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Entity-Specific Rating Rationales

06 Feb 2026

WheelsEMI Private Limited: Provisional ratings assigned to PTCs backed by vehicle loan receivables issued by FrostFall 01 2026

WheelsEMI Private Limited: Provisional ratings assigned to PTCs backed by vehicle loan receivables issued by FrostFall 01 2026

29 Jan 2026

WheelsEMI Private Limited: Ratings withdrawn for PTCs issued under a vehicle loan securitisation transaction

WheelsEMI Private Limited: Ratings withdrawn for PTCs issued under a vehicle loan securitisation transaction

26 Nov 2025

WheelsEMI Private Limited: Rating reaffirmed for PTCs issued under a vehicle loan securitisation transaction

WheelsEMI Private Limited: Rating reaffirmed for PTCs issued under a vehicle loan securitisation transaction

16 Oct 2025

WheelsEMI Private Limited: Rating reaffirmed, and outlook revised to Negative from Stable; rating withdrawn for Rs. 22.50-crore NCD programme

WheelsEMI Private Limited: Rating reaffirmed, and outlook revised to Negative from Stable; rating withdrawn for Rs. 22.50-crore NCD programme

13 Oct 2025

WheelsEMI Private Limited: Ratings confirmed as final for PTCs backed by vehicle loan receivables issued by Cooper Trust 010

WheelsEMI Private Limited: Ratings confirmed as final for PTCs backed by vehicle loan receivables issued by Cooper Trust 010

23 Sep 2025

WheelsEMI Private Limited: Ratings confirmed as final for PTCs backed by vehicle loan receivables issued by Kepler 05 2025

WheelsEMI Private Limited: Ratings confirmed as final for PTCs backed by vehicle loan receivables issued by Kepler 05 2025

04 Sep 2025

WheelsEMI Private Limited: Provisional ratings assigned to PTCs backed by vehicle loan receivables issued by Arrakis 08 2025

WheelsEMI Private Limited: Provisional ratings assigned to PTCs backed by vehicle loan receivables issued by Arrakis 08 2025

28 Jul 2025

WheelsEMI Private Limited: Provisional ratings assigned to Series A1 PTC and equity tranche PTC backed by vehicle loan receivables issued by Cooper Trust 010

WheelsEMI Private Limited: Provisional ratings assigned to Series A1 PTC and equity tranche PTC backed by vehicle loan receivables issued by Cooper Trust 010

04 Jun 2025

WheelsEMI Private Limited: Provisional ratings assigned to PTCs and equity tranche PTC backed by vehicle loan receivables issued by Kepler 05 2025

WheelsEMI Private Limited: Provisional ratings assigned to PTCs and equity tranche PTC backed by vehicle loan receivables issued by Kepler 05 2025

15 May 2025

WheelsEMI Private Limited: Ratings confirmed as final for PTCs backed by vehicle loan receivables issued by Kalki 2024

WheelsEMI Private Limited: Ratings confirmed as final for PTCs backed by vehicle loan receivables issued by Kalki 2024


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Entity-Specific Credit Perspective Reports

06 Feb 2026

WheelsEMI Private Limited

WheelsEMI Private Limited (SF)

13 Nov 2025

WheelsEMI Private Limited

WheelsEMI Private Limited (Non-SF)

11 Sep 2025

WheelsEMI Private Limited

WheelsEMI Private Limited (SF)

30 Jul 2025

WheelsEMI Private Limited

WheelsEMI Private Limited (SF)

09 Jun 2025

WheelsEMI Private Limited

WheelsEMI Private Limited (SF)

07 Feb 2025

WheelsEMI Private Limited

WheelsEMI Private Limited (SF)

25 Nov 2024

WheelsEMI Private Limited

WheelsEMI Private Limited (Non-SF)

09 Oct 2024

WheelsEMI Private Limited

WheelsEMI Private Limited (SF)

05 Sep 2024

WheelsEMI Private Limited

WheelsEMI Private Limited (SF)

30 Jul 2024

WheelsEMI Private Limited

WheelsEMI Private Limited (SF)


Ratings

Description
Short Term
Medium Term
Long Term
Issuer
Series A1 PTCs -- -- Provisional [ICRA]A (SO) --
Equity tranche -- -- Provisional [ICRA]BBB+ (SO) --
Series A1(a) PTC -- -- Withdrawn --
Series A1(b) PTC -- -- Withdrawn --
Series A1 PTC -- -- [ICRA]A-(SO) --
Non Convertible Debenture -- -- [ICRA]BBB(Negative) --
Bank Loans -- -- [ICRA]BBB(Negative) --
Series A1 PTC -- -- [ICRA]A(SO) --
Equity Tranche PTC -- -- [ICRA]BBB+(SO) --
Series A1(a) PTCs -- -- [ICRA]AA-(SO) --

Our Analysts

Analyst 1

Pratik Vora

Analyst 2

Sumit Pramanik

Sector Head

Manushree Sagar
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