Rating Rationale
April 01, 2026 | Mumbai

Indian Railway Finance Corporation Limited

'Crisil AAA/Stable' assigned to Long-Term Borrowing Programme

 

Rating Action

Rs.70000 Crore Long-Term Borrowing Programme

Crisil AAA/Stable (Assigned)

Rs.60000 Crore Long-Term Borrowing Programme

Crisil AAA/Stable (Reaffirmed)

Rs.58000 Crore Long-Term Borrowing Programme

Crisil AAA/Stable (Reaffirmed)

Rs.50000 Crore Long-Term Borrowing Programme

Crisil AAA/Stable (Reaffirmed)

Rs.66500 Crore Long-Term Borrowing Programme

Crisil AAA/Stable (Reaffirmed)

Rs.40000 Crore Long-Term Borrowing Programme

Crisil AAA/Stable (Reaffirmed)

Rs.65258 Crore Long-Term Borrowing Programme

Crisil AAA/Stable (Reaffirmed)

Rs.50000 Crore Long-Term Borrowing Programme

Crisil AAA/Stable (Reaffirmed)

Rs.54940 Crore Long-Term Borrowing Programme

Crisil AAA/Stable (Reaffirmed)

Rs.55471 Crore Long-Term Borrowing Programme

Crisil AAA/Stable (Reaffirmed)

Rs.15000 Crore Short Term Debt&

Crisil A1+ (Reaffirmed)

Bond Aggregating Rs.71905.67 Crore (Including Bonds and Term Loans) (Reduced from Rs.72538.30 Crore)

Crisil AAA/Stable (Reaffirmed)

Non Convertible Debentures Aggregating Rs.52644.23 Crore (Reduced from Rs.56137.96 Crore)

Crisil AAA/Stable (Reaffirmed)

& Total short-term bank borrowings and borrowings under the rated short-term debt programme not to exceed Rs 15000 crore at any point in time.

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 70,000 crore of long-term borrowing programme of Indian Railway Finance Corporation Limited (IRFC). The ratings on existing debt instruments have been reaffirmed at 'Crisil AAA/Stable/Crisil A1+'.

 

Crisil Ratings has also withdrawn its rating on Bonds of Rs 1708.63 crore and NCDs of Rs 3493.73 crore (See Annexure 'Details of Rating Withdrawn' for details) in line with its ratings withdrawal policy. Crisil Ratings has received independent verification that these instruments are fully redeemed.

 

The ratings continue to reflect IRFC's strategic importance to its parent, the Government of India (GoI), because of the company's status as the financing arm of the Indian Railways (IR). The ratings also continue to factor in IRFC's strong capitalisation and asset quality and adequate resource profile. These rating strengths are partially offset by IRFC's average earnings profile.

Analytical Approach

For arriving at the ratings, Crisil Ratings has considered the standalone business and financial risk profiles of IRFC and has factored in support from GoI. This is given the majority ownership of IRFC by GoI, and the significant role it plays in supporting the expansion of the Indian Railways as the dedicated financing arm.

Key Rating Drivers - Strengths 

Strategic importance to and support from GoI

IRFC, IR's financing arm, functions under the Ministry of Railways (MoR) and constitutes a crucial part of India's infrastructure. Primarily, IRFC mobilises funds to meet the predominant portion of EBR requirement of the IR through market borrowings at competitive rates. However, as a part of the Union Budget 2026 the government has allocated nil Internal and Extra Budgetary Resources (IEBR) target for IRFC, indicating it will not look to borrow money to fund its capital expenditure. The government has kept their budget at Rs 2.93 lakh crore towards Indian Railways in 2026-27 (Rs 2.52 lakh crore in in 2025-26). Hence, IRFC is strategically diversifying its lending portfolio by lending outside IR. IRFC is exploring lending for infrastructure and logistics ecosystem having backward & forward integration with railways and has made gross disbursements of around Rs 35,000 Crore for FY2025-26.However, this will form a small part of the total AUM and advances will be restricted to projects having linkages with Railways. As of December 31, 2025, the Assets Under Management (AUM) totaled Rs 4,75,451 crore, of which ~5% represents lending to non-IR entities. While as of March 31, 2025, the AUM was Rs 4,60,048 crore with lending to non-IR entities was 1.1%.

 

Nevertheless, IRFC will continue to derive substantial business and financial support from GoI. The support is reflected in IRFC's majority ownership (84.65%) by GoI and remaining share was divested by way of an IPO in January 2021 and Offer for Sale (OFS) of Shares in February 2026. Moreover, IRFC has a close working relationship with IR and has MoR's official as nominee Director on its Board. Favourable lease agreements between IRFC and IR protect the former's net interest margin, as interest and foreign exchange risks on its borrowings are transferred to MoR in respect of loans raised for funding to MoR.

 

Strong capitalisation and asset quality

Capitalisation is strong, with networth of Rs 56,625 crore as of December 31, 2025 (Rs 52,668 crore as on March 31, 2025). Capitalisation is supported by steady cash accruals and capital infusion from GoI. The GoI has been infusing equity capital at regular intervals (Rs 2,854 crore and Rs 2,500 crore infused in fiscal 2019 and fiscal 2020, respectively). Further, an amount of  Rs. 4,663.38 Cr consisting of primary issuance of Rs.3,088.92 Cr and an Offer for Sale (OFS) of  Rs.1,544.46 Cr were raised via IPO during fiscal 2021.Gearing stood at 7.4 times as on December 31, 2025 (7.8 times as on March 31, 2025) and may remain around 10 times on a steady state basis.

 

In addition, the company under IRFC2.0 has made diversification by funding entities having forward and backward linkages with Railways and gross disbursements of around Rs 35,000 Crore were made during FY2025-26. The diversification strategy is anchored in careful selection of projects and counterparties, with a strong preference for government-owned or government-backed entities, thereby retaining the quasi-sovereign character of the portfolio.

 

Asset quality also continues to remain strong, with zero non-performing assets as on date, as IRFC primarily lends to IR, which is a sovereign entity.

 

Adequate resource profile

Ability to raise long-term funds at competitive rates is underpinned by IRFC’s access to a diversified pool of wholesale investors, including banks, mutual funds, pension and gratuity funds, insurance companies, as well as external commercial borrowings (ECBs). As on December 31, 2025, overall borrowings stood at Rs 4,17,940 crore and comprises bonds (57%), long term loans (20%), ECB (17%), loan from government via national small savings fund (4%) and short-term loans including CP (2%)

Key Rating Drivers - Weaknesses 

Average earnings profile

Earnings profile remains average as IRFC is a funding vehicle and operates on a cost-plus based model in accordance with standard lease agreement with MoR. The lease rentals with IR are fixed at average incremental cost of borrowings + 40/35 bps. IRFC’s interest spreads are preserved by ensuring a mark-up over its costs of borrowings. Earning profile thus remains moderate compared to other infrastructure financing companies. due to fixed spreads. However, the company benefits from low operating costs owing to wholesale nature of business and negligible credit cost on account of nil NPA. The recent diversification undertaken by the Company is expected to improve its interest margins.

 

IRFC reported a net profit of Rs. 5,325 crores for the first nine months of fiscal 2026 as against net profits of Rs 6,502 crore in fiscal 2025. This translates to a return on assets of 1.4% (annualised) for the first nine months of fiscal 2026 as against 1.3% for fiscal 2025. Crisil Ratings, therefore, believes that profitability for IRFC will remain range bound.

Liquidity Superior

Based on structural liquidity return filed with RBI for 31st December 2025, IRFC had negative cumulative mismatches in maturity buckets of ALM up to five years. As on 31st January 2026, unencumbered cash and cash equivalent, and unutilized short term and long-term bank lines (CC/OD limits) stood at ~Rs 8,233 crore against which total outflow for next 3 months (taken from January 2026 – March 2026 from Short Term Dynamic Liquidity Return filed with RBI for 31st December 2025) was ~Rs 29,689 crore. This, coupled with expectation of funding support from Government of India, in case of any exigency, adds stability to IRFC’s liquidity profile.

ESG Profile

Environment, social and governance (ESG) profile

Crisil Ratings believes that IRFC Environment, Social, and Governance (ESG) profile supports its already strong credit risk profile. The ESG profile for financial institutions entities typically factors in governance as a key differentiator. 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 environment and other sustainability related factors.  

 

IRFC has a continuous focus on strengthening various aspects of its ESG profile

 

IRFC Finance’s key ESG Highlights:

  • IRFC adopted a green financing framework, and it raised US$ 500 million through green bonds and US$ 1.1 billion through JPY denominated green loans, in fiscal 2022
  • Women comprised ~20% of the total workforce as on March 31, 2025, and employee attrition rate at ~4%, which was better than its peers
  • It stated that 95.9% of input materials were sourced from MSMEs/small producers in fiscal 2025
  • The Company’s governance structure is characterized by ~20% of its board comprising of independent directors, lack of split in position of chairperson and CEO, and extensive financial disclosures

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

Outlook Stable

Crisil Ratings believes IRFC will continue to derive business and financial support from the GoI because of its strategic role in channeling finance to IR. Support from GoI should help IRFC maintain a strong credit risk profile.

Rating sensitivity factors

Downward Factors:

  • Reduction in the shareholding by GoI below 51%, leading to diminution in expected support to IRFC.
  • Significant deterioration of asset quality leading to subsequent pressure on profitability and capitalization.

About the Company

IRFC was set up as a dedicated funding arm of MoR, specifically to raise resources from the capital market to finance rolling stock (wagons and coaches). IRFC leases rolling stock to IR and collects lease rentals from IR in advance, at half-yearly intervals. An annual lease agreement, structured to ensure that IRFC's expenses (mainly cost of borrowing) are covered, backs this arrangement, and allows IRFC to earn adequate margin. IRFC also provides funding for railway infrastructure assets for which lease agreements are signed after moratorium period of 5 years. Recently, IRFC has forayed into lending for infrastructure and logistics ecosystem having backward & forward integration with railways.

 

For the first nine months of fiscal 2025, IRFC reported profit after tax (PAT) of Rs 5,325 crore on total income (net of interest expenditure) of Rs 5,529 crore, as against Rs 6,502 crore and Rs 6,661 crore, respectively, for fiscal 2025

Key Financial Indicators

For the year ended March 31,

Unit

9MFY26

2025

2024

2023

Total Assets

Rs crore

4,98,323

4,88,835

4,85,082

4,90,359

Total income

Rs crore

20,009

27,156

26,656

23,763

Profit after tax

Rs crore

5,325

6,502

6,412

6167

Gross NPA

%

Nil

Nil

Nil

Nil

Overall capital adequacy ratio 

%

161.2

672.9

616

484.9

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

INE053F09EL2

Bonds

29-Nov-06

8.75

29-Nov-26

410

Simple

Crisil AAA/Stable

INE053F09EO6

Bonds

07-Jun-07

10.04

07-Jun-27

320

Simple

Crisil AAA/Stable

INE053F09GR4

Bonds

03-Feb-10

8.80

03-Feb-30

385

Simple

Crisil AAA/Stable

INE053F09GX2

Bonds

04-May-10

8.79

04-May-30

1410

Simple

Crisil AAA/Stable

INE053F09GY0

Bonds

04-May-10

8.72

04-May-31

15

Simple

Crisil AAA/Stable

INE053F09GZ7

Bonds

04-May-10

8.72

04-May-32

15

Simple

Crisil AAA/Stable

INE053F09HA8

Bonds

04-May-10

8.72

04-May-33

15

Simple

Crisil AAA/Stable

INE053F09HB6

Bonds

04-May-10

8.72

04-May-34

15

Simple

Crisil AAA/Stable

INE053F09HC4

Bonds

04-May-10

8.72

04-May-35

15

Simple

Crisil AAA/Stable

INE053F09HD2

Bonds

14-May-10

8.83

14-May-31

220

Simple

Crisil AAA/Stable

INE053F09HE0

Bonds

14-May-10

8.83

14-May-32

220

Simple

Crisil AAA/Stable

INE053F09HF7

Bonds

14-May-10

8.83

14-May-33

220

Simple

Crisil AAA/Stable

INE053F09HG5

Bonds

14-May-10

8.83

14-May-34

220

Simple

Crisil AAA/Stable

INE053F09HH3

Bonds

14-May-10

8.83

14-May-35

220

Simple

Crisil AAA/Stable

INE053F09HN1

Bonds^^

31-Mar-11

9.09

31-Mar-26

150

Simple

Crisil AAA/Stable

INE053F09HP6

Bonds

10-May-11

9.33

10-May-26

255

Simple

Crisil AAA/Stable

INE053F09HQ4

Bonds

10-May-11

9.47

10-May-31

995

Simple

Crisil AAA/Stable

INE053F09HU6

Bonds

08-Nov-11

7.77

08-Nov-26

191.51

Simple

Crisil AAA/Stable

INE053F07538

Bonds

23-Feb-12

8.10/8.30

23-Feb-27

3095.65

Simple

Crisil AAA/Stable

INE053F09HW2

Bonds

26-Nov-12

7.38

26-Nov-27

66.7

Complex

Crisil AAA/Stable

INE053F09HY8

Bonds

30-Nov-12

7.38

30-Nov-27

30

Complex

Crisil AAA/Stable

INE053F09IA6

Bonds

06-Dec-12

7.39

06-Dec-27

95

Complex

Crisil AAA/Stable

INE053F07579

Bonds

19-Feb-13

7.34/7.84

19-Feb-28

2558.91

Simple

Crisil AAA/Stable

INE053F07595

Bonds

23-Mar-13

7.04/7.54

23-Mar-28

263.88

Simple

Crisil AAA/Stable

INE053F08148

Bonds (LIC Unsecured Unlisted Bonds)!

22-Jun-16

7.80

22-Jun-46

4336.4

Simple

Crisil AAA/Stable

INE053F07983

Bonds

21-Mar-17

7.83

21-Mar-27

2950

Simple

Crisil AAA/Stable

INE053F07AA7

Bonds

30-May-17

7.49

30-May-27

2200

Simple

Crisil AAA/Stable

INE053F07AB5

Bonds

15-Jun-17

7.27

15-Jun-27

2050

Simple

Crisil AAA/Stable

INE053F08171

Bonds (LIC Unsecured Unlisted Bonds)!

27-Jun-17

6.77

27-Jun-47

5644.6

Simple

Crisil AAA/Stable

INE053F07AC3

Bonds

28-Aug-17

7.33

28-Aug-27

1745

Simple

Crisil AAA/Stable

INE053F07AD1

Bonds

31-Oct-17

7.54

31-Oct-27

935

Simple

Crisil AAA/Stable

INE053F08189

Bonds (LIC Unsecured Unlisted Bonds)!

22-Dec-17

7.41

22-Dec-47

2981.2

Simple

Crisil AAA/Stable

INE053F07AY7

Bonds

04-Dec-18

8.45

04-Dec-28

3000

Simple

Crisil AAA/Stable

INE053F07AZ4

Bonds

08-Jan-19

8.40

08-Jan-29

2845.4

Simple

Crisil AAA/Stable

INE053F07BA5

Bonds

21-Feb-19

8.55

21-Feb-29

2236.5

Simple

Crisil AAA/Stable

INE053F07BC1

Bonds

13-Mar-19

8.35

13-Mar-29

3000

Simple

Crisil AAA/Stable

INE053F07BD9

Bonds

25-Mar-19

8.30

25-Mar-29

3000

Simple

Crisil AAA/Stable

INE053F07BE7

Bonds

29-Mar-19

8.23

29-Mar-29

2500

Simple

Crisil AAA/Stable

INE053F07BR9

Bonds

12-Jun-19

7.95

12-Jun-29

3000

Simple

Crisil AAA/Stable

INE053F08254

Bonds (LIC Unsecured Unlisted Bonds)!

18-Jun-19

7.30

18-Jun-49

2544.5

Simple

Crisil AAA/Stable

INE053F07BU3

Bonds

13-Aug-19

7.48

13-Aug-29

2592

Simple

Crisil AAA/Stable

INE053F07BY5

Bonds

31-Dec-19

7.55

12-Apr-30

1580

Simple

Crisil AAA/Stable

INE053F07CA3

Bonds

28-Feb-20

7.08

28-Feb-30

3000

Simple

Crisil AAA/Stable

INE053F08262

Bonds (LIC Unsecured Unlisted Bonds)!

31-Mar-20

6.58

31-Mar-50

3464.6

Simple

Crisil AAA/Stable

INE053F07CD7

Bonds$

05-Jun-20

6.90

05-Jun-35

2565

Simple

Crisil AAA/Stable

INE053F07CQ9

Bonds$

06-Jul-20

6.73

06-Jul-35

3000

Simple

Crisil AAA/Stable

INE053F07CR7

Bonds$

30-Jul-20

6.41

11-Apr-31

2000

Simple

Crisil AAA/Stable

INE053F07CS5

Bonds$

29-Oct-20

6.85

29-Oct-40

5991.2

Simple

Crisil AAA/Stable

INE053F07CT3

Bonds$

01-Dec-20

6.85

01-Dec-40

4652

Simple

Crisil AAA/Stable

INE053F07CV9

Bonds$

25-Feb-21

7.21

25-Feb-41

1954.5

Simple

Crisil AAA/Stable

INE053F07CW7

Bonds$

30-Mar-21

6.80

30-Apr-41

1375

Simple

Crisil AAA/Stable

INE053F07CP1

Bonds$^^

31-Mar-21

5.00

31-Mar-26

209.88

Simple

Crisil AAA/Stable

INE053F07CX5

Bonds%

30-Apr-21

5.00

30-Apr-26

56.57

Simple

Crisil AAA/Stable

INE053F07CY3

Bonds%

31-May-21

5.00

31-May-26

50.71

Simple

Crisil AAA/Stable

INE053F08098

Bonds%

04-Jun-21

6.99

04-Jun-41

1994

Simple

Crisil AAA/Stable

INE053F07CZ0

Bonds%

30-Jun-21

5.00

30-Jun-26

83.81

Simple

Crisil AAA/Stable

INE053F08106

Bonds%

19-Jul-21

6.89

19-Jul-31

2980.9

Simple

Crisil AAA/Stable

INE053F08114

Bonds%

30-Jul-21

7.03

30-Jul-36

4693

Simple

Crisil AAA/Stable

INE053F07DA1

Bonds%

31-Jul-21

5.00

31-Jul-26

105.06

Simple

Crisil AAA/Stable

INE053F08122

Bonds%

31-Aug-21

6.92

31-Aug-31

4000

Simple

Crisil AAA/Stable

INE053F07DB9

Bonds%

31-Aug-21

5.00

31-Aug-26

88.71

Simple

Crisil AAA/Stable

INE053F07DC7

Bonds%

30-Sep-21

5.00

30-Sep-26

120.32

Simple

Crisil AAA/Stable

INE053F07DD5

Bonds%

31-Oct-21

5.00

31-Oct-26

83.22

Simple

Crisil AAA/Stable

INE053F08155

Bonds%

24-Nov-21

6.95

24-Nov-36

5000

Simple

Crisil AAA/Stable

INE053F07DE3

Bonds%

30-Nov-21

5.00

30-Nov-26

64.56

Simple

Crisil AAA/Stable

INE053F08163

Bonds%

21-Dec-21

6.87

14-Apr-32

1180

Simple

Crisil AAA/Stable

INE053F07DG8

Bonds%

31-Jan-22

5.00

31-Jan-27

92.64

Simple

Crisil AAA/Stable

INE053F07DH6

Bonds%

28-Feb-22

5.00

28-Feb-27

94.56

Simple

Crisil AAA/Stable

INE053F07DI4

Bonds%

31-Mar-22

5.00

31-Mar-27

208.86

Simple

Crisil AAA/Stable

INE053F07DJ2

Bonds#

30-Apr-22

5.00

30-Apr-27

120.52

Simple

Crisil AAA/Stable

INE053F07DK0

Bonds#

31-May-22

5.00

31-May-27

125.9

Simple

Crisil AAA/Stable

INE053F07DL8

Bonds#

30-Jun-22

5.00

30-Jun-27

135.23

Simple

Crisil AAA/Stable

INE053F07DM6

Bonds#

31-Jul-22

5.00

31-Jul-27

167.1

Simple

Crisil AAA/Stable

INE053F07DN4

Bonds#

31-Aug-22

5.00

31-Aug-27

84.06

Simple

Crisil AAA/Stable

INE053F07DO2

Bonds#

30-Sep-22

5.00

30-Sep-27

118.95

Simple

Crisil AAA/Stable

INE053F08197

Bonds#

11-Oct-22

7.69

11-Oct-32

2500

Simple

Crisil AAA/Stable

INE053F07DP9

Bonds#

31-Oct-22

5.00

31-Oct-27

109.34

Simple

Crisil AAA/Stable

INE053F08205

Bonds#

28-Nov-22

7.64

28-Nov-37

3955.2

Simple

Crisil AAA/Stable

INE053F07DQ7

Bonds#

30-Nov-22

5.00

30-Nov-27

132.65

Simple

Crisil AAA/Stable

INE053F08213

Bonds#

16-Dec-22

7.47

15-Apr-33

500

Simple

Crisil AAA/Stable

INE053F08221

Bonds#

30-Dec-22

7.65

30-Dec-32

2510.5

Simple

Crisil AAA/Stable

INE053F07DR5

Bonds#

31-Dec-22

5.00

31-Dec-27

154.12

Simple

Crisil AAA/Stable

INE053F08239

Bonds#

18-Jan-23

7.40

18-Apr-26

2500

Simple

Crisil AAA/Stable

INE053F08247

Bonds#

18-Jan-23

7.65

18-Apr-33

2500

Simple

Crisil AAA/Stable

INE053F07DS3

Bonds#

31-Jan-23

5.00

31-Jan-28

121.67

Simple

Crisil AAA/Stable

INE053F07DT1

Bonds#

28-Feb-23

5.00

29-Feb-28

138.99

Simple

Crisil AAA/Stable

INE053F08270

Bonds#

28-Feb-23

7.75

15-Apr-33

2443

Simple

Crisil AAA/Stable

INE053F08288

Bonds#

17-Mar-23

7.51

15-Apr-26

1825

Simple

Crisil AAA/Stable

INE053F08296

Bonds#

17-Mar-23

7.74

15-Apr-38

2825

Simple

Crisil AAA/Stable

INE053F07DU9

Bonds#

31-Mar-23

5.00

31-Mar-28

320.86

Simple

Crisil AAA/Stable

INE053F07DV7

Bonds*

30-Apr-23

5.25

30-Apr-28

111.74

Simple

Crisil AAA/Stable

INE053F07EF8

Bonds*

31-May-23

5.25

31-May-28

154.23

Simple

Crisil AAA/Stable

INE053F07EE1

Bonds*

30-Jun-23

5.25

30-Jun-28

140.59

Simple

Crisil AAA/Stable

INE053F07ED3

Bonds*

31-Jul-23

5.25

31-Jul-28

227.27

Simple

Crisil AAA/Stable

INE053F07EC5

Bonds*

31-Aug-23

5.25

31-Aug-28

132.81

Simple

Crisil AAA/Stable

INE053F07EB7

Bonds*

30-Sep-23

5.25

30-Sep-28

153.32

Simple

Crisil AAA/Stable

INE053F07EA9

Bonds*

31-Oct-23

5.25

31-Oct-28

146.49

Simple

Crisil AAA/Stable

INE053F07DZ8

Bonds*

30-Nov-23

5.25

30-Nov-28

132.97

Simple

Crisil AAA/Stable

INE053F07EG6

Bonds*

31-Dec-23

5.25

31-Dec-28

157.37

Simple

Crisil AAA/Stable

INE053F07DY1

Bonds*

31-Jan-24

5.25

31-Jan-29

173.43

Simple

Crisil AAA/Stable

INE053F07DX3

Bonds*

29-Feb-24

5.25

28-Feb-29

201.15

Simple

Crisil AAA/Stable

INE053F07DW5

Bonds*

31-Mar-24

5.25

31-Mar-29

332.97

Simple

Crisil AAA/Stable

INE053F07EH4

Bonds**

30-Apr-24

5.25

30-Apr-29

132.19

Simple

Crisil AAA/Stable

INE053F07EI2

Bonds**

31-May-24

5.25

31-May-29

151.389

Simple

Crisil AAA/Stable

INE053F07EJ0

Bonds**

30-Jun-24

5.25

30-Jun-29

159.783

Simple

Crisil AAA/Stable

INE053F07EK8

Bonds**

31-Jul-24

5.25

31-Jul-29

223.535

Simple

Crisil AAA/Stable

INE053F07EL6

Bonds**

31-Aug-24

5.25

31-Aug-29

110.539

Simple

Crisil AAA/Stable

INE053F07EM4

Bonds**

31-Dec-24

5.25

31-Dec-29

130.4

Simple

Crisil AAA/Stable

INE053F07EN2

Bonds**

30-Nov-24

5.25

30-Nov-29

109.983

Simple

Crisil AAA/Stable

INE053F07EO0

Bonds**

31-Oct-24

5.25

31-Oct-29

129.731

Simple

Crisil AAA/Stable

INE053F07EP7

Bonds**

30-Sep-24

5.25

30-Sep-29

115.83

Simple

Crisil AAA/Stable

INE053F07EQ5

Bonds**

31-Jan-25

5.25

31-Jan-30

160.495

Simple

Crisil AAA/Stable

INE053F07ER3

Bonds**

28-Feb-25

5.25

28-Feb-30

163.208

Simple

Crisil AAA/Stable

INE053F07ES1

Bonds**

31-Mar-25

5.25

31-Mar-30

290.219

Simple

Crisil AAA/Stable

INE053F07ET9

Bonds**

30-Apr-25

5.25

30-Apr-30

117.88

Simple

Crisil AAA/Stable

INE053F07EU7

Bonds**

30-Jun-25

5.25

30-Jun-30

131.76

Simple

Crisil AAA/Stable

INE053F07EV5

Bonds**

31-May-25

5.25

31-May-30

120.58

Simple

Crisil AAA/Stable

INE053F07629

Non Convertible Debentures

21-Nov-13

8.48

21-Nov-28

738

Simple

Crisil AAA/Stable

INE053F07645

Non Convertible Debentures

27-Nov-13

8.48

27-Nov-28

55

Simple

Crisil AAA/Stable

INE053F07694

Non Convertible Debentures

10-Feb-14

8.55

10-Feb-29

1650

Simple

Crisil AAA/Stable

INE053F07702

Non Convertible Debentures

12-Feb-14

8.55

12-Feb-29

13

Simple

Crisil AAA/Stable

INE053F07660

Non Convertible Debentures

18-Feb-14

8.40

18-Feb-29

1090.19

Simple

Crisil AAA/Stable

INE053F07686

Non Convertible Debentures

18-Feb-14

8.65/8.40

18-Feb-29

688.36

Simple

Crisil AAA/Stable

INE053F07728

Non Convertible Debentures

26-Mar-14

8.63

26-Mar-29

947.91

Simple

Crisil AAA/Stable

INE053F07744

Non Convertible Debentures

26-Mar-14

8.63/8.88

26-Mar-29

436.41

Simple

Crisil AAA/Stable

INE053F08080

Non Convertible Debentures (LIC Unsecured Unlisted Bonds)!

27-Oct-15

6.85

27-Oct-45

2934.7

Simple

Crisil AAA/Stable

INE053F07801

Non Convertible Debentures

21-Dec-15

7.28

21-Dec-30

2057.31

Simple

Crisil AAA/Stable

INE053F07835

Non Convertible Debentures

21-Dec-15

7.28/7.53

21-Dec-30

1074.22

Simple

Crisil AAA/Stable

INE053F07819

Non Convertible Debentures

21-Dec-15

7.25

21-Dec-35

294.42

Simple

Crisil AAA/Stable

INE053F07843

Non Convertible Debentures

21-Dec-15

7.25/7.50

21-Dec-35

369.63

Simple

Crisil AAA/Stable

INE053F07884

Non Convertible Debentures

22-Mar-16

7.35

22-Mar-31

1016.38

Simple

Crisil AAA/Stable

INE053F07900

Non Convertible Debentures

22-Mar-16

7.35/7.64

22-Mar-31

1194.31

Simple

Crisil AAA/Stable

INE053F08130

Non Convertible Debentures (LIC Unsecured Unlisted Bonds)!

30-Mar-16

8.02

30-Mar-46

7433.5

Simple

Crisil AAA/Stable

INE053F07BS7

Debentures

01-Jul-19

7.85

01-Jul-34

2120

Simple

Crisil AAA/Stable

INE053F07BT5

Debentures

29-Jul-19

7.54

29-Jul-34

2455.6

Simple

Crisil AAA/Stable

INE053F07BV1

Debentures

29-Aug-19

7.48

29-Aug-34

2107

Simple

Crisil AAA/Stable

INE053F07BW9

Debentures

09-Sep-19

7.50

09-Sep-29

2707

Simple

Crisil AAA/Stable

INE053F07BX7

Debentures

06-Nov-19

7.55

06-Nov-29

2454.9

Simple

Crisil AAA/Stable

INE053F08304

Non Convertible Debentures

26-May-23

7.23

15-Oct-26

2500

Simple

Crisil AAA/Stable

INE053F08312

Non Convertible Debentures

27-Jun-23

7.41

15-Oct-26

2000

Simple

Crisil AAA/Stable

INE053F08320

Non Convertible Debentures

27-Jun-23

7.45

13-Oct-28

1940

Simple

Crisil AAA/Stable

INE053F08338

Non Convertible Debentures

24-Nov-23

7.68

24-Nov-26

2404

Simple

Crisil AAA/Stable

INE053F08346

Non Convertible Debentures

15-Dec-23

7.67

15-Dec-33

2980

Simple

Crisil AAA/Stable

INE053F08353

Non Convertible Debentures

18-Jan-24

7.57

18-Apr-29

2500

Simple

Crisil AAA/Stable

INE053F08361

Non Convertible Debentures

16-Feb-24

7.48

16-Feb-34

3000

Simple

Crisil AAA/Stable

INE053F08379

Non Convertible Debentures

28-Feb-24

7.44

28-Feb-34

3000

Simple

Crisil AAA/Stable

INE053F08387

Non Convertible Debentures

18-Mar-24

7.46

18-Jun-29

2616

Simple

Crisil AAA/Stable

INE053F08395

Non Convertible Debentures

13-Jun-24

7.44

13-Jun-34

3000

Simple

Crisil AAA/Stable

INE053F08403

Non Convertible Debentures

15-Jul-24

7.39

15-Jul-34

3000

Simple

Crisil AAA/Stable

INE053F08411

Non Convertible Debentures

31-Jul-24

7.37

31-Jul-29

2960

Simple

Crisil AAA/Stable

INE053F08429

Non Convertible Debentures

29-Aug-24

7.25

29-Aug-34

2900

Simple

Crisil AAA/Stable

INE053F08437

Non Convertible Debentures

13-Nov-24

7.15

14-Nov-39

1415

Simple

Crisil AAA/Stable

INE053F08445

Non Convertible Debentures

16-Dec-24

7.09

16-Dec-34

2345

Simple

Crisil AAA/Stable

INE053F08452

Non Convertible Debentures

27-Dec-24

7.15

27-Dec-34

2840

Simple

Crisil AAA/Stable

INE053F08460

Non Convertible Debentures

17-Jan-25

7.25

17-Jan-35

2780

Simple

Crisil AAA/Stable

INE053F08478

Non Convertible Debentures

14-Feb-25

7.28

14-Feb-40

3000

Simple

Crisil AAA/Stable

INE053F08486

Non Convertible Debentures

27-Mar-25

7.17

27-Apr-35

3000

Simple

Crisil AAA/Stable

INE053F08494

Non Convertible Debentures

28-Apr-25

6.78

30-Apr-30

3000

Simple

Crisil AAA/Stable

INE053F07DF0

Bonds

31-Dec-21

5.25

31-Dec-26

112.229

Simple 

Crisil AAA/Stable

INE053F07EW3***

Bonds

31-Jul-25

5.25

31-Jul-30

194

Simple

Crisil AAA/Stable

INE053F07EX1***

Bonds

30-Sep-25

5.25

30-Sep-30

219.153

Simple

Crisil AAA/Stable

INE053F07EY9***

Bonds

31-Aug-25

5.25

31-Aug-30

160.933

Simple

Crisil AAA/Stable

INE053F07EZ6***

Bonds

31-Oct-25

5.25

31-Oct-30

170.955

Simple

Crisil AAA/Stable

INE053F07FA6***

Bonds

30-Nov-25

5.25

30-Nov-30

187.466

Simple

Crisil AAA/Stable

INE053F07FB4***

Bonds

31-Dec-25

5.25

31-Dec-30

206.845

Simple

Crisil AAA/Stable

INE053F07FC2***

Bonds

31-Jan-26

5.25

31-Jan-31

193.369

Simple

Crisil AAA/Stable

INE053F07FD0***

Bonds

28-Feb-26

5.25

28-Feb-31

220.999

Simple

Crisil AAA/Stable

INE053F08502

Non Convertible Debentures

20-May-25

6.65

20-May-30

3000

Simple

Crisil AAA/Stable

INE053F08510

Non Convertible Debentures

30-May-25

6.47

30-May-28

3000

Simple

Crisil AAA/Stable

INE053F08528

Non Convertible Debentures

30-May-25

6.58

30-May-30

3000

Simple

Crisil AAA/Stable

INE053F08536

Non Convertible Debentures

01-Dec-25

Zero Coupon Bond

01-Dec-35

2981.65

Simple

Crisil AAA/Stable

NA

Term Loan (Axis Bank)

27-Mar-23

NA

27-Mar-38

2000

Simple

Crisil AAA/Stable

NA

Term Loan (Bank of Baroda)

12-Mar-21

NA

12-Mar-36

8464

Simple

Crisil AAA/Stable

NA

Term Loan (Bank of Baroda)

18-Mar-21

NA

18-Mar-36

3536

Simple

Crisil AAA/Stable

NA

Term Loan (Bank of Baroda)

15-Jul-21

NA

15-Jul-36

3500

Simple

Crisil AAA/Stable

NA

Term Loan (Bank of Baroda)

20-Dec-22

NA

20-Dec-37

700

Simple

Crisil AAA/Stable

NA

Term Loan (Bank of India)

27-Jan-21

NA

27-Jan-36

2500

Simple

Crisil AAA/Stable

NA

Term Loan (Bank of India)

15-Feb-21

NA

15-Feb-36

300

Simple

Crisil AAA/Stable

NA

Term Loan (Bank of India)

11-Oct-21

NA

11-Oct-36

1100

Simple

Crisil AAA/Stable

NA

Term Loan (Bank of India)

24-Dec-25

NA

24-Dec-30

1500

Simple

Crisil AAA/Stable

NA

Term Loan (Bank of India)

31-Dec-25

NA

31-Dec-30

1000

Simple

Crisil AAA/Stable

NA

Term Loan (Canara Bank)

08-Nov-21

NA

08-Nov-36

3000

Simple

Crisil AAA/Stable

NA

Term Loan (Canara Bank)

30-Nov-21

NA

30-Nov-36

2000

Simple

Crisil AAA/Stable

NA

Term Loan (Canara Bank)

22-Dec-21

NA

22-Dec-36

2000

Simple

Crisil AAA/Stable

NA

Term Loan (Canara Bank)

30-Dec-21

NA

22-Dec-36

2000

Simple

Crisil AAA/Stable

NA

Term Loan (Central Bank of India)

28-Jun-22

NA

28-Jun-37

2000

Simple

Crisil AAA/Stable

NA

Term Loan (Deutsche Bank)

30-Mar-26

NA

30-Mar-29

2000

Simple

Crisil AAA/Stable

NA

Term Loan (HDFC)

30-Sep-19

NA

30-Sep-29

350

Simple

Crisil AAA/Stable

NA

Term Loan (HDFC)

04-Nov-19

NA

04-Nov-29

800

Simple

Crisil AAA/Stable

NA

Term Loan (HDFC)

24-Dec-19

NA

24-Dec-29

800

Simple

Crisil AAA/Stable

NA

Term Loan (HDFC)

26-Mar-20

NA

26-Mar-32

2071.5

Simple

Crisil AAA/Stable

NA

Term Loan (HDFC)

30-Jun-20

NA

30-Jun-32

5687.5

Simple

Crisil AAA/Stable

NA

Term Loan (HDFC)

23-Sep-20

NA

23-Sep-35

1535

Simple

Crisil AAA/Stable

NA

Term Loan (HDFC)

30-Sep-20

NA

30-Sep-35

365

Simple

Crisil AAA/Stable

NA

Term Loan (HDFC)

16-Oct-21

NA

16-Oct-36

2500

Simple

Crisil AAA/Stable

NA

Term Loan (HDFC)

22-Feb-22

NA

22-Feb-37

2500

Simple

Crisil AAA/Stable

NA

Term Loan (HDFC)

31-Mar-23

NA

31-Mar-38

2370

Simple

Crisil AAA/Stable

NA

Term Loan (HDFC)

22-Nov-23

NA

22-Nov-38

2070

Simple

Crisil AAA/Stable

NA

Term Loan (HDFC)

24-Nov-23

NA

24-Nov-38

560

Simple

Crisil AAA/Stable

NA

Term Loan (HDFC)

24-Nov-23

NA

24-Nov-38

2000

Simple

Crisil AAA/Stable

NA

Term Loan (ICICI)

03-Mar-26

NA

03-Mar-28

1078

Simple

Crisil AAA/Stable

NA

Term Loan (ICICI)

05-Mar-26

NA

05-Mar-28

272

Simple

Crisil AAA/Stable

NA

Term Loan (ICICI)

09-Mar-26

NA

09-Mar-28

650

Simple

Crisil AAA/Stable

NA

Term Loan (IIFCL)

27-Mar-26

NA

27-Apr-27

1500

Simple

Crisil AAA/Stable

NA

Term Loan (J&K Bank)

31-Dec-22

NA

27-Mar-37

750

Simple

Crisil AAA/Stable

NA

Term Loan (J&K Bank)

27-Mar-23

NA

27-Mar-38

500

Simple

Crisil AAA/Stable

NA

Term Loan (J&K Bank)

19-Dec-25

NA

19-Dec-30

750

Simple

Crisil AAA/Stable

NA

Term Loan (Karnataka Bank)

09-Feb-24

NA

09-Feb-31

1000

Simple

Crisil AAA/Stable

NA

Term Loan (Punjab & Sind Bank)

31-Dec-22

NA

31-Dec-37

1000

Simple

Crisil AAA/Stable

NA

Term Loan (Punjab National Bank)

31-Dec-20

NA

31-Dec-35

2564.25

Simple

Crisil AAA/Stable

NA

Term Loan (Punjab National Bank)

30-Jun-21

NA

30-Jun-36

750

Simple

Crisil AAA/Stable

NA

Term Loan (Punjab National Bank)

31-Mar-22

NA

31-Mar-37

800

Simple

Crisil AAA/Stable

NA

Term Loan (South Indian Bank)

27-Mar-23

NA

27-Mar-30

250

Simple

Crisil AAA/Stable

NA

Term Loan (South Indian Bank)

09-Feb-24

NA

09-Feb-31

350

Simple

Crisil AAA/Stable

NA

Term Loan (South Indian Bank)

05-Mar-26

NA

05-Mar-33

200

Simple

Crisil AAA/Stable

NA

Term Loan (SBI)

30-Jan-20

NA

30-Jan-30

1334.09

Simple

Crisil AAA/Stable

NA

Term Loan (SBI)

18-Oct-21

NA

18-Oct-36

3800

Simple

Crisil AAA/Stable

NA

Term Loan (SBI)

30-Oct-21

NA

30-Oct-36

3200

Simple

Crisil AAA/Stable

NA

Term Loan (SBI)

24-Dec-25

NA

24-Dec-30

2700

Simple

Crisil AAA/Stable

NA

Term Loan (SBI)

31-Dec-25

NA

31-Dec-30

1300

Simple

Crisil AAA/Stable

NA

Term Loan (SBI)

23-Jan-26

NA

23-Jul-32

2000

Simple

Crisil AAA/Stable

NA

Term Loan (SBI)

07-Feb-26

NA

07-Aug-32

300

Simple

Crisil AAA/Stable

NA

Term Loan (SBI)

13-Feb-26

NA

13-Aug-32

150

Simple

Crisil AAA/Stable

NA

Term Loan (SBI)

10-Mar-26

NA

10-Sep-32

685

Simple

Crisil AAA/Stable

NA

Term Loan (SBI)

11-Mar-26

NA

11-Sep-32

335

Simple

Crisil AAA/Stable

NA

Term Loan (SBI)

25-Mar-26

NA

25-Sep-32

2530

Simple

Crisil AAA/Stable

NA

Term Loan (UCO Bank)

30-Dec-21

NA

30-Dec-36

50

Simple

Crisil AAA/Stable

NA

Term Loan (UCO Bank)

31-Dec-21

NA

31-Dec-36

950

Simple

Crisil AAA/Stable

NA

Term Loan (Union Bank)

27-Mar-26

NA

3yrs

5000

Simple

Crisil AAA/Stable

NA

Working Capital Demand Loan (Bank of India)

NA

NA

NA

1000

Simple

Crisil A1+

NA

Working Capital Demand Loan (Central Bank of India)

NA

NA

NA

3000

Simple

Crisil A1+

NA

Working Capital Demand Loan (HDFC Bank)

NA

NA

NA

3100

Simple

Crisil A1+

NA

Overdraft Facility (ICICI Bank)

NA

NA

NA

5

Simple

Crisil A1+

NA

Working Capital Demand Loan (IDFC FIRST BANK)

NA

NA

NA

500

Simple

Crisil A1+

NA

Working Capital Demand Loan (Indusind Bank)

NA

NA

NA

300

Simple

Crisil A1+

NA

Working Capital Demand Loan (Punjab National Bank)

NA

NA

NA

2500

Simple

Crisil A1+

NA

Working Capital Demand Loan (State Bank of India)

NA

NA

NA

5000

Simple

Crisil A1+

NA

Working Capital Demand Loan (Bank of Baroda)

NA

NA

NA

500

Simple

Crisil A1+

NA

Working Capital Demand Loan (YES Bank)

NA

NA

NA

900

Simple

Crisil A1+

NA

Foreign Currency Term Loan (Aozora APF (Ireland ) Limited)&-

NA

NA

28-Mar-28

177.78

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Aozora APF (Ireland ) Limited)&-

NA

NA

24-Mar-29

296.3

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Bank of China Ltd, Singapore Branch)&-

NA

NA

24-Mar-29

774.39

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Bank of India, Tokyo Branch)&-

NA

NA

04-Jun-26

160

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Bank of Taiwan, Tokyo Branch)&-

NA

NA

24-Mar-29

118.52

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Bank of Taiwan, Tokyo Branch)&-

NA

NA

24-Mar-32

237.04

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Chang Hwa Commercial Bank Ltd. Tokyo Branch)&-

NA

NA

24-Mar-29

177.78

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Canara Bank London Branch)&-

NA

NA

28-Mar-28

122.63

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Canara Bank London Branch)&-

NA

NA

31-Mar-30

491.7

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Canara Bank London Branch)&-

NA

NA

19-Dec-30

91.77

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Hachijuni Nagano Bank)&-

NA

NA

24-Mar-29

59.26

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Hachijuni Nagano Bank)&-

NA

NA

04-Jun-26

118.52

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Indian Overseas Bank, SNG)&+

NA

NA

10-Mar-31

378.4

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Kreditanstalt für Wiederaufbau (KfW IPEX-Bank)&-

NA

NA

04-Jun-26

324.98

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Kreditanstalt für Wiederaufbau (KfW IPEX-Bank))&-

NA

NA

31-Mar-30

655.59

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Kreditanstalt für Wiederaufbau (KfW IPEX-Bank))&-

NA

NA

31-Mar-31

968.23

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Land Bank of Taiwan, Department of Business)&-

NA

NA

24-Mar-29

118.52

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Mizuho Bank, Ltd., Singapore Branch)&-

NA

NA

24-Mar-29

55.6

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Mizuho Bank, Ltd., Singapore Branch)&-

NA

NA

24-Mar-32

1231.65

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Mizuho Bank, Ltd., Singapore Branch)&-

NA

NA

28-Mar-28

544.06

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Mizuho Bank, Ltd., Singapore Branch)&-

NA

NA

04-Jun-26

49.54

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (MUFG Bank, Ltd. Singapore Branch)&-

NA

NA

24-Mar-32

1053.87

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (MUFG Bank, Ltd. Gift City Branch)&-

NA

NA

28-Mar-28

69.98

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (MUFG Bank, Ltd. Gift City Branch)&-

NA

NA

04-Jun-26

108.8

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (MUFG Bank, Ltd. Gift City Branch)&-

NA

NA

12-Mar-31

1840.02

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (NTT TC Leasing Co. Ltd.)&-

NA

NA

24-Mar-29

237.04

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (SBI Shinsei Bank, Limited)&-

NA

NA

28-Mar-28

177.78

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India, Bahrain)&+

NA

NA

26-Mar-30

2837.96

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India, Hong Kong Branch)&+

NA

NA

10-Mar-31

9081.48

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India, Hong Kong Branch)&+

NA

NA

24-Mar-28

18919.76

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India, Tokyo Branch)&-

NA

NA

31-Mar-30

819.49

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Sumitomo Mitsui Banking Corporation GIFT City)&-

NA

NA

19-Dec-30

2661.33

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Sumitomo Mitsui Banking Corporation GIFT City)&-

NA

NA

12-Mar-31

1840.02

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Sumitomo Mitsui Banking Corporation GIFT City)&-

NA

NA

31-Mar-31

1129.61

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Sumitomo Mitsui Banking Corporation GIFT City)&-

NA

NA

24-Mar-32

2107.74

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Sumitomo Mitsui Trust Bank, Limited Singapore Branch)&-

NA

NA

04-Jun-26

177.78

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Taiwan Business Bank Ltd. Tokyo Branch)&-

NA

NA

24-Mar-32

118.52

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Taiwan Cooperative Bank, Offshore Banking Branch)&-

NA

NA

24-Mar-29

177.78

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (The Bank of Yokohama Ltd. Singapore Branch)&-

NA

NA

24-Mar-32

177.78

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (The Chugoku Bank, Ltd.)&-

NA

NA

28-Mar-28

118.52

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (The Gunma Bank Ltd.)&-

NA

NA

24-Mar-29

59.26

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (The Gunma Bank Ltd.)&-

NA

NA

04-Jun-26

59.26

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (The Hokkoku Bank, Ltd., Japan)&-

NA

NA

04-Jun-26

29.63

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (The Hyakugo Bank, Ltd., Japan )&-

NA

NA

04-Jun-26

118.52

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (The Joyo Bank, Ltd., Japan )&-

NA

NA

04-Jun-26

59.26

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (The Nanto Bank, Ltd., Japan)&-

NA

NA

04-Jun-26

59.26

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (The Norinchukin Bank, Singapore Branch)&-

NA

NA

28-Mar-28

296.3

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (The Norinchukin Bank, Singapore Branch)&-

NA

NA

04-Jun-26

592.6

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (The Norinchukin Bank, Singapore Branch)&-

NA

NA

24-Mar-29

592.6

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (The San-In Godo Bank,Ltd.Tokyo Branch)&-

NA

NA

28-Mar-28

47.41

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (The Shiga Bank, Ltd., Japan)&-

NA

NA

24-Mar-29

59.26

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (The Shiga Bank, Ltd., Japan)&-

NA

NA

04-Jun-26

59.26

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (The Shikoku Bank, Ltd. Financial Markets & International Division Tokyo Office)&-

NA

NA

04-Jun-26

29.63

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (The Shizuoka Bank, Limited . Singapore Branch)&-

NA

NA

24-Mar-29

88.89

Simple

Crisil AAA/Stable

NA

Foreign Currency Bond (Green Bonds)&+

NA

NA

13-Dec-27

4729.94

Simple

Crisil AAA/Stable

NA

Foreign Currency Bond (USD 300M Reg S Bonds GMTN)&+

NA

NA

13-Feb-50

2837.96

Simple

Crisil AAA/Stable

NA

Foreign Currency Bond (USD 700M Reg S Bonds GMTN)&+

NA

NA

13-Feb-30

6621.92

Simple

Crisil AAA/Stable

NA

Foreign Currency Bond (USD 750M Reg S Bonds GMTN)&+

NA

NA

10-Feb-31

7094.91

Simple

Crisil AAA/Stable

NA

Foreign Currency Bond (USD 500M Reg S Green Bonds GMTN)&+

NA

NA

21-Jan-32

4729.94

Simple

Crisil AAA/Stable

NA

Short Term Debt@

NA

NA

7-365 days

15000

Simple

Crisil A1+

NA

Credit Exposure Limited (CEL)

NA

NA

22-Sep-26

1000

Simple

Crisil AAA/Stable

NA

Long term borrowing program^

NA

NA

NA

260990.489

Simple

Crisil AAA/Stable

^ Not yet issued

& Equivalent INR (Rs crore) outstanding foreign currency denominated term loans as on March 31, 2026

+ Exchange rate as on March 27, 2026: 1 USD = INR 94.60

- Exchange rate as on March 27, 2026: 1 JPY = INR 0.59

$ Part of long term borrowing programme for fiscal 2021 & Outstanding as on date

% Part of long term borrowing programme for fiscal 2022 & Outstanding as on date

# Part of long term borrowing programme for fiscal 2023 & Outstanding as on date

* Part of long term borrowing programme for fiscal 2024 & Outstanding as on date

** Part of long term borrowing programme for fiscal 2025 & Outstanding as on date

*** Part of long term borrowing programme for fiscal 2026 & Outstanding as on date

@ Total short-term bank borrowings and borrowings under the rated short-term debt programme not to exceed Rs 15000 crore at any point in time

! Fixed interest rate for 10 years to be reset at the end of each subsequent 10 year
^^ Crisil Ratings has received an intimation from the issuer on the redemption of these instruments and is awaiting independent confirmation before withdrawal of rating on these instruments

 

Annexure - Details of Rating Withdrawn

ISIN

Name of Instrument

Date of Allotment

Coupon Rate (%)

Maturity Date

Issue Size (Rs.Crore)

Complexity Level

Rating

INE053F07CE5

Bonds$

30-Apr-20

5.75

30-Apr-25

13.12

Simple

Withdrawn

INE053F07CF2

Bonds$

31-May-20

5.75

31-May-25

37.89

Simple

Withdrawn

INE053F07CG0

Bonds$

30-Jun-20

5.75

30-Jun-25

116.02

Simple

Withdrawn

INE053F07CH8

Bonds$

31-Jul-20

5.75

31-Jul-25

77.43

Simple

Withdrawn

INE053F07CI6

Bonds$

31-Aug-20

5.00

31-Aug-25

34.39

Simple

Withdrawn

INE053F07CJ4

Bonds$

30-Sep-20

5.00

30-Sep-25

52.97

Simple

Withdrawn

INE053F07CK2

Bonds$

31-Oct-20

5.00

31-Oct-25

45.88

Simple

Withdrawn

INE053F07CL0

Bonds$

30-Nov-20

5.00

30-Nov-25

41.28

Simple

Withdrawn

INE053F07CM8

Bonds$

31-Dec-20

5.00

31-Dec-25

68.53

Simple

Withdrawn

INE053F07CN6

Bonds$

31-Jan-21

5.00

31-Jan-26

62.97

Simple

Withdrawn

INE053F07CO4

Bonds$

28-Feb-21

5.00

28-Feb-26

82.15

Simple

Withdrawn

INE053F07777

Non Convertible Debentures

31-Jul-15

7.19

31-Jul-25

1139

Simple

Withdrawn

INE053F07785

Non Convertible Debentures

21-Aug-15

7.15

21-Aug-25

329

Simple

Withdrawn

INE053F07793

Non Convertible Debentures

21-Dec-15

7.07

21-Dec-25

367.47

Simple

Withdrawn

INE053F07827

Non Convertible Debentures

21-Dec-15

7.07/7.32

21-Dec-25

368.95

Simple

Withdrawn

INE053F07868

Non Convertible Debentures

03-Mar-16

7.04

03-Mar-26

1050

Simple

Withdrawn

INE053F07876

Non Convertible Debentures

22-Mar-16

7.04

22-Mar-26

48.6

Simple

Withdrawn

INE053F07892

Non Convertible Debentures

22-Mar-16

7.04/7.29

22-Mar-26

190.71

Simple

Withdrawn

INE053F09HM3

Bonds

29-Mar-11

9.09

29-Mar-26

1076

Simple

Withdrawn

$Part of long term borrowing programme for fiscal 2021 & Outstanding as on date

Annexure - Rating History for last 3 Years
  Current 2026 (History) 2025  2024  2023  Start of 2023
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Bond LT 8076.29 Crisil AAA/Stable   -- 12-05-25 Crisil AAA/Stable 31-05-24 Crisil AAA/Stable 12-06-23 Crisil AAA/Stable Crisil AAA/Stable
      --   --   -- 22-03-24 Crisil AAA/Stable 04-05-23 Crisil AAA/Stable --
Long-Term Borrowing Programme LT 633998.38 Crisil AAA/Stable   -- 12-05-25 Crisil AAA/Stable 31-05-24 Crisil AAA/Stable 12-06-23 Crisil AAA/Stable Crisil AAA/Stable
      --   --   -- 22-03-24 Crisil AAA/Stable 04-05-23 Crisil AAA/Stable --
Non Convertible Debentures LT 52644.23 Crisil AAA/Stable   -- 12-05-25 Crisil AAA/Stable 31-05-24 Crisil AAA/Stable 12-06-23 Crisil AAA/Stable Crisil AAA/Stable
      --   --   -- 22-03-24 Crisil AAA/Stable 04-05-23 Crisil AAA/Stable --
Short Term Debt ST 15000.0 Crisil A1+   -- 12-05-25 Crisil A1+ 31-05-24 Crisil A1+ 12-06-23 Crisil A1+ Crisil A1+
      --   --   -- 22-03-24 Crisil A1+ 04-05-23 Crisil A1+ --
All amounts are in Rs.Cr.

Annexure – Details of Bank Lenders/Facilities

Facility

Amount (Rs.Crore)

Name of Lender

Rating

Term Loan

2000

Axis Bank

Crisil AAA/Stable

Term Loan

16200

Bank of Baroda

Crisil AAA/Stable

Term Loan

6400

Bank of India

Crisil AAA/Stable

Term Loan

9000

Canara Bank

Crisil AAA/Stable

Term Loan

2000

Central Bank of India

Crisil AAA/Stable

Term Loan

2000

Deutsche Bank

Crisil AAA/Stable

Term Loan

23609

HDFC Bank

Crisil AAA/Stable

Term Loan

2000

ICICI Bank

Crisil AAA/Stable

Term Loan

1500

IIFCL

Crisil AAA/Stable

Term Loan

2000

J&K Bank

Crisil AAA/Stable

Term Loan

1000

Karnataka Bank

Crisil AAA/Stable

Term Loan

1000

Punjab & Sind Bank

Crisil AAA/Stable

Term Loan

4114.25

Punjab National Bank

Crisil AAA/Stable

Term Loan

800

South Indian Bank

Crisil AAA/Stable

Term Loan

18334.09

State Bank of India

Crisil AAA/Stable

Term Loan

1000

UCO Bank

Crisil AAA/Stable

Term Loan

5000

Union Bank

Crisil AAA/Stable

Working Capital Demand Loan

1000

Bank of India

Crisil A1+

Working Capital Demand Loan

3000

Central Bank of India

Crisil A1+

Working Capital Demand Loan

3100

HDFC Bank

Crisil A1+

Overdraft Facility

5

ICICI Bank

Crisil A1+

Working Capital Demand Loan

500

IDFC FIRST BANK

Crisil A1+

Working Capital Demand Loan

300

Indusind Bank

Crisil A1+

Working Capital Demand Loan

2500

Punjab National Bank

Crisil A1+

Working Capital Demand Loan

5000

State Bank of India

Crisil A1+

Working Capital Demand Loan

500

Bank of Baroda

Crisil A1+

Working Capital Demand Loan

900

YES Bank

Crisil A1+

Foreign Currency Term Loan&-

474.08

Aozora APF Ireland  Limited

Crisil AAA/Stable

Foreign Currency Term Loan&-

774.39

Bank of China Ltd, Singapore Branch

Crisil AAA/Stable

Foreign Currency Term Loan&-

160

Bank of India, Tokyo Branch

Crisil AAA/Stable

Foreign Currency Term Loan&-

355.56

Bank of Taiwan, Tokyo Branch

Crisil AAA/Stable

Foreign Currency Term Loan&-

177.78

Chang Hwa Commercial Bank Ltd. Tokyo Branch

Crisil AAA/Stable

Foreign Currency Term Loan&-

706.1

Canara Bank London Branch

Crisil AAA/Stable

Foreign Currency Term Loan&-

177.78

Hachijuni Nagano Bank

Crisil AAA/Stable

Foreign Currency Term Loan&-

378.4

Indian Overseas Bank, SNG

Crisil AAA/Stable

Foreign Currency Term Loan&-

324.98

Kreditanstalt für Wiederaufbau

Crisil AAA/Stable

Foreign Currency Term Loan&-

655.59

Kreditanstalt für Wiederaufbau

Crisil AAA/Stable

Foreign Currency Term Loan&-

968.23

Kreditanstalt für Wiederaufbau

Crisil AAA/Stable

Foreign Currency Term Loan&-

118.52

Land Bank of Taiwan, Department of Business

Crisil AAA/Stable

Foreign Currency Term Loan&-

55.6

Mizuho Bank, Ltd., Singapore Branch

Crisil AAA/Stable

Foreign Currency Term Loan&-

1231.65

Mizuho Bank, Ltd., Singapore Branch

Crisil AAA/Stable

Foreign Currency Term Loan&-

544.06

Mizuho Bank, Ltd., Singapore Branch

Crisil AAA/Stable

Foreign Currency Term Loan&-

49.54

Mizuho Bank, Ltd., Singapore Branch

Crisil AAA/Stable

Foreign Currency Term Loan&-

1053.87

MUFG Bank, Ltd. Singapore Branch

Crisil AAA/Stable

Foreign Currency Term Loan&-

69.98

MUFG Bank, Ltd. Gift City Branch

Crisil AAA/Stable

Foreign Currency Term Loan&-

108.8

MUFG Bank, Ltd. Gift City Branch

Crisil AAA/Stable

Foreign Currency Term Loan&-

1840.02

MUFG Bank, Ltd. Gift City Branch

Crisil AAA/Stable

Foreign Currency Term Loan&-

237.04

NTT TC Leasing Co. Ltd.

Crisil AAA/Stable

Foreign Currency Term Loan&-

177.78

SBI Shinsei Bank, Limited

Crisil AAA/Stable

Foreign Currency Term Loan&+

2837.96

State Bank of India, Bahrain

Crisil AAA/Stable

Foreign Currency Term Loan&+

9081.48

State Bank of India, Hong Kong Branch

Crisil AAA/Stable

Foreign Currency Term Loan&+

18919.76

State Bank of India, Hong Kong Branch

Crisil AAA/Stable

Foreign Currency Term Loan&-

819.49

State Bank of India, Tokyo Branch

Crisil AAA/Stable

Foreign Currency Term Loan&-

2661.33

Sumitomo Mitsui Banking Corporation GIFT City

Crisil AAA/Stable

Foreign Currency Term Loan&-

1840.02

Sumitomo Mitsui Banking Corporation GIFT City

Crisil AAA/Stable

Foreign Currency Term Loan&-

1129.61

Sumitomo Mitsui Banking Corporation GIFT City

Crisil AAA/Stable

Foreign Currency Term Loan&-

2107.74

Sumitomo Mitsui Banking Corporation GIFT City

Crisil AAA/Stable

Foreign Currency Term Loan&-

177.78

Sumitomo Mitsui Trust Bank, Limited Singapore Branch

Crisil AAA/Stable

Foreign Currency Term Loan&-

118.52

Taiwan Business Bank Ltd. Tokyo Branch

Crisil AAA/Stable

Foreign Currency Term Loan&-

177.78

Taiwan Cooperative Bank, Offshore Banking Branch

Crisil AAA/Stable

Foreign Currency Term Loan&-

177.78

The Bank of Yokohama Ltd. Singapore Branch

Crisil AAA/Stable

Foreign Currency Term Loan&-

118.52

The Chugoku Bank, Ltd.

Crisil AAA/Stable

Foreign Currency Term Loan&-

59.26

The Gunma Bank Ltd.

Crisil AAA/Stable

Foreign Currency Term Loan&-

59.26

The Gunma Bank Ltd.

Crisil AAA/Stable

Foreign Currency Term Loan&-

29.63

The Hokkoku Bank, Ltd., Japan

Crisil AAA/Stable

Foreign Currency Term Loan&-

118.52

The Hyakugo Bank, Ltd., Japan

Crisil AAA/Stable

Foreign Currency Term Loan&-

59.26

The Joyo Bank, Ltd., Japan

Crisil AAA/Stable

Foreign Currency Term Loan&-

59.26

The Nanto Bank, Ltd., Japan

Crisil AAA/Stable

Foreign Currency Term Loan&-

1481.5

The Norinchukin Bank, Singapore Branch

Crisil AAA/Stable

Foreign Currency Term Loan&-

47.41

The San-In Godo Bank,Ltd.Tokyo Branch

Crisil AAA/Stable

Foreign Currency Term Loan&-

118.52

The Shiga Bank, Ltd., Japan

Crisil AAA/Stable

Foreign Currency Term Loan&-

29.63

The Shikoku Bank, Ltd. Financial Markets & International Division Tokyo Office

Crisil AAA/Stable

Foreign Currency Term Loan&-

88.89

The Shizuoka Bank, Limited. Singapore Branch

Crisil AAA/Stable

& Equivalent INR (Rs crore) outstanding foreign currency denominated term loans as on March 31, 2026

+ Exchange rate as on March 27, 2026: 1 USD = INR 94.60

- Exchange rate as on March 27, 2026: 1 JPY = INR 0.59

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 factoring parent, group and government linkages

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