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ICRA Research is based on our analysts' insights, gained from rating corporates and financial sector entities. The research reports are tailored to meet the requirements of banks, mutual funds, insurance companies, PEs or venture funds and corporates.

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Special Comments

Date	Reports	Category	Price
14 Oct 2025	SGS issuance trailed the indicated amount by a sharp 56% in the second weekly auction of October 2025	Thematic Report
08 Oct 2025	Organised gold loan AUM projected to reach Rs. 15 trillion in FY2026; banks continue to increase share	Thematic Report
07 Oct 2025	SGS cut-off drops by 26 bps to 7.18% amid dip in yields and increase in shorter tenor issuances	Thematic Report
06 Oct 2025	Healthy pre-leasing activity in Pune: ~42% of FY2026 office supply already committed	Thematic Report
03 Oct 2025	Mission’s success depends on reducing imports by tapping into domestic manufacturing strength	Thematic Report
30 Sep 2025	SGS cut-off rises by 10 bps to 7.44%; spread between 10-year SGS and G-sec yield narrows to 69bps	Thematic Report
30 Sep 2025	Passenger traffic likely to grow by 5-7% in FY2026 to reach 430-440 million	Half-yearly Update	--
30 Sep 2025	Consistent growth and resilient earnings profile underpinned by robust asset quality	Annual Update	--
30 Sep 2025	ICRA expects road execution to moderate to 9,000-9,500 km in FY2026	Quarterly Update	--
30 Sep 2025	From fixed to flexible: Evolving models for sale of power by renewable power IPPs	Thematic Report
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Credit Perspective Reports

ICRA's 'Credit Perspectives' provide detailed analysis on ratings assigned. These reports broadly cover the following areas: Key rating considerations..

What's latest in CPR

SK Finance Limited
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Invenire Petrodyne Limited (erstwhile Tata Petrodyne Limited)
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Niwas Housing Finance Private Limited (erstwhile Indostar Home Finance Private Limited)
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Rating Rationales

Name	Email	Phone
14 Oct 2025	ONGC Petro additions Limited: Provisional rating of [ICRA]AAA (CE) (Stable) assigned to NCD programme; long-term rating upgraded to [ICRA]AA+ (Stable); short-term rating reaffirmed
14 Oct 2025	SG Finserve Limited: Provisional [ICRA]AA(CE) (Stable) assigned, provisional rating finalised and other ratings reaffirmed
14 Oct 2025	Karnataka Co-Operative Milk Producers' Federation Limited: Ratings upgraded to [ICRA]A+ (Stable)/[ICRA]A1+
14 Oct 2025	Berar Finance Limited: Rating withdrawn
14 Oct 2025	Epack Prefab Technologies Limited: Ratings upgraded to [ICRA]A+ (Stable)/ [ICRA]A1 from [ICRA]A (Stable)/[ICRA]A2+
14 Oct 2025	Essar Oil and Gas Exploration and Production Limited: Issuer rating withdrawn
14 Oct 2025	DMI Finance Private Limited: Rating withdrawn for PTCs backed by personal loan receivables securitisation transaction
14 Oct 2025	Muthoot Capital Services Limited: Ratings reaffirmed for PTCs issued under two-wheeler loan securitisation transaction
14 Oct 2025	Bengaluru Co-operative Milk Union Ltd: Ratings upgraded to [ICRA]A- (Stable)/[ICRA]A2+
14 Oct 2025	Five-Star Business Finance Limited: Rating withdrawn for PTCs issued under small business loan securitisation transaction