bg-rating-entity-specific

Rating Rationales

21 Apr 2026

Aravali Power Company Private Limited: Ratings reaffirmed

Aravali Power Company Private Limited: Ratings reaffirmed

21 Apr 2026

DEVI IRON AND POWER PRIVATE LIMITED: Ratings Withdrawn

DEVI IRON AND POWER PRIVATE LIMITED: Ratings Withdrawn

21 Apr 2026

GV Road Projects Private Limited; Rating upgraded to [ICRA]A+ (Stable)

GV Road Projects Private Limited; Rating upgraded to [ICRA]A+ (Stable)

21 Apr 2026

Karanje Emerald Logistics Park Private Limited: Long-term rating reaffirmed and outlook revised to Positive from Stable; short-term rating reaffirmed and withdrawn

Karanje Emerald Logistics Park Private Limited: Long-term rating reaffirmed and outlook revised to Positive from Stable; short-term rating reaffirmed and withdrawn

21 Apr 2026

Krishnaiah Motors Private Limited: Continues to remain under issuer Non-Cooperating category

Krishnaiah Motors Private Limited: Continues to remain under issuer Non-Cooperating category

21 Apr 2026

Masaya Solar Energy Private Limited: Ratings withdrawn

Masaya Solar Energy Private Limited: Ratings withdrawn

21 Apr 2026

Mirha Exports Private Limited: Rating reaffirmed and removed from Issuer Non Cooperating Category

Mirha Exports Private Limited: Rating reaffirmed and removed from Issuer Non Cooperating Category

21 Apr 2026

Talcher Fertilizers Limited: Rating withdrawn

Talcher Fertilizers Limited: Rating withdrawn

21 Apr 2026

YOGIJI DIGI LIMITED (Formerly Known as Digi Drives Private Limited): Ratings Withdrawn

YOGIJI DIGI LIMITED (Formerly Known as Digi Drives Private Limited): Ratings Withdrawn

20 Apr 2026

ATC Logistics Private Limited: Ratings Withdrawn

ATC Logistics Private Limited: Ratings Withdrawn


bg-rating-entity-specific

Structured Finance Rating Rationales

20 Apr 2026

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.): Rating withdrawn for PTCs issued under an unsecured business loan securitisation transaction

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.): Rating withdrawn for PTCs issued under an unsecured business loan securitisation transaction

20 Apr 2026

Chaitanya India Fin Credit Private Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by South Pole 2025

Chaitanya India Fin Credit Private Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by South Pole 2025

20 Apr 2026

Cholamandalam Investment and Finance Company Limited: Rating confirmed as final for PTCs backed by a pool of vehicle loan receivables

Cholamandalam Investment and Finance Company Limited: Rating confirmed as final for PTCs backed by a pool of vehicle loan receivables

20 Apr 2026

Cholamandalam Investment and Finance Company Limited: Ratings confirmed as final for PTCs backed by a pool of vehicle loan receivables

Cholamandalam Investment and Finance Company Limited: Ratings confirmed as final for PTCs backed by a pool of vehicle loan receivables

20 Apr 2026

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

20 Apr 2026

Farmart Service Private Limited: Rating withdrawn for PTCs issued under a trade receivables securitisation transaction

Farmart Service Private Limited: Rating withdrawn for PTCs issued under a trade receivables securitisation transaction

20 Apr 2026

NeoGrowth Credit Private Limited: Rating confirmed as final for PTCs issued under an unsecured MSME business loan securitisation transaction

NeoGrowth Credit Private Limited: Rating confirmed as final for PTCs issued under an unsecured MSME business loan securitisation transaction

20 Apr 2026

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating reaffirmed for PTCs issued under personal loans securitisation transaction

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating reaffirmed for PTCs issued under personal loans securitisation transaction

20 Apr 2026

Spandana Sphoorty Financial Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Kaveri 03 2025

Spandana Sphoorty Financial Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Kaveri 03 2025

20 Apr 2026

Svatantra Microfin Private Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Raghunandan Oct-25

Svatantra Microfin Private Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Raghunandan Oct-25


Our Rating Approach & Methodologies

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

Banking Outlook: Growth and Profitability in an Uncertain Geopolitical Environment

Karthik Srinivasan,Anil Gupta,Sachin Sachdeva

22 Apr 2026 04:00 PM
Register now 1 day Left

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

Girishkumar Kadam,Prashant Vasisht

29 Apr 2026 04:00 PM
Register now 8 days Left

Credit Quality Trends and ICRA’s Outlook for FY2027

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

01 Apr 2026 04:00 PM

PPT Icon PPT

Road sector hits a slow lane as project awarding moderates

Mr. Suprio Banerjee,Mr. M Rajashekar Reddy

25 Feb 2026 04:00 PM

PPT Icon PPT
bg-rating-crediet-reports

Credit Perspective Reports


View More
bg-rating-research

Research Reports


View More
Ask Our Industry Analyst Get in touch with our Business Representative
Please enter your name
Please enter your mobile number
Please enter your email id
Please enter your company name
Name should not be greater than 50 characters
Please choose sector
Please enter your query
Query to have atleast ten characters
Query should not be greater than 1,000 characters
Please verify you are not a Robot.