ICRA An Affiliate of Moody's

Entity-Specific Rating Rationales

23 Mar 2026

Piramal Finance Limited : Rating reaffirmed for PTCs issued under loan against property receivables securitisation transaction

23 Mar 2026

Piramal Finance Limited: Rating reaffirmed for PTCs issued under personal loans securitisation transaction

26 Sep 2025

Piramal Enterprises Limited: Ratings withdrawn

17 Mar 2025

Piramal Enterprises Limited: Rating confirmed as final for PTCs backed by personal loan receivables issued by Ved Trust PTC 2024

17 Mar 2025

Piramal Enterprises Limited: Rating confirmed as final for PTCs backed by loan against property receivables issued by Niveda Trust November 2024

26 Dec 2024

Piramal Enterprises Limited: Ratings reaffirmed; rating withdrawn for matured instruments

18 Dec 2024

Piramal Enterprises Limited: Provisional [ICRA]AA+(SO) assigned to PTCs backed by personal loan receivables issued by Ved Trust PTC 2024

03 Dec 2024

Piramal Enterprises Limited: Provisional [ICRA]AAA(SO) assigned to PTCs backed by loan against property receivables issued by Niveda Trust November 2024

16 May 2024

Piramal Enterprises Limited: Update on Material Event; matured instruments withdrawn

29 Dec 2023

Piramal Enterprises Limited: Ratings reaffirmed; rated amount enhanced

Entity-Specific Credit Perspective Reports

27 Jan 2025

Piramal Finance Limited

Piramal Finance Limited (Non-SF)

24 Dec 2024

Piramal Finance Limited

Piramal Finance Limited (SF)

17 Dec 2024

Piramal Finance Limited

Piramal Finance Limited (SF)

01 Aug 2023

Piramal Finance Limited

Piramal Finance Limited (Non-SF)

Ratings

Description	Short Term	Medium Term	Long Term	Issuer
Series A1 PTCs	--	--	[ICRA]AA+(SO)	--
Series A PTCs	--	--	[ICRA]AAA(SO)	--
Long-term/Short-term Fund-based/ Non-fund Based Bank Lines	Withdrawn	--	Withdrawn	--
Retail Non-Convertible Debenture	--	--	Withdrawn	--
Non-Convertible Debenture	--	--	Withdrawn	--
Short term Debt	Withdrawn	--	--	--
Long-term - Fund-based TL	--	--	*	--
Long-term/Short-term Fund-based	*	--	*	--
Short Term- Non-fund Based	*	--	--	--
Short term fund-based	*	--	--	--

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