Pilani Investment & Industries Corporation Limited has announced that CRISIL Ratings Limited has reaffirmed and assigned credit ratings for the company's enhanced debt programmes. The development was communicated to stock exchanges through a regulatory filing under Regulation 30.

Credit Rating Details

CRISIL has taken comprehensive rating actions across the company's debt instruments, providing enhanced financial flexibility through increased programme sizes.

Programme Enhancement and Rating Significance

The Non-Convertible Debentures programme has been significantly enhanced from ₹100.00 crores to ₹1,000.00 crores, representing a ten-fold increase in the programme size. This enhancement provides Pilani Investment & Industries with substantially greater access to debt capital markets for its financing requirements.

The CRISIL A1+ rating on the Commercial Paper programme indicates that securities with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations and carry the lowest credit risk. For the NCD programme, the CRISIL AA+/Stable rating reflects that securities with this rating are considered to have high degree of safety regarding timely servicing of financial obligations and carry very low credit risk.

Validity and Compliance Requirements

The Commercial Paper programme rating letter is valid for 60 calendar days from the rating date, for the purpose of issuance. Once the instrument is issued, the rating remains valid throughout the life of the Commercial Paper Programme with a maximum maturity of one year, unless revised by CRISIL.

For the NCD programme, the company has 180 days from the rating date to make the issue. In case of any changes in size or structure of the proposed issues, fresh revalidation letters from CRISIL Ratings will be necessary. The company is also required to provide International Securities Identification Number (ISIN) details to CRISIL within 2 days after allotment, as per SEBI circular requirements.

Market Impact and Financial Flexibility

The rating reaffirmation and programme enhancement demonstrate CRISIL's continued confidence in Pilani Investment & Industries' creditworthiness and financial strength. The expanded debt programme capacity of ₹3,000.00 crores combined (₹2,000.00 crores CP + ₹1,000.00 crores NCD) provides the company with significant financial flexibility to meet its capital requirements and growth initiatives.

CRISIL will continue to keep these ratings under surveillance throughout the life of the instruments and reserves the right to withdraw or revise the ratings based on new information or changed circumstances that may impact the rating assessment.

Pilani Investment & Industries Corporation Limited has issued clarifications to stock exchanges following inquiries from both the National Stock Exchange of India Limited (NSE) and BSE Limited regarding increased trading volume in the company's shares.

Response to Exchange Inquiries

The company received multiple exchange communications regarding the surge in trading activity. The NSE inquiry was dated December 17, 2025, while BSE Limited sent a letter on December 18, 2025. In its comprehensive response dated December 18, 2025, Pilani Investment and Industries Corporation Limited confirmed that it has made all necessary disclosures pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, well within the stipulated timeframes.

The company stated that no information or announcement is pending that may have a bearing on its operations, performance, or any price-sensitive information that could affect price or volume behavior in the scrip.

Market Activity and Company Position

The company acknowledged observing a spurt in the price and volume of its shares over recent days but indicated that no specific reasons are known to the management. The company attributed this activity to various market influencing factors and stated it is unable to comment on the same.

Promoter Group Trading Activities

The company disclosed recent promoter group trading activities that received pre-clearance approval:

Regulatory Compliance and Company Details

Pilani Investment and Industries Corporation Limited emphasized its commitment to regulatory compliance, stating that the company has always complied with disclosure requirements under the Listing Regulations and will continue to abide by the same standards.