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ICRA Limited is an Independent and professional investment information & Credit Rating Agency.
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As an early entrant in the Credit Rating business, ICRA Limited (ICRA) is one of the most experienced Credit Rating
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Rating Rationales

Suraj Products Limited: Ratings upgraded to [ICRA]BBB+(Stable)/[ICRA]A2 08 May 2026

LIC Mutual Fund Asset Management Limited: Ratings reaffirmed 08 May 2026

Midland Microfin Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Medius 01 2026 08 May 2026
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ICRA Research

ICRA industry research provides unique research offering for 60+ sectors in India wherein 250+ Ratings analysts
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Special Comments

Monthly Research Compendium 08 May 2026

RBI releases final ECL framework; impact on banks’ capitalisation profile likely to be moderate 30 Apr 2026

RBI’s final directions on capital charge for credit risk indicate capital release for banks and push for increased lending to MSMEs 30 Apr 2026
Most Trending Reports

AUM surpasses Rs. 10 lakh crore; performance likely to remain resilient despite macroeconomic and competitive pressure 30 Apr 2026

Growth momentum to sustain at a range-bound pace in FY2027 30 Apr 2026

Production volumes up by 8.6% YoY in FY2026 24 Apr 2026
Credit Perspective
About Credit Perspective Reports

ICRA industry research provides unique research offering for 60+ sectors in India wherein 250+ Ratings analysts
Know more
Special Comments

Monthly Research Compendium 08 May 2026

RBI releases final ECL framework; impact on banks’ capitalisation profile likely to be moderate 30 Apr 2026

RBI’s final directions on capital charge for credit risk indicate capital release for banks and push for increased lending to MSMEs 30 Apr 2026
Most Trending Research

AUM surpasses Rs. 10 lakh crore; performance likely to remain resilient despite macroeconomic and competitive pressure 30 Apr 2026

Growth momentum to sustain at a range-bound pace in FY2027 30 Apr 2026

Production volumes up by 8.6% YoY in FY2026 24 Apr 2026
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What's in the news?

Why domestic carriers are issuing Mayday calls - Financial Express 04 May 2026

Oil hits 4 year high rupee record low as supply fears rise - Mint 01 May 2026

Aviation losses to persist - The Financial Express 30 April 2026
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Star Rays

Sector : Consumer Durables Sub Sectors : Gems, Jewellery And Watches

25 Mar 2024 Star Rays: Star Rays-CPR-25032024

Home Credit Perspective Reports Star Rays

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Entity-Specific Rating Rationales

23 Sep 2025

Star Rays: Ratings placed on Watch with Negative Implications

Star Rays: Ratings placed on Watch with Negative Implications

27 May 2025

Star Rays: Ratings downgraded to [ICRA]BBB+(Stable)/[ICRA]A2

Star Rays: Ratings downgraded to [ICRA]BBB+(Stable)/[ICRA]A2

26 Feb 2024

Star Rays: Ratings reaffirmed

Star Rays: Ratings reaffirmed

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Entity-Specific Credit Perspective Reports

25 Mar 2024

Star Rays

Star Rays (Non-SF)

Ratings

Description	Short Term	Medium Term	Long Term	Issuer
Long-term/ Short-term fund-based working capital facilities	[ICRA]A2 Rating Watch with Negative Implications	--	[ICRA]BBB+ Rating Watch with Negative Implications	--

Our Analysts

Analyst 1

Brinda Goradia

9619700809
brinda.goradia@icraindia.com

Analyst 2

Priyesh N. Ruparelia

+91 22 61693328
priyesh.ruparelia@icraindia.com

Sector Head

Jayanta Roy

+91 33 71501120
jayanta@icraindia.com

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Rating Rationales

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Beyond renewables - Investment outlook and emerging role of thermal power

Girishkumar Kadam,Ankit Jain,Asmita Pant

07 May 2026 04:00 PM

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West Asia Crisis-Impact and Outlook on Oil & Gas and downstream sectors

Girishkumar Kadam,Prashant Vasisht

29 Apr 2026 04:00 PM

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Podcast

New CPI and GDP Series | FY27 Growth and Inflation Outlook | ICRA Insight by Aditi Nayar

Mar 2026

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