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Rating Rationales

31 Mar 2026

Amines and Plasticizers Limited: Ratings placed on watch with negative implications

Amines and Plasticizers Limited: Ratings placed on watch with negative implications

31 Mar 2026

ASTRA RAFAEL COMSYS PRIVATE LIMITED: Ratings downgraded; rated amount enhanced

ASTRA RAFAEL COMSYS PRIVATE LIMITED: Ratings downgraded; rated amount enhanced

31 Mar 2026

Cloudtail India Pvt Ltd: Continues to remain under issuer non-cooperating category

Cloudtail India Pvt Ltd: Continues to remain under issuer non-cooperating category

31 Mar 2026

Cmc Commutator Private Limited: Continues to remain under issuer Non-Cooperating category

Cmc Commutator Private Limited: Continues to remain under issuer Non-Cooperating category

31 Mar 2026

Dr. D. Y. Patil Vidyapeeth Society: Long-term rating upgraded and short-term rating reaffirmed

Dr. D. Y. Patil Vidyapeeth Society: Long-term rating upgraded and short-term rating reaffirmed

31 Mar 2026

Fastidious Buildmart Private Limited: Rating reaffirmed

Fastidious Buildmart Private Limited: Rating reaffirmed

31 Mar 2026

Federal Engineers: Ratings reaffirmed

Federal Engineers: Ratings reaffirmed

31 Mar 2026

Gaursons Promoters Private Limited: Rating reaffirmed; Assigned for enhanced amount

Gaursons Promoters Private Limited: Rating reaffirmed; Assigned for enhanced amount

31 Mar 2026

Gaursons Realtech Private Limited: Rating reaffirmed

Gaursons Realtech Private Limited: Rating reaffirmed

31 Mar 2026

Genus Mewar Smart Metering SPV Private Limited: [ICRA]AA- (Stable) assigned

Genus Mewar Smart Metering SPV Private Limited: [ICRA]AA- (Stable) assigned


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Structured Finance Rating Rationales

31 Mar 2026

Akara Capital Advisors Private Limited: Provisional [ICRA]A(SO) assigned to PTCs backed by personal loan receivables issued by GOLD WELL-2026

Akara Capital Advisors Private Limited: Provisional [ICRA]A(SO) assigned to PTCs backed by personal loan receivables issued by GOLD WELL-2026

31 Mar 2026

Akara Capital Advisors Private Limited: Provisional [ICRA]A(SO) assigned to PTCs backed by personal loan receivables issued by ROMULAN-2026

Akara Capital Advisors Private Limited: Provisional [ICRA]A(SO) assigned to PTCs backed by personal loan receivables issued by ROMULAN-2026

31 Mar 2026

Ascend Bizcap Private Limited: Provisional ratings assigned to PTCs backed by electric three-wheeler loan receivables issued by Akeno 2026

Ascend Bizcap Private Limited: Provisional ratings assigned to PTCs backed by electric three-wheeler loan receivables issued by Akeno 2026

31 Mar 2026

Cholamandalam Investment and Finance Company Limited: Provisional [ICRA]AAA(SO) assigned to PTC Series A backed by vehicle loan receivables issued by PLATINUM TRUST MAR 2026 - TRANCHE II; Provisional [ICRA]A-(SO) assigned to second loss facility

Cholamandalam Investment and Finance Company Limited: Provisional [ICRA]AAA(SO) assigned to PTC Series A backed by vehicle loan receivables issued by PLATINUM TRUST MAR 2026 - TRANCHE II; Provisional [ICRA]A-(SO) assigned to second loss facility

31 Mar 2026

Cholamandalam Investment and Finance Company LimitedProvisional [ICRA]AAA(SO) assigned to PTC Series A backed by vehicle loan receivables issued by PLATINUM TRUST MAR 2026 - TRANCHE I; Provisional [ICRA]A-(SO) assigned to second loss facility

Cholamandalam Investment and Finance Company LimitedProvisional [ICRA]AAA(SO) assigned to PTC Series A backed by vehicle loan receivables issued by PLATINUM TRUST MAR 2026 - TRANCHE I; Provisional [ICRA]A-(SO) assigned to second loss facility

31 Mar 2026

DMI Finance Private Limited: Provisional [ICRA]AA+(SO) assigned to PTC Series A1 issued by PLUM 26-2, backed by a pool of personal loan receivables

DMI Finance Private Limited: Provisional [ICRA]AA+(SO) assigned to PTC Series A1 issued by PLUM 26-2, backed by a pool of personal loan receivables

31 Mar 2026

Kogta Financial India Limited: Provisional [ICRA]AA+(SO) assigned to Series A1 PTCs backed by a pool of vehicle loan receivables issued by Thimphu 03 2026

Kogta Financial India Limited: Provisional [ICRA]AA+(SO) assigned to Series A1 PTCs backed by a pool of vehicle loan receivables issued by Thimphu 03 2026

31 Mar 2026

Muthoot Fincorp Limited: Provisional rating assigned to SNs backed by loan against property receivables issued by Tensor 2026

Muthoot Fincorp Limited: Provisional rating assigned to SNs backed by loan against property receivables issued by Tensor 2026

31 Mar 2026

NeoGrowth Credit Private Limited: Rating withdrawn for PTCs backed by MSME loan securitisation transactions

NeoGrowth Credit Private Limited: Rating withdrawn for PTCs backed by MSME loan securitisation transactions

31 Mar 2026

Progfin Private Limited: Provisional [ICRA]A+(SO) assigned to Series A1 SN to be issued by Jupiter 03

Progfin Private Limited: Provisional [ICRA]A+(SO) assigned to Series A1 SN to be issued by Jupiter 03


Our Rating Approach & Methodologies

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

Credit Quality Trends and ICRA’s Outlook for FY2027

Mr. K Ravichandran,Ms. Aditi Nayar,Mr. Pratik Singhania

01 Apr 2026 04:00 PM
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Road sector hits a slow lane as project awarding moderates

Mr. Suprio Banerjee,Mr. M Rajashekar Reddy

25 Feb 2026 04:00 PM

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Specialty Chemicals: Industry on a slow road to recovery

Girishkumar Kadam,Prashant Vasisht

19 Feb 2026 04:00 PM

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