CARE Ratings Upgrades Piramal Finance's Credit Rating to 'AA+; Stable'

1 min read Updated on 25 Feb 2026, 09:07 PM

Reviewed by

Jubin VScanX News Team

Overview

CARE Ratings Limited has upgraded Piramal Finance Limited's credit rating to 'CARE AA+; Stable' from 'CARE AA; Stable' across multiple financial instruments. The upgrade covers long-term bank facilities worth ₹24,000.00 crore and long-term/short-term facilities of ₹4,500.00 crore. The rating agency has also reaffirmed commercial paper ratings at 'CARE A1+' for instruments worth ₹11,000.00 crore. This rating action reflects the company's strong business and financial profile as an Upper Layer NBFC, based on performance for FY25 and 9MFY26.

*this image is generated using AI for illustrative purposes only.

Piramal Finance Limited has announced a significant credit rating upgrade from CARE Ratings Limited, enhancing its creditworthiness profile in the financial markets. The rating agency has upgraded the company's long-term facilities rating to 'CARE AA+; Stable' from the previous 'CARE AA; Stable' rating, reflecting improved financial strength and business fundamentals.

Rating Upgrade Details

CARE Ratings has upgraded multiple categories of Piramal Finance's financial instruments. The comprehensive rating action covers various facilities and instruments across the company's funding portfolio.

Facilities/Instruments	Prior Rating	Upgraded Rating
Long-term Bank Facilities	CARE AA; Stable	CARE AA+; Stable
Long-term/Short-term Bank Facilities	CARE AA; Stable/CARE A1+	CARE AA+; Stable/CARE A1+
Long-term Subordinate Debt	CARE AA; Stable	CARE AA+; Stable
Market Linked Debentures	CARE PP-MLD AA; Stable	CARE PP-MLD AA+; Stable
Non-Convertible Debentures - Private	CARE AA; Stable	CARE AA+; Stable
Non-Convertible Debentures - Public	CARE AA; Stable	CARE AA+; Stable

Facility Coverage and Amounts

The rating upgrade encompasses substantial financial facilities totaling ₹28,500.00 crore. Long-term bank facilities account for ₹24,000.00 crore, while long-term/short-term bank facilities comprise ₹4,500.00 crore. The facilities include term loans from major banks such as State Bank of India (₹5,860.00 crore), Canara Bank (₹2,250.00 crore), and IndusInd Bank (₹2,185.00 crore), among others.

Reaffirmed Ratings

CARE Ratings has reaffirmed the company's short-term instrument ratings at 'CARE A1+' for commercial papers worth ₹11,000.00 crore and short-term inter-corporate deposits totaling ₹750.00 crore. This reaffirmation demonstrates consistent performance in short-term financial obligations.

Rating Rationale

The rating upgrade is based on CARE Ratings' assessment of Piramal Finance's operational and financial performance for FY25 (Audited) and 9MFY26 (Unaudited). The rating action reflects the company's strong business, financial, and risk profile as an Upper Layer NBFC. This upgrade follows previous rating enhancements by CRISIL, which assigned 'CRISIL AA+/Stable' ratings, and S&P Global, which upgraded the long-term issuer credit rating to 'BB/Stable'.

Regulatory Compliance

Piramal Finance has communicated this rating upgrade to stock exchanges in compliance with Regulation 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has also made this information available on its website as required by listing regulations.

Source: None/Company/INE202B01038/62127f80-6ef6-40b4-857e-411c835a7653.pdf

Piramal Finance Limited Receives Exchange Approval for Modified Non-Convertible Debentures ISINs

1 min read Updated on 17 Feb 2026, 06:54 PM

Reviewed by

Shriram SScanX News Team

Add as a preferred
source on Google

Overview

Piramal Finance Limited received listing approval from BSE and NSE for new ISINs following Non-Convertible Debentures coupon rate modifications. The changes increased rates from 9.27% to 9.52% for 2028 debentures and from 9.5109% to 9.7609% for 2029 debentures. Old ISINs have been suspended while new ISINs INE202B07JY0 and INE202B07JX2 are now available for trading on both exchanges.

*this image is generated using AI for illustrative purposes only.

Piramal Finance Limited has announced that it has received listing and trading approval from both BSE Limited and National Stock Exchange of India for new ISINs following modifications in the coupon rates of its Non-Convertible Debentures. The company made this disclosure under Regulations 30 & 51 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Exchange Approvals and Timeline

BSE Limited granted the approval through Notice no. 20260212-19 dated 12th February 2026, while National Stock Exchange of India issued Circular no. 0267/2026 dated 17th February 2026. These approvals come as an update to the company's previous communications dated 14th November 2025 and 11th December 2025 regarding modifications in the clause(s) mentioned in the Information Memorandum of Non-Convertible Debentures.

ISIN Modifications and Trading Details

The modifications have resulted in changes to both the ISINs and the associated trading identifiers across both exchanges:

Parameter	ISIN INE202B07JY0 (erstwhile INE516Y07014)	ISIN INE202B07JX2 (erstwhile INE516Y07063)
BSE Scrip ID - Old:	927PFL28	95109PFL29
BSE Scrip ID - New:	952PFL28	97609PFL29
NSE Symbol - Old:	Piramal Capital 9.27% 2028	Piramal Capital 9.5109% 2029
NSE Symbol - New:	PFL 9.52% 2028	PFL 9.7609% 2029

Coupon Rate Changes

The modifications reflect changes in coupon rates for both debenture series. The 2028 maturity debentures saw their coupon rate increase from 9.27% to 9.52%, while the 2029 maturity debentures experienced a rate change from 9.5109% to 9.7609%. These modifications necessitated the creation of new ISINs to reflect the updated terms.

Trading Commencement

As a result of these modifications, the old ISINs INE516Y07014 and INE516Y07063 have been suspended from trading. The new ISINs INE202B07JY0 and INE202B07JX2 are now listed on both NSE and BSE, with trading available on both exchanges from the respective dates specified in the exchange notices issued for this purpose.

The company, formerly known as Piramal Capital & Housing Finance Limited, has its registered office at Amiti Building, Agastya Corporate Park, Kurla (West), Mumbai. The announcement was signed by Company Secretary Bipin Singh and filed under the company's CIN: L64910MH1984PLC032639.