Rating Rationale
May 23, 2025 | Mumbai
 
Edelweiss Financial Services Limited
Ratings reaffirmed at 'Crisil A+/Crisil PPMLD A+/Stable/Crisil A1+'
 
Rating Action
Rs.1000 Crore Non Convertible Debentures& Crisil A+/Stable (Reaffirmed)
Rs.500 Crore Non Convertible Debenture Crisil A+/Stable (Reaffirmed)
Rs.300 Crore Long Term Principal Protected Market Linked Debentures  Crisil PPMLD A+/Stable (Reaffirmed)
Rs.881.36 Crore Retail Bond& Crisil A+/Stable (Reaffirmed)
Rs 500 Crore Commercial Paper Crisil A1+ (Reaffirmed)
Non Convertible Debentures Aggregating Rs.2363.59 Crore& Crisil A+/Stable (Reaffirmed)
& public issue
Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

 

Detailed Rationale

Crisil Ratings has reaffirmed its 'Crisil A+/Crisil PPMLD A+/Stable/Crisil A1+' ratings on the debt instruments of Edelweiss Financial Services Ltd (EFSL; part of the Edelweiss group)

 

Crisil Ratings has withdrawn its rating on non-convertible debentures (NCDs) of Rs 51 crore in line with its withdrawal policy (See ‘Annexure - Details of rating withdrawn'). Crisil Ratings has received independent confirmation that these instruments are fully redeemed.

 

During the fourth quarter of fiscal 2025, in consultation with the Reserve Bank of India (RBI)  ECL Finance (ECLF) has undertaken a markdown on their wholesale book, which largely comprises of security receipts (SRs), of Rs 1,137 crore. The company re-valued SRs, based on Income Recognition and Asset Classification (IRAC) loan norms and reassessed expected credit loss (ECL), resulting in a provision incurred through other comprehensive income in the financial statement. Resultantly, carrying value of SRs on ECL finance’s balance sheet have now reduced to ~Rs 2260 crore as on March 31, 2025 from ~Rs 3400 crore as on December 31, 2024. The resultant impact on ECLF’s networth was ~Rs 1000cr.

 

The company had sufficient headroom to absorb the impact on capital due to a high cushion in the capital adequacy ratio (CAR) over and above the regulatory threshold. ECLF’s CAR and CET 1 ratio had increased to 52.3% and 44.7% respectively as on December 31, 2024, compared to 40.7% and 20.3% as on March 31, 2024 helped by conversion of Rs 1040 crore compulsorily convertible debentures (CCD) into equity during the fiscal. Thus, the CAR and CET 1 ratio remains comfortable at 32.6% and 23.3% respectively, as on March 31, 2025 post the provisioning impact.

 

On a standalone basis, ECLF’s networth reduced from Rs 3,029 crore as on March 31, 2024 to Rs 1,602 crore as on March 31, 2025. While this resulted in increased gearing from 2.2 times (excluding collateralised borrowing and lending obligation [CBLO], gearing was 1.6 times) as on March 31, 2024 to 3.8 times (excluding CBLO, 2.3 times) as on March 31, 2025, it still remains lower than historical gearing levels of 4.4 times and 5.3 times as on March 31, 2021 and March 31, 2020 respectively.

 

On a consolidated basis, the group’s networth reduced to Rs 5,918 crore as on March 31, 2025 from Rs 6,309 crore as on March 31, 2024. Gearing remains comfortable at 3.02 times (excluding CBLO, 2.6 times) as on March 31, 2025, compared to 3.2 times (excluding CBLO, 2.9 times)  as on March 31, 2024, due to debt reduction from Rs 19,988 crore as on March 31, 2024 to Rs 17,875 crore as on March 31, 2025.

 

Going forward, any further provisioning undertaken in this respect will remain a monitorable.

 

The ratings continue to be supported by the Edelweiss group’s adequate capitalisation and diversified business risk profile with good market position in the asset reconstruction and asset management businesses. Growth in retail lending (including MSME [micro, small and medium enterprises] and housing) has, however, been relatively slow. The ratings are constrained by lower-than-expected revival in core profitability and continued high unprovided monitorable portfolio.

Analytical Approach

Crisil Ratings has combined the business and financial risk profiles of Edelweiss Financial Services Limited and its subsidiaries (including .  This is because these entities, collectively referred to as the Edelweiss group, have significant operational, financial and managerial linkages.

 

Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description

Strengths:

Adequate capitalisation, supported by multiple capital raises: The Edelweiss group has demonstrated its ability to raise capital from global investors across businesses, despite the tough macroeconomic environment. The group has raised ~Rs 6,000 crore since 2016 across lending, wealth management and asset management businesses. This has helped the group to maintain its capital position despite elevated credit costs, and absorb asset-side risks. The networth stood at Rs 5,918 crore as on March 31, 2025, against Rs 6,309 crore as on March 31, 2024 (Rs 8,581 crore as on March 31, 2023). The networth reduced from March 2024 levels due to strategic mark down done in the SR book. Earlier the networth had come down as  ~30% of Nuvama’s networth was distributed to the shareholders of EFSL as part of the demerger.

 

Gearing stood at 3.02 times (excluding CBLO, 2.6 times)  as on March 31, 2025, compared with 3.2 times (excluding CBLO, 2.9 times) as on March 31, 2024 (2.4 times as on March 31, 2023, and 2.5 times as on March 31, 2022). With increased focus on fee-based businesses, and strategy to grow in the credit business through an asset-light model, the incremental debt requirement will be low. Besides the stake sale done in Nuvama, the group plans to divest stake in alternative assets (for which the DRHP  will be refiled with SEBI), mutual funds, housing, and general insurance businesses, which will further aid in unlocking capital and debt reduction.

 

Demonstrated ability to build significant competitive position across businesses: The Edelweiss group is a diversified financial services player with presence in four verticals: credit (wholesale and retail), insurance (life and general), asset management, and asset reconstruction. The group has attained leading positions in the alternative assets and asset reconstruction businesses and is focusing on building market position in other businesses, which should lend greater stability to earnings over time.

 

The asset management business comprises mutual fund and alternative asset businesses. The group is a leading player in the alternative asset segment and its mutual fund assets under management (AUM) have grown steadily. The asset management AUM grew to Rs 2,01,440 crore as on March 31, 2025, from Rs 1,81,700 crore as on March 31, 2024.

 

In the distressed assets segment, EARC was the largest asset reconstruction company (ARC) in India, with total securities receipts managed at Rs 27,850 crore as on December 31, 2024, compared with Rs 31,590 crore as on March 31, 2024 (Rs 37,100 crore as on March 31, 2023, and Rs 40,200 crore as on March 31, 2022).

 

As on March 31, 2025, EARC’s AUM reduced to ~Rs 14,817 crore from Rs 27,850 crore as on December 31, 2024 (Rs 31,590 crore as on March 31, 2024) as the company has written off its 5:95 portfolio, which had completed more than 8 years. 

 

From being largely corporate focused, the ARC has, in the recent past, started focusing on the retail and MSME segments. The share of retail and MSME is expected to grow over the medium term.

 

In the lending business, while the wholesale book is under run down, the group’s focus is on growth in retail through the asset-light model. The key product offerings in the retail credit book would be mortgage and MSME loans. The group has entered into agreements for retail product offerings with various co-lending partners, which are large domestic and foreign banks, for both the priority and non-priority sector portfolios. Although the retail AUM picked up pace in fiscal 2024, the growth has been relatively slow due to delay in operationalising the onboarding and underwriting process with the co-lending partners. Subsequently, the overhang of the regulatory embargo impacted growth across the lending business. After growing to Rs 5,368 crore as on March 31, 2024, from Rs 4,879 crore as on March 31, 2023, the retail AUM stood at Rs 5,378 crore as on March 31, 2025.

 

The group also houses the life and general insurance businesses, which are gaining scale and are expected to break even over the medium term.

 

However, with the rundown of wholesale credit, divestment of the wealth management business, and planned stake sale in the asset management, housing finance and general insurance businesses, the diversity in the business risk profile is monitorable.

 

Weaknesses:

Subdued profitability for current size and scale considering presence in multiple businesses: The group’s profitability is lower than other large, financial groups. However, most of the businesses have been reporting profit since the last quarter of fiscal 2021.

 

The group reported a profit after tax (PAT) of Rs 536 crore in fiscal 2025 against a PAT of Rs 528 crore in fiscal 2024 . The RoA was 1.3% compared to 1.2%, for these periods.

 

The group’s overall profitability is weighed down by loss in the insurance businesses as well as lower profitability in the lending business. Thus, ex-insurance profit stood at Rs 711 crore for fiscal 2025 against Rs 808 crore for fiscal 2024.  

 

Of the various businesses, the asset reconstruction and asset management businesses, mainly alternative assets, remain the largest contributors to overall profitability (forming 90% of the overall PAT[1] for fiscal 2025). Notably, EARC’s profitability was supported by healthy redemptions even as there were nil acquisitions during the embargo period. However, the profitability of the credit business was impacted due to stagnation of growth. While the insurance businesses remain loss-making, the losses continue to reduce and the entities are expected to break even over the next 1-2 fiscals. Going ahead, the alternate assets business should continue to support profitability. Any additional provisioning required on the monitorable book based on the pace and extent of recovery from underlying assets will need to be seen. Thus, the group’s ability to scale up the retail lending business while managing overall credit costs will be crucial over the medium term and will remain a key monitorable.

 

Asset quality monitorable with elevated level of monitorable portfolio: The group’s overall gross loan book (excluding monitorable portfolio, net of gross stage III assets) stood at Rs 5,246 crore as on March 31, 2025, compared with Rs 5,537 crore as on March 31, 2024, and Rs 7,548 crore as on March 31, 2023. Of this, retail on book stood at Rs 4,080 crore (Rs 4,261 crore and Rs 3,795 crore) and the remaining was wholesale book.

 

The group has been consciously running down the wholesale portfolio through various modes. While recoveries have contributed to this, the reduction has been primarily due to sell-down to ARCs (both internal and external) and alternative investment funds (AIFs).

 

The Edelweiss group has retained risks and rewards on a large portion of this and hence, Crisil Ratings tracks the monitorable portfolio to assess the asset quality of the group. This includes gross stage III accounts in the lending book (Rs 416 crore), security receipts held by the group (including in EARC) pertaining to sell down (Rs 5,960 crore) and loans sold down to AIFs (Rs 1,348 crore). Overall monitorable portfolio stood at Rs 7,724 crore as on March 31, 2025. While the monitorable portfolio has reduced from Rs 12,097 crore as on March 31, 2022 (Rs 11,383 crore as on March 31, 2021), it remains elevated. Crisil Ratings notes that although majority of this monitorable portfolio is on-book exposure of the Edelweiss group, some part pertains to exposure of external ARC or AIF wherein the group has extended a put option.

 

The group has made provisions against the monitorable portfolio and, therefore, the net monitorable portfolio stood at Rs 4,395 crore as on March 31, 2025 (Rs 6,018 crore as on March 31, 2024). Based on management estimates, there is a reasonable level of collateral cover on most of this portfolio.

 

The overall gross stage III assets in the lending business stood at Rs 416 crore (7.9% of loans) as on March 31, 2025, compared with Rs 720 crore (13.0%) as on March 31, 2024, Rs 794 crore (10.5%) as on March 31, 2023, Rs 930 crore (8.9%) as on March 31, 2022, and Rs 1,601 crore (10.9%) as on March 31, 2021. Retail book gross stage III assets were at Rs 105 crore (2.3%) as on March 31, 2025, against Rs 78 crore (1.84%) as on March 31, 2024, and Rs 124 crore (3.3%) and Rs 182 crore (2.7%) as on March 31, 2023, and March 31, 2022, respectively.

 

However, any challenges affecting the planned recoveries could necessitate higher provisioning and put pressure on profitability and hence, will remain monitorable.

[1]Excluding both insurance entities and corporate book, which are currently making loss

Liquidity: Adequate

As on April 30, 2025, the group had liquidity of Rs 4,165 crore of which Rs 2,908 crore was in the form of bank balances, fixed deposits and investments in mutual funds, Rs 1,192 crore in the form of exchange margin (unencumbered) and short-term loan book, and Rs 65 crore in the form of available lines. This is expected to be sufficient to meet debt obligations and operating expenses for about six months, even after assuming nil business inflow and no incremental fund raising. Furthermore, the group’s liquidity is expected to be supported by contractual receivables from the retail book and recoveries from wholesale exposures.

 

ESG profile:

Crisil Ratings believes that the environment, social, and governance (ESG) profile of EFSL supports its credit risk profile.

 

The ESG profile of financial institutions typically factors in governance as a key differentiator among them. The sector has reasonable social impact because of its substantial employee and customer base, and it can play a key role in promoting financial inclusion. While the sector does not have a direct adverse environmental impact, the lending decisions may have a bearing on the environment and other sustainability related factors.

 

The group has an evolving focus on strengthening various aspects of its ESG profile.

 

Key ESG highlights:

 

  • The group has an ESG council in place since fiscal 2020 to provide effective governance on ESG parameters. The council is led by women and comprises heads of various units including HR, admin, compliance and governance, marketing, and investor relations.
  • EFSL’s total water consumption reduced by 30% in fiscal 2024 and reduction of 14% in greenhouse emissions via effective carbon management initiatives.
  • The company has been doing CSR activities on a continuous basis to reach out to remote parts of rural India to build resilience among communities. In partnership with its philanthropic arm, EdelGive Foundation, it addresses developmental challenges in areas of gender equality, healthcare, education, livelihoods, and climate action.
  • About 57% of the board members were independent directors as on June 30, 2024. A dedicated investor grievance redressal mechanism is in place and the disclosures put out by it are extensive.

 

There is growing importance of ESG among investors and lenders. The group’s commitment to ESG will play a key role in enhancing stakeholder confidence, given the presence of foreign investors.

Outlook: Stable

The ‘Stable’ outlook factors in the group’s strengthened liquidity and flexibility to raise additional capital through asset monetisation avenues, if needed.

Rating sensitivity factors

Upward factors

  • Substantial improvement in the overall profitability of the group
  • Significant scale up in the retail lending business with sustained return on managed assets of around 2.5%
  • Sharp organic reduction in the monitorable portfolio

 

Downward factors

  • Any material deterioration in profitability from the current levels
  • Gearing levels increasing to 4.0 times
  • Funding access challenges with limited fundraising at optimal costs by the group
  • Slower traction in resolution of monitorable portfolio
  • Any further regulatory action

About the Company

EFSL was incorporated in 1995 as Edelweiss Capital Ltd. The company, on standalone basis, is primarily engaged in investment banking services and provides development, managerial and financial support to group entities.

 

On standalone basis, EFSL’s reported networth stood at Rs 5,517 crore as on March 31, 2025 as compared to Rs 5,463 crore as on March 31, 2024. The company reported a loss of Rs 52 crore on total income of Rs 40 crore (net of interest expenses) as on March 31, 2025, against PAT of Rs 695 crore on total income of Rs 701 crore in fiscal 2024.

About the Group

The Edelweiss group comprised 27 subsidiaries and associates as on March 31, 2025. The number of companies has come down from 74 as on March 31, 2016, because of multiple factors such as sale, windup and merger among others. The group had 293 offices (including 10 international offices in 6 locations) in around 136 cities as on March 31, 2024. Furthermore, as part of streamlining its operating structure, the group has restructured the businesses into four verticals namely credit, insurance, asset management and asset reconstruction.

 

The group is present across various financial services businesses, including loans to individuals, mortgage finance - loans against property and small-ticket housing loans, MSME finance, alternative and domestic asset management, and life and general insurance. In addition, the Balance sheet Management Unit (BMU) focuses on liquidity and asset-liability management.

 

On a consolidated basis, the group reported PAT of Rs 536 crore on a total income (net off interest expense) of Rs 6,982 crore for fiscal 2024, as against PAT of Rs 528 crore on a total income of Rs 6,815 crore for fiscal 2024. 

Key Financial Indicators : EFSL (consolidated)

As on/for the period ended

 

March 2025

March 2024

March 2023

Total assets

Rs crore

41,623

42920

44,064

Total income net off interest expense

Rs crore

6982

6815

6,058

PAT

Rs crore

536

528

406

Gross stage III assets^

Rs crore

416

720

794

Gross stage III assets

%

7.9

13.0

10.5

Net stage III assets

Rs crore

140

125

156

Net stage III assets

%

2.9

2.6

2.1

Gearing

Times

3.0

3.2

2.4

Return on assets

%

1.3

1.2

0.9

^refers to gross stage III of the on balance sheet loan book. The reported gross stage III assets as per annual report is 9,604 crore as on March 31, 2024 and Rs 13,155 crore as on March 31, 2023. Net Stage III was Rs 6,228 crore and Rs 8313 crore respectively. These include stage III assets in EARC on monitorable book sold down by ECL Finance, interest accrued on non-performing assets and stage III assets held by group entities other than NBFCs on trade and general-purpose advances.

Any other information: Not Applicable

Note on complexity levels of the rated instrument:
Crisil Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

Crisil Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the Crisil Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN Name of Instrument Date of Allotment Coupon Rate (%) Maturity Date Issue Size (Rs.Crore) Complexity Level Rating with Outlook
INE532F07BM3 Non-Convertible Debentures* 08-Jan-21 9.39 08-Jan-26 55.9 Simple Crisil A+/Stable
INE532F07BN1 Non-Convertible Debentures* 08-Jan-21 9.80 08-Jan-26 34.21 Simple Crisil A+/Stable
INE532F07BO9 Non-Convertible Debentures* 08-Jan-21 Zero Coupon 08-Jan-26 10.8 Simple Crisil A+/Stable
INE532F07BP6 Non-Convertible Debentures* 08-Jan-21 9.53 08-Jan-31 18.07 Simple Crisil A+/Stable
INE532F07BQ4 Non-Convertible Debentures* 08-Jan-21 9.95 08-Jan-31 7.13 Simple Crisil A+/Stable
INE532F07BX0 Non-Convertible Debentures* 29-Apr-21 9.16 29-Apr-26 81.92 Simple Crisil A+/Stable
INE532F07BY8 Non-Convertible Debentures* 29-Apr-21 9.55 29-Apr-26 30.11 Simple Crisil A+/Stable
INE532F07BZ5 Non-Convertible Debentures* 29-Apr-21 Zero Coupon 29-Apr-26 9.3 Simple Crisil A+/Stable
INE532F07CA6 Non-Convertible Debentures* 29-Apr-21 9.30 29-Apr-31 19.13 Simple Crisil A+/Stable
INE532F07CB4 Non-Convertible Debentures* 29-Apr-21 9.70 29-Apr-31 15.72 Simple Crisil A+/Stable
INE532F07EA2 Non-Convertible Debentures* 21-Jul-23 8.95 21-Jul-25 10.02 Simple Crisil A+/Stable
INE532F07EB0 Non-Convertible Debentures* 21-Jul-23 Zero Coupon 21-Jul-25 5.71 Simple Crisil A+/Stable
INE532F07EC8 Non-Convertible Debentures* 21-Jul-23 9.20 21-Jul-26 36.61 Simple Crisil A+/Stable
INE532F07ED6 Non-Convertible Debentures* 21-Jul-23 9.60 21-Jul-26 29.71 Simple Crisil A+/Stable
INE532F07EE4 Non-Convertible Debentures* 21-Jul-23 Zero Coupon 21-Jul-26 15.15 Simple Crisil A+/Stable
INE532F07EG9 Non-Convertible Debentures* 21-Jul-23 9.67 21-Jul-28 78.51 Simple Crisil A+/Stable
INE532F07EH7 Non-Convertible Debentures* 21-Jul-23 10.10 21-Jul-28 28.06 Simple Crisil A+/Stable
INE532F07EF1 Non-Convertible Debentures* 21-Jul-23 Zero Coupon 21-Jul-28 8.63 Simple Crisil A+/Stable
INE532F07EI5 Non-Convertible Debentures* 21-Jul-23 10.00 21-Jul-33 34.43 Simple Crisil A+/Stable
INE532F07DZ1 Non-Convertible Debentures* 21-Jul-23 10.45 21-Jul-33 11.17 Simple Crisil A+/Stable
INE532F07DP2 Non-Convertible Debentures* 27-Apr-23 9.20 27-Apr-26 38.1 Simple Crisil A+/Stable
INE532F07DS6 Non-Convertible Debentures* 27-Apr-23 9.60 27-Apr-26 28.1 Simple Crisil A+/Stable
INE532F07DU2 Non-Convertible Debentures* 27-Apr-23 Zero Coupon 27-Apr-26 10.7 Simple Crisil A+/Stable
INE532F07DT4 Non-Convertible Debentures* 27-Apr-23 9.67 27-Apr-28 68.7 Simple Crisil A+/Stable
INE532F07DV0 Non-Convertible Debentures* 27-Apr-23 10.10 27-Apr-28 29.8 Simple Crisil A+/Stable
INE532F07DW8 Non-Convertible Debentures* 27-Apr-23 Zero Coupon 27-Apr-28 9.9 Simple Crisil A+/Stable
INE532F07DX6 Non-Convertible Debentures* 27-Apr-23 10.00 27-Apr-33 34.6 Simple Crisil A+/Stable
INE532F07DY4 Non-Convertible Debentures* 27-Apr-23 10.45 27-Apr-33 12.2 Simple Crisil A+/Stable
INE532F07DM9 Non-Convertible Debentures* 20-Jan-23 9.20 20-Jan-26 54.5 Simple Crisil A+/Stable
INE532F07DN7 Non-Convertible Debentures* 20-Jan-23 9.60 20-Jan-26 49.8 Simple Crisil A+/Stable
INE532F07DL1 Non-Convertible Debentures* 20-Jan-23 Zero Interest 20-Jan-26 20.2 Simple Crisil A+/Stable
INE532F07DK3 Non-Convertible Debentures* 20-Jan-23 9.67 20-Jan-28 119.8 Simple Crisil A+/Stable
INE532F07DJ5 Non-Convertible Debentures* 20-Jan-23 10.10 20-Jan-28 36.7 Simple Crisil A+/Stable
INE532F07DG1 Non-Convertible Debentures* 20-Jan-23 Zero Interest 20-Jan-28 15.5 Simple Crisil A+/Stable
INE532F07DH9 Non-Convertible Debentures* 20-Jan-23 10.00 20-Jan-33 47.2 Simple Crisil A+/Stable
INE532F07DI7 Non-Convertible Debentures* 20-Jan-23 10.45 20-Jan-33 23.8 Simple Crisil A+/Stable
INE532F07ET2 Non-Convertible Debentures* 29-Jan-24 8.95 29-Jan-26 27.6 Simple Crisil A+/Stable
INE532F07EU0 Non-Convertible Debentures* 29-Jan-24 9.20 29-Jan-27 29.8 Simple Crisil A+/Stable
INE532F07EV8 Non-Convertible Debentures* 29-Jan-24 Zero Interest 29-Jan-26 7.7 Simple Crisil A+/Stable
INE532F07EW6 Non-Convertible Debentures* 29-Jan-24 9.60 29-Jan-27 33.7 Simple Crisil A+/Stable
INE532F07EX4 Non-Convertible Debentures* 29-Jan-24 Zero Interest 29-Jan-27 11 Simple Crisil A+/Stable
INE532F07EY2 Non-Convertible Debentures* 29-Jan-24 9.67 29-Jan-29 44.1 Simple Crisil A+/Stable
INE532F07EZ9 Non-Convertible Debentures* 29-Jan-24 10.10 29-Jan-29 24.1 Simple Crisil A+/Stable
INE532F07FA9 Non-Convertible Debentures* 29-Jan-24 Zero Interest 29-Jan-29 5.1 Simple Crisil A+/Stable
INE532F07FB7 Non-Convertible Debentures* 29-Jan-24 10.00 29-Jan-34 21.8 Simple Crisil A+/Stable
INE532F07FC5 Non-Convertible Debentures* 29-Jan-24 10.45 29-Jan-34 9.1 Simple Crisil A+/Stable
INE532F07FD3 Non-Convertible Debentures* 29-Apr-24 10.00 29-Apr-34 14.2 Simple Crisil A+/Stable
INE532F07FE1 Non-Convertible Debentures* 29-Apr-24 Zero Interest 29-Apr-26 3 Simple Crisil A+/Stable
INE532F07FF8 Non-Convertible Debentures* 29-Apr-24 9.00 29-Apr-26 35.6 Simple Crisil A+/Stable
INE532F07FG6 Non-Convertible Debentures* 29-Apr-24 10.45 29-Apr-34 2.7 Simple Crisil A+/Stable
INE532F07FH4 Non-Convertible Debentures* 29-Apr-24 Zero Interest 29-Apr-29 4.6 Simple Crisil A+/Stable
INE532F07FI2 Non-Convertible Debentures* 29-Apr-24 10.10 29-Apr-29 4.7 Simple Crisil A+/Stable
INE532F07FJ0 Non-Convertible Debentures* 29-Apr-24 10.45 29-Apr-34 7.8 Simple Crisil A+/Stable
INE532F07FK8 Non-Convertible Debentures* 29-Apr-24 9.20 29-Apr-27 27.1 Simple Crisil A+/Stable
INE532F07FL6 Non-Convertible Debentures* 29-Apr-24 9.60 29-Apr-27 25.3 Simple Crisil A+/Stable
INE532F07FM4 Non-Convertible Debentures* 29-Apr-24 Zero Interest 29-Apr-27 6.1 Simple Crisil A+/Stable
INE532F07FN2 Non-Convertible Debentures* 29-Apr-24 9.67 29-Apr-29 29.1 Simple Crisil A+/Stable
INE532F07FO0 Non-Convertible Debentures* 29-Apr-24 10.10 29-Apr-29 14.5 Simple Crisil A+/Stable
NA Non-Convertible Debentures*^ NA NA NA 1469 Simple Crisil A+/Stable
INE532F07CQ2 Retail Bonds* 28-Dec-21 9.15 28-Dec-26 77.76 Simple Crisil A+/Stable
INE532F07CR0 Retail Bonds* 28-Dec-21 9.55 28-Dec-26 75.8 Simple Crisil A+/Stable
INE532F07CS8 Retail Bonds* 28-Dec-21 Zero Interest 28-Dec-26 12.17 Simple Crisil A+/Stable
INE532F07CT6 Retail Bonds* 28-Dec-21 9.30 28-Dec-31 31.1 Simple Crisil A+/Stable
INE532F07CU4 Retail Bonds* 28-Dec-21 9.70 28-Dec-31 13.22 Simple Crisil A+/Stable
INE532F07CX8 Retail Bonds* 20-Oct-22 8.90 20-Oct-25 58 Simple Crisil A+/Stable
INE532F07CY6 Retail Bonds* 20-Oct-22 9.25 20-Oct-25 42 Simple Crisil A+/Stable
INE532F07CZ3 Retail Bonds* 20-Oct-22 Zero Interest 20-Oct-25 23 Simple Crisil A+/Stable
INE532F07DB2 Retail Bonds* 20-Oct-22 9.35 20-Oct-27 122 Simple Crisil A+/Stable
INE532F07DC0 Retail Bonds* 20-Oct-22 9.75 20-Oct-27 32 Simple Crisil A+/Stable
INE532F07DA4 Retail Bonds* 20-Oct-22 Zero Interest 20-Oct-27 10 Simple Crisil A+/Stable
INE532F07DD8 Retail Bonds* 20-Oct-22 9.65 20-Oct-32 26 Simple Crisil A+/Stable
INE532F07DE6 Retail Bonds* 20-Oct-22 10.10 20-Oct-32 19 Simple Crisil A+/Stable
INE532F07EJ3 Retail Bonds* 26-Oct-23 8.95 26-Oct-25 9.77 Simple Crisil A+/Stable
INE532F07EQ8 Retail Bonds* 26-Oct-23 9.20 26-Oct-26 28.75 Simple Crisil A+/Stable
INE532F07EP0 Retail Bonds* 26-Oct-23 9.60 26-Oct-26 33.86 Simple Crisil A+/Stable
INE532F07EO3 Retail Bonds* 26-Oct-23 9.67 26-Oct-28 40.35 Simple Crisil A+/Stable
INE532F07EM7 Retail Bonds* 26-Oct-23 10.10 26-Oct-28 17.95 Simple Crisil A+/Stable
INE532F07EL9 Retail Bonds* 26-Oct-23 10.00 26-Oct-33 18.73 Simple Crisil A+/Stable
INE532F07EK1 Retail Bonds* 26-Oct-23 10.45 26-Oct-33 8.48 Simple Crisil A+/Stable
INE532F07ER6 Retail Bonds* 26-Oct-23 Zero Coupon 26-Oct-25 3.31 Simple Crisil A+/Stable
INE532F07ES4 Retail Bonds* 26-Oct-23 Zero Coupon 26-Oct-26 8.72 Simple Crisil A+/Stable
INE532F07EN5 Retail Bonds* 26-Oct-23 Zero Coupon 26-Oct-28 6.21 Simple Crisil A+/Stable
NA Retail Bond^* NA NA NA 2.62 Simple Crisil A+/Stable
NA Non-Convertible Debentures^ NA NA NA 59.62 Simple Crisil A+/Stable
NA Commercial Paper Programme NA NA 7-365 days 500 Simple Crisil A1+
NA Long Term Principal Protected Market Linked Debentures^ NA NA NA 300 Highly Complex Crisil PPMLD A+/Stable
INE532F07FP7 Non-Convertible Debentures* 26-Jul-24 9.50 26-Jul-26 8.1339 Simple Crisil A+/Stable
INE532F07FQ5 Non-Convertible Debentures* 26-Jul-24 Zero Interest 26-Jul-26 3.4102 Simple Crisil A+/Stable
INE532F07FR3 Non-Convertible Debentures* 26-Jul-24 9.57 26-Jul-27 22.493 Simple Crisil A+/Stable
INE532F07FS1 Non-Convertible Debentures* 26-Jul-24 10.00 26-Jul-27 26.796 Simple Crisil A+/Stable
INE532F07FT9 Non-Convertible Debentures* 26-Jul-24 Zero Interest 26-Jul-27 5.0131 Simple Crisil A+/Stable
INE532F07FU7 Non-Convertible Debentures* 26-Jul-24 10.40 26-Jul-29 23.5276 Simple Crisil A+/Stable
INE532F07FV5 Non-Convertible Debentures* 26-Jul-24 10.50 26-Jul-29 10.6244 Simple Crisil A+/Stable
INE532F07FW3 Non-Convertible Debentures* 26-Jul-24 Zero Interest 26-Jul-29 3.2542 Simple Crisil A+/Stable
INE532F07FX1 Non-Convertible Debentures* 26-Jul-24 11.00 26-Jul-34 6.5912 Simple Crisil A+/Stable
INE532F07FY9 Non-Convertible Debentures* 26-Jul-24 11.00 26-Jul-34 3.7478 Simple Crisil A+/Stable
INE532F07FZ6 Non-Convertible Debentures* 26-Jul-24 10.49 26-Jul-34 19.4949 Simple Crisil A+/Stable
INE532F07GA7 Non-Convertible Debentures* 26-Jul-24 10.50 26-Jul-29 4.883 Simple Crisil A+/Stable
INE532F07GB5 Non-Convertible Debentures* 24-Oct-24 9.50 24-Oct-26 53.78 Simple Crisil A+/Stable
INE532F07GC3 Non-Convertible Debentures* 24-Oct-24 9.50 24-Oct-26 4.91 Simple Crisil A+/Stable
INE532F07GD1 Non-Convertible Debentures* 24-Oct-24 9.57 24-Oct-27 18.86 Simple Crisil A+/Stable
INE532F07GE9 Non-Convertible Debentures* 24-Oct-24 10.00 24-Oct-27 28.49 Simple Crisil A+/Stable
INE532F07GG4 Non-Convertible Debentures* 24-Oct-24 10.00 24-Oct-27 5.53 Simple Crisil A+/Stable
INE532F07GJ8 Non-Convertible Debentures* 24-Oct-24 10.04 24-Oct-29 20.08 Simple Crisil A+/Stable
INE532F07GF6 Non-Convertible Debentures* 24-Oct-24 10.50 24-Oct-29 11.39 Simple Crisil A+/Stable
INE532F07GK6 Non-Convertible Debentures* 24-Oct-24 10.50 24-Oct-29 3.48 Simple Crisil A+/Stable
INE532F07GI0 Non-Convertible Debentures* 24-Oct-24 10.49 24-Oct-34 19.25 Simple Crisil A+/Stable
INE532F07GL4 Non-Convertible Debentures* 24-Oct-24 11.00 24-Oct-34 7.65 Simple Crisil A+/Stable
INE532F07GH2 Non-Convertible Debentures* 24-Oct-24 10.50 24-Oct-29 1.82 Simple Crisil A+/Stable
INE532F07GM2 Non-Convertible Debentures* 24-Oct-24 11.00 24-Oct-34 2.08 Simple Crisil A+/Stable
INE532F07GN0 Non-Convertible Debentures 28-Oct-24 10.20 28-Apr-27 50 Simple Crisil A+/Stable
INE532F07GO8 Non-Convertible Debentures 24-Jan-25 9.50 24-Jan-27 12.72 Simple Crisil A+/Stable
INE532F07GP5 Non-Convertible Debentures 24-Jan-25 Zero Interest 24-Jan-27 3.95 Simple Crisil A+/Stable
INE532F07GQ3 Non-Convertible Debentures 24-Jan-25 9.57 24-Jan-28 32.93 Simple Crisil A+/Stable
INE532F07GR1 Non-Convertible Debentures 24-Jan-25 11.00 24-Jan-35 7.92 Simple Crisil A+/Stable
INE532F07GS9 Non-Convertible Debentures 24-Jan-25 11.00 24-Jan-35 2.3 Simple Crisil A+/Stable
INE532F07GT7 Non-Convertible Debentures 24-Jan-25 10.49 24-Jan-35 28.24 Simple Crisil A+/Stable
INE532F07GU5 Non-Convertible Debentures 24-Jan-25 10.50 24-Jan-30 4.47 Simple Crisil A+/Stable
INE532F07GV3 Non-Convertible Debentures 24-Jan-25 Zero Interest 24-Jan-30 4.45 Simple Crisil A+/Stable
INE532F07GW1 Non-Convertible Debentures 24-Jan-25 10.50 24-Jan-30 19.32 Simple Crisil A+/Stable
INE532F07GX9 Non-Convertible Debentures 24-Jan-25 10.04 24-Jan-30 33.78 Simple Crisil A+/Stable
INE532F07GY7 Non-Convertible Debentures 24-Jan-25 Zero Interest 24-Jan-28 10.76 Simple Crisil A+/Stable
INE532F07GZ4 Non-Convertible Debentures 24-Jan-25 10.00 24-Jan-28 31.24 Simple Crisil A+/Stable
INE532F07HA5 Non-Convertible Debentures 30-Apr-25 9.50 30-Apr-27 13.42 Simple Crisil A+/Stable
INE532F07HB3 Non-Convertible Debentures 30-Apr-25 11.00 30-Apr-35 6.55 Simple Crisil A+/Stable
INE532F07HC1 Non-Convertible Debentures 30-Apr-25 11.00 30-Apr-35 4.28 Simple Crisil A+/Stable
INE532F07HD9 Non-Convertible Debentures 30-Apr-25 10.50 30-Apr-30 5.84 Simple Crisil A+/Stable
INE532F07HE7 Non-Convertible Debentures 30-Apr-25 Zero Coupon 30-Apr-30 3.99 Simple Crisil A+/Stable
INE532F07HF4 Non-Convertible Debentures 30-Apr-25 10.50 30-Apr-30 17.09 Simple Crisil A+/Stable
INE532F07HG2 Non-Convertible Debentures 30-Apr-25 10.49 30-Apr-35 31.3 Simple Crisil A+/Stable
INE532F07HH0 Non-Convertible Debentures 30-Apr-25 Zero Interest 30-Apr-28 11.76 Simple Crisil A+/Stable
INE532F07HI8 Non-Convertible Debentures 30-Apr-25 10.00 30-Apr-28 35.77 Simple Crisil A+/Stable
INE532F07HJ6 Non-Convertible Debentures 30-Apr-25 9.57 30-Apr-28 32.95 Simple Crisil A+/Stable
INE532F07HK4 Non-Convertible Debentures 30-Apr-25 Zero Interest 30-Apr-27 3.42 Simple Crisil A+/Stable
INE532F07HL2 Non-Convertible Debentures 30-Apr-25 10.04 30-Apr-30 31.64 Simple Crisil A+/Stable

^Yet to be issued
*Public issue

 

Annexure - Details of Rating Withdrawn

ISIN Name of Instrument Date of Allotment Coupon Rate (%) Maturity Date Issue Size (Rs.Crore) Complexity Level Rating with Outlook
INE532F07DQ0 Non-Convertible Debentures* 27-Apr-23 8.95 27-Apr-25 13.3 Simple Withdrawn
INE532F07DR8 Non-Convertible Debentures* 27-Apr-23 Zero Coupon 27-Apr-25 7.8 Simple Withdrawn
INE532F07DF3 Non-Convertible Debentures* 20-Jan-23 9.00 20-Jan-25 20 Simple Withdrawn
INE532F07DO5 Non-Convertible Debentures* 20-Jan-23 Zero Interest 20-Jan-25 9.9 Simple Withdrawn

*public issue

Annexure – List of entities consolidated

Names of entities consolidated

Extent of consolidation

Rationale for consolidation

ECL Finance Ltd

Full

Subsidiary

Edelcap Securities Ltd

Full

Subsidiary

Edelweiss Asset Management Ltd

Full

Subsidiary

ECap Securities and Investments Limited

(Formerly known as ECap Equities Limited)

Full

Subsidiary

Edelweiss Trusteeship Company Ltd

Full

Subsidiary

Nido Home Finance Limited (formerly known

as Edelweiss Housing Finance Ltd)

Full

Subsidiary

Edelweiss Investment Adviser Ltd

Full

Subsidiary

ECap Equities Limited (formerly known as Edel Land Limited)

Full

Subsidiary

Edel Investments Limited

Full

Subsidiary

Edelweiss Rural & Corporate Services Ltd

Full

Subsidiary

Comtrade Commodities Services Limited (Formerly known as Edelweiss Comtrade Ltd)

Full

Subsidiary

Edel Finance Company Ltd

Full

Subsidiary

Edelweiss Retail Finance Ltd

Full

Subsidiary

Zuno General Insurance Limited (formerly

known as Edelweiss General Insurance Company Ltd)

Full

Subsidiary

Edelweiss Securities and Investment Pvt Ltd

Full

Subsidiary

Edelweiss Alternative Asset Advisors Pte. Ltd

Full

Subsidiary

Edelweiss International (Singapore) Pte Ltd

Full

Subsidiary

EdelGive Foundation

Full

Subsidiary

Edelweiss Alternative Asset Advisors Ltd

Full

Subsidiary

Edelweiss Asset Reconstruction Company Ltd

Full

Subsidiary

Edelweiss  Life Insurance Company Ltd

Full

Subsidiary

Allium Finance Private Ltd

Full

Subsidiary

Edelweiss Global Wealth Management Limited

Full

Subsidiary

Nuvama Custodial Services Limited (formerly known as Edelweiss Capital Services Limited)

Full

Subsidiary

Sekura India Management Ltd

Full

Subsidiary

Edelweiss Real Assets Managers Ltd

Full

Subsidiary
Annexure - Rating History for last 3 Years
  Current 2025 (History) 2024  2023  2022  Start of 2022
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Commercial Paper ST 500.0 Crisil A1+ 09-01-25 Crisil A1+ 27-12-24 Crisil A1+ 18-12-23 Crisil A1+ 01-12-22 Crisil A1+ Crisil A1+
      --   -- 02-12-24 Crisil A1+/Watch Negative 31-08-23 Crisil A1+ 21-10-22 Crisil A1+ --
      --   -- 04-09-24 Crisil A1+/Watch Negative 22-06-23 Crisil A1+ 04-03-22 Crisil A1+ --
      --   -- 07-06-24 Crisil A1+/Watch Negative 03-02-23 Crisil A1+   -- --
Non Convertible Debentures LT 3833.69 Crisil A+/Stable 09-01-25 Crisil A+/Stable 27-12-24 Crisil A+/Negative 18-12-23 Crisil A+/Stable 01-12-22 Crisil AA-/Negative Crisil AA-/Negative
      --   -- 02-12-24 Crisil A+/Watch Negative 31-08-23 Crisil AA-/Negative 21-10-22 Crisil AA-/Negative --
      --   -- 04-09-24 Crisil A+/Watch Negative 22-06-23 Crisil AA-/Negative 04-03-22 Crisil AA-/Negative --
      --   -- 07-06-24 Crisil A+/Watch Negative 03-02-23 Crisil AA-/Negative   -- --
Retail Bond LT 720.8 Crisil A+/Stable 09-01-25 Crisil A+/Stable 27-12-24 Crisil A+/Negative 18-12-23 Crisil A+/Stable 01-12-22 Crisil AA-/Negative Crisil AA-/Negative
      --   -- 02-12-24 Crisil A+/Watch Negative 31-08-23 Crisil AA-/Negative 21-10-22 Crisil AA-/Negative --
      --   -- 04-09-24 Crisil A+/Watch Negative 22-06-23 Crisil AA-/Negative 04-03-22 Crisil AA-/Negative --
      --   -- 07-06-24 Crisil A+/Watch Negative 03-02-23 Crisil AA-/Negative   -- --
Long Term Principal Protected Market Linked Debentures LT 300.0 Crisil PPMLD A+/Stable 09-01-25 Crisil PPMLD A+/Stable 27-12-24 Crisil PPMLD A+/Negative 18-12-23 Crisil PPMLD A+/Stable 01-12-22 Crisil PPMLD AA- r /Negative Crisil PPMLD AA- r /Negative
      --   -- 02-12-24 Crisil PPMLD A+/Watch Negative 31-08-23 Crisil PPMLD AA-/Negative 21-10-22 Crisil PPMLD AA- r /Negative --
      --   -- 04-09-24 Crisil PPMLD A+/Watch Negative 22-06-23 Crisil PPMLD AA-/Negative 04-03-22 Crisil PPMLD AA- r /Negative --
      --   -- 07-06-24 Crisil PPMLD A+/Watch Negative 03-02-23 Crisil PPMLD AA-/Negative   -- --
All amounts are in Rs.Cr.
Criteria Details
Links to related criteria
Basics of Ratings (including default recognition, assessing information adequacy)
Criteria for Finance and Securities companies (including approach for financial ratios)
Criteria for consolidation

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