Rating Rationale
May 30, 2025 | Mumbai
Grasim Industries Limited
'Crisil AAA/Stable' assigned to Non Convertible Debentures
 
Rating Action
Total Bank Loan Facilities RatedRs.2494.8 Crore
Long Term RatingCrisil AAA/Stable (Reaffirmed)
Short Term RatingCrisil A1+ (Reaffirmed)
 
Rs.1000 Crore Non Convertible DebenturesCrisil AAA/Stable (Assigned)
Rs.1000 Crore Non Convertible DebenturesCrisil AAA/Stable (Reaffirmed)
Rs.2000 Crore Non Convertible DebenturesCrisil AAA/Stable (Reaffirmed)
Rs.2000 Crore Non Convertible DebenturesCrisil AAA/Stable (Reaffirmed)
Rs.1250 Crore Non Convertible DebenturesCrisil AAA/Stable (Reaffirmed)
Rs.3000 Crore Commercial PaperCrisil A1+ (Reaffirmed)
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 assigned its ‘Crisil AAA/Stable’ rating to the Rs 1,000 crore non-convertible debentures (NCDs) of Grasim Industries Ltd (Grasim) and has reaffirmed its ‘Crisil AAA/Stable/Crisil A1+ ratings on the existing debt instruments and bank facilities of the company.
 

The ratings reflect the leading position of Grasim in the cellulosic staple fibre (CSF) and chemical businesses, its strong financial risk profile and high financial flexibility by virtue of being the holding company of the Aditya Birla group’s key listed companies such as UltraTech Cement Ltd (UltraTech; 'Crisil AAA/Stable/Crisil A1+') and Aditya Birla Capital Ltd (ABCL; ‘'Crisil AAA/Stable/Crisil A1+’). These strengths are partially offset by susceptibility to cyclicality in the core businesses.
 

Furthermore, Grasim’s entry in the decorative paints business with overall capital expenditure (capex) of Rs 10,000 crore (over fiscals 2023-2025) and business to business (B2B) e-commerce segment with total outlay of Rs 2,000 crore (over the next five years) will add size and diversity to its existing standalone business. While this is likely to result in higher leverage in the interim period, expected healthy cash accrual and a strong balance-sheet lend comfort. However, ability of the company to execute the projects within timelines and cost and successfully market its products to gain the envisaged market share, will be monitorable.
 

Including the paints and B2B businesses, Grasim had  earmarked capex of around Rs 4,700 crore, of which around Rs 3,500 crore was spent during fiscal 2025. The capex is for expansion of VSF in CCSF and chemical business and regular modernisation and maintenance capex in existing businesses, apart from the growth capex towards new businesses. Crisil Ratings expects the intensity of capex to moderate from fiscal 2026 onwards.
 

For fiscal 2025, Grasim’s standalone revenue rose 22% year-on-year, driven by strong ramp-up of its paints business, even though it was partially offset by downtrend and low realisations across the CSF and chemical segments. The initial costs related to the paints and B2B businesses resulted in moderation in operating margin to 5.2% in fiscal 2025 from 9.2% in the previous fiscal. As anticipated, reported net debt inched up to around Rs 6,900 crore as on March 31, 2025, from around Rs 6,000 crore as on March 31, 2024, since the company incurred capex towards paints as well as core businesses. Liquidity position stood at ~Rs 4,229 crore as on March 31, 2025, including cash and current investments.

Analytical Approach

Crisil Ratings has combined the business and financial risk profiles of Grasim, its subsidiaries and joint ventures (JVs) in the CSF and related chemical, pulp and fibre businesses, as all the entities have similar business operations and will remain core to Grasim. Crisil Ratings has also combined the business and financial risk profiles of renewable assets under Grasim to factor in the extent of financial, operational and managerial support available to them from Grasim. Furthermore, Crisil Ratings has also used the capital allocation method by factoring in the capital required for maintaining credit profile of ABCL.
 

Crisil Ratings has not combined the business and financial risk profiles of UltraTech, Vodafone Idea Ltd (VIL), Hindalco Industries Ltd (Hindalco; 'Crisil A1+'), ABCL and their subsidiaries as they are in different businesses that have no significant operational linkages. It has treated them as financial investments.
 

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:

  • Leadership position in the CSF and chemical businesses: Grasim is the largest producer of CSF and has sizeable share in the global man-made fibre market. Operations are highly integrated, with a pulp plant and caustic soda capacity in India, two global dissolving pulp JVs and captive thermal power plants, providing strong control over production cost. Moreover, ramp-up of operations at the Vilayat plant (Bharuch, Gujarat) and leveraging of the Liva brand have strengthened the market position. The company will maintain its leading position and benefit from the expected growth in demand.
     

Also, it is a leader in the caustic soda and epoxy resins segments in India. Captive application of caustic soda and presence of leading paint companies and electrical machinery manufacturers as clients benefits the epoxy resins segment. Focus on expanding the existing set of value-added products from chlorine (by-product of caustic soda) should improve realisations. Furthermore, the business risk profile is diversified with the inclusion of the textile and insulator businesses, wherein Grasim enjoys strong market position.
 

  • Healthy financial risk profile: The company has a robust capital structure, as reflected in the standalone net worth of Rs 54,398 crore and reported net debt of around Rs 6,900 crore, as on March 31, 2025. Based on discussions with the management, Crisil Ratings understands that the company will not be leveraged significantly for making additional investments in the group companies. Any change in this stance will be monitorable.
     

Out of the announced capex outlay of Rs 10,000 crore towards the decorative paints business, the company had incurred Rs 9,350 crore till March 2025. It is setting up a cumulative capacity of 1,332 million litres per annum (mlpa) spread across six plants across the country. The company had already commissioned five plants during fiscal 2025. Grasim has also announced foray into the B2B e-commerce segment with total outlay of Rs 2,000 crore over the next five years. The platform will focus on building materials. While the standalone net debt went up to Rs 6,900 crore as on March 31, 2025, from Rs 2,045 crore as on March 31, 2023, mainly to fund the capex plans across businesses, steady cash flow from the key business segments and strong balance sheet is expected to keep the financial risk profile healthy.
 

  • Financial flexibility derived from being a holding company: Grasim is the holding company for two large, listed entities of the Aditya Birla group: UltraTech and ABCL. UltraTech is the largest cement player in India, and ABCL houses the financial services businesses. Both are growing businesses and strategic to the Aditya Birla group, making Grasim a key entity within the group acting as a holding company. Grasim's 56.11% stake in UltraTech was valued around Rs 1,90,000 crore as on March 31, 2025. Grasim receives annual dividend from UltraTech, which has a healthy dividend track record. The company also has significant shareholding in other listed entities, namely Hindalco, Aditya Birla Fashion and Retail Ltd (‘Crisil AA+/Stable/Crisil A1+), ABCL and VIL, collectively valued at around Rs 34,400 crore (as on March 31, 2025). Furthermore, Grasim has recently raised Rs 4,000 crores through a rights issue.  While the overall debt to market value of investments ratio remains comfortable, higher-than-envisaged investment outlay will be monitorable.
     

Weakness:

  • Exposure to cyclicality in the CSF and chemical businesses: Demand for CSF remains susceptible to economic downturns. In the past, operating margins have seen sharp fluctuations because of headwinds such as intense competition, large capacity additions globally, weak global macroeconomic conditions and fluctuations in foreign exchange rates. Operating margins remained subdued at 9.6% for fiscal 2025 (against 11.5% for previous fiscal) considering the impact of elevated input prices and their limited transmission.
     

In the chemicals business,.the margins improved to 14.0% during the fiscal 2025, on the back of improved caustic realisations. Profitability in the chemicals segment is susceptible to increase in capacities. Similarly, reversal in realisations, on account of global overcapacity of CSF, may restrict profitability. Nevertheless, the company’s strong market position and backward integration of operations will help manage downturns effectively.

Liquidity: Superior

Standalone cash and liquid investments stood at Rs 4,229 crore as on March 31, 2025. The company also benefits from its ability to raise short- and long-term debt at short notice and at competitive rates. Fund-based working capital limits of around Rs 2,500 crore were moderately utilised at 29% on an average over the six months through March 2025. The funds of Rs 4,000 crore raised through rights issue during fiscal 2024 and 2025 were also utilised to repay debt. Furthermore, repayment of the long-term debt would be minimal in fiscal 2026, with lower capex intensity as against recent years. Cash accrual, unutilised bank lines and existing cash reserves will be sufficient to fund the incremental capex and working capital requirement.
 

ESG profile

Crisil Ratings believes the environment, social and governance (ESG) profile of Grasim supports its already strong credit risk profile.
 

The cellulose and chemical sectors can have significant impact on the environment owing to high water consumption, waste generation and greenhouse gas (GHG) emissions. The sectors’ social impact is characterised by health hazards, leading to higher focus on employee safety and well-being and the impact on local community, given the nature of operations. Grasim has continuously focused on mitigating its environmental and social risks.
 

Key ESG highlights:

  • Grasim has deployed strategies to reduce water intensity in its production process and has installed zero liquid discharge (ZLD) plants at multiple locations in its CSF, chemicals and textile businesses for reduction of water intake. The CSF Nagda plant (in Ujjain, Madhya Pradesh) has become the first CSF plant globally to achieve ZLD. Also, three initiatives have been implemented to reduce the environmental impact, including: 1. Installation of RO systems to recover and reuse up to 70% of processed water from various effluent streams 2. Influent and effluent characterisation, closed-loop backwashing, pinch for washing, utilising RO reject for once through quenching 3. Expansion and upgradation of effluent treatment plant and process improvisation.
  • The company is focussed on increasing its presence in the renewable energy segment. It has significantly grown its operational solar power portfolio (under Aditya Birla Renewables Ltd [‘Crisil AA/Stable/Crisil A1+’]) to 1 GW and has an additional 1,053.4 MWp under construction. Furthermore, in fiscal 2024, the company used 6.7% renewable energy across the businesses that includes biomass fuel (steam and heat generation) and solar and wind (electricity generation). For the steam and heat generation, the company is utilising non-fossil fuel sources such as biomass fully and partially for the textiles and cellulose businesses respectively. In addition, the company has installed renewable power share of 11% in fiscal 2024.
  • Its loss-time injury frequency rate (LTIFR) of 0.24 in fiscal 2024 (0.22 in fiscal 2023) is lower than peers, representing healthy employee safety and well-being standards. Gender diversity improved with 4% women employees in fiscal 2024 as against 3.3% in fiscal 2023.
  • The governance structure is characterised by 47% of the board comprising independent directors, split in Chairman and CEO positions, and presence of an investor grievance redressal mechanism and extensive disclosures.
  • At the group level as well, Grasim is focussed on ESG practices, with its key subsidiaries, UltraTech and ABCL, having well-defined ESG policies.
     

There is a growing importance of ESG among investors and lenders. Grasim’s commitment to ESG principles will play a key role in enhancing stakeholder confidence, given its high share of market borrowings in overall debt and access to both domestic and foreign capital markets.

Outlook: Stable

Crisil Ratings believes Grasim will maintain a strong credit risk profile, driven by its leading position in the CSF and chemical segments, and healthy cash accrual. The company will also be a key entity within the Aditya Birla group as the holding company of UltraTech and ABCL, which are sizeable and strategic to the group.

Rating sensitivity factors

Downward factors:

  • Significant increase in leverage due to higher-than-envisaged capex or investments/loans to group entities or  subsidiaries, with a significant decline in the market value of investments from the current Rs 225,162 crore (as on March 31, 2025).
  • Significant decline in the overall annual operating profitability on a sustained basis, severely impacting overall liquidity.

About the Company

Incorporated in 1947, Grasim is the flagship company of the Aditya Birla group. It commenced operations in 1948 as a textile manufacturer and is the sole producer of CSF in the domestic market. The cellulose segment also comprises the cellulosic fashion yarn business of the merged Aditya Birla Nuvo Ltd (ABNL) and acquired rights to manage and operate the rayon division of Century Textiles and Industries Ltd (now renamed as ‘Aditya Birla Real Estate Ltd’; 'Crisil AA/Stable/Crisil A1+') with effect from February 1, 2018. The chemicals segment comprises caustic soda, chlorine VAPs and advanced material businesses. The company operates in the textile and insulator sectors. In January 2021, Grasim announced its foray into the decorative paints business. Total capital outlay for the business stood at Rs 10,000 crore, which will be used to set up capacity of 1,332 mlpa across six plants in various locations across the country. Furthermore, in July 2022, it announced its foray into the B2B e-commerce segment with total outlay of Rs 2,000 crore over the next five years.

UltraTech, Grasim's 57.27% subsidiary (as on March 31, 2025), is the largest cement producer in India. On August 11, 2016, Grasim announced a composite scheme of merger of ABNL with itself, followed by demerger of the financial services business into a separate listed entity, ABCL. Following the scheme, effective July 1, 2017, ABCL was listed in September 2017. Grasim held 52.58% equity in ABCL as on March 31, 2025.

Key Financial Indicators (standalone; Crisil Ratings-adjusted numbers)

Particulars

Unit

2025*

2024

Revenue

Rs crore

32,089

25,934

Profit after tax (PAT)

Rs crore

212

929

PAT margin

%

0.7

3.6

Adjusted debt / adjusted networth

Times

0.21

0.18

Interest coverage

Times

4.18

7.72

*Based on abridged financials reported by the company

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 the
instrument
Date of
Allotment
Coupon
Rate (%)
Maturity
Date
Issue size
(Rs.Crore)
Complexity
Level
Rating assigned
with outlook
INE047A08182 Debentures 05-Apr-21 6.99 04-Apr-31 1000 Simple Crisil AAA/Stable
INE047A08190 Debentures 10-Jun-22 7.50 10-Jun-27 1000 Simple Crisil AAA/Stable
INE047A08208 Debentures 01-Dec-22 7.63 01-Dec-27 1000 Simple Crisil AAA/Stable
INE047A08224 Debentures 22-Mar-24 7.25 22-Mar-34 1250 Complex Crisil AAA/Stable
INE047A08232 Debentures 19-Dec-24 7.21 19-Dec-34 2000 Simple Crisil AAA/Stable
NA Debentures* NA NA NA 1000 Simple Crisil AAA/Stable
NA Commercial paper NA NA 7-365 days 3000 Simple Crisil A1+
NA Cash Credit^ NA NA NA 585 NA Crisil AAA/Stable
NA Rupee Term Loan NA NA 31-Mar-35 750 NA Crisil AAA/Stable
NA Short Term Bank Facility NA NA NA 500 NA Crisil A1+
NA Letter of Credit# NA NA NA 650 NA Crisil A1+
NA Proposed Short Term Bank Loan Facility NA NA NA 9.8 NA Crisil A1+

* Yet to be issued
^ Interchangeable with working capital demand loan (WCDL), Packing credit in foreign currency (PCFC), Short-term loan, Buyers’ credit,
# Interchangeable with bank guarantee

Annexure – List of entities consolidated

Names of entities consolidated

Extent of consolidation

Rationale for consolidation

Aditya Birla Renewables Ltd

Full consolidation

Subsidiary

Aditya Birla Renewables Subsidiary Ltd

Full consolidation

Step-down subsidiary

Aditya Birla Renewables Energy Ltd

Full consolidation

Step-down subsidiary

Aditya Birla Renewables Solar Ltd

Full consolidation

Step-down subsidiary

Aditya Birla Renewables SPV1 Ltd

Full consolidation

Step-down subsidiary

Aditya Birla Renewables Utkal Ltd

Full consolidation

Step-down subsidiary

ABREL Solar Power Ltd

Full consolidation

Step-down subsidiary

ABREL SPV2 Ltd

Full consolidation

Step-down subsidiary

ABREL Century Energy Ltd

Full consolidation

Step-down subsidiary

ABREL Green Energy Ltd

Full consolidation

Step-down subsidiary

ABREL (Odisha) SPV Ltd

Full consolidation

Step-down subsidiary

Aditya Birla Renewables Green Power Pvt Ltd

Full consolidation

Step-down subsidiary

ABREL (MP) Renewables Ltd

Full consolidation

Step-down 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
Fund Based Facilities LT/ST 1844.8 Crisil AAA/Stable / Crisil A1+   -- 09-12-24 Crisil AAA/Stable / Crisil A1+ 25-05-23 Crisil AAA/Stable / Crisil A1+ 07-09-22 Crisil AAA/Stable / Crisil A1+ Crisil AAA/Stable / Crisil A1+
      --   -- 24-04-24 Crisil AAA/Stable / Crisil A1+ 18-05-23 Crisil AAA/Stable / Crisil A1+ 18-05-22 Crisil AAA/Stable / Crisil A1+ --
      --   -- 27-03-24 Crisil AAA/Stable / Crisil A1+   -- 15-02-22 Crisil AAA/Stable / Crisil A1+ --
Non-Fund Based Facilities ST 650.0 Crisil A1+   -- 09-12-24 Crisil A1+ 25-05-23 Crisil A1+ 07-09-22 Crisil A1+ Crisil A1+
      --   -- 24-04-24 Crisil A1+ 18-05-23 Crisil A1+ 18-05-22 Crisil A1+ --
      --   -- 27-03-24 Crisil A1+   -- 15-02-22 Crisil A1+ --
Commercial Paper ST 3000.0 Crisil A1+   -- 09-12-24 Crisil A1+ 25-05-23 Crisil A1+ 07-09-22 Crisil A1+ Crisil A1+
      --   -- 24-04-24 Crisil A1+ 18-05-23 Crisil A1+ 18-05-22 Crisil A1+ --
      --   -- 27-03-24 Crisil A1+   -- 15-02-22 Crisil A1+ --
Non Convertible Debentures LT 7250.0 Crisil AAA/Stable   -- 09-12-24 Crisil AAA/Stable 25-05-23 Crisil AAA/Stable 07-09-22 Crisil AAA/Stable Crisil AAA/Stable
      --   -- 24-04-24 Crisil AAA/Stable 18-05-23 Crisil AAA/Stable 18-05-22 Crisil AAA/Stable --
      --   -- 27-03-24 Crisil AAA/Stable   -- 15-02-22 Crisil AAA/Stable --
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
Cash Credit& 35 Standard Chartered Bank Crisil AAA/Stable
Cash Credit& 150 State Bank of India Crisil AAA/Stable
Cash Credit& 20 The Hongkong and Shanghai Banking Corporation Limited Crisil AAA/Stable
Cash Credit& 5 IDBI Bank Limited Crisil AAA/Stable
Cash Credit& 5 Credit Agricole Corporate and Investment Bank Crisil AAA/Stable
Cash Credit& 10 DBS Bank Limited Crisil AAA/Stable
Cash Credit& 85 Bank of America N.A. Crisil AAA/Stable
Cash Credit& 5 Citibank N. A. Crisil AAA/Stable
Cash Credit& 250 HDFC Bank Limited Crisil AAA/Stable
Cash Credit& 20 ICICI Bank Limited Crisil AAA/Stable
Letter of Credit^ 10 DBS Bank Limited Crisil A1+
Letter of Credit^ 15 The Hongkong and Shanghai Banking Corporation Limited Crisil A1+
Letter of Credit^ 350 HDFC Bank Limited Crisil A1+
Letter of Credit^ 15 ICICI Bank Limited Crisil A1+
Letter of Credit^ 10 IDBI Bank Limited Crisil A1+
Letter of Credit^ 250 State Bank of India Crisil A1+
Proposed Short Term Bank Loan Facility 9.8 Not Applicable Crisil A1+
Rupee Term Loan 750 HDFC Bank Limited Crisil AAA/Stable
Short Term Bank Facility 500 Sumitomo Mitsui Banking Corporation Crisil A1+
& - Interchangeable with working capital demand loan (WCDL), Packing credit in foreign currency (PCFC), Short-term loan, Buyers’ credit
^ - Interchangeable with Bank guarantee
Criteria Details
Links to related criteria
Basics of Ratings (including default recognition, assessing information adequacy)
Criteria for consolidation
Criteria for manufacturing, trading and corporate services sector (including approach for financial ratios)
Criteria for holding companies

Media Relations
Analytical Contacts
Customer Service Helpdesk

Ramkumar Uppara
Media Relations
Crisil Limited
M: +91 98201 77907
B: +91 22 6137 3000
ramkumar.uppara@crisil.com

Kartik Behl
Media Relations
Crisil Limited
M: +91 90043 33899
B: +91 22 6137 3000
kartik.behl@crisil.com

Divya Pillai
Media Relations
Crisil Limited
M: +91 86573 53090
B: +91 22 6137 3000
divya.pillai1@ext-crisil.com


Manish Kumar Gupta
Senior Director
Crisil Ratings Limited
B:+91 22 6137 3000
manish.gupta@crisil.com


Gautam Shahi
Director
Crisil Ratings Limited
B:+91 124 672 2000
gautam.shahi@crisil.com


Bawari Parmar
Rating Analyst
Crisil Ratings Limited
B:+91 22 6137 3000
Bawari.Parmar@crisil.com

Timings: 10.00 am to 7.00 pm
Toll free Number:1800 267 3850

For a copy of Rationales / Rating Reports:
CRISILratingdesk@crisil.com
 
For Analytical queries:
ratingsinvestordesk@crisil.com



 

Note for Media:
This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper/magazine/agency. The rating rationale may be used by you in full or in part without changing the meaning or context thereof but with due credit to Crisil Ratings. However, Crisil Ratings alone has the sole right of distribution (whether directly or indirectly) of its rationales for consideration or otherwise through any media including websites and portals.


About Crisil Ratings Limited (A subsidiary of Crisil Limited, an S&P Global Company)

Crisil Ratings pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical rigour and innovation, we set the standards in the credit rating business. We rate the entire range of debt instruments, such as bank loans, certificates of deposit, commercial paper, non-convertible/convertible/partially convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured debt instruments. We have rated over 33,000 large and mid-scale corporates and financial institutions. We have also instituted several innovations in India in the rating business, including ratings for municipal bonds, partially guaranteed instruments and infrastructure investment trusts (InvITs).

Crisil Ratings Limited ('Crisil Ratings') is a wholly-owned subsidiary of Crisil Limited ('Crisil'). Crisil Ratings Limited is registered in India as a credit rating agency with the Securities and Exchange Board of India ("SEBI").

For more information, visit www.crisilratings.com 

 



About Crisil Limited

Crisil is a leading, agile and innovative global analytics company driven by its mission of making markets function better. 

It is India’s foremost provider of ratings, data, research, analytics and solutions with a strong track record of growth, culture of innovation, and global footprint.

It has delivered independent opinions, actionable insights, and efficient solutions to over 100,000 customers through businesses that operate from India, the US, the UK, Argentina, Poland, China, Hong Kong and Singapore.

It is majority owned by S&P Global Inc, a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide.

For more information, visit www.crisil.com

Connect with us: TWITTER | LINKEDIN | YOUTUBE | FACEBOOK


CRISIL PRIVACY NOTICE
 
Crisil respects your privacy. We may use your contact information, such as your name, address and email id to fulfil your request and service your account and to provide you with additional information from Crisil. For further information on Crisil's privacy policy please visit www.crisil.com.



DISCLAIMER

This disclaimer is part of and applies to each credit rating report and/or credit rating rationale ('report') provided by Crisil Ratings Limited ('Crisil Ratings'). For the avoidance of doubt, the term 'report' includes the information, ratings and other content forming part of the report. The report is intended for use only within the jurisdiction of India. This report does not constitute an offer of services. Without limiting the generality of the foregoing, nothing in the report is to be construed as Crisil Ratings provision or intention to provide any services in jurisdictions where Crisil Ratings does not have the necessary licenses and/or registration to carry out its business activities. Access or use of this report does not create a client relationship between Crisil Ratings and the user.

The report is a statement of opinion as on the date it is expressed, and it is not intended to and does not constitute investment advice within meaning of any laws or regulations (including US laws and regulations). The report is not an offer to sell or an offer to purchase or subscribe to any investment in any securities, instruments, facilities or solicitation of any kind to enter into any deal or transaction with the entity to which the report pertains. The recipients of the report should rely on their own judgment and take their own professional advice before acting on the report in any way.

Crisil Ratings and its associates do not act as a fiduciary. The report is based on the information believed to be reliable as of the date it is published, Crisil Ratings does not perform an audit or undertake due diligence or independent verification of any information it receives and/or relies on for preparation of the report. THE REPORT IS PROVIDED ON “AS IS” BASIS. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAWS, CRISIL RATINGS DISCLAIMS WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR OTHER WARRANTIES OR CONDITIONS, INCLUDING WARRANTIES OF MERCHANTABILITY, ACCURACY, COMPLETENESS, ERROR-FREE, NON-INFRINGEMENT, NON-INTERRUPTION, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE OR INTENDED USAGE. In no event shall Crisil Ratings, its associates, third-party providers, as well as their directors, officers, shareholders, employees or agents be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of any part of the report even if advised of the possibility of such damages.

The report is confidential information of Crisil Ratings and Crisil Ratings reserves all rights, titles and interest in the rating report. The report shall not be altered, disseminated, distributed, redistributed, licensed, sub-licensed, sold, assigned or published any content thereof or offer access to any third party without prior written consent of Crisil Ratings.

Crisil Ratings or its associates may have other commercial transactions with the entity to which the report pertains or its associates. Ratings are subject to revision or withdrawal at any time by Crisil Ratings. Crisil Ratings may receive compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of the instruments, facilities, securities or from obligors.

Crisil Ratings has in place a ratings code of conduct and policies for managing conflict of interest. For more detail, please refer to: https://www.crisil.com/en/home/our-businesses/ratings/regulatory-disclosures/highlighted-policies.html. Public ratings and analysis by Crisil Ratings, as are required to be disclosed under the Securities and Exchange Board of India regulations (and other applicable regulations, if any), are made available on its websites, www.crisilratings.com and https://www.ratingsanalytica.com (free of charge). Crisil Ratings shall not have the obligation to update the information in the Crisil Ratings report following its publication although Crisil Ratings may disseminate its opinion and/or analysis. Reports with more detail and additional information may be available for subscription at a fee.  Rating criteria by Crisil Ratings are available on the Crisil Ratings website, www.crisilratings.com. For the latest rating information on any company rated by Crisil Ratings, you may contact the Crisil Ratings desk at crisilratingdesk@crisil.com, or at (0091) 1800 267 3850.

Crisil Ratings shall have no liability, whatsoever, with respect to any copies, modifications, derivative works, compilations or extractions of any part of this [report/ work products], by any person, including by use of any generative artificial intelligence or other artificial intelligence and machine learning models, algorithms, software, or other tools. Crisil Ratings takes no responsibility for such unauthorized copies, modifications, derivative works, compilations or extractions of its [report/ work products] and shall not be held liable for any errors, omissions of inaccuracies in such copies, modifications, derivative works, compilations or extractions. Such acts will also be in breach of Crisil Ratings’ intellectual property rights or contrary to the laws of India and Crisil Ratings shall have the right to take appropriate actions, including legal actions against any such breach.

Crisil Ratings uses the prefix 'PP-MLD' for the ratings of principal-protected market-linked debentures (PPMLD) with effect from November 1, 2011, to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked Debentures". The revision in rating symbols for PPMLDs should not be construed as a change in the rating of the subject instrument. For details on Crisil Ratings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following link: https://www.crisilratings.com/en/home/our-business/ratings/credit-ratings-scale.html