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Entity-Specific Rating Rationales

31 Mar 2026

Muthoot Capital Services Limited: Provisional ratings assigned to instruments backed by a pool of two-wheeler loans receivables

Muthoot Capital Services Limited: Provisional ratings assigned to instruments backed by a pool of two-wheeler loans receivables

25 Nov 2025

Muthoot Capital Services Limited: Provisional [ICRA]AA+(CE) (Stable) assigned; rating reaffirmed

Muthoot Capital Services Limited: Provisional [ICRA]AA+(CE) (Stable) assigned; rating reaffirmed

14 Oct 2025

Muthoot Capital Services Limited: Ratings reaffirmed for PTCs issued under two-wheeler loan securitisation transaction

Muthoot Capital Services Limited: Ratings reaffirmed for PTCs issued under two-wheeler loan securitisation transaction

11 Sep 2025

Muthoot Capital Services Limited: Ratings confirmed as final for PTCs backed by pool of two-wheeler loans receivables issued by Summit 2025

Muthoot Capital Services Limited: Ratings confirmed as final for PTCs backed by pool of two-wheeler loans receivables issued by Summit 2025

25 Jun 2025

Muthoot Capital Services Limited: Provisional ratings assigned to PTCs backed by a pool of two-wheeler loans receivables

Muthoot Capital Services Limited: Provisional ratings assigned to PTCs backed by a pool of two-wheeler loans receivables

17 Feb 2025

Muthoot Capital Services Limited: [ICRA]A+ (Stable) assigned

Muthoot Capital Services Limited: [ICRA]A+ (Stable) assigned

28 Nov 2024

Muthoot Capital Services Limited: Ratings confirmed as final for PTCs backed by pool of two-wheeler loans receivables issued by Azalea 2024

Muthoot Capital Services Limited: Ratings confirmed as final for PTCs backed by pool of two-wheeler loans receivables issued by Azalea 2024

18 Oct 2024

Muthoot Capital Services Limited: Provisional [ICRA]AAA(SO) assigned to PTC Series A1a and Provisional [ICRA]A(SO) assigned to PTC Series A1b issued by Azalea 2024, backed by a pool of two-wheeler loans

Muthoot Capital Services Limited: Provisional [ICRA]AAA(SO) assigned to PTC Series A1a and Provisional [ICRA]A(SO) assigned to PTC Series A1b issued by Azalea 2024, backed by a pool of two-wheeler loans

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Entity-Specific Credit Perspective Reports

02 Apr 2026

Muthoot Capital Services Limited

Muthoot Capital Services Limited (SF)

30 Dec 2025

Muthoot Capital Services Limited

Muthoot Capital Services Limited (Non-SF)

01 Jul 2025

Muthoot Capital Services Limited

Muthoot Capital Services Limited (SF)

17 Mar 2025

Muthoot Capital Services Limited

Muthoot Capital Services Limited (Non-SF)

18 Oct 2024

Muthoot Capital Services Limited

Muthoot Capital Services Limited (SF)

Ratings

Description
Short Term
Medium Term
Long Term
Issuer
SN Series A1 -- -- Provisional [ICRA]AA+(SO) --
Equity tranche -- -- Provisional [ICRA]A+(SO) --
NCDs -- -- Provisional [ICRA]AA+(CE) (Stable) --
PTC Series A1a -- -- [ICRA]AAA(SO) --
PTC Series A1a -- -- [ICRA]AAA(SO) --
PTC Series A1b -- -- [ICRA]A(SO) --
PTC Series A2 -- -- [ICRA]BBB+(SO) --
Non Convertible Debenture -- -- [ICRA]A+(Stable) --
PTC Series A1b -- -- [ICRA]A(SO) --
Turaco IFMR Capital 2017 PTC Series A1 -- -- Withdrawn --

Our Analysts

Analyst 1

Shivam Dussawar

Analyst 2

Gaurav Mashalkar

Sector Head

Manushree Saggar
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