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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
29 Oct 2025	Retail sales rose by 6.5% YoY in September aided by traction in the last week of the month	Monthly Update	--
28 Oct 2025	SGS cut-off rises by 11 bps to 7.33% despite lower-than-indicated issuance	Thematic Report
28 Oct 2025	Long weekend and Diwali light up occupancies	Monthly Update	--
28 Oct 2025	Tractor wholesale and retail volumes grew by 45% and 4% YoY respectively, in September 2025	Monthly Update	--
27 Oct 2025	Improving infrastructure driving growth in key emerging residential micro markets	Thematic Report
27 Oct 2025	States’ fiscal deficit projected at 3.3% of GSDP in FY2026, mildly exceeding budgeted level	Annual Update	--
27 Oct 2025	H1 FY2026: Securitisation volumes continue to grow; NBFCs expected to remain key originators	Thematic Report
24 Oct 2025	Decline in all-India electricity demand in October 2025	Monthly Update	--
16 Oct 2025	Global capability centres: Driving the next wave of commercial real estate growth in India	Thematic Report
14 Oct 2025	SGS issuance trailed the indicated amount by a sharp 56% in the second weekly auction of October 2025	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

Prabhudas Lilladher Financial Services Private Limited
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Rating Rationales

Name	Email	Phone
28 Oct 2025	UNITED FOODBRANDS LIMITED (erstwhile Barbeque Nation Hospitality Limited): Ratings reaffirmed; outlook revised to Negative from Stable and rated amount enhanced
28 Oct 2025	Lakshmi Vacuum Technologies Pvt. Ltd.: Ratings reaffirmed
28 Oct 2025	Star Automobiles: Rating upgraded
28 Oct 2025	Sushil Financial Services Private Limited: Rating reaffirmed; assigned for enhanced amount
28 Oct 2025	ECL Finance Limited: [ICRA]A+ (Stable) assigned to NCD, retail NCD and subordinated debt and ratings reaffirmed for existing limits; rated amount enhanced for bank lines and rating withdrawn for matured instruments
28 Oct 2025	Jagtial Municipality: Continues to remain under issuer non-cooperating category
28 Oct 2025	Svasti Microfinance Private Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by LoanX Sorrel Jul 2025
28 Oct 2025	Lakshmi Vacuum Heat Treaters Pvt Ltd: Ratings reaffirmed
28 Oct 2025	Bagmane Developers Private Limited: Ratings upgraded to [ICRA]AA+ and placed on Rating Watch with Developing Implications
28 Oct 2025	Telawne Power Equipments Private Limited: Continues to remain under issuer non-cooperating category