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Ratings assigned and not accepted (as on 10 Oct 2026)

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Sl. No. Name of the Issuer Sector Security/Instrument Type Issue Size
(In INR Million) 		Date of Non-Acceptance Listing Status
(Listed/Proposed to be listed/Unlisted) 		Rating assigned along with Outlook
(if any) 		Whether the rating was accepted by the issuer, subsequent to the disclosure of un-accepted ratings?
(Yes/No) 		Date of subsequent acceptance of final rating assigned Final rating accepted by the issuer Whether the issuer requested for a review/appeal subsequent to disclosure of unaccepted rating?
(Yes/No) 		Whether review/appeal of the disclosed unaccepted rating was granted by ICRA.
(Yes/No) 		Remarks
(wherever applicable)
1 EVIO PRIVATE LIMITED Construction Bank Facilities 2500 10 Oct 2026 Unlisted [ICRA]BBB-(Stable) /[ICRA]A3 No No
2 Seedlings India Private Limited Fertilizers & Agrochemicals Bank Facilities 1250 09 Oct 2026 Unlisted [ICRA]BBB-(Stable) No No
3 ROUTES 2 ROOTS Entertainment Other rating products 0.00 09 Oct 2026 Unlisted [ICRA]B+(Stable) No No
4 ARMOR STEEL INDUSTRIES PRIVATE LIMITED Other Construction Materials Issuer Rating 0 06 Oct 2026 Unlisted [ICRA]BB(Stable) No No Ratings not accepted by client in given timeline
5 Silver Consumer Electricals Limited Electrical Equipment Bank Facilities 1320 01 Oct 2026 Unlisted [ICRA]BBB+(Stable)/ [ICRA]A2 No No
6 MUNNAUNITED HOSPITALITY SERVICES PRIVATE LIMITED Other Consumer Services Bank Facilities 700 28 Sep 2026 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+ No No
7 OSWAL PUMPS LIMITED Industrial Products Bank Facilities 1145 21 Sep 2026 Unlisted [ICRA]A1/ [ICRA]A+(Negative) No No
8 Classic Civil Engineers Private Limited Construction Bank Facilities 100 19 Sep 2026 Unlisted [ICRA]BB+(Stable) No No
9 Danieli India Limited Industrial Manufacturing Bank Facilities 1000 18 Sep 2026 Unlisted [ICRA]AA(Stable) /[ICRA]A1+ No No
10 ALPEX SOLAR LIMITED Industrial Manufacturing Bank Facilities 5500 09 Sep 2026 Listed [ICRA]BBB(Stable)/[ICRA]A3+ No No
11 Vedant Poly Fabs Limited Industrial Products Bank Facilities 650 09 Sep 2026 Unlisted [ICRA]BB+(Positive)/ [ICRA]A4+ No No
12 Mamta Housing Finance Company Private Limited Finance Bank Facilities 500 09 Sep 2026 Unlisted [ICRA]BBB(Stable) No No
13 DEE Development Engineers Limited Industrial Products Bank Facilities 1000 09 Sep 2026 Unlisted [ICRA]A-(Stable)/[ICRA]A2+ No No
14 GLOBAL ENTERPRISES Commercial Services & Supplies Issuer Rating 0 07 Sep 2026 Unlisted [ICRA]B(Stable) No No
15 Sugam Parivahan Private Limited. Transport Services Bank Facilities 100 03 Sep 2026 Unlisted [ICRA]BBB(Stable) /[ICRA]A3+ No No
16 CYFUTURE INDIA PVT LTD IT - Software Bank Facilities 1700 02 Sep 2026 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+ No No
17 Chhattisgarh State Power Generation Co Ltd Power Bank Facilities 182400 02 Sep 2026 Unlisted [ICRA]A-(Stable)/ [ICRA]A2+ No No Client unaccepted the ratings
18 RSB INFRASTRUCTURE PRIVATE LIMITED Construction Issuer Rating 0 01 Sep 2026 Unlisted [ICRA]BB+(Stable) No No
19 Semac Construction Limited Construction Bank Facilities 1440 27 Aug 2026 Unlisted [ICRA]BB+(Stable)/ [ICRA]A4+ No No Client did not accept
20 Fortune Metals Limited Ferrous Metals Bank Facilities 1340.7 26 Aug 2026 Unlisted [ICRA]BBB-(Stable) No No
21 Reitzel India Private Limited Food Products Bank Facilities 585 24 Aug 2026 Unlisted [ICRA]A3+ No No Unaccepted
22 Amica Finance Private Limited Finance Non-convertible Debenture 400 24 Aug 2026 Unlisted [ICRA]BB(Stable) No No
23 Friends Earth Movers Construction Bank Facilities 325 24 Aug 2026 Unlisted [ICRA]B+(Stable)/[ICRA]A4 Yes 16 Oct 2026 [ICRA]B+(Stable)/[ICRA]A4 No client accepted the ratings on October 16, 2026
24 Assam Petro-Chemicals Limited Chemicals & Petrochemicals Bank Facilities 3926.7 20 Aug 2026 Unlisted [ICRA]BB-(Stable) No No Unaccepted.
25 D P S Construction Construction Bank Facilities 60.00 10 Aug 2026 Unlisted [ICRA]B+(Stable) /[ICRA]A4 Yes 25 Aug 2026 [ICRA]B+(Stable) /[ICRA]A4 No
26 SHIVAM OIL MILLS PRIVATE LIMITED Agricultural Food & other Products Bank Facilities 600 10 Aug 2026 Unlisted [ICRA]BB+(Stable) No No
27 Sri Harsha Constructions Construction Issuer Rating 0 07 Aug 2026 Unlisted [ICRA]B+(Stable) No No
28 Kapri Corp Diversified Issuer Rating 0 05 Aug 2026 Unlisted [ICRA]BB-(Stable) No No
29 Sunhearrt Ceramix Pvt Ltd Other Construction Materials Bank Facilities 300 05 Aug 2026 Unlisted [ICRA]BBB+(Positive) /[ICRA]A2 No No
30 SLNKO ENERGY PRIVATE LIMITED Power Issuer Rating 0 31 Jul 2026 Unlisted [ICRA]BB+(Stable) No No Client did not accept the rating as on 31st July 2026
31 SAEL SOLAR P9 PRIVATE LIMITED Power Bank Facilities 7751.00 29 Jul 2026 Unlisted [ICRA]BBB-(Stable) No No Client unaccepted the ratings
32 SAEL SOLAR P10 PRIVATE LIMITED Power Bank Facilities 7751.00 29 Jul 2026 Unlisted [ICRA]BBB-(Stable) No No client unaccepted the ratings
33 SAEL SOLAR P12 PRIVATE LIMITED Power Bank Facilities 590.00 29 Jul 2026 Unlisted [ICRA]BB+(Stable) No No Client have unaccepted the rating
34 SAEL SOLAR P7 PRIVATE LIMITED Power Bank Facilities 700.00 29 Jul 2026 Unlisted [ICRA]BB+(Stable) No No Client have unaccepted the rating
35 SAEL SOLAR P8 PRIVATE LIMITED Power Bank Facilities 700.00 29 Jul 2026 Unlisted [ICRA]BB+(Stable) No No Client have unaccepted the rating
36 SAHEB FIBRE PRIVATE LIMITED Other Consumer Services Bank Facilities 800 29 Jul 2026 Unlisted [ICRA]BB(Stable) /[ICRA]A4 Yes 06 Aug 2026 [ICRA]BB(Stable) /[ICRA]A4 No Client have accepted the rating
37 URBANRISE TRENDY HOMES PRIVATE LIMITED Realty Non-convertible Debenture 2000 26 Jul 2026 Unlisted [ICRA]BB(Stable) No No
38 INFINITY FINCORP SOLUTIONS PRIVATE LIMITED Finance Commercial Paper 500 25 Jul 2026 Proposed to be listed [ICRA]A1 No No
39 APPLE INSULATED WIRES PRIVATE LIMITED Industrial Products Bank Facilities 370 22 Jul 2026 Unlisted [ICRA]BBB-(Stable) No No
40 Sakthi Steel Industries India Private Limited Metals & Minerals Trading Bank Facilities 450 22 Jul 2026 Unlisted [ICRA]BB+(Stable) No No
41 Aditya Birla Digital Fashion Ventures Limited Textiles & Apparels Non-convertible Debenture 5000.00 17 Jul 2026 Listed [ICRA]A+(Stable) No No unaccepted
42 DEE VEE PROJECTS LIMITED Construction Bank Facilities 500 14 Jul 2026 Unlisted [ICRA]A(Stable) /[ICRA]A1 No No
43 Kargo-League Logistics Private Limited Transport Services Issuer Ratings 0 01 Jul 2026 Unlisted [ICRA]BB-(Stable) No No
44 IBC KNOWLEDGE PARK PRIVATE LIMITED Realty Bank Facilities 13500 01 Jul 2026 Unlisted [ICRA]A-(Stable) Yes 08 Jul 2026 [ICRA]A-(Stable) No
45 Berar Finance Limited Finance Bank Facilities 1000.00 01 Jul 2026 Unlisted [ICRA]BBB+(Stable) No No unaccepted rating
46 KK DHANUKA ESTATES PVT LTD Realty Issuer Rating 0 22 Jun 2026 Unlisted [ICRA]B+(Stable) No No
47 HANU GREEN ENERGY PRIVATE LIMITED Electrical Equipment Bank Facilities 1413.7 18 Jun 2026 Unlisted [ICRA]BB+(Stable)/ [ICRA]A4+ No No Rating Unaccepted
48 PRIME POLYCHEM PRIVATE LIMITED Chemicals & Petrochemicals Bank Facilities 1820 12 Jun 2026 Unlisted [ICRA]BB+(Stable) /[ICRA]A4+ No No
49 STERLING ADDLIFE INDIA PRIVATE LIMITED Healthcare Services Bank Facilities 350 10 Jun 2026 Unlisted [ICRA]BBB+(Stable)/[ICRA]A2 No No Rating Unaccepted
50 CREDENCE SOLAR PANELS PRIVATE LIMITED Electrical Equipment Bank Facilities 13520 10 Jun 2026 Unlisted [ICRA]BB+(Stable)/ [ICRA]A4+ No No
51 RDB Infrastructure & Power Limited Construction Bank Facilities 730 02 Jun 2026 Listed [ICRA]BB(Stable) /[ICRA]A4+ No No Rating Unaccepted
52 Duke Fashions (India) Limited Textiles & Apparels Bank Facilities 235 02 Jun 2026 Unlisted [ICRA]BBB+(Negative) No No
53 GUJARAT PEANUT AND AGRI PRODUCTS LIMITED Agricultural Food & other Products Bank Facilities 500 22 May 2026 Unlisted [ICRA]BB+(Stable) / [ICRA]A4+ No No
54 Asian Solvochem Private Limited Chemicals & Petrochemicals Bank Facilities 350 20 May 2026 Unlisted [ICRA]BB+(Stable) /[ICRA]A4+ No No
55 Crescent Organics Private Limited Chemicals & Petrochemicals Bank Facilities 750.00 20 May 2026 Unlisted [ICRA]BB+(Stable) /[ICRA]A4+ No No
56 Epack Petrochem Solutions Private Limited Industrial Products Bank Facilities 1157.6 20 May 2026 Unlisted [ICRA]BBB-(Stable)/ [ICRA]A3 No No
57 Greenchef Appliances Limited Consumer Durables Bank Facilities 1059.4 14 May 2026 Unlisted [ICRA]BB+(Stable) /[ICRA]A4+ No No
58 AVADH HELICONIA GREEN Realty Bank Facilities 760.00 11 May 2026 Unlisted [ICRA]BB+(Stable) No No
59 Space World Digital Solutions Private Limited Telecom - Services Bank Facilities 500.00 30 Apr 2026 Unlisted [ICRA]BBB+(Stable) /[ICRA]A2 No No
60 Jupiter International Limited Electrical Equipment Bank Facilities 500.00 30 Apr 2026 Unlisted [ICRA]BBB+(Stable) No No
61 COCREATE GLOBAL TECHNOLOGIES PRIVATE LIMITED Chemicals & Petrochemicals Bank Facilities 1000.00 30 Apr 2026 Unlisted [ICRA]BB+(Positive) /[ICRA]A4+ No No Client have not accepted the rating
62 Transcontinental Natural Resource Private Limited Gas Bank Facilities 950.00 30 Apr 2026 Unlisted [ICRA]BB(Stable) /[ICRA]A4 No No Unaccepted
63 Silvertoan Papers Limited Paper, Forest & Jute Products Bank Facilities 860 24 Apr 2026 Unlisted [ICRA]BBB(Stable)/[ICRA]A3+ No No unaccepted
64 K V Jewellers Consumer Durables Bank Facilities 500.00 23 Apr 2026 Unlisted [ICRA]BB(Stable) No No
65 Royal Touch Fablon Private Limited Industrial Products Bank Facilities 1000 22 Apr 2026 Unlisted [ICRA]BBB-(Stable) /[ICRA]A3 No No
66 KINTECH SYNERGY PRIVATE LIMITED Power Bank Facilities 350.00 10 Apr 2026 Unlisted [ICRA]BBB-(Stable) No No Unaccepted
67 Ghan Marine Products Food Products Bank Facilities 500 09 Apr 2026 Unlisted [ICRA]BB(Stable) No No Unaccepted
68 SHREEJI STEELS Metals & Minerals Trading Bank Facilities 295 09 Apr 2026 Unlisted [ICRA]BB(Stable)/[ICRA]A4 No No Unaccepted
69 NCS Industries Private Limited Transport Services Bank Facilities 600 07 Apr 2026 Unlisted [ICRA]BB+(Stable) No No Unaccepted
70 SVAKARMA FINANCE PRIVATE LIMITED Finance Orinoco BL 2026-Series A1 PTC 155.30 06 Apr 2026 Unlisted Provisional [ICRA]BBB-(SO) No No
71 YOUNG BRAND APPAREL PRIVATE LIMITED Textiles & Apparels Bank Facilities 500 02 Apr 2026 Unlisted [ICRA]A(Stable)/[ICRA]A1 No No Unaccepted
72 NJA Industries Pvt Ltd Electrical Equipment Bank Facilities 700 30 Mar 2026 Unlisted [ICRA]BB(Stable) /[ICRA]A4 Yes 30 Mar 2026 [ICRA]BB(Stable) /[ICRA]A4 No rating accepted
73 PRASU DEVELOPERS LLP Realty Bank Facilities 1500 30 Mar 2026 Unlisted [ICRA]BB+(Stable) No No
74 PNSC Infrastructure Pvt Ltd Construction Issuer Rating 0 26 Mar 2026 Unlisted [ICRA]BB(Stable) No No Unaccepted
75 Ethics Prosperity Private Limited Transport Services Issuer Rating 0 16 Mar 2026 Unlisted [ICRA]BB+(Stable) No No
76 Antara Jewellery Private Limited Consumer Durables Bank Facilities 450 11 Mar 2026 Unlisted [ICRA]BBB+(Stable) /[ICRA]A2 Yes 12 Mar 2026 [ICRA]BBB+(Stable) /[ICRA]A2 No The ratings is accepted
77 Warrior Garments Textiles & Apparels Bank Facilities 250 09 Mar 2026 Unlisted [ICRA]BB-(Stable) No No
78 ITI Housing Finance Ltd Finance Bank Facilities 500.00 07 Mar 2026 Unlisted [ICRA]A2 No No
79 Leap Agri Logistics (Alwar) Private Limited Other Consumer Services Bank Facilities 600 06 Mar 2026 Unlisted [ICRA]AA-(Stable) No No unaccepted
80 Ankura Medical and Research Centre Pvt Ltd Healthcare Services Bank Facilities 1000 03 Mar 2026 Unlisted [ICRA]BB+ (Stable)/ [ICRA]A4+ No No
81 Ankur Biochem Private Limited Beverages Bank Facilities 500.00 02 Mar 2026 Unlisted [ICRA]BBB+(Stable) No No
82 Datta Power Infra Private Limited Power Bank Facilities 500.00 27 Feb 2026 Unlisted [ICRA]BB+(Stable) No No Client has not accepted the rating
83 Siddhi Forge Private Limited Auto Components Issuer Rating 0 25 Feb 2026 Unlisted [ICRA]BB+(Stable) No No Client not accepted rating
84 Swathi Build Tech Pvt Ltd Other Construction Materials Bank Facilities 1400 25 Feb 2026 Unlisted [ICRA]BB(Stable) /[ICRA]A4 No No
85 Indian Terrain Fashions Limited Textiles & Apparels Bank Facilities 956.3 24 Feb 2026 Unlisted [ICRA]BB+(Stable) [ICRA]A4+ No No Client has not accepted the rating
86 Vishwarupa Infratech Private Limited Construction Bank Facilities 1000 23 Feb 2026 Unlisted [ICRA]BB(Stable)/[ICRA]A4 No No
87 HAMTEK TECHNOLOGIES INDIA PRIVATE LIMITED Construction Bank Facilities 1600 23 Feb 2026 Unlisted [ICRA]BB+(Stable)/ [ICRA]A4+ No Yes Yes Client did not accept the rating as on 23 Feb 2026.
88 J R Tantia Charitable Trust Other Consumer Services Bank Facilities 250 19 Feb 2026 Unlisted [ICRA]BBB+(Stable) /[ICRA]A2 Yes 04 Jun 2026 [ICRA]BBB+(Stable) /[ICRA]A2 No
89 Chemmanur Credits And Investments Limited Finance NCD 1000 19 Feb 2026 Proposed to be listed [ICRA]BB+(Stable) No No
90 OPG Power Generation Private Limited Power Non Convertible Debentures 2000 18 Feb 2026 Unlisted [ICRA]A(Stable) No No
91 AB Jewels Private Limited Consumer Durables Bank Facilities 2400 10 Feb 2026 Unlisted [ICRA]BBB-(Stable) /[ICRA]A3 Yes 10 Feb 2026 [ICRA]BBB-(Stable) /[ICRA]A3 No
92 SMS Constructions Construction Issuer Rating 0 10 Feb 2026 Unlisted [ICRA]BB- (Stable) Yes 18 Feb 2026 [ICRA] BB- (Stable No
93 Viyuha Infrabuild Construction Bank Facilities 80 10 Feb 2026 Unlisted [ICRA]B+(Stable) /[ICRA]A4 No No
94 GARG FINE FOODS Agricultural Food & other Products Bank Facilities 990 10 Feb 2026 Unlisted [ICRA]B+(Stable) /[ICRA]A4 No No
95 RMS construction Private Limited Construction Bank Facilities 550 09 Feb 2026 Unlisted [ICRA]D /[ICRA]D No No
96 HI - TECH ELECTRICALS Construction Issuer Rating 0 09 Feb 2026 Unlisted [ICRA]B+(Stable) No No
97 Powerica Limited Industrial Manufacturing Bank Facilities 2500 27 Jan 2026 Unlisted [ICRA]AA(Stable) Yes 30 Jan 2026 [ICRA]AA(Stable) No
98 Sunteck Realty Limited Realty Commercial Paper 500 19 Jan 2026 Proposed to be listed [ICRA]A1+ No No
99 Spandana Sphoorty Financial Limited Finance Scarlet 12 2025-PTC SERIES A1a 823.2 13 Jan 2026 Unlisted Provisional [ICRA]AA(SO) No No
100 Spandana Sphoorty Financial Limited Finance Scarlet 12 2025-PTC SERIES A1b 823.2 13 Jan 2026 Unlisted Provisional [ICRA]A(SO) No No

Disclaimers :

Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally, ICRA Ratings should not be treated as a recommendation to buy, sell, or hold the rated debt instruments. For ratings which were un-accepted by the Issuer prior to 1st February 2023, the status in column 9 to 14 is updated only if the respective event has occurred after 1st February 2023.

For ratings which are un-accepted by the Issuer on or after 1st February 2023, the status in column 9 to 14 is shown as on date of issue of this disclosure. The '*' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings.

Please visit our website (https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list (https://www.icra.in/Rating/Index) published on ICRA website for further information on rated instruments.