple	ACUITE A3 \| Assigned
INDIAN OVERSEAS BANK	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	331.00	Simple	ACUITE A3 \| Assigned
INDIAN OVERSEAS BANK	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	75.00	Simple	ACUITE A3 \| Assigned
Canara Bank	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE A3 \| Assigned
Bank Of Baroda	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	19 Aug 2025	Not avl. / Not appl.	Not avl. / Not appl.	347.00	Simple	ACUITE BBB- \| Stable \| Assigned
BANK OF INDIA	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	02 Sep 2025	Not avl. / Not appl.	Not avl. / Not appl.	107.20	Simple	ACUITE BBB- \| Stable \| Assigned
State Bank of India	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	27 Jan 2026	Not avl. / Not appl.	Not avl. / Not appl.	1300.00	Simple	ACUITE BBB- \| Stable \| Assigned
State Bank of India	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	90.00	Simple	ACUITE A3 \| Assigned
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.	245.00	Simple	ACUITE BBB- \| Stable \| Assigned
Not Applicable	Not avl. / Not appl.	Proposed Short Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	40.00	Simple	ACUITE A3 \| Assigned
Canara Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	20 Sep 2019	Not avl. / Not appl.	20 Mar 2027	86.42	Simple	ACUITE BBB- \| Stable \| Assigned
Dhanlaxmi Bank Ltd	Not avl. / Not appl.	Term Loan	Unlisted	RBI	28 Jan 2022	Not avl. / Not appl.	31 Jan 2027	16.38	Simple	ACUITE BBB- \| Stable \| Assigned
ICICI BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	21 Apr 2014	Not avl. / Not appl.	31 May 2027	0.93	Simple	ACUITE BBB- \| Stable \| Assigned
BANK OF MAHARASHTRA	Not avl. / Not appl.	Term Loan	Unlisted	RBI	14 Jul 2021	Not avl. / Not appl.	20 Dec 2031	718.46	Simple	ACUITE BBB- \| Stable \| Assigned
Canara Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	14 Dec 2025	Not avl. / Not appl.	31 Dec 2030	2000.00	Simple	ACUITE BBB- \| Stable \| Assigned
Canara Bank	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	26 Mar 2026	Not avl. / Not appl.	Not avl. / Not appl.	164.00	Simple	ACUITE BBB- \| Stable \| Assigned
Indian Bank	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	27 Nov 2025	Not avl. / Not appl.	Not avl. / Not appl.	345.00	Simple	ACUITE BBB- \| Stable \| Assigned
BANK OF INDIA	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	02 Sep 2025	Not avl. / Not appl.	Not avl. / Not appl.	160.80	Simple	ACUITE BBB- \| Stable \| Assigned

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

Sr.No	Name of the entities
1	Tamil Nadu Power Generation Corporation Limited
2	Government of Tamil Nadu (GoTN)

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Katta Akhil
Senior 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.