Rating Rationale
March 27, 2025 | Mumbai

Power Finance Corporation Limited

'Crisil AAA/Stable' assigned to Long-Term Borrowing Programme; 'Crisil A1+' assigned to Short Term Borrowing programme

 

Rating Action

Total Bank Loan Facilities Rated

Rs.10000 Crore

Long Term Rating

Crisil AAA/Stable (Reaffirmed)

 

Rs.10000 Crore Long Term Borrowing programme^*

Crisil AAA/Stable (Assigned)

Rs.115000 Crore Long Term Borrowing programme^

Crisil AAA/Stable (Assigned)

Rs.15000 Crore Short Term Borrowing programme^

Crisil A1+ (Assigned)

Rs.10000 Crore Long Term Borrowing programme%**

Crisil AAA/Stable (Reaffirmed)

Rs.105000 Crore Long Term Borrowing programme%

Crisil AAA/Stable (Reaffirmed)

Rs.15000 Crore Short Term Borrowing programme%

Crisil A1+ (Reaffirmed)

Rs.1000 Crore Perpetual Non Convertible Debentures

Crisil AAA/Stable (Reaffirmed)

Long-Term Borrowing Programme Aggregating Rs.587000 Crore ~

Crisil AAA/Stable (Reaffirmed)

Subordinated Non-Convertible Debentures Aggregating Rs.11000 Crore 

Crisil AAA/Stable (Reaffirmed)

Bonds Aggregating Rs.44720.14 Crore#

Crisil AAA/Stable (Reaffirmed)

^Borrowing programme for fiscal 2026 (refers to financial year, April 1 to March 31). The overall limit for the long-term borrowing programme and the short-term borrowing programme is Rs 1,40,000 crore. The long-term borrowing programme inter-alia includes tax-free bonds under Section 10 of the Income Tax Act. Within the borrowing programme of Rs 1,40,000 crore, total incremental long-term borrowing programme not to exceed Rs 1,15,000 crore (including perpetual non-convertible debentures upto Rs 500 Crore);  total incremental short-term borrowing programme not to exceeed Rs 15,000 crore (including commercial paper upto Rs 5,000 Crore), at any point in time during fiscal 2026. The long term borrowing programme also includes Public Issue of Taxable Non-Convertible Debentures

%Borrowing programme for fiscal 2025 (refers to financial year, April 1 to March 31). The overall limit for the long-term borrowing programme and the short-term borrowing programme is Rs 1,30,000 crore. The long-term borrowing programme inter-alia includes tax-free bonds under Section 10 of the Income Tax Act. Within the borrowing programme of Rs 1,30,000 crore, total incremental long-term borrowing programme not to exceed Rs 1,05,000 crore (including perpetual non-convertible debentures upto Rs 500 Crore);  total incremental short-term borrowing programme not to exceeed Rs 15,000 crore (including commercial paper upto Rs 5,000 Crore), at any point in time during fiscal 2025. The long term borrowing programme also includes Public Issue of Taxable Non-Convertible Debentures

*To be interchangeable with short term borrowing programme (including commercial paper upto Rs 3,000 Crore; total incremental commercial paper borrowing not to exceed Rs 8,000 crore at any point in time during fiscal 2026)

**To be interchangeable with short term borrowing programme (including commercial paper upto Rs 4,000 Crore; total incremental commercial paper borrowing not to exceed Rs 9,000 crore at any point in time during fiscal 2025)

~Borrowing programme for previous fiscals

#This amount excludes long-term borrowing programmes for fiscals 2021, 2022, 2023 and 2024, which are listed separately in the rows above. However, the amount includes Rs 5,000 crore of extra budgetary resources to be raised on behalf of the Ministry of Power.

Limit for working capital demand loan/overdraft facility/cash credit/line of credit/bank guarantee. Total working capital borrowing not to exceed board-approved limit of Rs 10,000 crore. However, quantum of sanctioned working capital facilities may be different from the Board-approved limit for outstanding working capital borrowing.

Note: Institutional bonds, 54EC Capital Gain Tax Exemption Bonds, Tax free bonds, Zero coupon bonds, infrastructure bonds and term loans from banks/financial institution are part of long-term borrowing programme

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 long term borrowing programme of Power Finance Corporation Limited (PFC) and its 'Crisil A1+' rating to the short term borrowing programme of the company. Crisil Ratings has also reaffirmed its ratings on the other debt instruments and bank facilities of PFC at 'Crisil AAA/Stable/Crisil A1+'

  

The ratings continue to reflect the strategic importance of PFC to the GoI, given the key role the company plays in financing the Indian power sector, and majority ownership by the government. The ratings also factor in strong market position and adequate capitalisation and resource profile. These strengths are partially offset by inherent vulnerability of the asset quality to the weak credit risk profiles of borrowers and significant sectoral and customer concentration in revenue.

 

The consolidated asset quality has shown sequential improvement led by steady resolution of delinquent private sector exposures. On a consolidated basis, gross non-performing assets (NPAs) and net NPAs were lower at 2.3% and 0.7%, respectively, as on December 31, 2024, versus 3.1% and 0.9% on December 31, 2023. On a standalone basis, gross NPAs and net NPAs stood at 2.7% and 0.7%, respectively, as on December 31, 2024 (3.3% and 0.9% on March 31, 2024) as against 3.5% and 0.9% on December 31, 2023. Most of the NPA accounts are under a resolution process/or at advanced stages of resolution. Further, with most of the stress in the private sector recognised, there may not be further large private sector slippages in the near to medium term.

 

PFC, along with REC Ltd (REC) act as the nodal agency for several Government of India (GoI) backed schemes. In fiscal 2022, GoI had announced late payment surcharge (LPS) scheme to address dues of discoms to generation and transmission companies. PFC has extended financial assistance of Rs 62,528 crore to various distribution companies (discoms) under the rules, to clear their outstanding dues. In the same fiscal, GOI had announced the Revamped Distribution Sector Scheme (RDSS), a reforms-based and results-linked scheme with an outlay of 3.04 lakh crore over a period of five years, which would be available till fiscal 2026. The scheme aims to improve operational efficiencies and financial sustainability of discoms by providing reform-linked financial assistance for strengthening the supply. While this scheme has seen some delay in execution, disbursements under RDSS are expected to substantially increase from fiscal 2026.

Analytical Approach

Crisil Ratings has combined the business and financial risk profiles of PFC and its subsidiaries including REC. Furthermore, Crisil Ratings factors in support from the majority owner, GoI, given the company’s key role in financing the Indian power sector.

 

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:

  • Strategic importance to and majority ownership by GoI

The company plays a major role in implementing government policies, and is important for financing India's power sector, particularly government sector power utilities (84% of the consolidated loan book as on December 31, 2024). PFC is the nodal agency for the development of ultra-mega power projects and the integrated power development scheme, RDSS and LPS and is also the bid process coordinator for the Independent Transmission Projects scheme. It plays a developmental role in channelling finance to meet the power sector's large funding requirement, particularly of state power utilities (SPUs). PFC and REC are also the nodal agencies for channeling finance towards the rural electrification programme under the Deendayal Upadhyaya Gram Jyoti Yojana (formerly known as Rajiv Gandhi Grameen Vidyutikaran Yojana) and Pradhan Mantri Sahaj Bijli Har Ghar Yojana, or Saubhagya scheme, and the National Electricity Fund Scheme. PFC and REC are the lending partners for the announced discom package. In fiscal 2022, GoI announced LPS to address dues of discoms to generation and transmission companies. PFC has extended financial assistance (disbursed Rs 43,176 crore as of December 31, 2024) to various discoms under the rules, to clear their outstanding dues. PFC shall also act as the nodal agency to monitor implementation of these rules.

 

GoI remains the majority shareholder, with a stake of 56% as on December 31, 2024. The government supports the company financially and operationally in various ways, including conferring special status to raise capital gains tax exemption bonds. GoI has strong strategic reasons and a moral obligation to support PFC, both on an ongoing basis and in the event of distress, given the latter's role in implementing the government's power sector policies and GoI's majority ownership in the company.

 

  • Dominant market position in the power financing segment

PFC plays an important role in the Indian power sector, not only by providing finance but also by implementing GoI's power sector policies. The company, at a consolidated level, is the largest lender to the power sector and plays a key role in channeling finance to SPUs. Both PFC and REC have a combined market share of ~40% in power financing. PFC has forayed into newer business opportunities, diversifying its portfolio from conventional energy sector, with more focus on renewable energy and infrastructure & logistic sector. As on December 31, 2024, the transmission and distribution segment comprises ~48% of the loan book on a standalone basis followed by conventional generation (34%), renewable energy (14%) and others (4%). The gross consolidated loan book grew by 12% year-on-year to Rs 10.7 lakh crore as on December 31, 2024, from Rs 9.5 lakh crore a year earlier (Rs 9.9 lakh crore as on March 31, 2024). The share of SPUs in the consolidated loan book stood at 84% as on December 31, 2024. Loans outstanding to SPUs on a consolidated basis stood at Rs 9.0 lakh crore as on this date.

 

  • Adequate capitalisation

As on December 31, 2024, on a standalone basis, Tier-I CAR and overall CAR stood at 22.1% and 24.2%, (23.2% and 25.4%, respectively, as on March 31, 2024). Capitalisation is expected to remain adequate over the medium term, supported by a demonstrated ability to raise capital through public issues. Networth to net NPA ratio on a standalone basis for PFC stood at 24.6 times as on December 31, 2024; 19.3 times as on March 31, 2024. Accretion to networth is supported by the ability to maintain stable interest spreads and a low operating expense ratio and provision costs. The standalone return on assets ratio was 3.1% and return on equity were 19.5% for the nine months of fiscal 2025 (2.9% and 18.8%, respectively, for corresponding period of previous fiscal). Ability to contain credit costs and hence improve profitability and capitalisation will remain a key monitorable.

 

  • Sufficient resource profile

Borrowing costs are competitive and the resource base, though wholesale, is diversified. Debt instruments have wide market acceptability, which is also reflective in its average cost of borrowing compared to peers (7.3% for nine months period ended December 31, 2024). The standalone resource profile as on December 31, 2024, comprises bonds (60%), term loans (18%), and other borrowings (3%). The company also has access to foreign currency borrowing, which comprised 19% of the total borrowing as on the same date. As per the board-approved policy for exchange rate risks, PFC has hedged 95% of its total foreign currency borrowing as on December 31, 2024. The company had received government approval in 2017 to raise capital gain bonds under Section 54 EC, which further support the resource profile.

 

Weakness:

  • Inherent vulnerability in asset quality, and significant sectoral and customer concentration

PFC's asset quality remains inherently vulnerable to the weak credit risk profiles of borrowers. The company caters only to the power sector, with 84% of its consolidated loan book as on December 31, 2024, to government sector power utilities (including generation, transmission, and discoms). SPUs, especially discoms, are an inherently weak asset class because of their poor financial risk profiles. Effective execution of various reform measures is extremely critical for SPUs to produce the desired positive impact, and broad-based political consensus is necessary to implement the much-needed tariff increases to ensure sustained improvement in their performance. NPAs and restructured assets from the SPUs book had risen sharply in fiscal 2017 owing to alignment with the restructuring norms of Reserve Bank of India. However, the downgraded accounts had been paying dues regularly, and a majority of them were upgraded in fiscal 2018.  Furthermore, various dispensation schemes by the GOI such as RDSS and LPS have also helped support asset quality for these exposures. Accordingly, NPAs (stage III assets as per IND AS) remained nil from this portfolio as on December 31, 2024

 

PFC (consolidated) also has 16% exposure to private sector power players, which have remained vulnerable to asset quality risks historically due to issues around fuel availability, challenges with passing on fuel price increases and absence of long-term power purchase agreements. However, due to steady progress in resolution of stressed assets, PFC’s asset quality has been on an improving trend with gross NPAs (stage III assets as per IND-AS) of 2.3% as on December 31, 2024 (3.1% as on December 31, 2023), all from its private sector book (on a consolidated basis). As on December 31, 2024, ~14% of private sector loans have been recognised as stage III assets on which the company has a provision coverage of 68% on a consolidated basis.

Liquidity:  Superior

The Asset Liability Maturity (ALM) profile as of January 31, 2025 had few mismatches in some buckets upto 1 year, though including unutilized bank lines the inflows are fairly matched with the outflows on cumulative basis. Additionally, debt repayments are well staggered across months, supporting liquidity.

 

As on January 31, 2025, the company (on a standalone basis) had liquidity cushion in form of Rs.  182 crore of cash and equivalents and Rs 9,529 crore of unutilised cash credit lines against debt obligation of Rs 7,653 crore over the next month. Further, PFC has raised funds of around Rs 57,617 crore in the nine months period of fiscal 2025 through bonds, term loans from banks and capital market instruments.

 

ESG Profile

Crisil Ratings believes that PFC Environment, Social, and Governance (ESG) profile supports its already strong credit risk profile.

 

The ESG profile for financial sector 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.

 

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

 

 PFC Finance’s key ESG Highlights:

  •    ESG disclosures of the company have improved in fiscal 2024 on key environmental and social parameters with a reasonable assurance.
  •    PFC continues to have sizeable exposure (32% of loan book towards generation companies as on March 31, 2024, as compared to 40% on March 31, 2023) towards fossil fuel projects, which in turn impacts the environment. That said, the company exposure towards renewable projects stood at 10% of loan book as of March 31, 2024
  •    The company has stated that the total capacity supported on development of renewable energy projects as on March 31, 2024, is at 50 GW
  •    In fiscal 2024, share of women employees (at 22%) and employee attrition rate ~1%. Further, there was a cessation of the terms of independent directors on its board and no further replacements have been made

There is growing importance of ESG among investors and lenders. PFC 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 GoI will retain its majority stake in PFC, which will continue to play a critical role in implementing government policies related to financing the Indian power sector over the medium term. The company is also likely to retain its strong position in the infrastructure-financing segment, while maintaining healthy capitalization.

 

The rating on the perpetual bonds remains sensitive to the capital buffer maintained by PFC over regulatory capital requirements; rating transition on these instruments could potentially be sharper than that on other debt instruments and bank facilities.

Rating sensitivity factors

Downward factors

  • Government shareholding declining below 50% and/or diminution of government support
  • Significant deterioration in asset quality, thereby impacting profitability and capitalisation 

About the Company

PFC was established in 1986 by GoI as an institution dedicated to funding and developing the power sector in India. Until 1996, lending was exclusively to public sector entities. Since then, it has expanded its customer profile to include private sector power utilities and projects. PFC aims to promote balanced and integrated development of the power sector by providing finance to low-cost, efficient, and reliable projects.

 

In March 2019, PFC completed the acquisition of GoI’s 52.6% stake in REC for Rs 14,500 crore. PFC and REC will remain strategically important to the government, which would provide them timely, need-based support. They will continue to play their respective policy roles and will remain the nodal agencies for implementing power sector policies. Further, they are expected to operate all functions independently as they do currently.

 

On a consolidated basis, PFC reported profit after tax (PAT) of Rs 26,461 crore and total income (net of interest) of Rs 33,213 crore in fiscal 2024 (Rs 21,179 crore and 30,608 crore, respectively in the previous fiscal). On a standalone basis, PFC reported PAT of Rs 14,367 crore and total income (net of interest) of Rs 18,020 crore in fiscal 2024 as against Rs 11,605 crore and Rs 16,383 crore, respectively in the previous fiscal.

Key Financial Indicators (PFC; standalone)

As on / for the period ended March 31, Unit 2024 2023
Total income (net of interest expenses) Rs crore 18,020 16,383
PAT Rs crore 14,367 11,605
Gross NPA % 3.34 3.91
Overall capital adequacy ratio  % 25.41 24.37

 

As on / for the period ended December 31, Unit 2024 2023
Total income (net of interest expenses) Rs crore 15,461 13,028
PAT Rs crore 12,243 10,232
Gross NPA % 2.68 3.52
Overall capital adequacy ratio  % 24.15 26.86

Key financial (PFC; consolidated)

As on/for the period ended March 31, Unit 2024 2023
Total income (net of interest expenses) Rs crore 33,213 30,608
PAT Rs crore 26,461 21,179
Gross NPA % 3.02 3.66

 

As on/for the period ended December 31, Unit 2024 2023
Total income (net of interest expenses) Rs crore 29,227 24,189
PAT Rs crore 22,157 18,905
Gross NPA % 2.3 3.13

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

Rating

INE134E07AI1

Bonds

22-Jan-21

5.65

22-Jan-26

27.05

Simple

Crisil AAA/Stable

INE134E07AJ9

Bonds

22-Jan-21

5.80

22-Jan-26

3.5

Simple

Crisil AAA/Stable

INE134E07AK7

Bonds

22-Jan-21

6.63

22-Jan-31

0.5

Simple

Crisil AAA/Stable

INE134E07AL5

Bonds

22-Jan-21

6.82

22-Jan-31

28.74

Simple

Crisil AAA/Stable

INE134E07AM3

Bonds

22-Jan-21

6.80

22-Jan-31

33.67

Simple

Crisil AAA/Stable

INE134E07AN1

Bonds

22-Jan-21

7.00

22-Jan-31

1635.53

Simple

Crisil AAA/Stable

INE134E07AO9

Bonds

22-Jan-21

7.30

22-Jan-31

10.35

Simple

Crisil AAA/Stable

INE134E07AP6

Bonds

22-Jan-21

7.50

22-Jan-31

1250.73

Simple

Crisil AAA/Stable

INE134E07AQ4

Bonds

22-Jan-21

6.78

22-Jan-36

3.5

Simple

Crisil AAA/Stable

INE134E07AS0

Bonds

22-Jan-21

6.95

22-Jan-36

50.05

Simple

Crisil AAA/Stable

INE134E08LN6

Bonds

21-Dec-21

6.92

14-Apr-32

1180

Simple

Crisil AAA/Stable

INE134E08LO4

Bonds

10-Aug-22

7.13

08-Aug-25

2420

Simple

Crisil AAA/Stable

INE134E08LP1

Bonds

24-Aug-22

7.13

15-Jul-26

3000

Simple

Crisil AAA/Stable

INE134E08LQ9

Bonds

08-Sep-22

7.42

08-Sep-32

4000

Simple

Crisil AAA/Stable

INE134E08LR7

Bonds

08-Sep-22

7.15

08-Sep-25

276.4

Simple

Crisil AAA/Stable

INE134E08LS5

Bonds

08-Sep-22

7.15

08-Sep-26

276.4

Simple

Crisil AAA/Stable

INE134E08LT3

Bonds

08-Sep-22

7.15

08-Sep-27

276.4

Simple

Crisil AAA/Stable

INE134E08LU1

Bonds

03-Nov-22

7.59

03-Nov-25

1450

Simple

Crisil AAA/Stable

INE134E08LW7

Bonds

14-Dec-22

7.58

15-Apr-33

470

Simple

Crisil AAA/Stable

INE134E08LX5

Bonds

19-Dec-22

7.59

17-Jan-28

3500

Simple

Crisil AAA/Stable

INE134E08LY3

Bonds

19-Dec-22

7.72

19-Dec-37

2782.7

Simple

Crisil AAA/Stable

INE134E08LZ0

Bonds

27-Dec-22

7.58

15-Jan-26

2540

Simple

Crisil AAA/Stable

INE134E08MC7

Bonds

13-Mar-23

7.77

15-Jul-26

3262.7

Simple

Crisil AAA/Stable

INE134E08MD5

Bonds

13-Mar-23

7.82

11-Mar-33

625

Simple

Crisil AAA/Stable

INE134E08ME3

Bonds

13-Mar-23

7.82

12-Mar-32

625

Simple

Crisil AAA/Stable

INE134E08MF0

Bonds

13-Mar-23

7.82

13-Mar-30

625

Simple

Crisil AAA/Stable

INE134E08MG8

Bonds

13-Mar-23

7.82

13-Mar-31

625

Simple

Crisil AAA/Stable

INE134E08MJ2

Bonds

31-Mar-23

8.00

15-Apr-28

1390

Simple

Crisil AAA/Stable

INE134E08MK0

Bonds

31-Mar-23

8.00

15-Sep-26

1200

Simple

Crisil AAA/Stable

INE134E08MH6

Bonds

27-Mar-23

8.00

15-Apr-33

1200

Complex

Crisil AAA/Stable

INE134E08MI4

Bonds

27-Mar-23

8.00

15-Apr-33

583.5

Simple

Crisil AAA/Stable

INE134E08ML8

Bonds

20-Apr-23

7.55

15-Jul-26

2330

Simple

Crisil AAA/Stable

INE134E08MM6

Bonds

20-Apr-23

7.62

15-Jul-33

2102

Simple

Crisil AAA/Stable

INE134E08MN4

Bonds

10-May-23

7.44

10-May-28

1550

Complex

Crisil AAA/Stable

INE134E08MO2

Bonds

22-May-23

7.37

22-May-26

2990

Simple

Crisil AAA/Stable

INE134E07CF3

Bonds

01-Aug-23

7.50

01-Aug-26

59.93

Simple

Crisil AAA/Stable

INE134E07CG1

Bonds

01-Aug-23

7.45

01-Aug-26

62.17

Simple

Crisil AAA/Stable

INE134E07CH9

Bonds

01-Aug-23

7.53

01-Aug-33

45.48

Simple

Crisil AAA/Stable

INE134E07CI7

Bonds

01-Aug-23

7.47

01-Aug-33

362.51

Simple

Crisil AAA/Stable

INE134E07CJ5

Bonds

01-Aug-23

7.50

01-Aug-38

183.71

Simple

Crisil AAA/Stable

INE134E07CK3

Bonds

01-Aug-23

7.55

01-Aug-38

2110.68

Simple

Crisil AAA/Stable

INE134E08MP9

Bonds

20-Jun-23

7.48

19-Jun-38

3896.9

Simple

Crisil AAA/Stable

INE134E08MQ7

Bonds

12-Jul-23

7.57

12-Jul-33

3000

Simple

Crisil AAA/Stable

INE134E08MR5

Bonds

25-Aug-23

7.60

25-Aug-33

3500

Simple

Crisil AAA/Stable

INE134E08MS3

Bonds

25-Aug-23

Zero Interest

25-Aug-26

597.69

Simple

Crisil AAA/Stable

INE134E08MT1

Bonds

25-Aug-23

7.64

25-Aug-26

2500

Simple

Crisil AAA/Stable

INE134E08MU9

Bonds

30-Nov-23

7.70

30-Nov-33

2625

Simple

Crisil AAA/Stable

INE134E08MV7

Bonds

15-Dec-23

7.69

15-Dec-38

3335

Simple

Crisil AAA/Stable

INE134E08MW5

Bonds

15-Feb-24

7.88

31-Dec-99

100

Complex

Crisil AAA/Stable

INE134E08MX3

Bonds

22-Feb-24

7.60

13-Apr-29

3000

Simple

Crisil AAA/Stable

INE134E08MY1

Bonds

22-Feb-24

7.49

22-Feb-34

3000

Simple

Crisil AAA/Stable

INE134E08MZ8

Bonds

13-Mar-24

7.55

15-Apr-27

2,754.00

Simple

Crisil AAA/Stable

INE134E07CL1

Bonds

30-Apr-24

5.25

30-Apr-29

370.308

Simple

Crisil AAA/Stable

INE134E07CM9

Bonds

31-May-24

5.25

31-May-29

209.257

Simple

Crisil AAA/Stable

INE134E08NA9

Bonds

31-May-24

7.44

15-Jul-34

3178

Simple

Crisil AAA/Stable

INE134E07CN7

Bonds

30-Jun-24

5.25

30-Jun-29

169.931

Simple

Crisil AAA/Stable

INE134E08NB7

Bonds

22-Aug-24

7.32

15-Jul-39

3050

Simple

Crisil AAA/Stable

INE134E08NC5

Bonds

04-Sep-24

7.30

16-Oct-34

2741.1

Simple

Crisil AAA/Stable

INE134E08ND3

Bonds

23-Sep-24

7.27

15-Oct-31

3500

Simple

Crisil AAA/Stable

INE134E08NE1

Bonds

23-Sep-24

7.22

15-Oct-39

3226.55

Simple

Crisil AAA/Stable

INE134E07CS6

Bonds

31-Oct-24

5.25

31-Oct-29

75.478

Simple

Crisil AAA/Stable

INE134E07CO5

Bonds

31-Aug-24

5.25

31-Aug-29

65.56

Simple

Crisil AAA/Stable

INE134E07CQ0

Bonds

31-Jul-24

5.25

31-Jul-29

321.775

Simple

Crisil AAA/Stable

INE134E07CP2

Bonds

30-Sep-24

5.25

30-Sep-29

500

Simple

Crisil AAA/Stable

INE134E07CU2

Bonds

30-Nov-24

5.25

30-Nov-29

150.013

Simple

Crisil AAA/Stable

INE134E08NF8

Bonds

10-Dec-24

7.10

15-Jan-35

3052

Simple

Crisil AAA/Stable

INE134E08NG6

Bonds

10-Dec-24

7.11

16-Jan-40

3200

Simple

Crisil AAA/Stable

INE134E08NH4

Bonds

23-Dec-24

7.40

15-Jan-30

2545

Simple

Crisil AAA/Stable

INE134E08NI2

Bonds

23-Dec-24

7.16

16-Jan-40

2700

Simple

Crisil AAA/Stable

INE134E07CW8

Bonds

31-Dec-24

5.25

31-Dec-29

14.649

Simple

Crisil AAA/Stable

INE134E07CT4

Bonds

31-Jan-25

5.25

31-Jan-30

500

Simple

Crisil AAA/Stable

INE134E08NJ0

Bonds

06-Feb-25

7.24

15-Jan-35

2500

Simple

Crisil AAA/Stable

INE134E08NK8

Bonds

06-Feb-25

7.25

16-Jan-45

1450

Simple

Crisil AAA/Stable

INE134E08NL6

Bonds

20-Feb-25

7.42

15-Apr-28

4000

Simple

Crisil AAA/Stable

INE134E08NM4

Bonds

20-Feb-25

7.38

15-Jan-32

2835

Simple

Crisil AAA/Stable

INE134E07CR8

Bonds

31-Mar-25

5.25

31-Mar-30

500

Simple

Crisil AAA/Stable

INE134E07CV0

Bonds

28-Feb-25

5.25

28-Feb-30

500

Simple

Crisil AAA/Stable

INE134E08NN2

Bonds

03-Mar-25

7.00

15-Jan-35

3075

Simple

Crisil AAA/Stable

INE134E08LV9

Bonds

14-Nov-22

7.65

13-Nov-37

4,000.00

Simple

Crisil AAA/Stable

INE134E08MA1

Bonds

22-Feb-23

7.64

22-Feb-33

3,500.00

Complex

Crisil AAA/Stable

INE134E08MB9

Bonds

06-Mar-23

7.82

06-Mar-38

3,468.50

Simple

Crisil AAA/Stable

INE134E07AR2

Bonds

22-Jan-21

6.97

22-Jan-36

53.36

Simple

Crisil AAA/Stable

INE134E07AT8

Bonds

22-Jan-21

7.15

22-Jan-36

1,330.05

Simple

Crisil AAA/Stable

INE134E07927

Capital Gain Tax Exemption Bonds

31-Mar-20

5.75

31-Mar-25

129.01

Simple

Crisil AAA/Stable

INE134E07935

Capital Gain Tax Exemption Bonds

30-Apr-20

5.75

30-Apr-25

12.44

Simple

Crisil AAA/Stable

INE134E07943

Capital Gain Tax Exemption Bonds

31-May-20

5.75

31-May-25

39.39

Simple

Crisil AAA/Stable

INE134E07950

Capital Gain Tax Exemption Bonds

30-Jun-20

6.00

30-Jun-25

117.99

Simple

Crisil AAA/Stable

INE134E07976

Capital Gain Tax Exemption Bonds

31-Jul-20

5.75

31-Jul-25

82.56

Simple

Crisil AAA/Stable

INE134E07984

Capital Gain Tax Exemption Bonds

31-Aug-20

5.00

31-Aug-25

26.03

Simple

Crisil AAA/Stable

INE134E07992

Capital Gain Tax Exemption Bonds

30-Sep-20

5.00

30-Sep-25

61.44

Simple

Crisil AAA/Stable

INE134E07AA8

Capital Gain Tax Exemption Bonds

31-Oct-20

5.00

31-Oct-25

45.9

Simple

Crisil AAA/Stable

INE134E07AB6

Capital Gain Tax Exemption Bonds

30-Nov-20

5.00

30-Nov-25

48.87

Simple

Crisil AAA/Stable

INE134E07AC4

Capital Gain Tax Exemption Bonds

31-Dec-20

5.00

31-Dec-25

86.18

Simple

Crisil AAA/Stable

INE134E07AD2

Capital Gain Tax Exemption Bonds

31-Jan-21

5.00

31-Jan-26

76.54

Simple

Crisil AAA/Stable

INE134E07AE0

Capital Gain Tax Exemption Bonds

28-Feb-21

5.00

28-Feb-26

101.96

Simple

Crisil AAA/Stable

INE134E07AF7

Capital Gain Tax Exemption Bonds

31-Mar-21

5.00

31-Mar-26

238.47

Simple

Crisil AAA/Stable

INE134E07AU6

Capital Gain Tax Exemption Bonds

30-Apr-21

5.00

30-Apr-26

74.66

Simple

Crisil AAA/Stable

INE134E07AV4

Capital Gain Tax Exemption Bonds

31-May-21

5.00

31-May-26

66.6

Simple

Crisil AAA/Stable

INE134E07AW2

Capital Gain Tax Exemption Bonds

30-Jun-21

5.00

30-Jun-26

103.86

Simple

Crisil AAA/Stable

INE134E07AX0

Capital Gain Tax Exemption Bonds

31-Jul-21

5.00

31-Jul-26

131

Simple

Crisil AAA/Stable

INE134E07AY8

Capital Gain Tax Exemption Bonds

31-Aug-21

5.00

31-Aug-26

106.04

Simple

Crisil AAA/Stable

INE134E07AZ5

Capital Gain Tax Exemption Bonds

30-Sep-21

5.00

30-Sep-26

135.76

Simple

Crisil AAA/Stable

INE134E07BA6

Capital Gain Tax Exemption Bonds

31-Oct-21

5.00

31-Oct-26

94.42

Simple

Crisil AAA/Stable

INE134E07BB4

Capital Gain Tax Exemption Bonds

30-Nov-21

5.00

30-Nov-26

84.94

Simple

Crisil AAA/Stable

INE134E07BC2

Capital Gain Tax Exemption Bonds

31-Dec-21

5.00

31-Dec-26

125.81

Simple

Crisil AAA/Stable

INE134E07BD0

Capital Gain Tax Exemption Bonds

31-Jan-22

5.00

31-Jan-27

111.14

Simple

Crisil AAA/Stable

INE134E07BE8

Capital Gain Tax Exemption Bonds

28-Feb-22

5.00

28-Feb-27

130.49

Simple

Crisil AAA/Stable

INE134E07BF5

Capital Gain Tax Exemption Bonds

31-Mar-22

5.00

31-Mar-27

269.93

Simple

Crisil AAA/Stable

INE134E07BG3

Capital Gain Tax Exemption Bonds

30-Apr-22

5.00

30-Apr-27

182

Simple

Crisil AAA/Stable

INE134E07BH1

Capital Gain Tax Exemption Bonds

31-May-22

5.00

31-May-27

190.4

Simple

Crisil AAA/Stable

INE134E07BI9

Capital Gain Tax Exemption Bonds

30-Jun-22

5.00

30-Jun-27

180.62

Simple

Crisil AAA/Stable

INE134E07BJ7

Capital Gain Tax Exemption Bonds

31-Jul-22

5.00

31-Jul-27

253.08

Simple

Crisil AAA/Stable

INE134E07BK5

Capital Gain Tax Exemption Bonds

31-Aug-22

5.00

31-Aug-27

146.19

Simple

Crisil AAA/Stable

INE134E07BL3

Capital Gain Tax Exemption Bonds

30-Sep-22

5.00

30-Sep-27

214.67

Simple

Crisil AAA/Stable

INE134E07BM1

Capital Gain Tax Exemption Bonds

31-Oct-22

5.00

31-Oct-27

176.41

Simple

Crisil AAA/Stable

INE134E07BO7

Capital Gain Tax Exemption Bonds

31-Dec-22

5.00

31-Dec-27

212.29

Simple

Crisil AAA/Stable

INE134E07BP4

Capital Gain Tax Exemption Bonds

31-Jan-23

5.00

31-Jan-28

191.69

Simple

Crisil AAA/Stable

INE134E07BQ2

Capital Gain Tax Exemption Bonds

28-Feb-23

5.00

29-Feb-28

212.41

Simple

Crisil AAA/Stable

INE134E07BR0

Capital Gain Tax Exemption Bonds

31-Mar-23

5.00

31-Mar-28

440.88

Simple

Crisil AAA/Stable

INE134E07BT6

Capital Gain Tax Exemption Bonds

30-Apr-23

5.25

30-Apr-28

500

Simple

Crisil AAA/Stable

INE134E07BV2

Capital Gain Tax Exemption Bonds

31-May-23

5.25

31-May-28

500

Simple

Crisil AAA/Stable

INE134E07BU4

Capital Gain Tax Exemption Bonds

29-Feb-24

5.25

28-Feb-29

105.73

Simple

Crisil AAA/Stable

INE134E07BW0

Capital Gain Tax Exemption Bonds

31-Mar-24

5.25

31-Mar-29

500

Simple

Crisil AAA/Stable

INE134E07BX8

Capital Gain Tax Exemption Bonds

31-Jan-24

5.25

31-Jan-29

500

Simple

Crisil AAA/Stable

INE134E07BY6

Capital Gain Tax Exemption Bonds

31-Dec-23

5.25

31-Dec-28

500

Simple

Crisil AAA/Stable

INE134E07BZ3

Capital Gain Tax Exemption Bonds

30-Nov-23

5.25

30-Nov-28

500

Simple

Crisil AAA/Stable

INE134E07CA4

Capital Gain Tax Exemption Bonds

31-Oct-23

5.25

31-Oct-28

500

Simple

Crisil AAA/Stable

INE134E07CB2

Capital Gain Tax Exemption Bonds

30-Sep-23

5.25

30-Sep-28

500

Simple

Crisil AAA/Stable

INE134E07CC0

Capital Gain Tax Exemption Bonds

31-Aug-23

5.25

31-Aug-28

500

Simple

Crisil AAA/Stable

INE134E07CD8

Capital Gain Tax Exemption Bonds

31-Jul-23

5.25

31-Jul-28

500

Simple

Crisil AAA/Stable

INE134E07CE6

Capital Gain Tax Exemption Bonds

30-Jun-23

5.25

30-Jun-28

500

Simple

Crisil AAA/Stable

INE134E07BN9

Capital Gain Tax Exemption Bonds

30-Nov-22

5.00

31-Dec-26

200.25

Simple

Crisil AAA/Stable

INE134E07208

Tax Free Bonds

01-Feb-12

8.30

01-Feb-27

1280.58

Simple

Crisil AAA/Stable

INE134E07307

Tax Free Bonds

22-Nov-12

7.38

22-Nov-27

25

Simple

Crisil AAA/Stable

INE134E07323

Tax Free Bonds

29-Nov-12

7.38

29-Nov-27

100

Simple

Crisil AAA/Stable

INE134E07349

Tax Free Bonds

04-Jan-13

7.36

04-Jan-28

176.21

Simple

Crisil AAA/Stable

INE134E07349

Tax Free Bonds

04-Jan-13

7.86

04-Jan-28

180.78

Simple

Crisil AAA/Stable

INE134E07364

Tax Free Bonds

28-Mar-13

7.04

28-Mar-28

13.35

Simple

Crisil AAA/Stable

INE134E07364

Tax Free Bonds

28-Mar-13

7.54

28-Mar-28

55.85

Simple

Crisil AAA/Stable

INE134E07380

Tax Free Bonds

30-Aug-13

8.46

30-Aug-28

1011.1

Simple

Crisil AAA/Stable

INE134E07430

Tax Free Bonds

16-Nov-13

8.54

16-Nov-28

932.7

Simple

Crisil AAA/Stable

INE134E07448

Tax Free Bonds

16-Nov-13

8.79

16-Nov-28

353.32

Simple

Crisil AAA/Stable

INE134E07455

Tax Free Bonds

16-Nov-13

8.67

16-Nov-33

1067.38

Simple

Crisil AAA/Stable

INE134E07463

Tax Free Bonds

16-Nov-13

8.92

16-Nov-33

861.96

Simple

Crisil AAA/Stable

INE134E07539

Tax Free Bonds

17-Oct-15

7.11

17-Oct-25

75.1

Simple

Crisil AAA/Stable

INE134E07547

Tax Free Bonds

17-Oct-15

7.36

17-Oct-25

79.35

Simple

Crisil AAA/Stable

INE134E07554

Tax Free Bonds

17-Oct-15

7.27

17-Oct-30

131.33

Simple

Crisil AAA/Stable

INE134E07562

Tax Free Bonds

17-Oct-15

7.52

17-Oct-30

45.18

Simple

Crisil AAA/Stable

INE134E07570

Tax Free Bonds

17-Oct-15

7.35

17-Oct-35

213.57

Simple

Crisil AAA/Stable

INE134E07588

Tax Free Bonds

17-Oct-15

7.60

17-Oct-35

155.5

Simple

Crisil AAA/Stable

INE134E08CS4

Tax Free Bonds

15-Mar-10

8.90

15-Mar-25

184

Simple

Crisil AAA/Stable

INE134E08CV8

Tax Free Bonds

30-Mar-10

8.95

30-Mar-25

492

Simple

Crisil AAA/Stable

INE134E08CY2

Tax Free Bonds

14-May-10

8.70

14-May-25

1337.5

Simple

Crisil AAA/Stable

INE134E08DA0

Tax Free Bonds

15-Jun-10

8.75

15-Jun-25

1532

Simple

Crisil AAA/Stable

INE134E08DB8

Tax Free Bonds

15-Jun-10

8.85

15-Jun-30

633

Simple

Crisil AAA/Stable

INE134E08DJ1

Tax Free Bonds

15-Dec-10

9.05

15-Dec-30

192.7

Simple

Crisil AAA/Stable

INE134E08DU8

Tax Free Bonds

01-Sep-11

9.45

01-Sep-26

2568

Simple

Crisil AAA/Stable

INE134E08SR2

Tax Free Bonds

01-Aug-11

9.46

01-Aug-26

1105

Simple

Crisil AAA/Stable

INE134E07091

Infrastructure Bonds

31-Mar-11

8.50

31-Mar-26

5.27

Complex

Crisil AAA/Stable

INE134E07109

Institutional bonds

31-Mar-11

8.50

31-Mar-26

19.3

Complex

Crisil AAA/Stable

INE134E07125

Institutional bonds

15-Oct-11

7.75

15-Oct-26

217.99

Simple

Crisil AAA/Stable

INE134E07141

Institutional bonds

25-Nov-11

8.16

25-Nov-26

209.34

Simple

Crisil AAA/Stable

INE134E07174

Institutional bonds

21-Nov-11

8.75

21-Nov-26

2.86

Complex

Crisil AAA/Stable

INE134E07182

Institutional bonds

21-Nov-11

8.75

21-Nov-26

7.77

Complex

Crisil AAA/Stable

INE134E07232

Institutional bonds

30-Mar-12

8.72

30-Mar-27

0.87

Complex

Crisil AAA/Stable

INE134E07240

Institutional bonds

30-Mar-12

8.72

30-Mar-27

2.4

Complex

Crisil AAA/Stable

INE134E07521

Institutional bonds

17-Jul-15

7.16

17-Jul-25

300

Simple

Crisil AAA/Stable

INE134E08DI3

Institutional bonds

15-Dec-10

9.05

15-Dec-25

192.7

Simple

Crisil AAA/Stable

INE134E08DS2

Institutional bonds

01-Aug-11

9.46

01-Aug-26

1105

Simple

Crisil AAA/Stable

INE134E08FL2

Institutional bonds

11-Mar-13

9.00

11-Mar-28

1370

Complex

Crisil AAA/Stable

INE134E08FO6

Institutional bonds

18-Mar-13

8.90

18-Mar-28

403

Complex

Crisil AAA/Stable

INE134E08FQ1

Institutional bonds

25-Mar-13

8.94

25-Mar-28

2807

Complex

Crisil AAA/Stable

INE134E08GH8

Institutional bonds

27-Aug-14

9.39

27-Aug-29

460

Simple

Crisil AAA/Stable

INE134E08GY3

Institutional bonds

10-Mar-15

8.20

10-Mar-25

1600

Simple

Crisil AAA/Stable

INE134E08HD5

Institutional bonds

19-Mar-15

8.39

19-Apr-25

925

Simple

Crisil AAA/Stable

INE134E08HG8

Institutional bonds

27-Mar-15

8.41

27-Mar-25

5000

Simple

Crisil AAA/Stable

INE134E08HX3

Institutional bonds

18-Sep-15

8.40

18-Sep-25

1000

Simple

Crisil AAA/Stable

INE134E08IE1

Institutional bonds

02-May-16

8.03

02-May-26

1000

Complex

Crisil AAA/Stable

INE134E08II2

Institutional bonds

16-Aug-16

7.63

14-Aug-26

1675

Simple

Crisil AAA/Stable

INE134E08IK8

Institutional bonds

16-Sep-16

7.56

16-Sep-26

210

Simple

Crisil AAA/Stable

INE134E08IL6

Institutional bonds

26-Sep-16

7.55

25-Sep-26

4000

Simple

Crisil AAA/Stable

INE134E08IO0

Institutional bonds

05-Jan-17

7.23

05-Jan-27

2635

Simple

Crisil AAA/Stable

INE134E08IP7

Institutional bonds

11-Jan-17

7.10

11-Jan-27

200

Simple

Crisil AAA/Stable

INE134E08IR3

Institutional bonds

20-Jan-17

7.18

20-Jan-27

1335

Simple

Crisil AAA/Stable

INE134E08IT9

Institutional bonds

20-Feb-17

7.60

20-Feb-27

1465

Simple

Crisil AAA/Stable

INE134E08IX1

Institutional bonds

22-Mar-17

7.75

22-Mar-27

2000

Simple

Crisil AAA/Stable

INE134E08JC3

Institutional bonds

12-Jun-17

7.44

11-Jun-27

1540

Simple

Crisil AAA/Stable

INE134E08JE9

Institutional bonds

08-Aug-17

7.30

07-Aug-27

1500

Simple

Crisil AAA/Stable

INE134E08JG4

Institutional bonds

22-Nov-17

7.65

22-Nov-27

2001

Simple

Crisil AAA/Stable

INE134E08JH2

Institutional bonds

15-Dec-17

7.62

15-Dec-27

5000

Simple

Crisil AAA/Stable

INE134E08JI0

Institutional bonds

30-Jan-18

7.74

29-Jan-28

850

Complex

Crisil AAA/Stable

INE134E08JP5

Institutional bonds

03-Apr-18

7.85

03-Apr-28

3855

Simple

Crisil AAA/Stable

INE134E08JQ3

Institutional bonds

10-Oct-18

8.95

10-Oct-28

3000

Simple

Crisil AAA/Stable

INE134E08JR1

Institutional bonds

19-Nov-18

8.67

18-Nov-28

1007.4

Simple

Crisil AAA/Stable

INE134E08JS9

Institutional bonds

19-Nov-18

8.64

19-Nov-33

528.4

Simple

Crisil AAA/Stable

INE134E08JT7

Institutional bonds

22-Feb-19

8.75

22-Feb-34

2654

Simple

Crisil AAA/Stable

INE134E08KA5

Institutional bonds

30-Apr-19

8.79

29-Apr-34

2578.9

Simple

Crisil AAA/Stable

INE134E08KC1

Institutional bonds

27-May-19

8.85

25-May-29

1982.1

Simple

Crisil AAA/Stable

INE134E08KE7

Institutional bonds

08-Aug-19

8.15

08-Aug-34

4035

Simple

Crisil AAA/Stable

INE134E08KF4

Institutional bonds

06-Sep-19

8.25

06-Sep-34

4016

Simple

Crisil AAA/Stable

INE134E08KI8

Institutional bonds

31-Dec-19

7.93

31-Dec-29

4710.5

Simple

Crisil AAA/Stable

INE134E08KK4

Institutional bonds

14-Jan-20

7.86

12-Apr-30

1100

Simple

Crisil AAA/Stable

INE134E08KL2

Institutional bonds

25-Feb-20

7.41

25-Feb-30

2500

Simple

Crisil AAA/Stable

INE134E08KL2

Institutional bonds

14-Jul-20

7.41

25-Feb-30

1500

Simple

Crisil AAA/Stable

INE134E08KM0

Institutional bonds

02-Mar-20

7.41

15-May-30

5000

Simple

Crisil AAA/Stable

INE134E08KP3

Institutional bonds

24-Apr-20

7.16

24-Apr-25

1320

Simple

Crisil AAA/Stable

INE134E08KQ1

Institutional bonds

08-May-20

7.40

08-May-30

2920

Simple

Crisil AAA/Stable

INE134E08KR9

Institutional bonds

15-May-20

7.68

15-Jul-30

3101.3

Simple

Crisil AAA/Stable

INE134E08KT5

Institutional bonds

22-May-20

7.17

22-May-25

810

Simple

Crisil AAA/Stable

INE134E08KU3

Institutional bonds

22-May-20

7.79

22-Jul-30

1936

Simple

Crisil AAA/Stable

INE134E08KV1

Institutional bonds

11-Jun-20

7.75

11-Jun-30

3318

Simple

Crisil AAA/Stable

INE134E08KX7

Institutional bonds

28-Jul-20

5.77

11-Apr-25

900

Simple

Crisil AAA/Stable

INE134E08KY5

Institutional bonds

28-Jul-20

6.88

11-Apr-31

1300

Simple

Crisil AAA/Stable

INE134E08KZ2

Institutional bonds

10-Aug-20

7.05

09-Aug-30

1610.1

Simple

Crisil AAA/Stable

INE134E08LA3

Institutional bonds

10-Aug-20

7.20

10-Aug-35

1605.7

Simple

Crisil AAA/Stable

INE134E08LC9

Institutional bonds

09-Sep-20

7.04

16-Dec-30

1097.4

Simple

Crisil AAA/Stable

INE134E08LD7

Institutional bonds

17-Sep-20

6.50

17-Sep-25

2806

Simple

Crisil AAA/Stable

INE134E08LE5

Institutional bonds

29-Sep-20

7.34

29-Sep-35

1711

Simple

Crisil AAA/Stable

INE134E08LF2

Institutional bonds

30-Jun-21

6.35

30-Jun-25

405.6

Simple

Crisil AAA/Stable

INE134E08LG0

Institutional bonds

30-Jun-21

6.35

30-Jun-26

540.8

Simple

Crisil AAA/Stable

INE134E08LH8

Institutional bonds

30-Jun-21

0.0635

30-Jun-27

405.6

Simple

Crisil AAA/Stable

INE134E08LI6

Institutional bonds

30-Jun-21

7.11

30-Jun-36

1933.5

Simple

Crisil AAA/Stable

INE134E08LK2

Institutional bonds

27-Aug-21

6.09

27-Aug-26

2450

Simple

Crisil AAA/Stable

INE134E08LL0

Institutional bonds

27-Aug-21

7.15

27-Aug-36

2343.7

Simple

Crisil AAA/Stable

INE134E08LM8

Institutional bonds

01-Oct-21

6.95

01-Oct-31

1988

Simple

Crisil AAA/Stable

INE134E08JX9

Subordinated debt issue

25-Mar-19

9.10

23-Mar-29

2411.5

Complex

Crisil AAA/Stable

INE134E08JZ4

Subordinated debt issue

28-Mar-19

8.98

28-Mar-29

1000

Complex

Crisil AAA/Stable

NA

Subordinated debt issue^^

NA

NA

NA

7588.5

Complex

Crisil AAA/Stable

US73928QAA67

Foreign Currency Bond

06-Dec-18

6.15

06-Dec-28

4281.16

Simple

Crisil AAA/Stable

US73928QAB41

Foreign Currency Bond

23-Jan-20

3.95

23-Apr-30

856.23

Simple

Crisil AAA/Stable

US73928QAB41

Foreign Currency Bond

23-Jan-20

3.95

23-Apr-30

5137.39

Simple

Crisil AAA/Stable

US73928QAB41

Foreign Currency Bond

23-Jan-20

3.95

23-Apr-30

366.4

Simple

Crisil AAA/Stable

US73928QAB41

Foreign Currency Bond

23-Jan-20

3.95

23-Apr-30

61.71

Simple

Crisil AAA/Stable

XS1725342288

Foreign Currency Bond

06-Dec-17

3.75

06-Dec-27

856.23

Simple

Crisil AAA/Stable

XS1725342288

Foreign Currency Bond

06-Dec-17

3.75

06-Dec-27

2524.24

Simple

Crisil AAA/Stable

XS1725342288

Foreign Currency Bond

06-Dec-17

3.75

06-Dec-27

44.46

Simple

Crisil AAA/Stable

XS1864036576

Foreign Currency Bond

10-Aug-18

5.25

10-Aug-28

2568.7

Simple

Crisil AAA/Stable

XS2009878880

Foreign Currency Bond

18-Jun-19

3.75

18-Jun-24

3324.66

Simple

Crisil AAA/Stable

XS2013531061

Foreign Currency Bond

18-Jun-19

4.50

18-Jun-29

5137.39

Simple

Crisil AAA/Stable

XS2049301042

Foreign Currency Bond

16-Sep-19

3.25

16-Sep-24

2077.91

Simple

Crisil AAA/Stable

XS2049301042

Foreign Currency Bond

16-Sep-19

3.25

16-Sep-24

415.58

Simple

Crisil AAA/Stable

XS2051369671

Foreign Currency Bond

16-Sep-19

3.90

16-Sep-29

3424.93

Simple

Crisil AAA/Stable

XS2051369671

Foreign Currency Bond

16-Sep-19

3.90

16-Sep-29

428.12

Simple

Crisil AAA/Stable

XS2282240907

Foreign Currency Bond

28-Jan-21

3.35

16-May-31

4281.16

Simple

Crisil AAA/Stable

XS2384373341

Foreign Currency Bond

20-Sep-21

1.84

21-Sep-28

2672.56

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (KFW)

03-Jan-23

NA

15-Nov-31

603.2656

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (KFW)

19-Jun-95

NA

30-Jun-35

34.99695

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Asian Development Bank)

10-Dec-07

NA

15-Oct-25

8.703198

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Asian Development Bank)

08-Feb-08

NA

15-Apr-26

5.064949

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Asian Development Bank)

20-Feb-08

NA

15-Oct-26

5.186005

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Asian Development Bank)

16-Apr-08

NA

15-Apr-27

3.577328

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Asian Development Bank)

15-May-08

NA

15-Apr-27

0.843167

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Asian Development Bank)

14-Jul-08

NA

15-Oct-27

2.995776

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Asian Development Bank)

04-Aug-08

NA

15-Apr-28

1.985191

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Asian Development Bank)

05-Sep-08

NA

15-Oct-28

1.032853

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan(Credit National)

29-Apr-89

NA

30-Jun-28

2.774986

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan(Bank of Baroda)

30-Nov-21

NA

30-Nov-26

1284.348

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan(Bank of Baroda)

25-Sep-23

NA

25-Sep-28

2140.58

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan(Bank of Baroda)

27-Sep-23

NA

27-Sep-28

2140.58

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (MUFG)

28-Dec-22

NA

28-Dec-26

206.2694

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (MUFG)

28-Dec-22

NA

28-Dec-27

206.2694

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (MUFG)

28-Dec-22

NA

28-Dec-28

206.2694

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (The Norinchukin Bank)

28-Dec-22

NA

28-Dec-28

91.36667

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (The Norinchukin Bank)

28-Dec-22

NA

28-Dec-28

91.36667

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (The Norinchukin Bank)

28-Dec-22

NA

28-Dec-28

91.36667

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (EXIM Bank)

30-Nov-21

NA

30-Nov-26

856.232

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (EXIM Bank)

13-Oct-20

NA

13-Oct-25

856.232

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (DBS Bank)

05-Nov-20

NA

05-Nov-25

428.116

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Canara Bank)

30-Nov-21

NA

30-Nov-26

856.232

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Punjab National Bank)

05-Nov-20

NA

05-Nov-25

856.232

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Crédit Agricole Corporate and Investment Bank)

28-Dec-22

NA

28-Dec-26

90.56264

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Crédit Agricole Corporate and Investment Bank)

28-Dec-22

NA

28-Dec-27

90.56264

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Crédit Agricole Corporate and Investment Bank)

28-Dec-22

NA

28-Dec-28

90.56264

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (JBIC Bank)

20-Jun-23

NA

20-Oct-35

78.19537

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (JBIC Bank)

27-Sep-23

NA

20-Jul-36

50.40604

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India)

05-Nov-20

NA

05-Nov-25

1284.348

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India)

30-Nov-21

NA

30-Nov-26

2354.638

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India)

19-Dec-23

NA

19-Dec-28

2140.58

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India)

28-Dec-22

NA

28-Dec-26

965.9049

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India)

28-Dec-22

NA

28-Dec-27

965.9049

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India)

28-Dec-22

NA

28-Dec-28

966.1947

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India, Shinsei)

28-Dec-22

NA

28-Dec-26

36.54667

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India, Shinsei)

28-Dec-22

NA

28-Dec-27

36.54667

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India, Shinsei)

28-Dec-22

NA

28-Dec-28

36.54667

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India, Shinsei)

05-Jan-23

NA

05-Jan-30

109.64

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Bank of China)

28-Dec-22

NA

28-Dec-26

202.834

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Bank of China)

28-Dec-22

NA

28-Dec-27

202.834

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Bank of China)

28-Dec-22

NA

28-Dec-28

202.834

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Gunma Bank)

28-Dec-22

NA

28-Dec-26

36.54667

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Gunma Bank)

28-Dec-22

NA

28-Dec-27

36.54667

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Gunma Bank)

28-Dec-22

NA

28-Dec-28

36.54667

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (NTT TC Leasing Co.)

05-Jan-23

NA

05-Jan-30

219.28

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Chang Hwa Commercial Bank)

05-Jan-23

NA

05-Jan-30

164.46

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Taiwan Cooperative Bank)

05-Jan-23

NA

05-Jan-30

164.46

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Sumitomo Mitsui Banking Corporation)

05-Jan-23

NA

05-Jan-30

809.2528

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (IDBI Bank)

19-Dec-23

NA

19-Dec-28

856.232

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (HSBC Bank)

19-Dec-23

NA

19-Dec-28

1712.464

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Bank of India)

19-Dec-23

NA

19-Dec-28

428.116

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Axis Bank)

21-Nov-24

NA

21-Nov-29

428.116

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (DBS Bank)

22-Mar-24

NA

22-Mar-29

856.232

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Bank of India)

22-Mar-24

NA

22-Mar-29

1284.348

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Sumitomo Mitsui Banking Corporation)

22-Mar-24

NA

22-Jun-29

415.3574

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Sumitomo Mitsui Banking Corporation)

22-Mar-24

NA

22-Mar-31

725.2823

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (The Norinchukin Bank)

22-Mar-24

NA

22-Mar-31

150.755

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Taishin International Bank)

22-Mar-24

NA

22-Mar-31

95.935

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Bank of Phillipe Island)

22-Mar-24

NA

22-Mar-31

95.935

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India, Shinsei)

22-Mar-24

NA

22-Mar-31

68.525

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Chang Hwa Commercial Bank)

22-Mar-24

NA

22-Mar-31

54.82

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Taiwan Business Bank)

22-Mar-24

NA

22-Mar-31

54.82

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (JBIC Bank)

27-Mar-24

NA

20-Oct-35

31.14163

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India)

28-Mar-24

NA

28-Mar-25

2074.937

Simple

Crisil A1+

NA

Foreign Currency Term Loan (JBIC Bank)

16-May-24

NA

20-Jul-36

16.08018

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (HSBC Bank)

18-Jun-24

NA

18-Jun-36

1781.704

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Sumitomo Mitsui Banking Corporation)

26-Sep-24

NA

26-Sep-29

1299.041

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Deutsche Bank)

26-Sep-24

NA

26-Sep-29

1574.595

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India)

26-Sep-24

NA

26-Sep-29

2007.328

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Bank of Baroda)

13-Sep-24

NA

12-Sep-25

1498.406

Simple

Crisil A1+

NA

Foreign Currency Term Loan (Japan bank for International Cooperation)

26-Sep-24

NA

18-Jul-42

740.07

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Sumitomo Mitsui Banking Corporation)

26-Sep-24

NA

18-Jul-42

383.74

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Bank of Yokohama)

26-Sep-24

NA

18-Jul-42

137.05

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Shiga Bank)

26-Sep-24

NA

18-Jul-42

82.23

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Bank of Fukuoka)

26-Sep-24

NA

18-Jul-42

54.82

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India)

24-Dec-24

NA

24-Dec-29

2007.328

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (EXIM Bank)

29-Nov-24

NA

29-Nov-25

1284.348

Simple

Crisil A1+

NA

Foreign Currency Term Loan (State Bank of India)

27-Dec-24

NA

27-Dec-25

941.8552

Simple

Crisil A1+

NA

Foreign Currency Term Loan (IDBI Bank)

21-Nov-24

NA

21-Nov-29

856.232

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Indian Bank)

21-Nov-24

NA

21-Nov-29

428.116

Simple

Crisil AAA/Stable

NA

Foreign Currency Term Loan (Bank of Tokyo-MUFG)

21-Nov-24

NA

21-Nov-29

1712.464

Simple

Crisil AAA/Stable

NA

Short Term Loan (Bank of Baroda)

NA

NA

30-Aug-25

21.88

Simple

Crisil A1+

NA

Short Term Loan (Bank of Baroda)

NA

NA

31-Aug-25

35.88

Simple

Crisil A1+

NA

Short Term Loan (Bank of Baroda)

NA

NA

02-Sep-25

455.76

Simple

Crisil A1+

NA

Short Term Loan (Bank of Baroda)

NA

NA

03-Sep-25

102.78

Simple

Crisil A1+

NA

Short Term Loan (Bank of Baroda)

NA

NA

30-Sep-25

1883.7

Simple

Crisil A1+

NA

Short Term Loan (Punjab and Sind Bank)

NA

NA

15-Apr-25

500

Simple

Crisil A1+

NA

Working Capital Demand Loan (IndusInd Bank)

NA

NA

NA

500

Simple

Crisil AAA/Stable

NA

Working Capital Demand Loan (Mizuho Bank)

NA

NA

NA

250

Simple

Crisil AAA/Stable

NA

Working Capital Demand Loan (IDFC First Bank)

NA

NA

NA

350

Simple

Crisil AAA/Stable

NA

Working Capital Demand Loan (ICICI Bank)

NA

NA

NA

6000

Simple

Crisil AAA/Stable

NA

Working Capital Demand Loan (HDFC Bank)

NA

NA

NA

3500

Simple

Crisil AAA/Stable

NA

Working Capital Demand Loan (State Bank of India)

NA

NA

NA

2500

Simple

Crisil AAA/Stable

NA

Working Capital Demand Loan (Yes Bank)

NA

NA

NA

300

Simple

Crisil AAA/Stable

NA

Working Capital Demand Loan (RBL Bank)

NA

NA

NA

300

Simple

Crisil AAA/Stable

NA

Working Capital Demand Loan (Sumitomo Mitsui Banking Corporation)

NA

NA

NA

550

Simple

Crisil AAA/Stable

NA

Long Term Loan (Andhra Bank)

NA

NA

15-Jan-25

100

Simple

Crisil AAA/Stable

NA

Long Term Loan (Bank of Baroda)

NA

NA

17-Nov-29

1500

Simple

Crisil AAA/Stable

NA

Long Term Loan (Bank of Baroda)

NA

NA

17-Nov-29

500

Simple

Crisil AAA/Stable

NA

Long Term Loan (Bank of Baroda)

NA

NA

17-Nov-29

850

Simple

Crisil AAA/Stable

NA

Long Term Loan (Bank of Baroda)

NA

NA

17-Nov-29

1100

Simple

Crisil AAA/Stable

NA

Long Term Loan (Bank of Baroda)

NA

NA

17-Nov-29

1050

Simple

Crisil AAA/Stable

NA

Long Term Loan (Bank of India)

NA

NA

02-Mar-25

500

Simple

Crisil AAA/Stable

NA

Long Term Loan (Bank of India)

NA

NA

18-Sep-28

240

Simple

Crisil AAA/Stable

NA

Long Term Loan (Bank of India)

NA

NA

18-Sep-28

40

Simple

Crisil AAA/Stable

NA

Long Term Loan (Bank of India)

NA

NA

18-Sep-28

80

Simple

Crisil AAA/Stable

NA

Long Term Loan (Bank of India)

NA

NA

18-Sep-28

40

Simple

Crisil AAA/Stable

NA

Long Term Loan (Bank of India)

NA

NA

02-Mar-27

420.39

Simple

Crisil AAA/Stable

NA

Long Term Loan (Bank of India)

NA

NA

02-Mar-27

971.91

Simple

Crisil AAA/Stable

NA

Long Term Loan (Bank of India)

NA

NA

02-Mar-27

63.43

Simple

Crisil AAA/Stable

NA

Long Term Loan (Bank of India)

NA

NA

02-Mar-27

544.27

Simple

Crisil AAA/Stable

NA

Long Term Loan (Bank of India)

NA

NA

11-Sep-26

500

Simple

Crisil AAA/Stable

NA

Long Term Loan (Canara Bank)

NA

NA

29-Jun-27

750

Simple

Crisil AAA/Stable

NA

Long Term Loan (Canara Bank)

NA

NA

29-Jun-27

758.55

Simple

Crisil AAA/Stable

NA

Long Term Loan (Canara Bank)

NA

NA

30-Sep-27

2306.2

Simple

Crisil AAA/Stable

NA

Long Term Loan (Canara Bank)

NA

NA

28-Jun-28

2250

Simple

Crisil AAA/Stable

NA

Long Term Loan (Canara Bank)

NA

NA

30-Jun-28

250

Simple

Crisil AAA/Stable

NA

Long Term Loan (Canara Bank)

NA

NA

23-Mar-26

150

Simple

Crisil AAA/Stable

NA

Long Term Loan (Canara Bank)

NA

NA

22-Sep-26

700

Simple

Crisil AAA/Stable

NA

Long Term Loan (Central Bank)

NA

NA

31-Mar-27

1000

Simple

Crisil AAA/Stable

NA

Long Term Loan (HDFC Bank)

NA

NA

05-Jul-28

2627

Simple

Crisil AAA/Stable

NA

Long Term Loan (HDFC Bank)

NA

NA

25-Sep-30

1626.22

Simple

Crisil AAA/Stable

NA

Long Term Loan (HDFC Bank)

NA

NA

05-Sep-30

1267.27

Simple

Crisil AAA/Stable

NA

Long Term Loan (HDFC Bank)

NA

NA

05-Jul-28

35

Simple

Crisil AAA/Stable

NA

Long Term Loan (HDFC Bank)

NA

NA

25-Sep-30

1782.91

Simple

Crisil AAA/Stable

NA

Long Term Loan (HDFC Bank)

NA

NA

05-Sep-30

384.14

Simple

Crisil AAA/Stable

NA

Long Term Loan (HDFC Bank)

NA

NA

05-Jul-28

46

Simple

Crisil AAA/Stable

NA

Long Term Loan (HDFC Bank)

NA

NA

25-Sep-30

590.87

Simple

Crisil AAA/Stable

NA

Long Term Loan (HDFC Bank)

NA

NA

05-Sep-30

1289.27

Simple

Crisil AAA/Stable

NA

Long Term Loan (HDFC Bank)

NA

NA

05-Jul-28

1010

Simple

Crisil AAA/Stable

NA

Long Term Loan (HDFC Bank)

NA

NA

05-Sep-30

59.32

Simple

Crisil AAA/Stable

NA

Long Term Loan (HDFC Bank)

NA

NA

05-Jul-28

60.95

Simple

Crisil AAA/Stable

NA

Long Term Loan (HDFC Bank)

NA

NA

05-Jul-28

221.05

Simple

Crisil AAA/Stable

NA

Long Term Loan (HDFC Bank)

NA

NA

30-Sep-25

3000

Simple

Crisil AAA/Stable

NA

Long Term Loan (IIFCL)

NA

NA

30-Sep-26

1000

Simple

Crisil AAA/Stable

NA

Long Term Loan (IIFCL)

NA

NA

28-Feb-29

2000

Simple

Crisil AAA/Stable

NA

Long Term Loan (IIFCL)

NA

NA

09-Dec-29

343.1

Simple

Crisil AAA/Stable

NA

Long Term Loan (Karnataka Bank)

NA

NA

29-Jun-26

250

Simple

Crisil AAA/Stable

NA

Long Term Loan (Karnataka Bank)

NA

NA

30-Aug-27

300

Simple

Crisil AAA/Stable

NA

Long Term Loan (Karnataka Bank)

NA

NA

08-Feb-26

122.8563

Simple

Crisil AAA/Stable

NA

Long Term Loan (Karnataka Bank)

NA

NA

08-Feb-26

33.39375

Simple

Crisil AAA/Stable

NA

Long Term Loan (KEB Hana Bank)

NA

NA

17-Nov-25

50

Simple

Crisil AAA/Stable

NA

Long Term Loan (NABFID)

NA

NA

31-Mar-38

3500

Simple

Crisil AAA/Stable

NA

Long Term Loan (NABFID)

NA

NA

01-Mar-39

737.57

Simple

Crisil AAA/Stable

NA

Long Term Loan (NABFID)

NA

NA

01-Mar-39

262.43

Simple

Crisil AAA/Stable

NA

Long Term Loan (National Small Savings Fund)

NA

NA

27-Dec-28

7500

Simple

Crisil AAA/Stable

NA

Long Term Loan (OBC)

NA

NA

25-Feb-25

375

Simple

Crisil AAA/Stable

NA

Long Term Loan (OBC)

NA

NA

30-Sep-25

56.25

Simple

Crisil AAA/Stable

NA

Long Term Loan (OBC)

NA

NA

20-Mar-25

333.3333

Simple

Crisil AAA/Stable

NA

Long Term Loan (Punjab & Sind Bank)

NA

NA

30-Mar-29

395.5

Simple

Crisil AAA/Stable

NA

Long Term Loan (Punjab & Sind Bank)

NA

NA

30-Mar-29

604.5

Simple

Crisil AAA/Stable

NA

Long Term Loan (Punjab National Bank)

NA

NA

27-Sep-26

75

Simple

Crisil AAA/Stable

NA

Long Term Loan (Punjab National Bank)

NA

NA

29-Sep-26

5

Simple

Crisil AAA/Stable

NA

Long Term Loan (Punjab National Bank)

NA

NA

29-Sep-28

99.36

Simple

Crisil AAA/Stable

NA

Long Term Loan (Punjab National Bank)

NA

NA

29-Sep-28

828.66

Simple

Crisil AAA/Stable

NA

Long Term Loan (Punjab National Bank)

NA

NA

29-Sep-28

2071.98

Simple

Crisil AAA/Stable

NA

Long Term Loan (Punjab National Bank)

NA

NA

27-Sep-26

425

Simple

Crisil AAA/Stable

NA

Long Term Loan (Punjab National Bank)

NA

NA

06-Dec-29

615

Simple

Crisil AAA/Stable

NA

Long Term Loan (South Indian Bank)

NA

NA

19-Sep-28

156.3179

Simple

Crisil AAA/Stable

NA

Long Term Loan (South Indian Bank)

NA

NA

31-May-28

199.9589

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

10-Jul-25

1425

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

30-Sep-33

1225.86

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

30-Sep-33

350.25

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

30-Sep-33

356.95

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

30-Sep-33

101.99

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

30-Sep-33

1022.89

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

30-Sep-33

292.26

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

30-Sep-33

1538.22

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

30-Sep-33

439.49

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

30-Sep-33

805

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

30-Sep-33

230

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

30-Sep-33

86.23

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

30-Sep-33

24.64

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

30-Sep-33

190.65

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

30-Sep-33

54.47

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

30-Sep-33

499.7

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

30-Sep-33

142.77

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

30-Sep-33

180.57

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

30-Sep-33

51.59

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

30-Sep-33

607.68

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

30-Sep-33

173.62

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

30-Sep-33

302.91

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

30-Sep-33

86.54

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

30-Sep-33

183.34

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

30-Sep-33

52.38

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

30-Mar-26

200

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

19-Sep-28

9.43806

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

19-Sep-28

34.20297

Simple

Crisil AAA/Stable

NA

Long Term Loan (State Bank of India)

NA

NA

19-Dec-34

3000

Simple

Crisil AAA/Stable

NA

Long Term Loan (UCO bank)

NA

NA

30-Mar-28

500

Simple

Crisil AAA/Stable

NA

Long Term Loan (UCO bank)

NA

NA

30-Mar-28

500

Simple

Crisil AAA/Stable

NA

Long Term Loan (UCO bank)

NA

NA

24-Sep-26

1000

Simple

Crisil AAA/Stable

NA

Long Term Loan (Union Bank of India)

NA

NA

30-Sep-25

450

Simple

Crisil AAA/Stable

NA

Long Term Loan (Union Bank of India)

NA

NA

23-Mar-25

625

Simple

Crisil AAA/Stable

NA

Long Term Loan (Union Bank of India)

NA

NA

31-Mar-28

3000

Simple

Crisil AAA/Stable

NA

Long Term Loan (Union Bank of India)

NA

NA

27-Sep-29

837.19

Simple

Crisil AAA/Stable

NA

Cash Credit#

NA

NA

NA

10000

NA

Crisil AAA/Stable

NA

Long Term Borrowing Programme (FY26)^^

NA

NA

NA

125000

Simple

Crisil AAA/Stable

NA

Short Term Borrowing Programme (FY26)^^

NA

NA

NA

15000

Simple

Crisil A1+

NA

Long Term Borrowing Programme*^^

NA

NA

NA

312174.1432

Simple

Crisil AAA/Stable

NA

Perpetual Non-Convertible Debentures@^^

NA

NA

NA

1000

Highly Complex

Crisil AAA/Stable

@Part of borrowing programme for fiscal 2021

*Borrowing programme for previous fiscals

^^Not yet issued

#Limit for working capital demand loan/overdraft facility/cash credit/line of credit/bank guarantee. Total working capital borrowing not to exceed board-approved limit of Rs 10,000 crore. However, quantum of sanctioned working capital facilities may be different from the Board-approved limit for outstanding working capital borrowing.

Annexure – List of entities consolidated

Names of Entities Consolidated

Extent of Consolidation

Rationale for Consolidation

REC

Full

Subsidiary

PFC Consulting Ltd

Full

Subsidiary

Energy Efficiently Services Ltd

Proportionate

Joint venture

Chattisgarh Surguja Power Ltd

Proportionate

Associate

Coastal Karnataka Power Ltd

Proportionate

Associate

Coastal Maharashtra Mega Power Ltd

Proportionate

Associate

Coastal Tamil Nadu Power Ltd

Proportionate

Associate

Orissa Integrated Power Ltd

Proportionate

Associate

Sakhigopal Integrated Power Company Ltd

Proportionate

Associate

Ghogarpalli Integrated Power Company Ltd

Proportionate

Associate

Tatiya Andhra Mega Power Ltd

Proportionate

Associate

Deoghar Mega Power Ltd

Proportionate

Associate

Cheyyur Infra Ltd

Proportionate

Associate

Odisha Infrapower Ltd

Proportionate

Associate

Deoghar Infrapower Ltd

Proportionate

Associate

Bihar Infrapower Ltd

Proportionate

Associate

Jharkhand Infrapower Ltd

Proportionate

Associate

*as at March 31, 2024

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 10000.0 Crisil AAA/Stable 21-03-25 Crisil AAA/Stable 22-03-24 Crisil AAA/Stable 25-10-23 Crisil AAA/Stable 24-03-22 Crisil AAA/Stable Crisil AAA/Stable
      --   -- 25-01-24 Crisil AAA/Stable 20-09-23 Crisil AAA/Stable   -- --
      --   --   -- 01-08-23 Crisil AAA/Stable   -- --
      --   --   -- 12-04-23 Crisil AAA/Stable   -- --
      --   --   -- 30-03-23 Crisil AAA/Stable   -- --
      --   --   -- 13-02-23 Crisil AAA/Stable   -- --
Bond LT 44720.04 Crisil AAA/Stable 21-03-25 Crisil AAA/Stable 22-03-24 Crisil AAA/Stable 25-10-23 Crisil AAA/Stable 24-03-22 Crisil AAA/Stable Crisil AAA/Stable
      --   -- 25-01-24 Crisil AAA/Stable 20-09-23 Crisil AAA/Stable   -- --
      --   --   -- 01-08-23 Crisil AAA/Stable   -- --
      --   --   -- 12-04-23 Crisil AAA/Stable   -- --
      --   --   -- 30-03-23 Crisil AAA/Stable   -- --
      --   --   -- 13-02-23 Crisil AAA/Stable   -- --
Long-Term Borrowing Programme LT 791600.0 Crisil AAA/Stable 21-03-25 Crisil AAA/Stable 22-03-24 Crisil AAA/Stable 25-10-23 Crisil AAA/Stable 24-03-22 Crisil AAA/Stable Crisil AAA/Stable
      --   -- 25-01-24 Crisil AAA/Stable 20-09-23 Crisil AAA/Stable   -- --
      --   --   -- 01-08-23 Crisil AAA/Stable   -- --
      --   --   -- 12-04-23 Crisil AAA/Stable   -- --
      --   --   -- 30-03-23 Crisil AAA/Stable   -- --
      --   --   -- 13-02-23 Crisil AAA/Stable   -- --
Perpetual Non Convertible Debentures LT 1000.0 Crisil AAA/Stable 21-03-25 Crisil AAA/Stable 22-03-24 Crisil AAA/Stable 25-10-23 Crisil AAA/Stable 24-03-22 Crisil AAA/Stable Crisil AAA/Stable
      --   -- 25-01-24 Crisil AAA/Stable 20-09-23 Crisil AAA/Stable   -- --
      --   --   -- 01-08-23 Crisil AAA/Stable   -- --
      --   --   -- 12-04-23 Crisil AAA/Stable   -- --
      --   --   -- 30-03-23 Crisil AAA/Stable   -- --
      --   --   -- 13-02-23 Crisil AAA/Stable   -- --
Short Term Borrowing programme ST 65400.0 Crisil A1+ 21-03-25 Crisil A1+ 22-03-24 Crisil A1+ 25-10-23 Crisil A1+ 24-03-22 Crisil A1+ Crisil A1+
      --   -- 25-01-24 Crisil A1+ 20-09-23 Crisil A1+   -- --
      --   --   -- 01-08-23 Crisil A1+   -- --
      --   --   -- 12-04-23 Crisil A1+   -- --
      --   --   -- 30-03-23 Crisil A1+   -- --
      --   --   -- 13-02-23 Crisil A1+   -- --
Subordinated Non-Convertible Debentures LT 11000.0 Crisil AAA/Stable 21-03-25 Crisil AAA/Stable 22-03-24 Crisil AAA/Stable 25-10-23 Crisil AAA/Stable 24-03-22 Crisil AAA/Stable Crisil AAA/Stable
      --   -- 25-01-24 Crisil AAA/Stable 20-09-23 Crisil AAA/Stable   -- --
      --   --   -- 01-08-23 Crisil AAA/Stable   -- --
      --   --   -- 12-04-23 Crisil AAA/Stable   -- --
      --   --   -- 30-03-23 Crisil AAA/Stable   -- --
      --   --   -- 13-02-23 Crisil AAA/Stable   -- --
All amounts are in Rs.Cr.
 
 

Annexure – Details of Bank Lenders/Facilities*

Facility

Amount (Rs crore)

Name of lender

Rating

Short-term loan

2500.00

Bank of Baroda

Crisil A1+

Short-term loan

500.00

Punjab and Sind Bank

Crisil A1+

Working capital demand loan

3500.00

HDFC Bank Limited

Crisil AAA/Stable

Working capital demand loan

6000.00

ICICI Bank Limited

Crisil AAA/Stable

Working capital demand loan

350.00

IDFC First Bank Limited

Crisil AAA/Stable

Working capital demand loan

500.00

IndusInd Bank

Crisil AAA/Stable

Working capital demand loan

250.00

Mizuho Bank

Crisil AAA/Stable

Working capital demand loan

300.00

RBL Bank Limited

Crisil AAA/Stable

Working capital demand loan

2500.00

State Bank of India

Crisil AAA/Stable

Working capital demand loan

550.00

Sumitomo Mitsui Banking Corporation

Crisil AAA/Stable

Working capital demand loan

300.00

Yes Bank

Crisil AAA/Stable

Foreign currency term loan#

638.26

KFW

Crisil AAA/Stable

Foreign currency term loan#

2.77

Credit National

Crisil AAA/Stable

Foreign currency term loan#

1781.70

HSBC Bank

Crisil AAA/Stable

Foreign currency term loan#

4014.66

State Bank of India

Crisil AAA/Stable

Foreign currency term loan&

608.50

Bank of China

Crisil AAA/Stable

Foreign currency term loan&

54.82

Bank of Fukuoka

Crisil AAA/Stable

Foreign currency term loan&

95.94

Bank of Phillipe Island

Crisil AAA/Stable

Foreign currency term loan&

137.05

Bank of Yokohama

Crisil AAA/Stable

Foreign currency term loan&

219.28

Chang Hwa Commercial Bank

Crisil AAA/Stable

Foreign currency term loan&

271.69

Crédit Agricole Corporate and Investment Bank

Crisil AAA/Stable

Foreign currency term loan&

1574.59

Deutsche Bank

Crisil AAA/Stable

Foreign currency term loan&

109.64

Gunma Bank Limited

Crisil AAA/Stable

Foreign currency term loan&

915.89

Japan bank for International Cooperation

Crisil AAA/Stable

Foreign currency term loan&

618.81

Bank of Tokyo-MUFG

Crisil AAA/Stable

Foreign currency term loan&

424.86

The Norinchukin Bank

Crisil AAA/Stable

Foreign currency term loan&

219.28

NTT TC Leasing Co

Crisil AAA/Stable

Foreign currency term loan&

287.81

State Bank of India (Shinsei)

Crisil AAA/Stable

Foreign currency term loan&

82.23

The Shiga Bank

Crisil AAA/Stable

Foreign currency term loan&

2823.42

Sumitomo Mitsui Banking Corporation

Crisil AAA/Stable

Foreign currency term loan&

2074.94

State Bank of India

Crisil A1+

Foreign currency term loan&

2898.00

State Bank of India, Hong Kong Branch

Crisil AAA/Stable

Foreign currency term loan&

809.25

Sumitomo Mitsui Banking Corporation

Crisil AAA/Stable

Foreign currency term loan&

95.94

Taishin International bank

Crisil AAA/Stable

Foreign currency term loan&

54.82

Taiwan Business Bank

Crisil AAA/Stable

Foreign currency term loan&

164.46

Taiwan Cooperative Bank

Crisil AAA/Stable

Foreign currency term loan$

29.39

Asian Development Bank

Crisil AAA/Stable

Foreign currency term loan$

428.12

Axis Bank Limited

Crisil AAA/Stable

Foreign currency term loan$

5565.51

Bank of Baroda

Crisil AAA/Stable

Foreign currency term loan$

1498.41

Bank of Baroda

Crisil A1+

Foreign currency term loan$

1712.46

Bank of India

Crisil AAA/Stable

Foreign currency term loan$

856.23

Canara Bank

Crisil AAA/Stable

Foreign currency term loan$

856.23

DBS Bank Limited

Crisil AAA/Stable

Foreign currency term loan$

428.12

DBS Bank Limited (Signapore)

Crisil AAA/Stable

Foreign currency term loan$

1712.46

EXIM Bank

Crisil AAA/Stable

Foreign currency term loan$

1284.35

EXIM Bank

Crisil A1+

Foreign currency term loan$

1712.46

HSBC Bank

Crisil AAA/Stable

Foreign currency term loan$

1712.46

IDBI Bank Limited

Crisil AAA/Stable

Foreign currency term loan$

428.12

Indian Bank

Crisil AAA/Stable

Foreign currency term loan$

1712.46

Bank of Tokyo-MUFG

Crisil AAA/Stable

Foreign currency term loan$

856.23

Punjab National Bank

Crisil AAA/Stable

Foreign currency term loan$

5779.57

State Bank of India

Crisil AAA/Stable

Foreign currency term loan$

941.86

State Bank of India

Crisil A1+

Long-term loan

100.00

Andhra Bank

Crisil AAA/Stable

Long-term loan

5000.00

Bank of Baroda

Crisil AAA/Stable

Long-term loan

3400.00

Bank of India

Crisil AAA/Stable

Long-term loan

7164.75

Canara Bank

Crisil AAA/Stable

Long-term loan

1000.00

Central Bank

Crisil AAA/Stable

Long-term loan

14000.00

HDFC Bank Limited

Crisil AAA/Stable

Long-term loan

3343.10

IIFCL

Crisil AAA/Stable

Long-term loan

706.25

Karnataka Bank

Crisil AAA/Stable

Long-term loan

50.00

KEB Hana Bank

Crisil AAA/Stable

Long-term loan

4500.00

The National Bank for Financing Infrastructure and Development

Crisil AAA/Stable

Long-term loan

7500.00

National Small Savings Fund

Crisil AAA/Stable

Long-term loan

764.58

The Oriental Bank of Commerce

Crisil AAA/Stable

Long-term loan

4120.00

Punjab National Bank

Crisil AAA/Stable

Long-term loan

1000.00

Punjab & Sind Bank

Crisil AAA/Stable

Long-term loan

13668.64

State Bank of India

Crisil AAA/Stable

Long-term loan

356.28

South Indian Bank

Crisil AAA/Stable

Long-term loan

2000.00

UCO bank

Crisil AAA/Stable

Long-term loan

4912.19

Union Bank of India

Crisil AAA/Stable

*Bank Lenders are part of Borrowing program of company.

$ Exchange rate as on December 31, 2024: 1 USD = INR 85.6232

# Exchange rate as on December 31, 2024: 1 EUR = INR 89.0852

& Exchange rate as on December 31, 2024: 1 JPY = INR 0.5482

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
Criteria for factoring parent, group and government linkages

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