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Entity-Specific Rating Rationales

30 Jun 2026

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 2026

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 2026

30 Jun 2026

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Provisional [ICRA]AAA(SO) assigned to PTCs backed by used car loan receivables issued by Phoenix Trust PTC June 2026

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Provisional [ICRA]AAA(SO) assigned to PTCs backed by used car loan receivables issued by Phoenix Trust PTC June 2026

18 May 2026

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating reaffirmed for Series A1 PTCs issued under used car loan receivables

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating reaffirmed for Series A1 PTCs issued under used car loan receivables

27 Apr 2026

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited) : Rating reaffirmed for Series A1 SNs issued under home loan receivables

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited) : Rating reaffirmed for Series A1 SNs issued under home loan receivables

20 Apr 2026

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating reaffirmed for PTCs issued under personal loans securitisation transaction

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating reaffirmed for PTCs issued under personal loans securitisation transaction

23 Mar 2026

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 Phoenix Trust PTC Oct 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 Phoenix Trust PTC Oct 2025

16 Mar 2026

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Long-term rating upgraded to [ICRA]AA+ (Stable)

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Long-term rating upgraded to [ICRA]AA+ (Stable)

27 Jan 2026

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Ratings reaffirmed for purchaser payouts and PTCs issued under four mortgage loan securitisation transactions

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Ratings reaffirmed for purchaser payouts and PTCs issued under four mortgage loan securitisation transactions

27 Jan 2026

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Ratings withdrawn for PTC and SLF issued under a mortgage loan securitisation transaction

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Ratings withdrawn for PTC and SLF issued under a mortgage loan securitisation transaction

21 Jan 2026

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating confirmed as final for Series A1 SNs backed by personal loan receivables issued by NEXA TRUST SEPT 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating confirmed as final for Series A1 SNs backed by personal loan receivables issued by NEXA TRUST SEPT 2025


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Entity-Specific Credit Perspective Reports

02 Jul 2026

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

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

02 Jul 2026

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

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

10 Apr 2026

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

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

27 Nov 2025

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

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

28 Oct 2025

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

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

23 Oct 2025

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

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

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)


Ratings

Description
Short Term
Medium Term
Long Term
Issuer
Series A1 PTCs -- -- Provisional [ICRA]AAA(SO) --
Series A1 PTCs -- -- Provisional [ICRA]AAA(SO) --
Series A1 PTCs -- -- [ICRA]AAA(SO) --
Series A1 SNs -- -- [ICRA]AAA(SO) --
Series A1 PTCs -- -- [ICRA]AA+(SO) --
Series A1 PTCs -- -- [ICRA]AAA(SO) --
Subordinated bonds/debt -- -- [ICRA]AA+(Stable) --
Long-term/Short-term – Fund-based/Non-fund based – Others [ICRA]A1+ -- [ICRA]AA+(Stable) --
Market Linked Debenture -- -- PP-MLD [ICRA]AA+(Stable) --
NCD -- -- [ICRA]AA+(Stable) --

Our Analysts

Analyst 1

Ekta Baheti

Analyst 2

Anubhav Agrawal

Sector Head

Manushree Saggar
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