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Rating Rationales

04 Sep 2025

Al Gyas Exports Private Limited: Rating reaffirmed; rated amount enhanced

Al Gyas Exports Private Limited: Rating reaffirmed; rated amount enhanced

04 Sep 2025

Bhartiya Rail Bijlee Company Limited: Ratings reaffirmed

Bhartiya Rail Bijlee Company Limited: Ratings reaffirmed

04 Sep 2025

CDET Explosive Industries Private Limited: Ratings reaffirmed

CDET Explosive Industries Private Limited: Ratings reaffirmed

04 Sep 2025

S Gupta Holding Private Limited: [ICRA]AA (Stable)/[ICRA]A1+ assigned

S Gupta Holding Private Limited: [ICRA]AA (Stable)/[ICRA]A1+ assigned

04 Sep 2025

Savla Foods & Cold Storage Private Limited: Ratings moved to non-cooperating category

Savla Foods & Cold Storage Private Limited: Ratings moved to non-cooperating category

04 Sep 2025

Srijan Realty Private Limited: Rating Reaffirmed

Srijan Realty Private Limited: Rating Reaffirmed

03 Sep 2025

Chalet Hotels Limited: Ratings upgraded; outlook revised to Stable from Positive

Chalet Hotels Limited: Ratings upgraded; outlook revised to Stable from Positive

03 Sep 2025

Hexagon Nutrition (Exports) Private Limited: Long-term rating reaffirmed; short-term rating upgraded to [ICRA]A1

Hexagon Nutrition (Exports) Private Limited: Long-term rating reaffirmed; short-term rating upgraded to [ICRA]A1

03 Sep 2025

Hexagon Nutrition (International) Private Limited: Long-term rating reaffirmed; short-term rating upgraded to [ICRA]A1

Hexagon Nutrition (International) Private Limited: Long-term rating reaffirmed; short-term rating upgraded to [ICRA]A1

03 Sep 2025

Hexagon Nutrition Limited: Long-term rating reaffirmed; short-term rating upgraded to [ICRA]A1

Hexagon Nutrition Limited: Long-term rating reaffirmed; short-term rating upgraded to [ICRA]A1


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Structured Finance Rating Rationales

04 Sep 2025

Best Capital Services Limited: Provisional [ICRA]A(SO) assigned to Series A1 PTCs for a pool backed by vehicle loan receivables issued by Celaeno 08 2025

Best Capital Services Limited: Provisional [ICRA]A(SO) assigned to Series A1 PTCs for a pool backed by vehicle loan receivables issued by Celaeno 08 2025

04 Sep 2025

Kogta Financial India Limited: Rating withdrawn for SNs backed by vehicle loan receivables securitisation transaction

Kogta Financial India Limited: Rating withdrawn for SNs backed by vehicle loan receivables securitisation transaction

04 Sep 2025

WheelsEMI Private Limited: Provisional ratings assigned to PTCs backed by vehicle loan receivables issued by Arrakis 08 2025

WheelsEMI Private Limited: Provisional ratings assigned to PTCs backed by vehicle loan receivables issued by Arrakis 08 2025

03 Sep 2025

Cholamandalam Investment and Finance Company Limited: Provisional [ICRA]AAA(SO) assigned to Series A1 PTC backed by vehicle loan receivables issued by PLATINUM TRUST AUG 2025 – TRANCHE I

Cholamandalam Investment and Finance Company Limited: Provisional [ICRA]AAA(SO) assigned to Series A1 PTC backed by vehicle loan receivables issued by PLATINUM TRUST AUG 2025 – TRANCHE I

03 Sep 2025

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

03 Sep 2025

ITI Finance Limited: Provisional ratings assigned to PTCs backed by a pool of commercial vehicle loan receivables

ITI Finance Limited: Provisional ratings assigned to PTCs backed by a pool of commercial vehicle loan receivables

03 Sep 2025

Progfin Private Limited: Provisional [ICRA]A1+(SO) assigned to Series A1a PTCs, Provisional [ICRA]A1+(SO) assigned to Series A1b PTCs and Provisional [ICRA]A1(SO) assigned to Series A2 PTCs to be issued by Arceus 2025

Progfin Private Limited: Provisional [ICRA]A1+(SO) assigned to Series A1a PTCs, Provisional [ICRA]A1+(SO) assigned to Series A1b PTCs and Provisional [ICRA]A1(SO) assigned to Series A2 PTCs to be issued by Arceus 2025

02 Sep 2025

Berar Finance Limited: Provisional [ICRA]A+(SO) assigned to Series A1 PTC backed by two-wheeler loan receivables issued by DRIFT 08 2025

Berar Finance Limited: Provisional [ICRA]A+(SO) assigned to Series A1 PTC backed by two-wheeler loan receivables issued by DRIFT 08 2025

02 Sep 2025

Berar Finance Limited: Rating upgraded for PTCs issued under two-wheeler loan securitisation transaction

Berar Finance Limited: Rating upgraded for PTCs issued under two-wheeler loan securitisation transaction

02 Sep 2025

Farmart Service Private Limited: Rating confirmed as final for PTCs issued under a trade receivables securitisation transaction

Farmart Service Private Limited: Rating confirmed as final for PTCs issued under a trade receivables securitisation transaction


Our Rating Approach & Methodologies

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

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11 Sep 2025 04:00 PM

Residential Real Estate Sector- From Euphoria to Equilibrium: Has the Real Estate Rush Peaked?

Residential Real Estate Sector- From Euphoria to Equilibrium: Has the Real Estate Rush Peaked?
--By Ms. Anupama Reddy,Ms. Sweta Shroff
 7 days Left
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13 Aug 2025 04:00 PM

ICRA Webinar on Indian Gas Utilities: Trends and Outlook

--By Mr Girishkumar Kadam,Mr Prashant Vasisht
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30 Jul 2025 04:00 PM

Affordable Housing Finance- Trends and Outlook

--By Mr. Karthik Srinivasan,Mr. A M Karthik,Mr. Sandeep Sharma
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