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Entity-Specific Rating Rationales

05 Feb 2026

Progfin Private Limited: Provisional [ICRA]A1+(SO) assigned to Series A1 PTC to be issued by Cerulean 01 2026

Progfin Private Limited: Provisional [ICRA]A1+(SO) assigned to Series A1 PTC to be issued by Cerulean 01 2026

15 Jan 2026

Progfin Private Limited: [ICRA] BBB+ (Stable) assigned; ratings reaffirmed

Progfin Private Limited: [ICRA] BBB+ (Stable) assigned; ratings reaffirmed

12 Jan 2026

Progfin Private Limited: Ratings confirmed as final for PTCs backed by invoice financing receivables to be issued by Arceus 2025

Progfin Private Limited: Ratings confirmed as final for PTCs backed by invoice financing receivables to be issued by Arceus 2025

22 Dec 2025

Progfin Private Limited: Rating confirmed as final for PTCs backed by invoice financing receivables to be issued by Piastri 07 2025

Progfin Private Limited: Rating confirmed as final for PTCs backed by invoice financing receivables to be issued by Piastri 07 2025

27 Oct 2025

Progfin Private Limited: Provisional [ICRA]A+(SO) assigned to Series A1 PTC to be issued by MARS 10 2025

Progfin Private Limited: Provisional [ICRA]A+(SO) assigned to Series A1 PTC to be issued by MARS 10 2025

27 Oct 2025

Progfin Private Limited: Provisional [ICRA]A1+(SO) assigned to Series A1 PTC to be issued by Kimi 10 2025

Progfin Private Limited: Provisional [ICRA]A1+(SO) assigned to Series A1 PTC to be issued by Kimi 10 2025

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


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Entity-Specific Credit Perspective Reports

05 Feb 2026

Progfin Private Limited

Progfin Private Limited (SF)

28 Oct 2025

Progfin Private Limited

Progfin Private Limited (SF)

28 Oct 2025

Progfin Private Limited

Progfin Private Limited (SF)

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) -- -- --
Non-Convertible Debentures -- -- [ICRA]BBB+(Stable) --
Series A1a PTCs [ICRA]A1+(SO) -- -- --
Series A1b PTCs [ICRA]A1+(SO) -- -- --
Series A2 PTCs [ICRA]A1(SO) -- -- --
Series A1 PTC [ICRA]A1+(SO) -- -- --
Series A1 PTC Provisional [ICRA]A1+ (SO) -- -- --
Series A1 PTC -- -- Provisional [ICRA]A+ (SO) --
Series A1 PTC Provisional [ICRA]A1 (SO) -- -- --
Series A1 PTC Provisional [ICRA]A1+ (SO) -- -- --

Our Analysts

Analyst 1

Abhishek Jena

Analyst 2

Gaurav Mashalkar

Sector Head

Manushree Sagar
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