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Entity-Specific Rating Rationales

03 Sep 2025

Progfin Private Limited: Provisional [ICRA]A1+(SO) assigned to Series A1a PTCs, Provisional [ICRA]A1+(SO) assigned to Series A1b PTCs and Provisional [ICRA]A1(SO) assigned to Series A2 PTCs to be issued by Arceus 2025

Progfin Private Limited: Provisional [ICRA]A1+(SO) assigned to Series A1a PTCs, Provisional [ICRA]A1+(SO) assigned to Series A1b PTCs and Provisional [ICRA]A1(SO) assigned to Series A2 PTCs to be issued by Arceus 2025

28 Aug 2025

Progfin Private Limited: [ICRA]BBB+ (Stable) assigned to non-convertible debentures; ratings reaffirmed

Progfin Private Limited: [ICRA]BBB+ (Stable) assigned to non-convertible debentures; ratings reaffirmed

07 Aug 2025

Progfin Private Limited: Provisional [ICRA]A1+(SO) assigned to Series A1 PTC to be issued by Piastri 07 2025

Progfin Private Limited: Provisional [ICRA]A1+(SO) assigned to Series A1 PTC to be issued by Piastri 07 2025

06 Aug 2025

Progfin Private Limited: [ICRA]A2 assigned to commercial paper; earlier ratings reaffirmed

Progfin Private Limited: [ICRA]A2 assigned to commercial paper; earlier ratings reaffirmed

09 Jul 2025

Progfin Private Limited: Ratings reaffirmed; rated amount enhanced

Progfin Private Limited: Ratings reaffirmed; rated amount enhanced

10 Jun 2025

Progfin Private Limited: Long term rating of [ICRA]BBB+ (Stable) assigned and short term rating of [ICRA]A2 reaffirmed

Progfin Private Limited: Long term rating of [ICRA]BBB+ (Stable) assigned and short term rating of [ICRA]A2 reaffirmed

15 May 2025

Progfin Private Limited: [ICRA]A2 assigned

Progfin Private Limited: [ICRA]A2 assigned

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Entity-Specific Credit Perspective Reports

04 Sep 2025

Progfin Private Limited

Progfin Private Limited (SF)

12 Aug 2025

Progfin Private Limited

Progfin Private Limited (SF)

Ratings

Description
Short Term
Medium Term
Long Term
Issuer
Series A1a PTCs Provisional [ICRA]A1+(SO) -- -- --
Series A1b PTCs Provisional [ICRA]A1+(SO) -- -- --
Series A2 PTCs Provisional [ICRA]A1(SO) -- -- --
Non-Convertible Debentures -- -- [ICRA]BBB+(Stable) --
Series A1 PTC Provisional [ICRA]A1+ (SO) -- -- --
Commercial Paper [ICRA]A2 -- -- --
Long-term/Short- term fund-based bank facilities [ICRA]A2 -- [ICRA]BBB+(Stable) --

Our Analysts

Analyst 1

Sheetal Nayak

Analyst 2

Samratsingh Hazari

Sector Head

Manushree Sagar
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11 Sep 2025 04:00 PM

Residential Real Estate Sector- From Euphoria to Equilibrium: Has the Real Estate Rush Peaked?

Residential Real Estate Sector- From Euphoria to Equilibrium: Has the Real Estate Rush Peaked?
--By Ms. Anupama Reddy,Ms. Sweta Shroff
 5 days Left
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18 Sep 2025 04:00 PM

The Indian Pharmaceutical Industry- Industry at a Crossroads: Navigating Global Challenges and Local Opportunities

The Indian Pharmaceutical Industry- Industry at a Crossroads: Navigating Global Challenges and Local Opportunities
--By Ms. Kinjal Shah,Mr. Deepak Jotwani
 12 days Left
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13 Aug 2025 04:00 PM

ICRA Webinar on Indian Gas Utilities: Trends and Outlook

--By Mr Girishkumar Kadam,Mr Prashant Vasisht
PPT
30 Jul 2025 04:00 PM

Affordable Housing Finance- Trends and Outlook

--By Mr. Karthik Srinivasan,Mr. A M Karthik,Mr. Sandeep Sharma
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