All Rating Rationales

Bajaj Finance Ltd.: Rating confirmed as final for PTCs backed by new and used passenger vehicle loan receivables issued by PHARAOH November 2025 Series

Muthoot Fincorp Limited: Provisional [ICRA]AA+(SO) assigned to PTC Series A1 issued by Vector 2026, backed by a pool of unsecured small business loans

Progfin Private Limited: Provisional [ICRA]A1+(SO) assigned to Series A1 PTC to be issued by Tetrix 02 2026

Midland Microfin Limited: Provisional rating assigned to PTCs backed by microfinance loan receivables issued by MITSURI MFI FEB 2026

DMI Finance Private Limited: Provisional [ICRA]AA(SO) assigned to PTC Series A1 issued by PLUM 26-1, backed by a pool of personal loan receivables

NeoGrowth Credit Private Limited: Provisional [ICRA]A-(SO) assigned to Series A PTC backed by MSME business loan receivables issued by Nebula Trust February 2026

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

Arth Padarth Factors and Finance Private Limited: Provisional [ICRA]A-(SO) assigned to Series A PTC and Provisional [ICRA]BBB-(SO) assigned to Series B PTC to be issued by REST 11

Vedika Credit Capital Ltd: Provisional [ICRA]A(SO) assigned to Series A1 PTC backed by a pool of microfinance loan receivables and individual loans issued by PRAGATI 02 2026

WheelsEMI Private Limited: Rating upgraded for PTCs issued under a vehicle loan securitisation transaction