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Entity-Specific Rating Rationales

30 Dec 2025

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.): Provisional [ICRA]AA+(SO) assigned to PTC Series A1 and Provisional [ICRA]A(SO) assigned to Equity Tranche PTCs issued by SBL Lavanya 1225, backed by a pool of unsecured business loans

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.): Provisional [ICRA]AA+(SO) assigned to PTC Series A1 and Provisional [ICRA]A(SO) assigned to Equity Tranche PTCs issued by SBL Lavanya 1225, backed by a pool of unsecured business loans

12 Nov 2025

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.): [ICRA]A (Stable) assigned to Rs. 400-crore NCD programme; rating reaffirmed and rated amount enhanced

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.): [ICRA]A (Stable) assigned to Rs. 400-crore NCD programme; rating reaffirmed and rated amount enhanced

12 Nov 2025

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.): Provisional [ICRA]AA(SO) assigned to PTC Series A1 and Provisional [ICRA]A+(SO) assigned to Series B PTCs issued by AJANTA 03 TRUST 2025, backed by a pool of unsecured business loans

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.): Provisional [ICRA]AA(SO) assigned to PTC Series A1 and Provisional [ICRA]A+(SO) assigned to Series B PTCs issued by AJANTA 03 TRUST 2025, backed by a pool of unsecured business loans

29 Sep 2025

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.): Ratings reaffirmed for PTCs issued under unsecured business loan securitisation transaction

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.): Ratings reaffirmed for PTCs issued under unsecured business loan securitisation transaction

28 Jul 2025

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.): Rating actions for PTCs issued under unsecured business loan securitisation transactions

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.): Rating actions for PTCs issued under unsecured business loan securitisation transactions

22 Jul 2025

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.) : Ratings confirmed as final for PTCs backed by unsecured business loan receivables issued by HITHIKA 01 TRUST 2025

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.) : Ratings confirmed as final for PTCs backed by unsecured business loan receivables issued by HITHIKA 01 TRUST 2025

06 Jun 2025

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.): Provisional [ICRA]AA+(SO) assigned to PTC Series A1 and Provisional [ICRA]A+(SO) assigned to Equity Tranche PTCs issued by HITHIKA 01 TRUST 2025, backed by a pool of unsecured business loans

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.): Provisional [ICRA]AA+(SO) assigned to PTC Series A1 and Provisional [ICRA]A+(SO) assigned to Equity Tranche PTCs issued by HITHIKA 01 TRUST 2025, backed by a pool of unsecured business loans

30 May 2025

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.) : Ratings confirmed as final for PTCs backed by unsecured business loan receivables issued by SBL Sarika 0225

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.) : Ratings confirmed as final for PTCs backed by unsecured business loan receivables issued by SBL Sarika 0225

28 May 2025

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.): Rating upgraded for PTCs issued under unsecured business loan securitisation transaction

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.): Rating upgraded for PTCs issued under unsecured business loan securitisation transaction

19 Mar 2025

Aye Finance Limited: Provisional [ICRA]AA+(SO) assigned to PTC Series A1 and Provisional [ICRA]AA(SO) assigned to Equity Tranche PTCs issued by SBL Sarika 0225, backed by a pool of unsecured business loans

Aye Finance Limited: Provisional [ICRA]AA+(SO) assigned to PTC Series A1 and Provisional [ICRA]AA(SO) assigned to Equity Tranche PTCs issued by SBL Sarika 0225, backed by a pool of unsecured business loans


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Entity-Specific Credit Perspective Reports

07 Jan 2026

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.)

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.) (SF)

10 Dec 2025

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.)

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.) (Non-SF)

17 Nov 2025

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.)

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.) (Non-SF)

06 Jun 2025

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.)

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.) (SF)

01 Apr 2025

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.)

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.) (SF)

02 Jan 2025

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.)

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.) (SF)

05 Nov 2024

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.)

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.) (Non-SF)

02 Jul 2024

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.)

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.) (SF)

04 Jun 2024

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.)

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.) (SF)

02 May 2024

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.)

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.) (SF)


Ratings

Description
Short Term
Medium Term
Long Term
Issuer
PTC Series A1 -- -- Provisional [ICRA]AA+ (SO) --
Equity Tranche PTC -- -- Provisional [ICRA]A (SO) --
Long term Bank facilities – Unallocated -- -- [ICRA]A(Stable) --
PTC Series A1 -- -- Provisional [ICRA]AA (SO) --
Series B PTCs -- -- Provisional [ICRA]A+ (SO) --
Non-Convertible Debenture -- -- [ICRA]A(Stable) --
PTC Series A1 -- -- [ICRA]AA(SO) --
PTC Series A1 -- -- [ICRA]AA(SO) --
PTC Series A -- -- [ICRA]AA+(SO) --
PTC Series A1 -- -- [ICRA]AA+(SO) --

Our Analysts

Analyst 1

Ritu Rita

Analyst 2

Gaurav Mashalkar

Sector Head

Manushree Sagar
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