Pilani Investment & Industries Corporation Limited has secured a CARE AA+ Stable rating from CARE Ratings Limited for its proposed ₹1,000 crore Non-Convertible Debenture programme. The rating assignment was communicated to stock exchanges on February 16, 2026, under Regulation 30 disclosure requirements.

Rating Details and Structure

CARE Ratings Limited assigned the rating for the company's long-term debt instrument programme with specific structural features:

The rating reflects the credit quality assessment of the proposed debt programme, with the AA+ grade indicating high safety and low credit risk for investors.

Regulatory Compliance and Timeline

The rating agency has established specific compliance requirements and timelines for the NCD issuance. The company must complete the issue within six months from the initial rating communication date of February 12, 2026, or arrange for rating revalidation. Any changes in the size or terms of the proposed issue will require rating revalidation from CARE Ratings.

Key post-issuance requirements include:

• Submission of issue details within 7 days of instrument placement
• Provision of complete documentation including offer document and trust deed
• Compliance with ongoing surveillance and review processes
• Annual rating review/surveillance as per CARE Ratings' policy

Market Communication and Disclosure

The company has fulfilled its disclosure obligations by informing both NSE and BSE about the rating assignment. The communication was signed by Company Secretary Rajkumar Singh Kashyap and addressed to the listing departments of both exchanges. CARE Ratings has indicated its intention to issue a press release regarding the rating assignment, following standard market communication practices.

The rating agency has reserved rights for periodic surveillance and potential rating actions based on the company's ongoing financial performance and market conditions. The assigned rating does not constitute investment advice and users are advised to refer to CARE Ratings' website for latest updates on the outstanding rating.

Source:

Pilani Investment & Industries Corporation Limited announced its unaudited financial results for the quarter and nine months ended December 31, 2025, presenting a mixed performance across standalone and consolidated operations. The company, registered as an NBFC-CIC with RBI, primarily engages in investment and financing activities in India.

Standalone Financial Performance

The company's standalone operations showed a decline in profitability during Q3FY26. Net profit for the quarter stood at ₹971.43 lakhs compared to ₹2,676.24 lakhs in the corresponding quarter of the previous year, representing a significant decrease.

For the nine-month period, standalone profit declined to ₹7,104.56 lakhs from ₹15,153.46 lakhs in the previous year, while total revenue from operations decreased to ₹24,472.86 lakhs from ₹26,323.18 lakhs.

Revenue Composition and Key Metrics

Interest income remained the primary revenue source, contributing ₹5,814.39 lakhs in Q3FY26 compared to ₹6,031.46 lakhs in Q3FY25. The company's revenue streams include:

• Interest Income: ₹5,814.39 lakhs (Q3FY26) vs ₹6,031.46 lakhs (Q3FY25)
• Dividend Income: Nil in Q3FY26 vs ₹2.47 lakhs in Q3FY25
• Net gain on fair value changes: ₹25.83 lakhs vs ₹14.05 lakhs
• Rental Income: ₹27.59 lakhs vs ₹27.51 lakhs

Finance costs increased substantially to ₹4,216.11 lakhs in Q3FY26 from ₹1,995.85 lakhs in Q3FY25, significantly impacting profitability.

Consolidated Results and Associate Impact

The consolidated financial results presented a contrasting picture, with the company reporting a loss of ₹1,439.24 lakhs in Q3FY26 compared to a profit of ₹1,336.61 lakhs in Q3FY25.

The consolidated loss was primarily attributed to the share of loss from associate company operations, which amounted to ₹2,424.95 lakhs in Q3FY26 compared to ₹1,343.93 lakhs in the previous year.

Financial Position and Ratios

The company maintained a strong financial position with net worth of ₹1,670,691.14 lakhs as of December 31, 2025. Key financial ratios include:

• Debt-Equity Ratio: 0.16 times (Q3FY26) vs 0.07 times (Q3FY25)
• Current Ratio: 0.82 times vs 2.45 times in the previous year
• Operating Margin: 22.31% vs 60.92% in Q3FY25
• Net Profit Margin: 16.53% vs 43.97% in Q3FY25

Commercial Paper Operations

The company actively managed its commercial paper portfolio during the period, with multiple repayments and outstanding instruments. Notable repayments included ₹20,000 lakhs, ₹35,000 lakhs, and several other tranches totaling significant amounts. Outstanding commercial papers as of December 31, 2025, include various instruments with maturity dates extending to March 2026.

Regulatory and Other Developments

The company recognized an additional liability of ₹31.78 lakhs towards employee benefit plans following the notification of Labour Codes by the Government of India on November 21, 2025. This impact was included in employee benefits expense for the quarter and nine-month period ended December 31, 2025.

The financial results were reviewed by joint statutory auditors Maheshwari & Associates and Agrawal Subodh & Co., and approved by the Board of Directors on February 7, 2026.