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Ratings assigned and not accepted (as on 18 Jun 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 HANU GREEN ENERGY PRIVATE LIMITED Electrical Equipment Bank Facilities 1413.7 18 Jun 2026 Unlisted [ICRA]BB+(Stable)/ [ICRA]A4+ No No Rating Unaccepted
2 PRIME POLYCHEM PRIVATE LIMITED Chemicals & Petrochemicals Bank Facilities 1820.00 12 Jun 2026 NA [ICRA]BB+(Stable) /[ICRA]A4+ No No
3 STERLING ADDLIFE INDIA PRIVATE LIMITED Healthcare Services Bank Facilities 350 10 Jun 2026 Unlisted [ICRA]BBB+(Stable)/[ICRA]A2 No No Rating Unaccepted
4 CREDENCE SOLAR PANELS PRIVATE LIMITED Electrical Equipment Bank Facilities 13520 10 Jun 2026 Unlisted [ICRA]BB+(Stable)/ [ICRA]A4+ No No
5 RDB Infrastructure & Power Limited Construction Bank Facilities 730 02 Jun 2026 Listed [ICRA]BB(Stable) /[ICRA]A4+ No No Rating Unaccepted
6 Duke Fashions (India) Limited Textiles & Apparels Bank Facilities 235 02 Jun 2026 Unlisted [ICRA]BBB+(Negative) No No
7 GUJARAT PEANUT AND AGRI PRODUCTS LIMITED Agricultural Food & other Products Bank Facilities 500 22 May 2026 Unlisted [ICRA]BB+(Stable) / [ICRA]A4+ No No
8 Asian Solvochem Private Limited Chemicals & Petrochemicals Bank Facilities 350 20 May 2026 Unlisted [ICRA]BB+(Stable) /[ICRA]A4+ No No
9 Crescent Organics Private Limited Chemicals & Petrochemicals Bank Facilities 750.00 20 May 2026 Unlisted [ICRA]BB+(Stable) /[ICRA]A4+ No No
10 Epack Petrochem Solutions Private Limited Industrial Products Bank Facilities 1157.6 20 May 2026 Unlisted [ICRA]BBB-(Stable)/ [ICRA]A3 No No
11 Greenchef Appliances Limited Consumer Durables Bank Facilities 1059.4 14 May 2026 Unlisted [ICRA]BB+(Stable) /[ICRA]A4+ No No
12 AVADH HELICONIA GREEN Realty Bank Facilities 760.00 11 May 2026 Unlisted [ICRA]BB+(Stable) No No
13 Space World Digital Solutions Private Limited Telecom - Services Bank Facilities 500.00 30 Apr 2026 Unlisted [ICRA]BBB+(Stable) /[ICRA]A2 No No
14 Jupiter International Limited Electrical Equipment Bank Facilities 500.00 30 Apr 2026 Unlisted [ICRA]BBB+(Stable) No No
15 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
16 Transcontinental Natural Resource Private Limited Gas Bank Facilities 950.00 30 Apr 2026 Unlisted [ICRA]BB(Stable) /[ICRA]A4 No No Unaccepted
17 Silvertoan Papers Limited Paper, Forest & Jute Products Bank Facilities 860 24 Apr 2026 Unlisted [ICRA]BBB(Stable)/[ICRA]A3+ No No unaccepted
18 K V Jewellers Consumer Durables Bank Facilities 500.00 23 Apr 2026 Unlisted [ICRA]BB(Stable) No No
19 Royal Touch Fablon Private Limited Industrial Products Bank Facilities 1000 22 Apr 2026 Unlisted [ICRA]BBB-(Stable) /[ICRA]A3 No No
20 KINTECH SYNERGY PRIVATE LIMITED Power Bank Facilities 350.00 10 Apr 2026 Unlisted [ICRA]BBB-(Stable) No No Unaccepted
21 Ghan Marine Products Food Products Bank Facilities 500 09 Apr 2026 Unlisted [ICRA]BB(Stable) No No Unaccepted
22 SHREEJI STEELS Metals & Minerals Trading Bank Facilities 295 09 Apr 2026 Unlisted [ICRA]BB(Stable)/[ICRA]A4 No No Unaccepted
23 NCS Industries Private Limited Transport Services Bank Facilities 600 07 Apr 2026 Unlisted [ICRA]BB+(Stable) No No Unaccepted
24 SVAKARMA FINANCE PRIVATE LIMITED Finance Orinoco BL 2026-Series A1 PTC 155.30 06 Apr 2026 Unlisted Provisional [ICRA]BBB-(SO) No No
25 YOUNG BRAND APPAREL PRIVATE LIMITED Textiles & Apparels Bank Facilities 500 02 Apr 2026 Unlisted [ICRA]A(Stable)/[ICRA]A1 No No Unaccepted
26 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
27 PRASU DEVELOPERS LLP Realty Bank Facilities 1500 30 Mar 2026 Unlisted [ICRA]BB+(Stable) No No
28 PNSC Infrastructure Pvt Ltd Construction Issuer Rating 0 26 Mar 2026 Unlisted [ICRA]BB(Stable) No No Unaccepted
29 Ethics Prosperity Private Limited Transport Services Issuer Rating 0 16 Mar 2026 Unlisted [ICRA]BB+(Stable) No No
30 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
31 Warrior Garments Textiles & Apparels Bank Facilities 250 09 Mar 2026 Unlisted [ICRA]BB-(Stable) No No
32 ITI Housing Finance Ltd Finance Bank Facilities 500.00 07 Mar 2026 Unlisted [ICRA]A2 No No
33 Leap Agri Logistics (Alwar) Private Limited Other Consumer Services Bank Facilities 600.00 06 Mar 2026 NA [ICRA]AA-(Stable) No No unaccepted
34 Ankura Medical and Research Centre Pvt Ltd Healthcare Services Bank Facilities 1000 03 Mar 2026 Unlisted [ICRA]BB+ (Stable)/ [ICRA]A4+ No No
35 Ankur Biochem Private Limited Beverages Bank Facilities 500.00 02 Mar 2026 Unlisted [ICRA]BBB+(Stable) No No
36 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
37 Siddhi Forge Private Limited Auto Components Issuer Rating 0 25 Feb 2026 Unlisted [ICRA]BB+(Stable) No No Client not accepted rating
38 Swathi Build Tech Pvt Ltd Other Construction Materials Bank Facilities 1400 25 Feb 2026 Unlisted [ICRA]BB(Stable) /[ICRA]A4 No No
39 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
40 Vishwarupa Infratech Private Limited Construction Bank Facilities 1000 23 Feb 2026 Unlisted [ICRA]BB(Stable)/[ICRA]A4 No No
41 HAMTEK TECHNOLOGIES INDIA PRIVATE LIMITED Construction Bank Facilities 1600 23 Feb 2026 Unlisted [ICRA]BB+(Stable)/ [ICRA]A4+ No No Unaccepted
42 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
43 Chemmanur Credits And Investments Limited Finance NCD 1000 19 Feb 2026 Proposed to be listed [ICRA]BB+(Stable) No No
44 OPG Power Generation Private Limited Power Non Convertible Debentures 2000 18 Feb 2026 Unlisted [ICRA]A(Stable) No No
45 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
46 SMS Constructions Construction Issuer Rating 0 10 Feb 2026 Unlisted [ICRA]BB- (Stable) Yes 18 Feb 2026 [ICRA] BB- (Stable No
47 Viyuha Infrabuild Construction Bank Facilities 80 10 Feb 2026 Unlisted [ICRA]B+(Stable) /[ICRA]A4 No No
48 GARG FINE FOODS Agricultural Food & other Products Bank Facilities 990 10 Feb 2026 Unlisted [ICRA]B+(Stable) /[ICRA]A4 No No
49 RMS construction Private Limited Construction Bank Facilities 550 09 Feb 2026 Unlisted [ICRA]D /[ICRA]D No No
50 HI - TECH ELECTRICALS Construction Issuer Rating 0 09 Feb 2026 Unlisted [ICRA]B+(Stable) No No
51 Powerica Limited Industrial Manufacturing Bank Facilities 2500 27 Jan 2026 Unlisted [ICRA]AA(Stable) Yes 30 Jan 2026 [ICRA]AA(Stable) No
52 Sunteck Realty Limited Realty Commercial Paper 500 19 Jan 2026 Proposed to be listed [ICRA]A1+ No No
53 Spandana Sphoorty Financial Limited Finance Scarlet 12 2025-PTC SERIES A1a 823.2 13 Jan 2026 Unlisted Provisional [ICRA]AA(SO) No No
54 Spandana Sphoorty Financial Limited Finance Scarlet 12 2025-PTC SERIES A1b 823.2 13 Jan 2026 Unlisted Provisional [ICRA]A(SO) No No
55 Century Infra Limited Transport Infrastructure Bank Facilities 1000 12 Jan 2026 Unlisted [ICRA]BBB+(Stable) No No
56 Century Ports Limited Transport Infrastructure Bank Facilities 1100 12 Jan 2026 Unlisted [ICRA]BBB-(Stable) No No
57 JK Maini Global Aerospace Limited Aerospace & Defense Bank Facilities 5000 07 Jan 2026 Unlisted [ICRA]A(Stable) /[ICRA]A1 No No
58 JK Maini Precision Technology Limited Auto Components Bank Facilities 9500 07 Jan 2026 Unlisted [ICRA]A+(Stable) /[ICRA]A1 No No
59 MINERALIA IMPEX PRIVATE LIMITED Diversified Bank Facilities 100 05 Jan 2026 Unlisted [ICRA]BB-(Stable) /[ICRA]A4 No No
60 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
61 ACKO General Insurance Limited Insurance Subordinated Debt 1000 15 Dec 2025 Proposed to be listed [ICRA]A- (Stabl) No No
62 Arisinfra Solutions Limited Commercial Services & Supplies Bank Facilities 1500 15 Dec 2025 Unlisted [ICRA]BB+(Stable) /[ICRA]A4+ No No
63 Shirdi Sai Electricals Limited Industrial Manufacturing Bank Facilities 7500 11 Dec 2025 Unlisted [ICRA]BB+(Stable) /[ICRA]A4+ No No
64 MITSUBISHI ELECTRIC INDIA PVT. LTD. Consumer Durables Issuer Rating 0 08 Dec 2025 Unlisted [ICRA]AA+(Stable) No No
65 Assago Industries Private Limited Beverages Bank Facilities 2700 17 Nov 2025 Unlisted [ICRA]BB+(Stable) Yes 20 Mar 2026 [ICRA]BB+(Stable) No
66 KG Flexx Private Limited Industrial Products Bank Facilities 315 12 Nov 2025 Unlisted [ICRA]BB+(Positive)/[ICRA]A4+ No No
67 Gargya Autocity Private Limited Automobiles Bank Facilities 140.5 11 Nov 2025 Unlisted [ICRA]BB (Stable) Yes 19 Nov 2025 [ICRA]BB(Stable) No
68 Bluebird Solar Private Limited Industrial Products Issuer Rating 0 11 Nov 2025 Unlisted [ICRA]BB (Stable) No No
69 Nido Home Finance Limited Finance HL Trust 30-Series A1 ABS 236.9 06 Nov 2025 Unlisted Provisional [ICRA]AAA(SO) No No
70 Shakti Nutritions Private Limited Agricultural Food & other Products Bank Facilities 2410 06 Nov 2025 Unlisted [ICRA]BBB-(Stable)/[ICRA]A3 No No
71 Shakti Apifoods Private Limited Agricultural Food & other Products Bank Facilities 1600 06 Nov 2025 Unlisted [ICRA]BBB-(Stable) No No
72 Purva Metal Sections Pvt Ltd Industrial Products Bank Facilities 800 30 Oct 2025 Unlisted [ICRA]BB+(Stable) No No
73 Shiva Ferric Pvt Ltd Metals & Minerals Trading Bank Facilities 800 30 Oct 2025 Unlisted [ICRA]BB+(Stable) No No
74 Findi India Limited Other Consumer Services Bank Facilities 500 30 Oct 2025 Unlisted [ICRA]BBB-(Stable) /[ICRA]A3 No No
75 STERLING GREEN POWER SOLUTIONS PRIVATE LIMITED Electrical Equipment Bank Facilities 750 30 Oct 2025 Unlisted [ICRA]BBB(Stable)/[ICRA]A3+ No No
76 Headsup B2B Private Limited Commercial Services & Supplies Issuer Rating 0 27 Oct 2025 Unlisted [ICRA]BB-(Stable) No No
77 Sri Ramraghav Mills Textiles & Apparels Bank Facilities 250 23 Oct 2025 Unlisted [ICRA]BB+(Stable) No No
78 Resonia Limited Power Issuer Rating 0 09 Oct 2025 Unlisted [ICRA]A+(Stable) Yes 05 May 2026 [ICRA]AA- (Stable) Yes Yes
79 RSB Transmissions (I) Ltd. Auto Components Issuer Rating 0 08 Oct 2025 Unlisted [ICRA]A-(Stable) No No
80 Purva Metal Sections Pvt Ltd Industrial Products Bank Facilities 800 03 Oct 2025 Unlisted [ICRA]BB(Stable) No Yes Yes
81 Shiva Ferric Pvt Ltd Metals & Minerals Trading Bank Facilities 800 03 Oct 2025 Unlisted [ICRA]BB(Stable) No Yes Yes
82 Wellness Forever Medicare Limited Retailing Bank Facilities 2300 03 Oct 2025 Unlisted [ICRA]BBB(Stable) No No
83 Mahaveer Surfactants Private Limited Chemicals & Petrochemicals Bank Facilities 310 03 Oct 2025 Unlisted [ICRA]BB(Stable) No No
84 Vel Castings Private Limited Industrial Products Bank Facilities 280 30 Sep 2025 Unlisted [ICRA]BB-(Stable) No No
85 Inbrew Beverages Private Limited Beverages Bank Facilities 4500 23 Sep 2025 Unlisted Provisional [ICRA]BB+(Stable) No No
86 M. R. Dairy Products Private Limited Food Products Bank Facilities 1000 23 Sep 2025 Unlisted [ICRA]BBB(Stable) /[ICRA]A3+ No No
87 Nuvama Wealth Finance Limited Finance Preference Shares 2000 19 Sep 2025 Unlisted [ICRA]A+ (Positive) No No
88 XOLOPAK INDIA LIMITED Paper, Forest & Jute Products Bank Facilities 750 18 Sep 2025 Unlisted [ICRA]BB (Stable) No No
89 Salvage Energy Solutions Private Limited Diversified Metals Non Convertible Debentures 400 16 Sep 2025 Proposed to be listed [ICRA]B+(Stable) No No
90 ICE STEEL 1 PRIVATE LIMITED Auto Components Bank Facilities 375 09 Sep 2025 Unlisted [ICRA]BB+ (Stable) No No
91 Pentagon Premises Private Limited Realty Bank Facilities 1000 08 Sep 2025 Unlisted [ICRA]BB- (Stable) Yes 11 Sep 2025 [ICRA]BB- (Stable) No
92 Sri Navdurga Gems and Jewels Consumer Durables Bank Facilities 340 29 Aug 2025 Unlisted [ICRA]BB (Stable) No No
93 Abis Foods and Proteins Private Limited Food Products Bank Facilities 6638.2 29 Aug 2025 Unlisted [ICRA]AA-(Stable)/ [ICRA]A1+ Yes 20 Mar 2026 [ICRA]AA-(Stable)/ [ICRA]A1+ No
94 ABIS PROTEINS PRIVATE LIMITED Food Products Bank Facilities 980 29 Aug 2025 Unlisted [ICRA]AA-(Stable) Yes 20 Mar 2026 [ICRA]AA-(Stable) No
95 Radha Smelters Private Limited Ferrous Metals Bank Facilities 300 28 Aug 2025 Unlisted [ICRA]A3+ No No
96 Sancraft Industries Private Limited Electrical Equipment Issuer Rating 0 27 Aug 2025 Unlisted [ICRA]BB (Stable) No No
97 Hazel Infra Limited Industrial Manufacturing Issuer Rating 0 21 Aug 2025 Unlisted [ICRA]BB+(Stable) No No
98 Wine Enterprises Private Limited Beverages Bank Facilities 1000 21 Aug 2025 Unlisted [ICRA]BB+ (Stable) No No
99 KSL Cleantech Limited Power Bank Facilities 400 20 Aug 2025 Unlisted [ICRA]B+ (Stable)/[ICRA]A4 No No
100 TESLA POWER EQUIPMENTS AND PROJECTS LIMITED Electrical Equipment Bank Facilities 1020 20 Aug 2025 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+ 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.