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Rating Rationales

12 May 2026

Ankleshwar Manubar Expressway Private Limited: Rating reaffirmed and removed from Watch with Developing Implications; Stable outlook assigned

Ankleshwar Manubar Expressway Private Limited: Rating reaffirmed and removed from Watch with Developing Implications; Stable outlook assigned

12 May 2026

Bajaj Finance Ltd.: Ratings reaffirmed; rating assigned for enhanced amount under commercial paper programme

Bajaj Finance Ltd.: Ratings reaffirmed; rating assigned for enhanced amount under commercial paper programme

12 May 2026

DRT-Anthea Aroma Chemicals Private Limited: Rating withdrawn

DRT-Anthea Aroma Chemicals Private Limited: Rating withdrawn

12 May 2026

Mankind Pharma Limited: Ratings reaffirmed for existing instruments and assigned for commercial paper programme

Mankind Pharma Limited: Ratings reaffirmed for existing instruments and assigned for commercial paper programme

12 May 2026

Rama Phosphates Limited: Change in limits

Rama Phosphates Limited: Change in limits

12 May 2026

Ranastalam Anandapuram Road Limited: Rating reaffirmed and removed from Watch with Developing Implications; Stable outlook assigned

Ranastalam Anandapuram Road Limited: Rating reaffirmed and removed from Watch with Developing Implications; Stable outlook assigned

11 May 2026

Amrut Cotton Industries: Continues to remain under issuer non-cooperating category

Amrut Cotton Industries: Continues to remain under issuer non-cooperating category

11 May 2026

Aparna Enterprises Ltd.: Ratings reaffirmed; rated amount enhanced

Aparna Enterprises Ltd.: Ratings reaffirmed; rated amount enhanced

11 May 2026

Aparna-Craft Exteriors Private Limited: Ratings withdrawn

Aparna-Craft Exteriors Private Limited: Ratings withdrawn

11 May 2026

ARUNACHAL TEA & INDUSTRIES PRIVATE LIMITED: Continues to remain under issuer non-cooperating category

ARUNACHAL TEA & INDUSTRIES PRIVATE LIMITED: Continues to remain under issuer non-cooperating category


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Structured Finance Rating Rationales

12 May 2026

Svasti Microfinance Private Limited: Rating withdrawn for PTCs issued under a microfinance loan securitisation transaction

Svasti Microfinance Private Limited: Rating withdrawn for PTCs issued under a microfinance loan securitisation transaction

08 May 2026

Akara Capital Advisors Private Limited: Provisional [ICRA]A(SO) assigned to PTCs backed by personal loan receivables issued by STAR 11 2025

Akara Capital Advisors Private Limited: Provisional [ICRA]A(SO) assigned to PTCs backed by personal loan receivables issued by STAR 11 2025

08 May 2026

CreditAccess Grameen Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Kanths PTC Trust Dec 2025

CreditAccess Grameen Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Kanths PTC Trust Dec 2025

08 May 2026

Criss Financial Limited (erstwhile Criss Financial Holdings Limited): Rating confirmed as final for PTCs backed by loan against property (LAP) loan receivables issued by CANARY 12 2025

Criss Financial Limited (erstwhile Criss Financial Holdings Limited): Rating confirmed as final for PTCs backed by loan against property (LAP) loan receivables issued by CANARY 12 2025

08 May 2026

HDB Financial Services Limited: Rating confirmed as final for PTCs backed by vehicle loan receivables issued by HORIZON TRUST JANUARY 2026

HDB Financial Services Limited: Rating confirmed as final for PTCs backed by vehicle loan receivables issued by HORIZON TRUST JANUARY 2026

08 May 2026

Lendingkart Finance Limited: Rating confirmed as final for SNs backed by unsecured small business loan receivables issued by SBL Ron26

Lendingkart Finance Limited: Rating confirmed as final for SNs backed by unsecured small business loan receivables issued by SBL Ron26

08 May 2026

Midland Microfin Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Medius 01 2026

Midland Microfin Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Medius 01 2026

08 May 2026

Midland Microfin Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by River Rock 11 2025

Midland Microfin Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by River Rock 11 2025

07 May 2026

Chaitanya India Fin Credit Private Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by NEXT GEN 2026

Chaitanya India Fin Credit Private Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by NEXT GEN 2026

07 May 2026

DMI Finance Private Limited: Rating confirmed as final for PTCs backed by personal loan receivables issued by PLUM 26-2

DMI Finance Private Limited: Rating confirmed as final for PTCs backed by personal loan receivables issued by PLUM 26-2


Our Rating Approach & Methodologies

ICRA's Rating process starts when the issuer contacts
our business team to engage our services.

No Data Available

Beyond renewables - Investment outlook and emerging role of thermal power

Girishkumar Kadam,Ankit Jain,Asmita Pant

07 May 2026 04:00 PM

PPT Icon PPT

West Asia Crisis-Impact and Outlook on Oil & Gas and downstream sectors

Girishkumar Kadam,Prashant Vasisht

29 Apr 2026 04:00 PM

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