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Entity-Specific Rating Rationales

08 Oct 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating reaffirmed for PTCs backed by used car loan receivables issued by Naman Trust PTC Sept 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating reaffirmed for PTCs backed by used car loan receivables issued by Naman Trust PTC Sept 2025

30 Sep 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Provisional [ICRA]AA+(SO) assigned to SNs backed by personal loan receivables issued by NEXA TRUST SEPT 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Provisional [ICRA]AA+(SO) assigned to SNs backed by personal loan receivables issued by NEXA TRUST SEPT 2025

29 Sep 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Provisional [ICRA]AAA(SO) assigned to PTCs backed by used car loan receivables issued by Naman Trust PTC Sept 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Provisional [ICRA]AAA(SO) assigned to PTCs backed by used car loan receivables issued by Naman Trust PTC Sept 2025

26 Sep 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): [ICRA]AA (Stable) assigned to fresh NCD/retail NCD programmes; ratings reaffirmed and rated amount enhanced; rating withdrawn for matured instruments

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): [ICRA]AA (Stable) assigned to fresh NCD/retail NCD programmes; ratings reaffirmed and rated amount enhanced; rating withdrawn for matured instruments

05 Sep 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Provisional [ICRA]AA+(SO) assigned to PTCs backed by personal loan receivables issued by VED TRUST PTC JULY 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Provisional [ICRA]AA+(SO) assigned to PTCs backed by personal loan receivables issued by VED TRUST PTC JULY 2025

18 Aug 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating reaffirmed for securitisation notes issued under mortgage loan securitisation transaction

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating reaffirmed for securitisation notes issued under mortgage loan securitisation transaction

21 Jul 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating reaffirmed for securitisation notes issued under mortgage loan securitisation transaction

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating reaffirmed for securitisation notes issued under mortgage loan securitisation transaction

17 Jul 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating confirmed as final for Series A1 PTCs backed by used car loan receivables issued by Naman Trust PTC June 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating confirmed as final for Series A1 PTCs backed by used car loan receivables issued by Naman Trust PTC June 2025

27 Jun 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating reaffirmed for securitisation notes issued under mortgage loan securitisation transactions

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating reaffirmed for securitisation notes issued under mortgage loan securitisation transactions

25 Jun 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Provisional [ICRA]AAA(SO) assigned to PTCs backed by used car loan receivables issued by Naman Trust PTC June 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Provisional [ICRA]AAA(SO) assigned to PTCs backed by used car loan receivables issued by Naman Trust PTC June 2025


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Entity-Specific Credit Perspective Reports

07 Oct 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited)

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited) (SF)

05 Sep 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited)

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited) (SF)

01 Jul 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited)

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited) (SF)

28 Mar 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited)

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited) (SF)

27 Jan 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited)

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited) (Non-SF)

15 Jan 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited)

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited) (SF)

13 Jan 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited)

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited) (SF)

01 Jul 2024

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited)

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited) (SF)

11 Jun 2024

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited)

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited) (SF)

28 Mar 2024

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited)

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited) (SF)


Ratings

Description
Short Term
Medium Term
Long Term
Issuer
Series A1 PTCs -- -- Provisional [ICRA]AAA (SO) --
Series A1 SNs -- -- Provisional [ICRA]AA+ (SO) --
Non-Convertible Debenture -- -- [ICRA]AA(Stable) --
Retail Non-Convertible Debenture -- -- [ICRA]AA(Stable) --
Long Term/Short Term - Fund Based/Non-fund Based [ICRA]A1+ -- [ICRA]AA(Stable) --
Series A1 PTCs -- -- Provisional [ICRA]AA+ (SO) --
Series A SN -- -- [ICRA]AAA(SO) --
Series A SN -- -- [ICRA]AAA(SO) --
Series A1 PTCs -- -- [ICRA]AAA(SO) --
Series A SN -- -- [ICRA]AAA(SO) --

Our Analysts

Analyst 1

Ekta Baheti

Analyst 2

Anubhav Agrawal

Sector Head

Manushree Sagar
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