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.

Management Commentary and Strategic Outlook

Jairam Sridharan, Managing Director & CEO, Piramal Finance, commented on the upgrade: "The rating upgrade is a strong endorsement of the progress we have made in strengthening our balance sheet, diversifying our portfolio, and enhancing our operational resilience. Receiving AA+ ratings from two domestic agencies within a short span is a clear reflection of market confidence in our strategic direction."

The CEO further emphasized the company's focus on disciplined growth, robust risk management, and funding diversification, highlighting how the upgrade enhances their ability to access capital at competitive costs for long-term expansion.

Business Performance and Portfolio Transformation

This marks the second domestic rating action at the AA+ level, following CRISIL's assignment of AA+/Stable. The upgrade reflects expectations of improved business stability, supported by the steady run-down of legacy exposures and the company's transition to a predominantly retail-led portfolio. Retail loans are projected to account for approximately 85% of total AUM.

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.

Recent Funding Initiatives

Piramal Finance has strengthened its diversified funding base through multiple recent initiatives. The company secured USD 350 million in multilateral funding from the International Finance Corporation (IFC) and the Asian Development Bank (ADB) under its Sustainable Finance Framework, with discussions underway to scale this to USD 500 million. Additionally, the company raised USD 400 million through an external commercial borrowing facility from a consortium including Axis Bank, DBS Bank Ltd, Deutsche Bank AG, Far Eastern International Bank, and Sumitomo Mitsui Banking Corporation (SMBC).

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.

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:

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.