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Rating Rationales

14 Oct 2025

Aditya Birla Sun Life AMC Limited: Rating reaffirmed and withdrawn for Aditya Birla Sun Life Low Duration Fund

Aditya Birla Sun Life AMC Limited: Rating reaffirmed and withdrawn for Aditya Birla Sun Life Low Duration Fund

14 Oct 2025

Bengaluru Co-operative Milk Union Ltd: Ratings upgraded to [ICRA]A- (Stable)/[ICRA]A2+

Bengaluru Co-operative Milk Union Ltd: Ratings upgraded to [ICRA]A- (Stable)/[ICRA]A2+

14 Oct 2025

Berar Finance Limited: Rating withdrawn

Berar Finance Limited: Rating withdrawn

14 Oct 2025

Dr. Agarwals Health Care Limited: [ICRA]AA- (Stable)/ [ICRA]A1+ assigned

Dr. Agarwals Health Care Limited: [ICRA]AA- (Stable)/ [ICRA]A1+ assigned

14 Oct 2025

Epack Prefab Technologies Limited: Ratings upgraded to [ICRA]A+ (Stable)/ [ICRA]A1 from [ICRA]A (Stable)/[ICRA]A2+

Epack Prefab Technologies Limited: Ratings upgraded to [ICRA]A+ (Stable)/ [ICRA]A1 from [ICRA]A (Stable)/[ICRA]A2+

14 Oct 2025

Essar Oil and Gas Exploration and Production Limited: Issuer rating withdrawn

Essar Oil and Gas Exploration and Production Limited: Issuer rating withdrawn

14 Oct 2025

Karnataka Co-Operative Milk Producers' Federation Limited: Ratings upgraded to [ICRA]A+ (Stable)/[ICRA]A1+

Karnataka Co-Operative Milk Producers' Federation Limited: Ratings upgraded to [ICRA]A+ (Stable)/[ICRA]A1+

14 Oct 2025

Mangalore Refinery and Petrochemicals Limited: Ratings reaffirmed

Mangalore Refinery and Petrochemicals Limited: Ratings reaffirmed

14 Oct 2025

ONGC Petro additions Limited: Provisional rating of [ICRA]AAA (CE) (Stable) assigned to NCD programme; long-term rating upgraded to [ICRA]AA+ (Stable); short-term rating reaffirmed

ONGC Petro additions Limited: Provisional rating of [ICRA]AAA (CE) (Stable) assigned to NCD programme; long-term rating upgraded to [ICRA]AA+ (Stable); short-term rating reaffirmed

14 Oct 2025

Parth Concast Limited: Ratings Withdrawn

Parth Concast Limited: Ratings Withdrawn


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Structured Finance Rating Rationales

14 Oct 2025

DMI Finance Private Limited: Rating withdrawn for PTCs backed by personal loan receivables securitisation transaction

DMI Finance Private Limited: Rating withdrawn for PTCs backed by personal loan receivables securitisation transaction

14 Oct 2025

Five-Star Business Finance Limited: Rating withdrawn for PTCs issued under small business loan securitisation transaction

Five-Star Business Finance Limited: Rating withdrawn for PTCs issued under small business loan securitisation transaction

14 Oct 2025

Kaabil Finance Private Limited: Rating confirmed as final for PTCs backed by secured business loan receivables issued by Spectrum 06 2025

Kaabil Finance Private Limited: Rating confirmed as final for PTCs backed by secured business loan receivables issued by Spectrum 06 2025

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

14 Oct 2025

RBSG Capital Private Limited: Provisional [ICRA]A(SO) assigned to PTCs backed by vehicle loan receivables issued by Leopard September 2025

RBSG Capital Private Limited: Provisional [ICRA]A(SO) assigned to PTCs backed by vehicle loan receivables issued by Leopard September 2025

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

09 Oct 2025

Akara Capital Advisors Private Limited: Rating confirmed as final for PTCs backed by personal loan receivables issued by SUKHOI - 2025

Akara Capital Advisors Private Limited: Rating confirmed as final for PTCs backed by personal loan receivables issued by SUKHOI - 2025

09 Oct 2025

ITI Finance Limited: Ratings confirmed as final for PTCs backed by commercial vehicle loan receivables issued by Valor 2025

ITI Finance Limited: Ratings confirmed as final for PTCs backed by commercial vehicle loan receivables issued by Valor 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

07 Oct 2025

Best Capital Services Limited: Rating confirmed as final for PTCs backed by a pool of vehicle loan receivables issued by LoanX Bramble Sep 2025

Best Capital Services Limited: Rating confirmed as final for PTCs backed by a pool of vehicle loan receivables issued by LoanX Bramble Sep 2025


Our Rating Approach & Methodologies

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

Credit Quality Trends and Performance of ICRA-Assigned Ratings in H1 FY2026

Mr. K Ravichandran,Mr. Pratik Singhania

01 Oct 2025 04:00 PM

The Indian Pharmaceutical Industry- Industry at a Crossroads: Navigating Global Challenges and Local Opportunities

Ms. Kinjal Shah,Mr. Deepak Jotwani

18 Sep 2025 04:00 PM

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