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Entity-Specific Rating Rationales

23 Mar 2026

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited) : Rating confirmed as final for Series A1 PTCs backed by used car loan receivables issued by Phoenix Trust PTC Oct 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited) : Rating confirmed as final for Series A1 PTCs backed by used car loan receivables issued by Phoenix Trust PTC Oct 2025

16 Mar 2026

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Long-term rating upgraded to [ICRA]AA+ (Stable)

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Long-term rating upgraded to [ICRA]AA+ (Stable)

27 Jan 2026

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Ratings reaffirmed for purchaser payouts and PTCs issued under four mortgage loan securitisation transactions

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Ratings reaffirmed for purchaser payouts and PTCs issued under four mortgage loan securitisation transactions

27 Jan 2026

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Ratings withdrawn for PTC and SLF issued under a mortgage loan securitisation transaction

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Ratings withdrawn for PTC and SLF issued under a mortgage loan securitisation transaction

21 Jan 2026

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating confirmed as final for Series A1 SNs backed by personal loan receivables issued by NEXA TRUST SEPT 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating confirmed as final for Series A1 SNs backed by personal loan receivables issued by NEXA TRUST SEPT 2025

21 Jan 2026

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating confirmed as final for Series A1 PTCs backed by used car loan receivables issued by Naman Trust PTC Sept 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating confirmed as final for Series A1 PTCs backed by used car loan receivables issued by Naman Trust PTC Sept 2025

13 Jan 2026

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating confirmed as final for Series A1 PTCs backed by personal loan receivables issued by VED TRUST PTC JULY 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating confirmed as final for Series A1 PTCs backed by personal loan receivables issued by VED TRUST PTC JULY 2025

24 Dec 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Ratings reaffirmed for securitisation notes issued under mortgage loan securitisation transactions

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Ratings reaffirmed for securitisation notes issued under mortgage loan securitisation transactions

26 Nov 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Provisional [ICRA]AAA(SO) assigned to PTCs backed by used car loan receivables issued by Phoenix Trust PTC Oct 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Provisional [ICRA]AAA(SO) assigned to PTCs backed by used car loan receivables issued by Phoenix Trust PTC Oct 2025

08 Oct 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating reaffirmed for PTCs backed by used car loan receivables issued by Naman Trust PTC Sept 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating reaffirmed for PTCs backed by used car loan receivables issued by Naman Trust PTC Sept 2025


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Entity-Specific Credit Perspective Reports

10 Apr 2026

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited)

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited) (Non-SF)

27 Nov 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited)

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited) (SF)

28 Oct 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited)

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited) (SF)

23 Oct 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited)

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited) (Non-SF)

07 Oct 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited)

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited) (SF)

05 Sep 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited)

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited) (SF)

01 Jul 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited)

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited) (SF)

28 Mar 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited)

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited) (SF)

27 Jan 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited)

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited) (Non-SF)

15 Jan 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited)

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited) (SF)


Ratings

Description
Short Term
Medium Term
Long Term
Issuer
Series A1 PTCs -- -- [ICRA]AAA(SO) --
Subordinated bonds/debt -- -- [ICRA]AA+(Stable) --
Long-term/Short-term – Fund-based/Non-fund based – Others [ICRA]A1+ -- [ICRA]AA+(Stable) --
Market Linked Debenture -- -- PP-MLD [ICRA]AA+(Stable) --
NCD -- -- [ICRA]AA+(Stable) --
Purchaser Payouts -- -- [ICRA]AAA(SO) --
Purchaser Payouts -- -- [ICRA]AAA(SO) --
PTC Series A2 -- -- [ICRA]AAA(SO) --
PTC Series A1 -- -- Withdrawn --
Second Loss Facility -- -- Withdrawn --

Our Analysts

Analyst 1

Kruti Jagad

Analyst 2

Deep Inder Singh

Sector Head

Karthik Srinivasan
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