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Ratings assigned and not accepted (as on 11 Mar 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 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
2 Warrior Garments Textiles & Apparels Bank Facilities 250 09 Mar 2026 Unlisted [ICRA]BB-(Stable) No No
3 ITI Housing Finance Ltd Finance Bank Facilities 500.00 07 Mar 2026 Unlisted [ICRA]A2 No No
4 Leap Agri Logistics (Alwar) Private Limited Other Consumer Services Bank Facilities 600.00 06 Mar 2026 NA [ICRA]AA-(Stable) No No unaccepted
5 Ankura Medical and Research Centre Pvt Ltd Healthcare Services Bank Facilities 1000 03 Mar 2026 Unlisted [ICRA]BB+ (Stable)/ [ICRA]A4+ No No
6 Ankur Biochem Private Limited Beverages Bank Facilities 500.00 02 Mar 2026 Unlisted [ICRA]BBB+(Stable) No No
7 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
8 Siddhi Forge Private Limited Auto Components Other rating products 0.00 25 Feb 2026 Unlisted [ICRA]BB+(Stable) No No Client not accepted rating
9 Swathi Build Tech Pvt Ltd Other Construction Materials Bank Facilities 1400 25 Feb 2026 Unlisted [ICRA]BB(Stable) /[ICRA]A4 No No
10 Indian Terrain Fashions Limited Textiles & Apparels Bank Facilities 956.3 24 Feb 2026 Listed [ICRA]BB+(Stable) [ICRA]A4+ No No Client has not accepted the rating
11 Vishwarupa Infratech Private Limited Construction Bank Facilities 1000 23 Feb 2026 Unlisted [ICRA]BB(Stable)/[ICRA]A4 No No
12 HAMTEK TECHNOLOGIES INDIA PRIVATE LIMITED Construction Bank Facilities 1600 23 Feb 2026 Unlisted [ICRA]BB+(Stable)/ [ICRA]A4+ No No Unaccepted
13 J R Tantia Charitable Trust Other Consumer Services Bank Facilities 250 19 Feb 2026 Unlisted [ICRA]BBB+(Stable) /[ICRA]A2 No No
14 Chemmanur Credits And Investments Limited Finance NCD 1000 19 Feb 2026 Proposed to be listed [ICRA]BB+(Stable) No No
15 OPG Power Generation Private Limited Power Non Convertible Debentures 2000 18 Feb 2026 Unlisted [ICRA]A(Stable) No No
16 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
17 SMS Constructions Construction Issuer Rating 0 10 Feb 2026 Unlisted [ICRA]BB- (Stable) Yes 18 Feb 2026 [ICRA] BB- (Stable No
18 Viyuha Infrabuild Construction Bank Facilities 80 10 Feb 2026 Unlisted [ICRA]B+(Stable) /[ICRA]A4 No No
19 GARG FINE FOODS Agricultural Food & other Products Bank Facilities 990 10 Feb 2026 Unlisted [ICRA]B+(Stable) /[ICRA]A4 No No
20 RMS construction Private Limited Construction Bank Facilities 550 09 Feb 2026 Unlisted [ICRA]D /[ICRA]D No No
21 HI - TECH ELECTRICALS Construction Issuer Rating 0 09 Feb 2026 Unlisted [ICRA]B+(Stable) No No
22 Powerica Limited Industrial Manufacturing Bank Facilities 2500 27 Jan 2026 Unlisted [ICRA]AA(Stable) Yes 30 Jan 2026 [ICRA]AA(Stable) No
23 Sunteck Realty Limited Realty Commercial Paper 500 19 Jan 2026 Proposed to be listed [ICRA]A1+ No No
24 Spandana Sphoorty Financial Limited Finance Scarlet 12 2025-PTC SERIES A1a 823.2 13 Jan 2026 Unlisted Provisional [ICRA]AA(SO) No No
25 Spandana Sphoorty Financial Limited Finance Scarlet 12 2025-PTC SERIES A1b 823.2 13 Jan 2026 Unlisted Provisional [ICRA]A(SO) No No
26 Century Infra Limited Transport Infrastructure Bank Facilities 1000 12 Jan 2026 Unlisted [ICRA]BBB+(Stable) No No
27 Century Ports Limited Transport Infrastructure Bank Facilities 1100 12 Jan 2026 Unlisted [ICRA]BBB-(Stable) No No
28 JK Maini Global Aerospace Limited Aerospace & Defense Bank Facilities 5000 07 Jan 2026 Unlisted [ICRA]A(Stable) /[ICRA]A1 No No
29 JK Maini Precision Technology Limited Auto Components Bank Facilities 9500 07 Jan 2026 Unlisted [ICRA]A+(Stable) /[ICRA]A1 No No
30 MINERALIA IMPEX PRIVATE LIMITED Diversified Bank Facilities 100 05 Jan 2026 Unlisted [ICRA]BB-(Stable) /[ICRA]A4 No No
31 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
32 ACKO General Insurance Limited Insurance Subordinated Debt 1000 15 Dec 2025 Proposed to be listed [ICRA]A- (Stabl) No No
33 Arisinfra Solutions Limited Commercial Services & Supplies Bank Facilities 1500 15 Dec 2025 Listed [ICRA]BB+(Stable) /[ICRA]A4+ No No
34 Shirdi Sai Electricals Limited Industrial Manufacturing Bank Facilities 7500 11 Dec 2025 Unlisted [ICRA]BB+(Stable) /[ICRA]A4+ No No
35 MITSUBISHI ELECTRIC INDIA PVT. LTD. Consumer Durables Issuer Rating 0 08 Dec 2025 Unlisted [ICRA]AA+(Stable) No No
36 Assago Industries Private Limited Beverages Bank Facilities 2700 17 Nov 2025 Unlisted [ICRA]BB+(Stable) No No
37 KG Flexx Private Limited Industrial Products Bank Facilities 315 12 Nov 2025 Unlisted [ICRA]BB+(Positive)/[ICRA]A4+ No No
38 Gargya Autocity Private Limited Automobiles Bank Facilities 140.5 11 Nov 2025 Unlisted [ICRA]BB (Stable) Yes 19 Nov 2025 [ICRA]BB(Stable) No
39 Bluebird Solar Private Limited Industrial Products Issuer Rating 0 11 Nov 2025 Unlisted [ICRA]BB (Stable) No No
40 Nido Home Finance Limited Finance HL Trust 30-Series A1 ABS 236.9 06 Nov 2025 Unlisted Provisional [ICRA]AAA(SO) No No
41 Shakti Nutritions Private Limited Agricultural Food & other Products Bank Facilities 2410 06 Nov 2025 Unlisted [ICRA]BBB-(Stable)/[ICRA]A3 No No
42 Shakti Apifoods Private Limited Agricultural Food & other Products Bank Facilities 1600 06 Nov 2025 Unlisted [ICRA]BBB-(Stable) No No
43 Purva Metal Sections Pvt Ltd Industrial Products Bank Facilities 800 30 Oct 2025 Unlisted [ICRA]BB+(Stable) No No
44 Shiva Ferric Pvt Ltd Metals & Minerals Trading Bank Facilities 800 30 Oct 2025 Unlisted [ICRA]BB+(Stable) No No
45 Findi India Limited Other Consumer Services Bank Facilities 500 30 Oct 2025 Unlisted [ICRA]BBB-(Stable) /[ICRA]A3 No No
46 STERLING GREEN POWER SOLUTIONS PRIVATE LIMITED Electrical Equipment Bank Facilities 750 30 Oct 2025 Unlisted [ICRA]BBB(Stable)/[ICRA]A3+ No No
47 Headsup B2B Private Limited Commercial Services & Supplies Issuer Rating 0 27 Oct 2025 Unlisted [ICRA]BB-(Stable) No No
48 Sri Ramraghav Mills Textiles & Apparels Bank Facilities 250 23 Oct 2025 Unlisted [ICRA]BB+(Stable) No No
49 Resonia Limited Construction Issuer Rating 0 09 Oct 2025 Unlisted [ICRA]A+(Stable) No No
50 RSB Transmissions (I) Ltd. Auto Components Issuer Rating 0 08 Oct 2025 Unlisted [ICRA]A-(Stable) No No
51 Purva Metal Sections Pvt Ltd Industrial Products Bank Facilities 800 03 Oct 2025 Unlisted [ICRA]BB(Stable) No Yes Yes
52 Shiva Ferric Pvt Ltd Metals & Minerals Trading Bank Facilities 800 03 Oct 2025 Unlisted [ICRA]BB(Stable) No Yes Yes
53 Wellness Forever Medicare Limited Retailing Bank Facilities 2300 03 Oct 2025 Unlisted [ICRA]BBB(Stable) No No
54 Mahaveer Surfactants Private Limited Chemicals & Petrochemicals Bank Facilities 310 03 Oct 2025 Unlisted [ICRA]BB(Stable) No No
55 Vel Castings Private Limited Industrial Products Bank Facilities 280 30 Sep 2025 Unlisted [ICRA]BB-(Stable) No No
56 Inbrew Beverages Private Limited Beverages Bank Facilities 4500 23 Sep 2025 Unlisted Provisional [ICRA]BB+(Stable) No No
57 M. R. Dairy Products Private Limited Food Products Bank Facilities 1000 23 Sep 2025 Unlisted [ICRA]BBB(Stable) /[ICRA]A3+ No No
58 Nuvama Wealth Finance Limited Finance Preference Shares 2000 19 Sep 2025 Unlisted [ICRA]A+ (Positive) No No
59 XOLOPAK INDIA LIMITED Paper, Forest & Jute Products Bank Facilities 750 18 Sep 2025 Unlisted [ICRA]BB (Stable) No No
60 Salvage Energy Solutions Private Limited Diversified Metals Non Convertible Debentures 400 16 Sep 2025 Proposed to be listed [ICRA]B+(Stable) No No
61 ICE STEEL 1 PRIVATE LIMITED Auto Components Bank Facilities 375 09 Sep 2025 Unlisted [ICRA]BB+ (Stable) No No
62 Pentagon Premises Private Limited Realty Bank Facilities 1000 08 Sep 2025 Unlisted [ICRA]BB- (Stable) Yes 11 Sep 2025 [ICRA]BB- (Stable) No
63 Sri Navdurga Gems and Jewels Consumer Durables Bank Facilities 340 29 Aug 2025 Unlisted [ICRA]BB (Stable) No No
64 Abis Exports (India) Private Limited Food Products Bank Facilities 6638.2 29 Aug 2025 Unlisted [ICRA]AA-(Stable)/ [ICRA]A1+ No No
65 ABIS PROTEINS PRIVATE LIMITED Food Products Bank Facilities 980 29 Aug 2025 Unlisted [ICRA]AA-(Stable) No No
66 Radha Smelters Private Limited Ferrous Metals Bank Facilities 300 28 Aug 2025 Unlisted [ICRA]A3+ No No
67 Sancraft Industries Private Limited Electrical Equipment Issuer Rating 0 27 Aug 2025 Unlisted [ICRA]BB (Stable) No No
68 Hazel Infra Limited Industrial Manufacturing Issuer Rating 0 21 Aug 2025 Unlisted [ICRA]BB+(Stable) No No
69 Wine Enterprises Private Limited Beverages Bank Facilities 1000 21 Aug 2025 Unlisted [ICRA]BB+ (Stable) No No
70 KSL Cleantech Limited Power Bank Facilities 400 20 Aug 2025 Unlisted [ICRA]B+ (Stable)/[ICRA]A4 No No
71 TESLA POWER EQUIPMENTS AND PROJECTS LIMITED Electrical Equipment Bank Facilities 1020 20 Aug 2025 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+ No No
72 Asian Footwears Private Limited Consumer Durables Issuer Rating 0 18 Aug 2025 Unlisted [ICRA]BB+ (Stable) No No
73 Shreyas Sortex Industries Private Limited Agricultural Food & other Products Bank Facilities 500 14 Aug 2025 Unlisted [ICRA]BBB+(Stable) No No
74 Brindavan Beverages Private Limited Beverages Bank facilities 2500 12 Aug 2025 Unlisted [ICRA]BBB+(Stable) /[ICRA]A2 No No
75 New Sudarshan Silks Realty Bank Facilities 280 11 Aug 2025 Unlisted [ICRA]B(Stable) No No
76 Ganesh Cars Private Limited Automobiles Bank Facilities 500 11 Aug 2025 Unlisted [ICRA]BB(Stable) No No
77 S S GAS LAB ASIA PRIVATE LIMITED Chemicals & Petrochemicals Issuer Rating 0 30 Jul 2025 Unlisted [ICRA]BB+ (Stable) No No
78 Bimal Auto Agency Automobiles Bank Facilities 1000 17 Jul 2025 Unlisted [ICRA]BBB-(Stable) No No
79 Vaswani Estates Developers Pvt Ltd. Realty Bank Facilities 4000 17 Jul 2025 Unlisted [ICRA]BB+ (Stable) No No
80 Apollo Micro Systems Limited Aerospace & Defense Bank Facilities 500 16 Jul 2025 Unlisted [ICRA]BBB(Stable) /[ICRA]A3+ No No
81 Gem Edible Oils Private Limited Agricultural Food & other Products Bank Facilities 250 15 Jul 2025 Unlisted [ICRA]BBB(Stable) /[ICRA]A3+ No No
82 Ocean Lifespaces India Private Limited Construction Bank Facilities 4750 08 Jul 2025 Unlisted [ICRA]A (Stable) No No
83 Teems India Towerlines Private Limited Electrical Equipment Bank Facilities 24 08 Jul 2025 Unlisted [ICRA]A4+ No No
84 AMPIN Energy Green Four Private Limited Power Bank Facilities 4420 04 Jul 2025 Unlisted [ICRA]BBB+ (Stable) Yes 15 Jul 2025 [ICRA]A- (Stable) No
85 Junobo Hotels Private Limted Leisure Services Bank Facilities 750 03 Jul 2025 Unlisted [ICRA]B+(Stable) Yes 25 Aug 2025 [ICRA]BBB(Stable) No
86 Ganesh Consumer Products Limited Agricultural Food & other Products Bank Facilities 680 01 Jul 2025 Unlisted [ICRA]A+(Stable) /[ICRA]A1 Yes 01 Jul 2025 [ICRA]A+ (Stable)/[ICRA]A1 No
87 MAHESH EDIBLE OIL MANUFACTURES PRIVATE LIMITED Agricultural Food & other Products Bank Facilities 2500 01 Jul 2025 Unlisted [ICRA]BBB-(Stable) No No
88 Simran Feeds Private Limited Food Products Bank Facilities 850 01 Jul 2025 Unlisted [ICRA]BB+(Stable) /[ICRA]A4+ No No
89 Joys the Beach Resort Private Limited Leisure Services Bank Facilities 1000 30 Jun 2025 Unlisted [ICRA]BB+(Stable) No No
90 Indel Money Limited Finance Non Convertible Debentures 250 30 Jun 2025 Proposed to be listed [ICRA]BBB+(Stable) No No
91 Orra Fine Jewellery Private Limited Consumer Durables Bank Facilities 750 27 Jun 2025 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+ No No
92 ETA Engineers Bangalore Private Limited Electrical Equipment Bank Facilities 500 20 Jun 2025 Unlisted [ICRA]BB(Stable)/ [ICRA]A4 No No
93 Triumph Auto (CV) Private Limited Agricultural, Commercial & Construction Vehicles Bank Facilities 3000 05 Jun 2025 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+ Yes 10 Jun 2025 [ICRA]BB+(Stable)/[ICRA]A4+ No
94 Advance Valves Private Limited Industrial Manufacturing Bank Facilities 150 04 Jun 2025 Unlisted [ICRA]A-(Stable)/[ICRA]A2+ No No
95 Advance Valves Global LLP Industrial Manufacturing Bank Facilities 150 04 Jun 2025 Unlisted [ICRA]A-(Stable)/[ICRA]A2+ No No
96 B K Sales Corporation Chemicals & Petrochemicals Bank Facilities 725 29 May 2025 Unlisted [ICRA]BBB+ (Stable)/[ICRA]A2 No No
97 Apollo Fashion International Limited Textiles & Apparels Bank Facilities 700 29 May 2025 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+ No No
98 Daya Engineering Works Private Limited Industrial Manufacturing Bank Facilities 570 23 May 2025 Unlisted [ICRA]A (Positive) / [ICRA] A2+ Yes 14 Jul 2025 [ICRA]A+ (Stable)/[ICRA] A1 Yes Yes
99 Patil Rail Infrastructure Private Limited Industrial Manufacturing Bank Facilities 4150 23 May 2025 Unlisted [ICRA]A (Positive) / [ICRA] A2+ Yes 14 Jul 2025 [ICRA]A+(Stable)/[ICRA] A1 Yes Yes
100 Thiruverkadu Municipality Public Services Issuer Rating 0 20 May 2025 Unlisted [ICRA]BB+(Stable) 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.