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Entity-Specific Rating Rationales

16 Sep 2025

Annapurna Finance Private Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Nimbus MFI Trust 05 2025

Annapurna Finance Private Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Nimbus MFI Trust 05 2025

16 Jul 2025

Annapurna Finance Private Limited: Rating assigned/reaffirmed; rating withdrawn for matured/redeemed NCDs

Annapurna Finance Private Limited: Rating assigned/reaffirmed; rating withdrawn for matured/redeemed NCDs

30 Jun 2025

Annapurna Finance Private Limited: Provisional [ICRA]AA+(SO) assigned to PTCs backed by microfinance loan receivables issued by Vega 06 2025

Annapurna Finance Private Limited: Provisional [ICRA]AA+(SO) assigned to PTCs backed by microfinance loan receivables issued by Vega 06 2025

30 Jun 2025

Annapurna Finance Private Limited: Provisional [ICRA]AA-(SO) assigned to Series A1 PTCs and Provisional [ICRA]A(SO) assigned to Series A2 PTCs issued by Banshee 06 2025, backed by a pool of microfinance loan receivables

Annapurna Finance Private Limited: Provisional [ICRA]AA-(SO) assigned to Series A1 PTCs and Provisional [ICRA]A(SO) assigned to Series A2 PTCs issued by Banshee 06 2025, backed by a pool of microfinance loan receivables

09 Jun 2025

Annapurna Finance Private Limited: Provisional [ICRA]AA+(SO) assigned to PTCs backed by microfinance loan receivables issued by Nimbus MFI Trust 05 2025

Annapurna Finance Private Limited: Provisional [ICRA]AA+(SO) assigned to PTCs backed by microfinance loan receivables issued by Nimbus MFI Trust 05 2025

07 May 2025

Annapurna Finance Private Limited: Rating assigned/reaffirmed

Annapurna Finance Private Limited: Rating assigned/reaffirmed

28 Mar 2025

Annapurna Finance Private Limited: Rating assigned/reaffirmed; rating withdrawn for matured/redeemed NCDs

Annapurna Finance Private Limited: Rating assigned/reaffirmed; rating withdrawn for matured/redeemed NCDs

19 Dec 2024

Annapurna Finance Private Limited: Rating reaffirmed; rating withdrawn for matured instruments and [ICRA]A- (Stable) assigned to Rs. 42.5-crore fresh NCD programme

Annapurna Finance Private Limited: Rating reaffirmed; rating withdrawn for matured instruments and [ICRA]A- (Stable) assigned to Rs. 42.5-crore fresh NCD programme

27 Sep 2024

Annapurna Finance Private Limited: Ratings reaffirmed; ratings withdrawn for matured instruments

Annapurna Finance Private Limited: Ratings reaffirmed; ratings withdrawn for matured instruments

14 May 2024

Annapurna Finance Private Limited: Rating withdrawn for matured instruments

Annapurna Finance Private Limited: Rating withdrawn for matured instruments


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Entity-Specific Credit Perspective Reports

14 Jul 2025

Annapurna Finance Private Limited

Annapurna Finance Private Limited (SF)

11 Jul 2025

Annapurna Finance Private Limited

Annapurna Finance Private Limited (SF)

09 Jun 2025

Annapurna Finance Private Limited

Annapurna Finance Private Limited (SF)

29 Oct 2024

Annapurna Finance Private Limited

Annapurna Finance Private Limited (Non-SF)

01 Nov 2023

Annapurna Finance Private Limited

Annapurna Finance Private Limited (Non-SF)

17 Jan 2023

Annapurna Finance Private Limited

Annapurna Finance Private Limited (Non-SF)

Ratings

Description
Short Term
Medium Term
Long Term
Issuer
Series A1 PTCs -- -- [ICRA]AA+(SO) --
Non-Convertible Debenture -- -- [ICRA]A-(Stable) --
Series A1 PTCs -- -- Provisional [ICRA]AA- (SO) --
Series A2 PTCs -- -- Provisional [ICRA]A (SO) --
Series A1 PTCs -- -- Provisional [ICRA]AA+ (SO) --
Subordinated Debt -- -- [ICRA]A-(Stable) --
Optionally Convertible Debenture -- -- [ICRA]A-(Stable) --
Market Linked Debenture -- -- Withdrawn --
Series A1 PTC -- -- Withdrawn --
Series A2 PTC -- -- Withdrawn --

Our Analysts

Analyst 1

Swapnali Chavan

Analyst 2

Himanshi Doshi

Sector Head

Manushree Sagar
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