ICRA An Affiliate of Moody's

Entity-Specific Rating Rationales

11 Mar 2026

Nuvama Wealth Finance Limited: Ratings reaffirmed; rated amount enhanced for commercial paper

20 Feb 2026

Nuvama Wealth Finance Limited: Long term rating upgraded to [ICRA]AA / PP-MLD [ICRA]AA and outlook revised to Stable; short term rating reaffirmed

27 Oct 2025

Nuvama Wealth Finance Limited: [ICRA]AA- (Positive) assigned on sub-ordinated debt and ratings reaffirmed for existing limits

23 Sep 2025

Nuvama Wealth Finance Limited: PP-MLD [ICRA]AA- (Positive)/[ICRA]A1+ assigned; ratings reaffirmed and partial amount withdrawn for NCDs and CPs

30 Jun 2025

Nuvama Wealth Finance Limited: [ICRA]AA-(Positive)/[ICRA]A1+ assigned to bank line; [ICRA]A1+ assigned to CPs; [ICRA]AA- (Positive) assigned to NCDs and rating reaffirmed for existing NCDs

05 May 2025

Nuvama Wealth Finance Limited: [ICRA]AA- (Positive); Rating assigned

Entity-Specific Credit Perspective Reports

24 Mar 2026

Nuvama Wealth Finance Limited

Nuvama Wealth Finance Limited (Non-SF)

23 May 2025

Nuvama Wealth Finance Limited

Nuvama Wealth Finance Limited (Non-SF)

07 Apr 2025

Nuvama Wealth Finance Limited

Nuvama Wealth Finance Limited (Non-SF)

Ratings

Description	Short Term	Medium Term	Long Term	Issuer
Commercial Paper	[ICRA]A1+	--	--	--
Commercial Paper (IPO financing)	[ICRA]A1+	--	--	--
Long-term/Short-term – Fund-based/Non-fund based – Others	[ICRA]A1+	--	[ICRA]AA(Stable)	--
NCD	--	--	[ICRA]AA(Stable)	--
Subordinated bonds/debt	--	--	[ICRA]AA(Stable)	--
Market Linked Debenture	--	--	PP-MLD [ICRA]AA(Stable)	--
Bank Lines	--	--	*	--
Short Term Principal Protected Market Linked Debenture Programme	*	--	--	--
Subordinated Debt Programme	--	--	*	--
Long term principal protected market linked debenture programme	--	--	*	--