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Entity-Specific Rating Rationales

07 Oct 2025

Progfin Private Limited: Provisional [ICRA]A1(SO) assigned to Series A1 PTC to be issued by Gabriel 09 2025

Progfin Private Limited: Provisional [ICRA]A1(SO) assigned to Series A1 PTC to be issued by Gabriel 09 2025

03 Oct 2025

Progfin Private Limited: Provisional [ICRA]A1+(SO) assigned to Series A1 PTC to be issued by Twix 09 2025

Progfin Private Limited: Provisional [ICRA]A1+(SO) assigned to Series A1 PTC to be issued by Twix 09 2025

29 Sep 2025

Progfin Private Limited: Ratings reaffirmed; Rated amount enhanced

Progfin Private Limited: Ratings reaffirmed; Rated amount enhanced

23 Sep 2025

Progfin Private Limited: [ICRA]BBB+ (Stable) assigned to non-convertible debentures; earlier ratings reaffirmed

Progfin Private Limited: [ICRA]BBB+ (Stable) assigned to non-convertible debentures; earlier ratings reaffirmed

03 Sep 2025

Progfin Private Limited: Provisional [ICRA]A1+(SO) assigned to Series A1a PTCs, Provisional [ICRA]A1+(SO) assigned to Series A1b PTCs and Provisional [ICRA]A1(SO) assigned to Series A2 PTCs to be issued by Arceus 2025

Progfin Private Limited: Provisional [ICRA]A1+(SO) assigned to Series A1a PTCs, Provisional [ICRA]A1+(SO) assigned to Series A1b PTCs and Provisional [ICRA]A1(SO) assigned to Series A2 PTCs to be issued by Arceus 2025

28 Aug 2025

Progfin Private Limited: [ICRA]BBB+ (Stable) assigned to non-convertible debentures; ratings reaffirmed

Progfin Private Limited: [ICRA]BBB+ (Stable) assigned to non-convertible debentures; ratings reaffirmed

07 Aug 2025

Progfin Private Limited: Provisional [ICRA]A1+(SO) assigned to Series A1 PTC to be issued by Piastri 07 2025

Progfin Private Limited: Provisional [ICRA]A1+(SO) assigned to Series A1 PTC to be issued by Piastri 07 2025

06 Aug 2025

Progfin Private Limited: [ICRA]A2 assigned to commercial paper; earlier ratings reaffirmed

Progfin Private Limited: [ICRA]A2 assigned to commercial paper; earlier ratings reaffirmed

09 Jul 2025

Progfin Private Limited: Ratings reaffirmed; rated amount enhanced

Progfin Private Limited: Ratings reaffirmed; rated amount enhanced

10 Jun 2025

Progfin Private Limited: Long term rating of [ICRA]BBB+ (Stable) assigned and short term rating of [ICRA]A2 reaffirmed

Progfin Private Limited: Long term rating of [ICRA]BBB+ (Stable) assigned and short term rating of [ICRA]A2 reaffirmed


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Entity-Specific Credit Perspective Reports

08 Oct 2025

Progfin Private Limited

Progfin Private Limited (SF)

08 Oct 2025

Progfin Private Limited

Progfin Private Limited (SF)

17 Sep 2025

Progfin Private Limited

Progfin Private Limited (Non-SF)

04 Sep 2025

Progfin Private Limited

Progfin Private Limited (SF)

12 Aug 2025

Progfin Private Limited

Progfin Private Limited (SF)

Ratings

Description
Short Term
Medium Term
Long Term
Issuer
Series A1 PTC Provisional [ICRA]A1(SO) -- -- --
Series A1 PTC Provisional [ICRA]A1+ (SO) -- -- --
Commercial Paper [ICRA]A2 -- -- --
Non-Convertible Debentures -- -- [ICRA]BBB+(Stable) --
Series A1a PTCs Provisional [ICRA]A1+ (SO) -- -- --
Series A1b PTCs Provisional [ICRA]A1+ (SO) -- -- --
Series A2 PTCs Provisional [ICRA]A1 (SO) -- -- --
Series A1 PTC Provisional [ICRA]A1+ (SO) -- -- --
Long-term/Short- term fund-based bank facilities [ICRA]A2 -- [ICRA]BBB+(Stable) --

Our Analysts

Analyst 1

Abhishek Jena

Analyst 2

Gaurav Mashalkar

Sector Head

Manushree Sagar
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