ICRA An Affiliate of Moody's

Entity-Specific Rating Rationales

06 Feb 2026

JM Financial Products Limited: Ratings reaffirmed; rated amount enhanced and rating withdrawn for matured instruments

31 Dec 2025

JM Financial Products Limited: Ratings reaffirmed; rating withdrawn for matured instruments

03 Jan 2025

JM Financial Products Limited: Rating assigned to NCD and PP-MLD programmes; Ratings reaffirmed and withdrawn for matured instruments

15 Jul 2024

JM Financial Products Limited: Update on Material Event

05 Jul 2024

JM Financial Products Limited: Ratings reaffirmed

10 May 2024

JM Financial Products Limited: Ratings withdrawn

14 Mar 2024

JM Financial Products Limited: Update on Material Event

20 Oct 2023

JM Financial Products Limited: Ratings reaffirmed, rated amount enhanced, and [ICRA]AA (Stable) assigned to NCD programme

11 May 2023

JM Financial Products Limited: Ratings reaffirmed and rating assigned for NCD programme

02 Feb 2026

JM Financial Products Limited

JM Financial Products Limited (Non-SF)

04 Feb 2025

JM Financial Products Limited

JM Financial Products Limited (Non-SF)

20 Nov 2023

JM Financial Products Limited

JM Financial Products Limited (Non-SF)

Ratings

Description	Short Term	Medium Term	Long Term	Issuer
Non-Convertible Debenture	--	--	[ICRA]AA(Stable)	--
Long-term Market Linked Debentures (Principal Protected)	--	--	Withdrawn	--
Long-term fund-based bank lines	--	--	[ICRA]AA(Stable)	--
Commercial Paper(IPO Financing)	Withdrawn	--	--	--
Commercial Paper	[ICRA]A1+	--	--	--

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