Product Quantum (Rs. Cr) (SEBI) Quantum (Rs. Cr) (Other FSR) Long Term Rating Short Term Rating Regulated By
Commercial Paper (CP) 0.00 800.00 - ACUITE A1+ | Assigned RBI
Total Outstanding 0.00 800.00 - - -
Total Withdrawn 0.00 0.00 - - -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 assigned the short-term rating of ‘ACUITE A1+’ (read as ACUITE A  one plus) on the Rs. 800.00 Cr. proposed Commercial paper facility of UGRO CAPITAL LIMITED (UGRO).

Rationale for rating:

The rating factors in the growth in the company’s business during FY2026, with the outstanding portfolio increasing to Rs. 15,334 Cr. (consolidated) as on March 31, 2026, compared with Rs. 12,002.83 Cr. as on March 31, 2025. The rating also draws comfort from the benefits accruing to the company from the strategic acquisition of  Profectus Capital Private Limited, a wholly owned subsidiary of Ugro Capital Limited, which had an AUM of approximately Rs. 2,669.81 Cr. as on March 31, 2026. Its portfolio  majorly comprises of secured business loans, school financing, and machinery loans. Profectus Capital Private Limited maintained a 100% secured loan portfolio, which has strengthened the group’s consolidated loan book and asset profile and the same has helped rationalize the associated operational expenses.The rating takes into consideration the expected benefit that would continue to be derived from the acquisition of Profectus Capital Private Limited in terms of cost rationalisation, focusing on high yielding products and discontinuing the relatively lower yields asset classes such as the prime LAP and supply chain financing.The rating continues to reflect the experienced management team and the support of investors. The company’s gearing stood at a moderate 3.74 times on a consolidated basis as on March 31, 2026, compared with 3.37 times as on March 31, 2025. The rating also derives comfort from the company’s technology-driven business model, which incorporates state of the art technology across the lending lifecycle.

The rating remains constrained by the moderation in Ugro Capital Limited’s standalone profitability. However, at the consolidated level, the group reported an improvement in profitability, as reflected in a RoAA (PAT/Average AUM) of 2.48 percent as on March 31, 2026. On a standalone basis, the RoAA stood at 1.05 percent as on March 31, 2026, compared with 1.86 percent as on March 31, 2025. The improvement at the consolidated level was supported by operational synergies following the acquisition of Profectus Capital Private Limited while cost rationalisation measures and a reduction in DSA-linked sourcing expenses were seen in the standalone level.

The company’s on-book asset quality witnessed moderation during the year, with the Gross NPA (GNPA) increasing to 3.66 percent as on March 31, 2026, from 2.35 percent as on March 31, 2025. Acuite notes that  Rs 216.67 Cr. of repossessed assets are marked as held for sale, considering that total impaired assets stood at Rs.598.27 Cr. for FY 26.While the asset quality metrics remain within manageable levels, the rise in delinquencies and the company’s ability to contain further asset quality deterioration will remain key monitorables going forward.

About the Company
­U­GRO was originally incorporated as Chokhani Securities Limited in 1993. It is a systemically important non-deposit taking non-banking financial company (NBFC) registered with the Reserve Bank of India (RBI). In 2018, pursuant to a change in control and management, the company was renamed UGRO Capital Limited. UGRO's equity shares, commercial paper, and non-convertible debentures are listed on the Bombay Stock Exchange (BSE). The company's equity is also listed on the National Stock Exchange (NSE). The company is based in Mumbai.
UGRO is promoted by Mr. Shachindra Nath, a seasoned finance professional, with more than two decades of experience in the financial services sector. He is the Promoter, Vice Chairman and Managing Director of the company. UGRO is a Mumbai based company (registered office). It had 317 branches across the country as of March 31, 2025. UGRO lends to the MSME segment in nine specifically identified sectors i.e. Healthcare, Education, Chemicals, Food Processing/FMCG, Hospitality, Electrical Equipment’s and Components, Auto Components, Light Engineering and Micro-Enterprise segment. UGRO has built diversified distribution channels which consist of a Branch led channel, an Ecosystem consisting of Supply Chain & Machinery Finance, Partnerships & Alliances for Co-lending with smaller NBFCs & FinTechs & Digital Channel.
 
About the Group
­UGRO CAPITAL LIMITED and its subsidiaries which include Profectus Capital Private Limited and DataSigns Technologies Private Limited ( MyShubhLife) together form a part of the Ugro Capital Limited at the consolidated level.
 
Unsupported Rating
­Not Applicable
 
Analytical Approach

Extent of Consolidation
•Full Consolidation
Rationale for Consolidation or Parent / Group / Govt. Support
­Acuité has considered the consolidated financial and business risk profile of UGRO CAPITAL LIMITED and its subsidiaries which include Profectus Capital Private Limited and DataSigns Technologies Private Limited ( MyShubhLife) to arrive at the rating
Key Rating Drivers

Strength
­Experienced management team supported by marquee investors
UGRO commenced lending operations in 2019 with a focus on lending to the Micro Small and Medium Enterprises (MSME) segment. The company is headed by Vice Chairman and Managing Director, Mr. Shachindra Nath. Mr. Nath has over two decades of experience in BFSI across the insurance, asset management, lending and capital markets sectors. The company is supervised by a majority Independent Board consisting of experienced professional drawn from different background. The other members of the senior management team have experience of around two decades in BFSI sector. UGRO’s investors include private equity players, insurance companies and family offices. The institutional investors include ADV Partners, NewQuest Asia Investments III Limited, PAG (PE firm with a focus on the AsiaPacific region), Samena Capital (a MENA focused PE investment group). In addition to the Private Equity Investors UGRO raised money through QIP and Private Placements from domestic AIFs, Insurance Companies, Family Offices. In FY2024, the company raised equity capital to the tune of Rs. 340 Cr. from new investors such as IFU (Denmark government arm) and other domestic institutions. The company had announced and approved equity raise of Rs 1,332 Cr. in FY2025 in the form of CCD and share warrants and has already raised Rs 510 Cr. in June 2024. For FY26, the company had raised Rs 381 Cr. from rights issue and Rs 535 Cr. in preferential issue. Ugro Capital Limited, during the course of the year had acquired Profectus Capital Private Limited and DataSign Technologies Private Limited which have helped improvement the revenue profile and augment  the portfolio growth along with the books of Profectus Capital Private Limited. The company has demonstrated its ability to attract capital from a diverse set of investors points to the credibility of the top management team. It also reflects confidence in the business model and strategy. UGRO’s net worth stood at Rs. 2906.02 Cr. as on March 31, 2026 on the consolidated level as compared to Rs.2046.39 Cr. as on March 31, 2025 on the standalone level. The capital adequacy increased to 21.17 percent as on March 31, 2026 as compared to 19.41 percent on March 31, 2025. The gearing levels stood moderately at 3.24 times as on March 31, 2026 as compared to 3.37 times on March 31, 2025. (Standalone)

Acuité believes, that the experienced management team, presence of marquee investors and adequate capitalisation levels on account of recent infusion will support UGRO’s fund raising plans over the near to medium term.

Business model based on high level of digitization and adherence to predefined policies
UGRO’s business model is based on technology adoption at each and every stage, right from initial screening of the borrower to monitoring of the exposures, at the post disbursal stage. UGRO’s average ticket size is Rs. 15 lacs, with a maximum single party exposure of ~Rs. 5 Cr. Hence, the portfolio is expected to be granular in nature and have a high degree of technological support for effective monitoring. Historically, UGRO’s target clientele have been MSME units from nine identified sectors, which are Healthcare, Education, Chemicals, Food Processing/FMCG, Hospitality, Electrical Equipment’s and Components, Auto Components, Light Engineering, however over the last three years UGRO has bult up its emerging market network of 320 branches and has a strategy focusing on origination under this segment. UGRO has identified these sectors through an indepth study and recommendations from external advisory agencies. UGRO divides these sectors into multiple sub – sectors and approaches them with the concept of an eco system around them. The company is focusing  to growth the portfolio mix towards the emerging market LAP primarily followed by Embedded Finance Loans originated through the Grow X platform by FY 29. The Emerging Market LAP loans currently has a portfolio outstanding  Rs 3,581 Cr while the Embedded Finance Loans have a portfolio outstanding of Rs 2,280 Cr. as on March 31, 2026, while the remaining portfolio comprises Prime LAP, supply chain financing loans and unsecured business loans. It may be noted that the company has stopped sourcing Unsecured Business Loans and Supply Chain Finance Portfolio for over a year now.
The credit underwriting process and platforms are designed to ensure a quick turnaround, without compromising on quality of the loan appraised. The company has credit tools such as scorecards, which help in arriving at the credit decision. The management has developed detailed questionnaires for each sub segment, which help in identifying the key credit issues and sharpening the quality of credit decision.
The systems and processes are evaluated and reviewed from time to time to improve their efficacy in the credit process. The company has put in place safeguards to minimize the possibility of dilution of these processes. These include clauses in the Article of Association such as the right of appointment/termination of key managerial personnel directly to the board ensuring granularity of the portfolio with loans of more than 1 per cent of its Net Worth or to any related party requiring majority board approval and a unanimous consent of its Asset Liability Committee.
Acuité believes that while adherence to stringent underwriting standards may impact the pace of growth of UGRO, it will aid UGRO in maintaining its asset quality in a steady operating environment.

Strong and sustained business growth
The company witnessed strong and sustained traction in its business in FY2026 with its consolidated outstanding portfolio growing to about Rs.15,334.00 Cr. as on March 31, 2026 (March 31, 2025: Rs. 12,002.83 Cr. Standalone UGRO). In terms of distribution channel wise, disbursals picked up across all the channels viz. branch-led, partnership and alliances, ecosystem channel (machinery loans ) and pools buyout out from other NBFCs.Owing to the two acquisitons, the company has reported an increase in the consolidated profits with a PAT of Rs 174.81 Cr. for FY 26.

Weakness
­Moderate earnings profile
At the consolidated level, the company reported a PAT of Rs 174. 81 Cr for FY 26. While on the standalone level, the company reported a PAT of Rs. 143.93 Cr. for FY2025 with PBT level of Rs 203.12 Cr. which saw a decline to PAT of Rs.113.37 Cr. and PBT of Rs 160.65 Cr. in FY2026. Acuité takes note of the earnings profile reflected by the annualized RoAA (PAT/Average AUM) of 2.48 percent for FY26 on the consolidated. However, on the standalone level the RoAA saw a decrease from 1.86 percent to 1.05 percent from FY 25 to FY 26 on the standalone level. The opex to earning assets moderated to 5.36  percent in FY26 from 5.21 percent in FY25. Acuité believes the ability of the company to scale up the business while mitigating profitability pressures will remain a key monitorable.
UGRO's outstanding debt stood at Rs. 10867.64 Cr. as on March 31, 2026 at the consolidated level . The company has a diversified exposure with lenders including private sector banks, public banks, NCDs, and access to funding via direct assignment and securitization transactions and term loans from other financial institutions. 

Moderate asset quality and shift in portfolio mix
UGRO’s on book GNPA stood at 2.49 percent as on March 31, 2026 on the consolidated level. While on the standalone level, the company had a GNPA of 3.66 percent as on March 31, 2026 as against 2.35 percent  The company’s restructured portfolio constitutes Rs. ~13 Cr. as on March 31, 2026 .Acuite notes that  Rs 216.67 Cr. of repossessed assets are marked as held for sale, considering that total impaired assets stood at Rs.598.27 Cr. for FY 26. The company has decided to make a strategic shift to run down the existing low yielding prime LAP, Business and Machinery loans, with a focus towards emerging market LAP  moving towards a more granular portfolio and embedded finance loans through the Grow X Platform (MyShubh Life platform. The Emerging market LAP which has around 317 branches with an AUM size of Rs 3581 Cr as of March 31, 2026 which has moved up from a branch network of 127 in 8 states  with an AUM of  Rs 1144 Cr as of March 31, 2024.
ESG Factors Relevant for Rating
­UGRO belongs to the NBFC sector which complements bank lending in India. Some of the material governance issues for the financial services sector are policies and practices with regard to business ethics, board diversity and independence, compensation structure for board and KMPs, role of the audit committee and shareholders’ rights. On the social aspect, some of the critical issues for the sector are the contributions to financial inclusion and social development, responsible financing including environmentally friendly projects and policies around data privacy. The industry, by nature has a low exposure to environmental risks.
UGRO primarily lends to small businesses where access to funds is a challenge. The company proposes to facilitate financial inclusion and growth for MSMEs through secured or unsecured loans as well as supply chain finance. It is important for UGRO to assess the sustainability factors mainly related to environment, social and corporate governance practices for its lending portfolio. It has a well-articulated CSR policy and Smile Foundation, working under the ambit of UGRO, monitors the CSR activities of the company.
The company has adequate corporate governance policies on whistle blower programme and related party transactions; it has made adequate disclosures related to board and management compensation and outlines the policies related to diversity and ethical business practices in its code of conduct. UGRO’s board comprises of 6 Independent Directors, which is more than 50 percent of the total board members.
 

Rating Sensitivity

Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
­
  • Deviation in actual financial performance v/s company shared projections and profitability indicators to be tracked through RoAA and PPoP levels
  • Movement in collection efficiency and provision cover
  • Material deterioration in asset quality, reflected in consolidated GNPA rising above 4-5 percent, or a sustained increase in credit costs
  • Significant rise in gearing levels and/or weakening of liquidity buffers
Liquidity Position
Adequate
­The company has the flexibility to raise funds through securitisation transactions. As per the asset liability management (ALM) statement dated March 31 2026, UGRO has no negative cumulative mismatches for a period of one year. The company has cash and bank balance of about Rs. 1377.52 Cr. as on March 31, 2026 on the consolidated level. The company has debt repayments obligations of Rs 5112.15 Cr due in FY2027 as against  collections from loans /advances of Rs 6449.16 Cr for the same period.
 
Outlook: Not Applicable
­
 
Other Factors affecting Rating
­None
 
Key Financials - Standalone / Originator
­
Particulars Unit FY26 (Actual) FY25 (Actual)
Total Assets Rs. Cr. 12346.10 9168.31
Total Income* Rs. Cr. 937.85 814.08
PAT Rs. Cr. 113.37 143.93
Net Worth Rs. Cr. 2844.71 2046.39
Return on Average Assets (RoAA)** (%) 1.05 1.86
Return on Average Net Worth (RoNW) (%) 4.64 8.26
Debt/Equity Times 3.24 3.37
Gross NPA (Owned Book) (%) 3.66 2.35
Net NPA (Owned Book) (%) 2.24 1.32
*Total income equals to Net Interest Income plus other income
**RoAA is as per Acuité calculations, and is on average Total Assets;
 
Key Financials (Consolidated)
­
Particulars Unit FY26 (Actual) FY25 ( Actual)
Total Assets Rs. Cr. 14075.02 0.00
Total Income* Rs. Cr. 1056.80 0.00
PAT Rs. Cr. 174.81 0.00
Net Worth Rs. Cr. 2906.02 0.00
Return on Average Assets (RoAA)** (%) 2.48 0.00
Return on Average Net Worth (RoNW) (%) 12.03 0.00
Debt/Equity Times 3.74 0.00
Gross NPA  (%) 2.49 0.00
Net NPA  (%) 1.62 0.00
*Total income equals to Net Interest Income plus other income
**RoAA is as per Acuité calculations, and is on average Total Assets;
 
Status of non-cooperation with previous CRA (if applicable)
­None
 
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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
27 Jan 2026 Non-Covertible Debentures (NCD) Long Term 46.00 ACUITE A (Reaffirmed & Withdrawn)
Non-Covertible Debentures (NCD) Long Term 26.00 ACUITE A (Reaffirmed & Withdrawn)
Non-Covertible Debentures (NCD) Long Term 35.00 ACUITE A (Reaffirmed & Withdrawn)
Non-Covertible Debentures (NCD) Long Term 15.43 ACUITE Not Applicable (Withdrawn)
Non-Covertible Debentures (NCD) Long Term 19.64 ACUITE Not Applicable (Withdrawn)
Non-Covertible Debentures (NCD) Long Term 14.21 ACUITE Not Applicable (Withdrawn)
30 Jun 2025 Non-Covertible Debentures (NCD) Long Term 49.28 ACUITE A (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 46.00 ACUITE A (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 26.00 ACUITE A (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 35.00 ACUITE A (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE Not Applicable (Withdrawn)
Non-Covertible Debentures (NCD) Long Term 11.55 ACUITE Not Applicable (Withdrawn)
Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE Not Applicable (Withdrawn)
Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE Not Applicable (Withdrawn)
Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE Not Applicable (Withdrawn)
Non-Covertible Debentures (NCD) Long Term 7.80 ACUITE Not Applicable (Withdrawn)
Non-Covertible Debentures (NCD) Long Term 44.01 ACUITE Not Applicable (Withdrawn)
05 Jul 2024 Non-Covertible Debentures (NCD) Long Term 35.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 11.55 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 49.28 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 7.80 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 44.01 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 46.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 26.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE Not Applicable (Withdrawn)
Principal protected market linked debentures Long Term 20.00 ACUITE Not Applicable (Withdrawn)
Non-Covertible Debentures (NCD) Long Term 20.40 ACUITE Not Applicable (Withdrawn)
Secured Retail Non-Convertible Debentures Long Term 25.00 ACUITE Not Applicable (Withdrawn)
Principal protected market linked debentures Long Term 130.00 ACUITE Not Applicable (Withdrawn)
Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE Not Applicable (Withdrawn)
Non-Covertible Debentures (NCD) Long Term 39.17 ACUITE Not Applicable (Withdrawn)
Principal protected market linked debentures Long Term 15.00 ACUITE Not Applicable (Withdrawn)
06 Jul 2023 Term Loan Long Term 22.03 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 44.44 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 25.38 ACUITE A (Reaffirmed & Withdrawn)
Working Capital Demand Loan (WCDL) Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 10.00 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 50.00 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn)
Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 20.40 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 7.80 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 44.01 ACUITE A | Stable (Reaffirmed)
Secured Retail Non-Convertible Debentures Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 46.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 26.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 35.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 39.17 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 11.55 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 49.28 ACUITE A | Stable (Reaffirmed)
Commercial Paper Program Short Term 20.00 ACUITE Not Applicable (Withdrawn)
Principal protected market linked debentures Long Term 50.00 ACUITE Not Applicable (Withdrawn)
Principal protected market linked debentures Long Term 130.00 ACUITE PP-MLD A | Stable (Reaffirmed)
Principal protected market linked debentures Long Term 15.00 ACUITE PP-MLD A | Stable (Reaffirmed)
Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA- (CE) | Stable (Reaffirmed)
27 Mar 2023 Term Loan Long Term 1.20 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 6.00 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 28.88 ACUITE A (Reaffirmed & Withdrawn)
Cash Credit Long Term 10.00 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 18.89 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 10.55 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 8.75 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 15.00 ACUITE A (Reaffirmed & Withdrawn)
Secured Overdraft Long Term 1.00 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 3.33 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 6.03 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 20.95 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 15.00 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 35.15 ACUITE A (Reaffirmed & Withdrawn)
Secured Overdraft Long Term 1.00 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 30.00 ACUITE A (Reaffirmed & Withdrawn)
Secured Overdraft Long Term 31.68 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 23.05 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 10.00 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 18.75 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 68.75 ACUITE A (Reaffirmed & Withdrawn)
Secured Overdraft Long Term 10.00 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 15.00 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 50.00 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 20.00 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 50.00 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 19.44 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 30.00 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 40.00 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 16.11 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 22.03 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 49.28 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 8.75 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 45.00 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 43.34 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 35.02 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 24.83 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 16.66 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 22.00 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 23.75 ACUITE A (Reaffirmed & Withdrawn)
Term Loan Long Term 18.33 ACUITE A (Reaffirmed & Withdrawn)
Working Capital Demand Loan (WCDL) Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn)
Secured Overdraft Long Term 45.00 ACUITE A (Reaffirmed & Withdrawn)
Secured Overdraft Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn)
Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 10.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 46.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 26.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 35.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 39.17 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 11.55 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 20.40 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 7.80 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 44.01 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 44.44 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 25.38 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Working Capital Demand Loan (WCDL) Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Secured Retail Non-Convertible Debentures Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Commercial Paper Program Short Term 20.00 ACUITE A1 (Reaffirmed)
Commercial Paper Program Short Term 25.00 ACUITE Not Applicable (Withdrawn)
Commercial Paper Program Short Term 25.00 ACUITE Not Applicable (Withdrawn)
Commercial Paper Program Short Term 15.00 ACUITE Not Applicable (Withdrawn)
Commercial Paper Program Short Term 30.00 ACUITE Not Applicable (Withdrawn)
Proposed Commercial Paper Program Short Term 25.00 ACUITE Not Applicable (Withdrawn)
Proposed Commercial Paper Program Short Term 50.00 ACUITE Not Applicable (Withdrawn)
Commercial Paper Program Short Term 10.00 ACUITE Not Applicable (Withdrawn)
Commercial Paper Program Short Term 20.00 ACUITE Not Applicable (Withdrawn)
Commercial Paper Program Short Term 30.00 ACUITE Not Applicable (Withdrawn)
Commercial Paper Program Short Term 25.00 ACUITE Not Applicable (Withdrawn)
Proposed Non Convertible Debentures Long Term 13.64 ACUITE Not Applicable (Withdrawn)
Proposed principal protected market linked debentures Long Term 5.00 ACUITE Not Applicable (Withdrawn)
Proposed Long Term Loan Long Term 332.96 ACUITE Not Applicable (Withdrawn)
Term Loan Long Term 18.00 ACUITE Not Applicable (Withdrawn)
Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE Not Applicable (Withdrawn)
Non-Covertible Debentures (NCD) Long Term 35.00 ACUITE Not Applicable (Withdrawn)
Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE Not Applicable (Withdrawn)
Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE Not Applicable (Withdrawn)
Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE Not Applicable (Withdrawn)
Proposed Non Convertible Debentures Long Term 65.00 ACUITE Not Applicable (Withdrawn)
Principal protected market linked debentures Long Term 15.00 ACUITE PP-MLD A | Stable (Reaffirmed)
Principal protected market linked debentures Long Term 130.00 ACUITE PP-MLD A | Stable (Reaffirmed)
Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA- (CE) | Stable (Reaffirmed)
Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA- (CE) | Stable (Reaffirmed)
21 Feb 2023 Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 35.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE A | Stable (Reaffirmed)
Proposed Secured Non-Convertible Debentures Long Term 120.00 ACUITE A | Stable (Reaffirmed)
Proposed Non Convertible Debentures Long Term 65.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.20 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 6.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 28.88 ACUITE A | Stable (Reaffirmed)
Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 35.15 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 8.75 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 45.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 43.34 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 35.02 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 22.03 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 24.83 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 16.66 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Proposed Long Term Loan Long Term 332.96 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 18.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 22.00 ACUITE A | Stable (Reaffirmed)
Proposed Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed)
Proposed Non Convertible Debentures Long Term 107.85 ACUITE A | Stable (Reaffirmed)
Proposed Non Convertible Debentures Long Term 17.79 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 20.40 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 7.80 ACUITE A | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 44.01 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 23.75 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 18.33 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 44.44 ACUITE A | Stable (Reaffirmed)
Working Capital Demand Loan (WCDL) Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 25.38 ACUITE A | Stable (Reaffirmed)
Secured Overdraft Long Term 45.00 ACUITE A | Stable (Reaffirmed)
Secured Overdraft Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Secured Overdraft Long Term 1.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 30.00 ACUITE A | Stable (Reaffirmed)
Secured Overdraft Long Term 31.68 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 23.05 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 10.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 18.75 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 68.75 ACUITE A | Stable (Reaffirmed)
Secured Overdraft Long Term 10.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 15.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 20.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Working Capital Demand Loan (WCDL) Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 19.44 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 30.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 40.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 16.11 ACUITE A | Stable (Reaffirmed)
Secured Retail Non-Convertible Debentures Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 10.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 18.89 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 10.55 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 8.75 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 15.00 ACUITE A | Stable (Reaffirmed)
Secured Overdraft Long Term 1.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 3.33 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 6.03 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 20.95 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 15.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Commercial Paper Program Short Term 25.00 ACUITE A1 (Reaffirmed)
Commercial Paper Program Short Term 25.00 ACUITE A1 (Reaffirmed)
Commercial Paper Program Short Term 15.00 ACUITE A1 (Reaffirmed)
Commercial Paper Program Short Term 30.00 ACUITE A1 (Reaffirmed)
Proposed Commercial Paper Program Short Term 45.00 ACUITE A1 (Reaffirmed)
Proposed Commercial Paper Program Short Term 50.00 ACUITE A1 (Reaffirmed)
Commercial Paper Program Short Term 10.00 ACUITE A1 (Reaffirmed)
Commercial Paper Program Short Term 20.00 ACUITE A1 (Reaffirmed)
Commercial Paper Program Short Term 30.00 ACUITE A1 (Reaffirmed)
Commercial Paper Program Short Term 25.00 ACUITE A1 (Reaffirmed)
Principal protected market linked debentures Long Term 29.70 ACUITE Not Applicable (Withdrawn)
Principal protected market linked debentures Long Term 20.00 ACUITE Not Applicable (Withdrawn)
Principal protected market linked debentures Long Term 20.00 ACUITE Not Applicable (Withdrawn)
Proposed Market Linked Debentures Long Term 20.00 ACUITE PP-MLD A | Stable (Reaffirmed)
Principal protected market linked debentures Long Term 130.00 ACUITE PP-MLD A | Stable (Reaffirmed)
Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA- (CE) | Stable (Reaffirmed)
Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA- (CE) | Stable (Reaffirmed)
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Lender’s Name ISIN Facilities Listing Status Regulated By Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)		 Complexity Level Rating
Not Applicable Not avl. / Not appl. Proposed Commercial Paper Program Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 800.00 Simple ACUITE A1+ | Assigned
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.
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*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

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Sr.No. Company Name
1 Ugro Capital Limited
2 Profectus Capital Private Limited
3. DataSigns Technologies Private Limited
 

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List of instruments and names of regulators of the instruments
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