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Ratings assigned and not accepted (as on 10 Aug 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 D P S Construction Construction Bank Facilities 60.00 10 Aug 2026 Unlisted [ICRA]B+(Stable) /[ICRA]A4 No No
2 SHIVAM OIL MILLS PRIVATE LIMITED Agricultural Food & other Products Bank Facilities 600 10 Aug 2026 Unlisted [ICRA]BB+(Stable) No No
3 Sri Harsha Constructions Construction Issuer Rating 0.01 07 Aug 2026 Unlisted [ICRA]B+(Stable) No No
4 Kapri Corp Diversified Issuer Rating 0.01 05 Aug 2026 Unlisted [ICRA]BB-(Stable) No No
5 Sunhearrt Ceramix Pvt Ltd Other Construction Materials Bank Facilities 300 05 Aug 2026 Unlisted [ICRA]BBB+(Positive) /[ICRA]A2 No No
6 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
7 SAEL SOLAR P9 PRIVATE LIMITED Power Bank Facilities 7751.00 29 Jul 2026 Unlisted [ICRA]BBB-(Stable) No No Client unaccepted the ratings
8 SAEL SOLAR P10 PRIVATE LIMITED Power Bank Facilities 7751.00 29 Jul 2026 Unlisted [ICRA]BBB-(Stable) No No client unaccepted the ratings
9 SAEL SOLAR P12 PRIVATE LIMITED Power Bank Facilities 590.00 29 Jul 2026 Unlisted [ICRA]BB+(Stable) No No Client have unaccepted the rating
10 SAEL SOLAR P7 PRIVATE LIMITED Power Bank Facilities 700.00 29 Jul 2026 Unlisted [ICRA]BB+(Stable) No No Client have unaccepted the rating
11 SAEL SOLAR P8 PRIVATE LIMITED Power Bank Facilities 700.00 29 Jul 2026 Unlisted [ICRA]BB+(Stable) No No Client have unaccepted the rating
12 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
13 URBANRISE TRENDY HOMES PRIVATE LIMITED Realty Non-convertible Debenture 2000 26 Jul 2026 Unlisted [ICRA]BB(Stable) No No
14 INFINITY FINCORP SOLUTIONS PRIVATE LIMITED Finance Commercial Paper 500 25 Jul 2026 Proposed to be listed [ICRA]A1 No No
15 APPLE INSULATED WIRES PRIVATE LIMITED Industrial Products Bank Facilities 370 22 Jul 2026 Unlisted [ICRA]BBB-(Stable) No No
16 Sakthi Steel Industries India Private Limited Metals & Minerals Trading Bank Facilities 450 22 Jul 2026 Unlisted [ICRA]BB+(Stable) No No
17 Aditya Birla Digital Fashion Ventures Limited Textiles & Apparels Non-convertible Debenture 5000.00 17 Jul 2026 Listed [ICRA]A+(Stable) No No unaccepted
18 DEE VEE PROJECTS LIMITED Construction Bank Facilities 500 14 Jul 2026 Unlisted [ICRA]A(Stable) /[ICRA]A1 No No
19 Kargo-League Logistics Private Limited Transport Services Issuer Ratings 0.1 01 Jul 2026 Unlisted [ICRA]BB-(Stable) No No
20 IBC KNOWLEDGE PARK PRIVATE LIMITED Realty Bank Facilities 13500 01 Jul 2026 Unlisted [ICRA]A-(Stable) Yes 08 Jul 2026 [ICRA]A-(Stable) No
21 Berar Finance Limited Finance Bank Facilities 1000.00 01 Jul 2026 Unlisted [ICRA]BBB+(Stable) No No unaccepted rating
22 KK DHANUKA ESTATES PVT LTD Realty Issuer Rating 0.01 22 Jun 2026 Unlisted [ICRA]B+(Stable) No No
23 HANU GREEN ENERGY PRIVATE LIMITED Electrical Equipment Bank Facilities 1413.7 18 Jun 2026 Unlisted [ICRA]BB+(Stable)/ [ICRA]A4+ No No Rating Unaccepted
24 PRIME POLYCHEM PRIVATE LIMITED Chemicals & Petrochemicals Bank Facilities 1820 12 Jun 2026 Unlisted [ICRA]BB+(Stable) /[ICRA]A4+ No No
25 STERLING ADDLIFE INDIA PRIVATE LIMITED Healthcare Services Bank Facilities 350 10 Jun 2026 Unlisted [ICRA]BBB+(Stable)/[ICRA]A2 No No Rating Unaccepted
26 CREDENCE SOLAR PANELS PRIVATE LIMITED Electrical Equipment Bank Facilities 13520 10 Jun 2026 Unlisted [ICRA]BB+(Stable)/ [ICRA]A4+ No No
27 RDB Infrastructure & Power Limited Construction Bank Facilities 730 02 Jun 2026 Listed [ICRA]BB(Stable) /[ICRA]A4+ No No Rating Unaccepted
28 Duke Fashions (India) Limited Textiles & Apparels Bank Facilities 235 02 Jun 2026 Unlisted [ICRA]BBB+(Negative) No No
29 GUJARAT PEANUT AND AGRI PRODUCTS LIMITED Agricultural Food & other Products Bank Facilities 500 22 May 2026 Unlisted [ICRA]BB+(Stable) / [ICRA]A4+ No No
30 Asian Solvochem Private Limited Chemicals & Petrochemicals Bank Facilities 350 20 May 2026 Unlisted [ICRA]BB+(Stable) /[ICRA]A4+ No No
31 Crescent Organics Private Limited Chemicals & Petrochemicals Bank Facilities 750.00 20 May 2026 Unlisted [ICRA]BB+(Stable) /[ICRA]A4+ No No
32 Epack Petrochem Solutions Private Limited Industrial Products Bank Facilities 1157.6 20 May 2026 Unlisted [ICRA]BBB-(Stable)/ [ICRA]A3 No No
33 Greenchef Appliances Limited Consumer Durables Bank Facilities 1059.4 14 May 2026 Unlisted [ICRA]BB+(Stable) /[ICRA]A4+ No No
34 AVADH HELICONIA GREEN Realty Bank Facilities 760.00 11 May 2026 Unlisted [ICRA]BB+(Stable) No No
35 Space World Digital Solutions Private Limited Telecom - Services Bank Facilities 500.00 30 Apr 2026 Unlisted [ICRA]BBB+(Stable) /[ICRA]A2 No No
36 Jupiter International Limited Electrical Equipment Bank Facilities 500.00 30 Apr 2026 Unlisted [ICRA]BBB+(Stable) No No
37 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
38 Transcontinental Natural Resource Private Limited Gas Bank Facilities 950.00 30 Apr 2026 Unlisted [ICRA]BB(Stable) /[ICRA]A4 No No Unaccepted
39 Silvertoan Papers Limited Paper, Forest & Jute Products Bank Facilities 860 24 Apr 2026 Unlisted [ICRA]BBB(Stable)/[ICRA]A3+ No No unaccepted
40 K V Jewellers Consumer Durables Bank Facilities 500.00 23 Apr 2026 Unlisted [ICRA]BB(Stable) No No
41 Royal Touch Fablon Private Limited Industrial Products Bank Facilities 1000 22 Apr 2026 Unlisted [ICRA]BBB-(Stable) /[ICRA]A3 No No
42 KINTECH SYNERGY PRIVATE LIMITED Power Bank Facilities 350.00 10 Apr 2026 Unlisted [ICRA]BBB-(Stable) No No Unaccepted
43 Ghan Marine Products Food Products Bank Facilities 500 09 Apr 2026 Unlisted [ICRA]BB(Stable) No No Unaccepted
44 SHREEJI STEELS Metals & Minerals Trading Bank Facilities 295 09 Apr 2026 Unlisted [ICRA]BB(Stable)/[ICRA]A4 No No Unaccepted
45 NCS Industries Private Limited Transport Services Bank Facilities 600 07 Apr 2026 Unlisted [ICRA]BB+(Stable) No No Unaccepted
46 SVAKARMA FINANCE PRIVATE LIMITED Finance Orinoco BL 2026-Series A1 PTC 155.30 06 Apr 2026 Unlisted Provisional [ICRA]BBB-(SO) No No
47 YOUNG BRAND APPAREL PRIVATE LIMITED Textiles & Apparels Bank Facilities 500 02 Apr 2026 Unlisted [ICRA]A(Stable)/[ICRA]A1 No No Unaccepted
48 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
49 PRASU DEVELOPERS LLP Realty Bank Facilities 1500 30 Mar 2026 Unlisted [ICRA]BB+(Stable) No No
50 PNSC Infrastructure Pvt Ltd Construction Issuer Rating 0 26 Mar 2026 Unlisted [ICRA]BB(Stable) No No Unaccepted
51 Ethics Prosperity Private Limited Transport Services Issuer Rating 0 16 Mar 2026 Unlisted [ICRA]BB+(Stable) No No
52 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
53 Warrior Garments Textiles & Apparels Bank Facilities 250 09 Mar 2026 Unlisted [ICRA]BB-(Stable) No No
54 ITI Housing Finance Ltd Finance Bank Facilities 500.00 07 Mar 2026 Unlisted [ICRA]A2 No No
55 Leap Agri Logistics (Alwar) Private Limited Other Consumer Services Bank Facilities 600 06 Mar 2026 Unlisted [ICRA]AA-(Stable) No No unaccepted
56 Ankura Medical and Research Centre Pvt Ltd Healthcare Services Bank Facilities 1000 03 Mar 2026 Unlisted [ICRA]BB+ (Stable)/ [ICRA]A4+ No No
57 Ankur Biochem Private Limited Beverages Bank Facilities 500.00 02 Mar 2026 Unlisted [ICRA]BBB+(Stable) No No
58 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
59 Siddhi Forge Private Limited Auto Components Issuer Rating 0 25 Feb 2026 Unlisted [ICRA]BB+(Stable) No No Client not accepted rating
60 Swathi Build Tech Pvt Ltd Other Construction Materials Bank Facilities 1400 25 Feb 2026 Unlisted [ICRA]BB(Stable) /[ICRA]A4 No No
61 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
62 Vishwarupa Infratech Private Limited Construction Bank Facilities 1000 23 Feb 2026 Unlisted [ICRA]BB(Stable)/[ICRA]A4 No No
63 HAMTEK TECHNOLOGIES INDIA PRIVATE LIMITED Construction Bank Facilities 1600 23 Feb 2026 Unlisted [ICRA]BB+(Stable)/ [ICRA]A4+ No No Unaccepted
64 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
65 Chemmanur Credits And Investments Limited Finance NCD 1000 19 Feb 2026 Proposed to be listed [ICRA]BB+(Stable) No No
66 OPG Power Generation Private Limited Power Non Convertible Debentures 2000 18 Feb 2026 Unlisted [ICRA]A(Stable) No No
67 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
68 SMS Constructions Construction Issuer Rating 0 10 Feb 2026 Unlisted [ICRA]BB- (Stable) Yes 18 Feb 2026 [ICRA] BB- (Stable No
69 Viyuha Infrabuild Construction Bank Facilities 80 10 Feb 2026 Unlisted [ICRA]B+(Stable) /[ICRA]A4 No No
70 GARG FINE FOODS Agricultural Food & other Products Bank Facilities 990 10 Feb 2026 Unlisted [ICRA]B+(Stable) /[ICRA]A4 No No
71 RMS construction Private Limited Construction Bank Facilities 550 09 Feb 2026 Unlisted [ICRA]D /[ICRA]D No No
72 HI - TECH ELECTRICALS Construction Issuer Rating 0 09 Feb 2026 Unlisted [ICRA]B+(Stable) No No
73 Powerica Limited Industrial Manufacturing Bank Facilities 2500 27 Jan 2026 Unlisted [ICRA]AA(Stable) Yes 30 Jan 2026 [ICRA]AA(Stable) No
74 Sunteck Realty Limited Realty Commercial Paper 500 19 Jan 2026 Proposed to be listed [ICRA]A1+ No No
75 Spandana Sphoorty Financial Limited Finance Scarlet 12 2025-PTC SERIES A1a 823.2 13 Jan 2026 Unlisted Provisional [ICRA]AA(SO) No No
76 Spandana Sphoorty Financial Limited Finance Scarlet 12 2025-PTC SERIES A1b 823.2 13 Jan 2026 Unlisted Provisional [ICRA]A(SO) No No
77 Century Infra Limited Transport Infrastructure Bank Facilities 1000 12 Jan 2026 Unlisted [ICRA]BBB+(Stable) No No
78 Century Ports Limited Transport Infrastructure Bank Facilities 1100 12 Jan 2026 Unlisted [ICRA]BBB-(Stable) No No
79 JK Maini Global Aerospace Limited Aerospace & Defense Bank Facilities 5000 07 Jan 2026 Unlisted [ICRA]A(Stable) /[ICRA]A1 No No
80 JK Maini Precision Technology Limited Auto Components Bank Facilities 9500 07 Jan 2026 Unlisted [ICRA]A+(Stable) /[ICRA]A1 No No
81 MINERALIA IMPEX PRIVATE LIMITED Diversified Bank Facilities 100 05 Jan 2026 Unlisted [ICRA]BB-(Stable) /[ICRA]A4 No No
82 Innomotics India Private Limited Electrical Equipment Bank Facilities 3000 29 Dec 2025 Unlisted [ICRA]BBB(Stable) /[ICRA]A3+ Yes 07 Jan 2026 [ICRA]BBB(Stable) /[ICRA]A3+ No
83 ACKO General Insurance Limited Insurance Subordinated Debt 1000 15 Dec 2025 Proposed to be listed [ICRA]A- (Stabl) No No
84 Arisinfra Solutions Limited Commercial Services & Supplies Bank Facilities 1500 15 Dec 2025 Unlisted [ICRA]BB+(Stable) /[ICRA]A4+ No No
85 Shirdi Sai Electricals Limited Industrial Manufacturing Bank Facilities 7500 11 Dec 2025 Unlisted [ICRA]BB+(Stable) /[ICRA]A4+ No No
86 MITSUBISHI ELECTRIC INDIA PVT. LTD. Consumer Durables Issuer Rating 0 08 Dec 2025 Unlisted [ICRA]AA+(Stable) No No
87 Assago Industries Private Limited Beverages Bank Facilities 2700 17 Nov 2025 Unlisted [ICRA]BB+(Stable) Yes 20 Mar 2026 [ICRA]BB+(Stable) No
88 KG Flexx Private Limited Industrial Products Bank Facilities 315 12 Nov 2025 Unlisted [ICRA]BB+(Positive)/[ICRA]A4+ No No
89 Gargya Autocity Private Limited Automobiles Bank Facilities 140.5 11 Nov 2025 Unlisted [ICRA]BB (Stable) Yes 19 Nov 2025 [ICRA]BB(Stable) No
90 Bluebird Solar Private Limited Industrial Products Issuer Rating 0 11 Nov 2025 Unlisted [ICRA]BB (Stable) No No
91 Nido Home Finance Limited Finance HL Trust 30-Series A1 ABS 236.9 06 Nov 2025 Unlisted Provisional [ICRA]AAA(SO) No No
92 Shakti Nutritions Private Limited Agricultural Food & other Products Bank Facilities 2410 06 Nov 2025 Unlisted [ICRA]BBB-(Stable)/[ICRA]A3 No No
93 Shakti Apifoods Private Limited Agricultural Food & other Products Bank Facilities 1600 06 Nov 2025 Unlisted [ICRA]BBB-(Stable) No No
94 Purva Metal Sections Pvt Ltd Industrial Products Bank Facilities 800 30 Oct 2025 Unlisted [ICRA]BB+(Stable) No No
95 Shiva Ferric Pvt Ltd Metals & Minerals Trading Bank Facilities 800 30 Oct 2025 Unlisted [ICRA]BB+(Stable) No No
96 Findi India Limited Other Consumer Services Bank Facilities 500 30 Oct 2025 Unlisted [ICRA]BBB-(Stable) /[ICRA]A3 No No
97 STERLING GREEN POWER SOLUTIONS PRIVATE LIMITED Electrical Equipment Bank Facilities 750 30 Oct 2025 Unlisted [ICRA]BBB(Stable)/[ICRA]A3+ No No
98 Headsup B2B Private Limited Commercial Services & Supplies Issuer Rating 0 27 Oct 2025 Unlisted [ICRA]BB-(Stable) No No
99 Sri Ramraghav Mills Textiles & Apparels Bank Facilities 250 23 Oct 2025 Unlisted [ICRA]BB+(Stable) No No
100 Resonia Limited Power Issuer Rating 0 09 Oct 2025 Unlisted [ICRA]A+(Stable) Yes 05 May 2026 [ICRA]AA- (Stable) Yes Yes

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.