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Entity-Specific Rating Rationales

18 Jun 2026

Muthoot Capital Services Limited: Ratings confirmed as final for instruments backed by two-wheeler loan receivables issued by WHITFORD 03 2026

Muthoot Capital Services Limited: Ratings confirmed as final for instruments backed by two-wheeler loan receivables issued by WHITFORD 03 2026

08 Jun 2026

Muthoot Capital Services Limited: Provisional ratings assigned to instruments backed by a pool of two-wheeler loans receivables

Muthoot Capital Services Limited: Provisional ratings assigned to instruments backed by a pool of two-wheeler loans receivables

31 Mar 2026

Muthoot Capital Services Limited: Provisional ratings assigned to instruments backed by a pool of two-wheeler loans receivables

Muthoot Capital Services Limited: Provisional ratings assigned to instruments backed by a pool of two-wheeler loans receivables

25 Nov 2025

Muthoot Capital Services Limited: Provisional [ICRA]AA+(CE) (Stable) assigned; rating reaffirmed

Muthoot Capital Services Limited: Provisional [ICRA]AA+(CE) (Stable) assigned; rating reaffirmed

14 Oct 2025

Muthoot Capital Services Limited: Ratings reaffirmed for PTCs issued under two-wheeler loan securitisation transaction

Muthoot Capital Services Limited: Ratings reaffirmed for PTCs issued under two-wheeler loan securitisation transaction

11 Sep 2025

Muthoot Capital Services Limited: Ratings confirmed as final for PTCs backed by pool of two-wheeler loans receivables issued by Summit 2025

Muthoot Capital Services Limited: Ratings confirmed as final for PTCs backed by pool of two-wheeler loans receivables issued by Summit 2025

25 Jun 2025

Muthoot Capital Services Limited: Provisional ratings assigned to PTCs backed by a pool of two-wheeler loans receivables

Muthoot Capital Services Limited: Provisional ratings assigned to PTCs backed by a pool of two-wheeler loans receivables

17 Feb 2025

Muthoot Capital Services Limited: [ICRA]A+ (Stable) assigned

Muthoot Capital Services Limited: [ICRA]A+ (Stable) assigned

28 Nov 2024

Muthoot Capital Services Limited: Ratings confirmed as final for PTCs backed by pool of two-wheeler loans receivables issued by Azalea 2024

Muthoot Capital Services Limited: Ratings confirmed as final for PTCs backed by pool of two-wheeler loans receivables issued by Azalea 2024

18 Oct 2024

Muthoot Capital Services Limited: Provisional [ICRA]AAA(SO) assigned to PTC Series A1a and Provisional [ICRA]A(SO) assigned to PTC Series A1b issued by Azalea 2024, backed by a pool of two-wheeler loans

Muthoot Capital Services Limited: Provisional [ICRA]AAA(SO) assigned to PTC Series A1a and Provisional [ICRA]A(SO) assigned to PTC Series A1b issued by Azalea 2024, backed by a pool of two-wheeler loans

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Entity-Specific Credit Perspective Reports

09 Jun 2026

Muthoot Capital Services Limited

Muthoot Capital Services Limited (SF)

02 Apr 2026

Muthoot Capital Services Limited

Muthoot Capital Services Limited (SF)

30 Dec 2025

Muthoot Capital Services Limited

Muthoot Capital Services Limited (Non-SF)

01 Jul 2025

Muthoot Capital Services Limited

Muthoot Capital Services Limited (SF)

17 Mar 2025

Muthoot Capital Services Limited

Muthoot Capital Services Limited (Non-SF)

18 Oct 2024

Muthoot Capital Services Limited

Muthoot Capital Services Limited (SF)

Ratings

Description
Short Term
Medium Term
Long Term
Issuer
Equity tranche -- -- [ICRA]A+(SO) --
SN Series A1 -- -- [ICRA]AA+(SO) --
Equity Tranche PTCs -- -- Provisional [ICRA]A+(SO) --
PTC Series A1(a) -- -- Provisional [ICRA]AAA(SO) --
PTC Series A1(b) -- -- Provisional [ICRA]AA(SO) --
NCDs -- -- Provisional [ICRA]AA+(CE) (Stable) --
PTC Series A1a -- -- [ICRA]AAA(SO) --
PTC Series A1a -- -- [ICRA]AAA(SO) --
PTC Series A1b -- -- [ICRA]A(SO) --
PTC Series A2 -- -- [ICRA]BBB+(SO) --

Our Analysts

Analyst 1

Shivam Dussawar

Analyst 2

Gaurav Mashalkar

Sector Head

Manushree Saggar
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