Press Release

Press Release

July 06, 2026

WEST BENGAL STATE ELECTRICITY DISTRIBUTION COMPANY LIMITED
Rating Upgraded

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	9035.23	ACUITE A- \| Stable \| Upgraded	-	RBI
Bank Loan Ratings	0.00	2000.00	-	ACUITE A2+ \| Upgraded	RBI
Total Outstanding	0.00	11035.23	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 upgraded the long-term rating to ACUITE A- (read as ACUITE A minus) from 'ACUITE BBB+' (read as ACUITE triple B plus) and the short-term rating to ACUITE A2+ (read as ACUITE A two plus) from 'ACUITE A2' (read as ACUITE A two) on the Rs. 11035.23 Cr. bank facilities of West Bengal State Electricity Distribution Company Limited (WBSEDCL). The outlook remains 'Stable'.

Rationale for Rating
The rating upgrade factors in the sustained improvement in the Company’s operational performance, supported by a highly efficient collection mechanism of ~99.16% in FY26 aided by a fully computerized billing system and smart metering along with reduction in AT &C losses. The rating strength is underpinned by WBSEDCL’s large and diversified consumer base of 2.46 crore in FY26, with a favourable consumption mix skewed towards domestic and industrial segments, supporting stable revenue generation. The company has demonstrated improvement in operating income despite the unchanged tariff rate, supported by the MVCA mechanism, although timely release of regulatory assets and tariff revisions remain key monitorable. The rating further draws comfort as it serves as a strategically significant entity, forming the backbone of the state’s power sector infrastructure and financial flexibility available being a wholly owned undertaking of GoWB. The financial risk profile remains healthy, characterized by improvement in tangible net worth due to accretion to reserves, continued equity infusion from the Government of West Bengal and deferred grants, along with a comfortable capital structure. Liquidity is adequate, marked by sufficient net cash accruals against yearly debt obligations, moderate bank limit utilization, surplus cash and bank balances, unencumbered fixed deposits, and support from customer security deposits. The rating also considers the company’s ongoing capex plans, which is expected to enhance operational efficiency and support long-term growth, albeit with execution risks given the large scale of planned investments. However, the benefits are partially constrained by an intensive working capital cycle, primarily due to increased regulatory assets.

About the Company

West Bengal State Electricity Distribution Company Limited (WBSEDCL) was incorporated in 2007 and is wholly owned by the Government of West Bengal. The company is primarily engaged in the distribution of electricity across the State of West Bengal. WBSEDCL was formed following the unbundling of the West Bengal State Electricity Board (WBSEB), which previously operated across the full power sector value chain, including generation, transmission, and distribution. The company holds the power distribution licence for nearly the entire State of West Bengal, except for certain areas served by private distribution licensees. Currently, the company has a consumer strength of around 2.46 Crore till FY26.

Unsupported Rating

ACUITE BBB+/Stable

Analytical Approach

Acuité has taken a standalone view of the business and financial risk profile of WBSEDCL to arrive at the rating. Acuité has also factored in benefits emanating from the 100% ownership by Government of West Bengal.

Key Rating Drivers

Strengths

Continuous support from the Government of West Bengal

WBSEDCL is a wholly owned undertaking of the West Bengal government and is a strategically important entity which forms the backbone of the power sector infrastructure for West Bengal. The status of the company as a 100 per cent Government of West Bengal (GoWB) owned entity provides financial flexibility. The ability of WBSEDCL to acquire funding at affordable costs and to deploy financial resources from various financial institutions and multilateral development organisations further supports the credit profile of the company. The rating factors in the ongoing support extended by GoWB to WBSEDCL. Acuité believes that WBSEDCL, being a 100 per cent undertaking of GoWB, shall continue to benefit from the financial, operational and management support from time to time. The GoWB has consistently shown its financial support by lending money to WBSEDCL. Any changes in the ownership pattern of WBSEDCL or any circumstance that has an impact on GoWB's overall credit profile will continue to be a primary rating sensitivity.

Favourable consumption mix

WBSEDCL has a favourable consumption mix with domestic and industrial connections accounting for about ~69 per cent, while commercial connection accounts for about ~14 per cent in FY2025. Apart from these, the company supplies to railways, irrigation and other sectors. Since the industrial consumption commands a higher tariff, this augurs well for the revenues of the company.

Increase in revenue and operating margin in FY26
The company has achieved revenues from sale of energy and other operating revenue of Rs. 37,072.07 Cr. in FY2026 as against Rs. 35,798.90 Cr. in FY2025 supported by increase in the number of consumers that led to increase in volume sold despite the unchanged tariff rate. Further, the company has metered ~100% supply across the segments where the billing procedure is fully computerized leading to an efficient collection cycle of ~99.16% in FY26. The company has registered significant improvement in the operating margin and stood at 6.42 per cent in FY2026 as compared to 3.63 per cent in FY2025. This was due to decrease in pool rate of power purchase cost (which constitutes 80% of the cost). Acuite believes that the scale of operations will improve over the medium term backed by increase in industrial consumption along with efficient collection mechanism.

Healthy Financial risk profile

The tangible net worth of the company stood at Rs.27,621.33 Cr. as on March 31, 2026, as against Rs. 26,942.09 Cr. as on March 31, 2025, due to accretion to reserves, equity infusion from GoWB for capex and deferred grants and consumer contributions. The gearing of the company stood modest at 0.51 times in FY26 from 0.55 times in FY25. In FY26. The Total Outside Liabilities/Tangible Net Worth (TOL/TNW) remained stable at 1.65 times in FY26 and FY25. The debt protection metrics of the company remain moderate marked by Interest coverage ratio (ICR) of 2.48 times and debt service coverage ratio (DSCR) of 1.14 times for FY2026. Acuite believes going forward the financial risk profile will remain on similar levels backed by large debt funded capex plans.

Weaknesses

Regulated nature of operations

The revenues are influenced by the regulatory framework governing the power sector. Revenues of players such as WBSEDCL are determined by state electricity regulatory commissions. The West Bengal Electricity Regulatory Commission (WBERC) takes into account key parameters such as the cost structure and expected return on capital employed to arrive at distribution tariffs. Acuité believes that significant changes in the regulatory environment will impinge on the credit profile of the company.

Intensive Working Capital Cycle

The working capital cycle of the company has improved but still intensive marked by Gross Current Assets (GCA) of 319 days for FY2026 as compared to 339 days for FY2025. High GCA days are due to high amount of regulatory assets of Rs.22,368.62 Cr. and high cash and bank balances of Rs. 541.92 crore for FY2026. The inventory days of the company stood at 4 days in FY2026 as against 3 days in FY25. The debtor days stood on similar levels at 61 days in FY26 as against 65 days in FY25. The creditor days stood at 194 days in FY26 as against 170 days in FY25. This was mainly due to mismatch between actual cost incurred and tariff approved by the regulator. Acuite believes that the working capital cycle will remain on the same levels as evident from accumulation of huge regulatory assets, efficient collection mechanism and low inventory levels over the medium term.

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)

Acuite takes into consideration the benefit derived by WBSEDCL from the 100% ownership of Government of West Bengal, directly.

Stress Case Scenario

While the rating has been derived on the standalone credit risk profile and cash flows of the company, Acuite believes given the 100% holding of Govt of West Bengal ; in case of any stress case scenario, the required support would come from the state of West Bengal.

Rating Sensitivities

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

Improvement in Debt/EBITDA below 2.50x
Reduction in AT&C losses coupled with efficient collection mechanism and timely tariff revision leading to growth in revenue and net cash accruals

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

Increase in Debt/EBITDA by 4.50%
Deterioration in liquidity profile

Liquidity Position

Adequate

The company has adequate liquidity marked by net cash accruals of Rs. 2533.25 Cr. as on March 31, 2026, as against Rs. 2007.93 Cr. long term debt obligations over the same period. In case, the accruals are insufficient, the same gets met out of government grants which were received on a timely basis for debt repayments. Going forward, Acuite believes that accruals will be sufficient to meet the debt obligations. The current ratio of the company stood at 1.09 times in FY2026 as against 1.19 times in FY25 on account of high other current liabilities arising from employee benefit obligation and other liabilities such as earnest money, security deposits, liability of O& M supplies and retention money deducted. The company has surplus cash and bank balances stood at Rs.541.92 Cr. in FY26 as against Rs.380.93 Cr. in FY25. The unencumbered fixed deposits stood at Rs.747.05 Cr. in FY26 from Rs.640.61 Cr. in FY25. The bank limit utilization for the fund-based limits for last 12 months ended December 25 stood at 63%. Further, security deposits from customers provide additional liquidity comfort. The liquidity position of the company continues to be constrained with the lack of tariff revision and timely receipt of subsidy from the State Government, translating to a buildup of large regulatory assets. Acuite believes that the liquidity of the company is expected to remain on same levels over the medium term on account of comfortable cash accruals against long debt repayments, surplus cash and bank balances and maintenance of free fixed deposits coupled with moderate bank limit utilization over the medium term.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Actual)	FY 25 (Actual)
Operating Income	Rs. Cr.	37072.07	35798.90
PAT	Rs. Cr.	48.58	120.35
PAT Margin	(%)	0.13	0.34
Total Debt/Tangible Net Worth	Times	0.51	0.55
PBDIT/Interest	Times	2.48	2.27

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
• 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

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
28 Apr 2025	Letter of Credit	Short Term	100.00	ACUITE A2 (Reaffirmed)
	Letter of Credit	Short Term	100.00	ACUITE A2 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	100.00	ACUITE A2 (Reaffirmed)
	Letter of Credit	Short Term	200.00	ACUITE A2 (Reaffirmed)
	Letter of Credit	Short Term	500.00	ACUITE A2 (Reaffirmed)
	Letter of Credit	Short Term	300.00	ACUITE A2 (Reaffirmed)
	Letter of Credit	Short Term	100.00	ACUITE A2 (Reaffirmed)
	Proposed Letter of Credit	Short Term	100.00	ACUITE A2 (Reaffirmed)
	Proposed Letter of Credit	Short Term	500.00	ACUITE A2 (Reaffirmed)
	Term Loan	Long Term	345.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	200.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	300.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	150.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	800.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	315.11	ACUITE BBB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	700.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	300.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	800.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	950.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	100.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	700.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	0.18	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	74.94	ACUITE BBB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	1250.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	350.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	1000.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	200.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	500.00	ACUITE BBB+ \| Stable (Reaffirmed)
19 Mar 2025	Letter of Credit	Short Term	100.00	ACUITE A2 (Upgraded from ACUITE A3+)
	Letter of Credit	Short Term	100.00	ACUITE A2 (Upgraded from ACUITE A3+)
	Bank Guarantee (BLR)	Short Term	100.00	ACUITE A2 (Upgraded from ACUITE A3+)
	Letter of Credit	Short Term	200.00	ACUITE A2 (Upgraded from ACUITE A3+)
	Letter of Credit	Short Term	100.00	ACUITE A2 (Upgraded from ACUITE A3+)
	Proposed Letter of Credit	Short Term	100.00	ACUITE A2 (Upgraded from ACUITE A3+)
	Proposed Letter of Credit	Short Term	500.00	ACUITE A2 (Upgraded from ACUITE A3+)
	Letter of Credit	Short Term	500.00	ACUITE A2 (Upgraded from ACUITE A3+)
	Letter of Credit	Short Term	300.00	ACUITE A2 (Upgraded from ACUITE A3+)
	Term Loan	Long Term	315.11	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Cash Credit	Long Term	700.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Cash Credit	Long Term	300.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Cash Credit	Long Term	800.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Cash Credit	Long Term	950.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Cash Credit	Long Term	100.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Cash Credit	Long Term	700.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Cash Credit	Long Term	200.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Cash Credit	Long Term	500.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Cash Credit	Long Term	1000.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Cash Credit	Long Term	300.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Cash Credit	Long Term	200.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Cash Credit	Long Term	1250.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Cash Credit	Long Term	350.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Cash Credit	Long Term	150.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Cash Credit	Long Term	800.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Term Loan	Long Term	315.12	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Term Loan	Long Term	29.88	ACUITE BBB+ \| Stable (Assigned)
	Term Loan	Long Term	74.94	ACUITE BBB+ \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	0.18	ACUITE BBB+ \| Stable (Assigned)
22 Dec 2023	Letter of Credit	Short Term	100.00	ACUITE A3+ (Reaffirmed)
	Letter of Credit	Short Term	100.00	ACUITE A3+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	100.00	ACUITE A3+ (Reaffirmed)
	Letter of Credit	Short Term	200.00	ACUITE A3+ (Reaffirmed)
	Letter of Credit	Short Term	100.00	ACUITE A3+ (Reaffirmed)
	Proposed Letter of Credit	Short Term	100.00	ACUITE A3+ (Reaffirmed)
	Proposed Letter of Credit	Short Term	500.00	ACUITE A3+ (Reaffirmed)
	Letter of Credit	Short Term	500.00	ACUITE A3+ (Reaffirmed)
	Letter of Credit	Short Term	300.00	ACUITE A3+ (Reaffirmed)
	Term Loan	Long Term	630.23	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	700.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	300.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	800.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	950.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	100.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	700.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	200.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	500.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	1000.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	300.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	200.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	1250.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	350.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	150.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	800.00	ACUITE BBB \| Stable (Reaffirmed)
02 Aug 2023	Letter of Credit	Short Term	100.00	ACUITE A3+ (Reaffirmed)
	Letter of Credit	Short Term	100.00	ACUITE A3+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	100.00	ACUITE A3+ (Reaffirmed)
	Letter of Credit	Short Term	200.00	ACUITE A3+ (Reaffirmed)
	Letter of Credit	Short Term	300.00	ACUITE A3+ (Reaffirmed)
	Letter of Credit	Short Term	500.00	ACUITE A3+ (Assigned)
	Letter of Credit	Short Term	100.00	ACUITE A3+ (Reaffirmed)
	Proposed Letter of Credit	Short Term	205.04	ACUITE A3+ (Reaffirmed)
	Proposed Letter of Credit	Short Term	500.00	ACUITE A3+ (Assigned)
	Term Loan	Long Term	525.19	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	700.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	300.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	800.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	950.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	100.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	700.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	200.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	500.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	1250.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	350.00	ACUITE BBB \| Stable (Assigned)
	Cash Credit	Long Term	200.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	1000.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	300.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	800.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	150.00	ACUITE BBB \| Stable (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
ICICI BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE A2+ \| Upgraded ( from ACUITE A2 )
Indian Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	850.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
INDIAN OVERSEAS BANK	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	200.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Punjab and Sind Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	500.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
State Bank of India	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1000.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
UCO BANK	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	300.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Bank Of Baroda	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	700.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
BANK OF INDIA (BOI)	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	300.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
BANK OF INDIA (BOI)	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	800.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Canara Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	950.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
ICICI BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Punjab National Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	200.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Punjab National Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1250.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Punjab National Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	350.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Union Bank of India	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	800.00	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Punjab National Bank	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	500.00	Simple	ACUITE A2+ \| Upgraded ( from ACUITE A2 )
Punjab National Bank	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	300.00	Simple	ACUITE A2+ \| Upgraded ( from ACUITE A2 )
Canara Bank	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE A2+ \| Upgraded ( from ACUITE A2 )
BANK OF INDIA (BOI)	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE A2+ \| Upgraded ( from ACUITE A2 )
Union Bank of India	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE A2+ \| Upgraded ( from ACUITE A2 )
Indian Bank	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	200.00	Simple	ACUITE A2+ \| Upgraded ( from ACUITE A2 )
Not Applicable	Not avl. / Not appl.	Proposed Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE A2+ \| Upgraded ( from ACUITE A2 )
Not Applicable	Not avl. / Not appl.	Proposed Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	500.00	Simple	ACUITE A2+ \| Upgraded ( from ACUITE A2 )
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.	113.43	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Sep 2021	Not avl. / Not appl.	30 Jun 2027	210.08	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	09 Sep 2024	Not avl. / Not appl.	01 Sep 2029	336.78	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )
Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	02 Mar 2026	Not avl. / Not appl.	31 Mar 2033	74.94	Simple	ACUITE A- \| Stable \| Upgraded ( from ACUITE BBB+ )

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

Sr. No.	Company name
1	West Bengal State Electricity Distribution Company Limited
2	Government of West Bengal

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Manvi Khaitan
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:
A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	SEBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11	Fixed Deposits raised by NBFCs, Banks, HFCs, FIs	RBI
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts	SEBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs)	RBI
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁴ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁶	Not applicable

⁶ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.