Adani Ports and Special Economic Zone financials and balance sheet

NSE: ADANIPORTSBSE: 532921Transport InfrastructureLarge Cap

Formerly Mundra Port and Special Economic Zone

₹1,702.70₹47.30 (2.70%)BSE ₹1,703.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,750.00.

52-week range of traded prices to 23 Oct 2026

₹1,292.00Low, 23 Jan 2026₹1,891.10High, 3 Jul 2026

Next results date: the board meets on 28 Oct 2026 to consider: financial results.

Market cap: ₹3,92,295 Cr21st largest listed
P/E: Earlier quarters restated in the year
P/B: 4.1
Dividend yield: 0.44%
ROCE: 11.6%
Debt to equity: 0.56
Volume, NSE: 16,28,37952.5% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Adani Ports and Special Economic Zone annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.2% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2022, the company's revenue for that year, ₹15,934 Cr, differs from its quarters added, ₹15,731 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue38,736
Employee costs−2,354
Other expenses−13,530
Operating profit22,851
Depreciation−5,517
Other income+2,119
One-off items−208
Finance costs−4,654
Profit before tax14,591
Tax−2,067
Joint ventures+258
Net profit12,782

What the company owns

Plant, investments and other assets₹1,68,509 Cr
Cash and bank₹8,484 Cr
Receivables₹6,383 Cr
Current investments₹1,255 Cr
Inventory₹685 Cr

What pays for it: net worth and liabilities

Net worth₹98,981 Cr
Borrowings₹55,103 Cr
Other liabilities₹28,494 Cr
Owed to suppliers₹2,736 Cr

Adani Ports and Special Economic Zone business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Adani Ports and Special Economic Zone segment results by quarter

Revenue by segment

₹38,971 CrTotal

Port and SEZ Activities₹33,532 Cr86.0% of total
Others₹5,439 Cr14.0% of total

Profit by segment

Port and SEZ Activities₹16,942 Cr96.3% of total
Others₹649 Cr3.7% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Port and SEZ Activities
Revenue, ₹ crore
10,256
10,741
11,505
14,214
18,680
24,276
28,051
33,532
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
5,684
5,820
6,004
6,827
8,939
11,761
14,186
16,942
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
816
1,270
1,214
1,892
2,351
2,641
3,492
5,439
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
115
98
−29
88
65
93
352
649
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	11,072	12,011	12,719	16,107	21,031	26,917	31,543	38,971
Company revenue, as in its results	10,925	11,873	12,550	15,934	20,852	26,711	31,079	38,736
Revenue	10,256	10,741	11,505	14,214	18,680	24,276	28,051	33,532
Revenue growth	–	4.7%	7.1%	23.5%	31.4%	30.0%	15.6%	19.5%
Profit	5,684	5,820	6,004	6,827	8,939	11,761	14,186	16,942
Profit growth	–	2.4%	3.2%	13.7%	30.9%	31.6%	20.6%	19.4%
Margin	55.4%	54.2%	52.2%	48.0%	47.9%	48.4%	50.6%	50.5%
Return on capital	14.7%	12.4%	10.9%	12.1%	14.1%	16.4%	17.7%	13.8%
Assets	42,205	52,112	60,971	63,100	73,367	83,611	97,116	1,41,846
Liabilities	3,471	5,324	5,961	6,754	10,148	11,803	17,149	19,284
Capital employed	38,733	46,788	55,011	56,346	63,219	71,808	79,966	1,22,561
Revenue	816	1,270	1,214	1,892	2,351	2,641	3,492	5,439
Revenue growth	–	55.6%	−4.4%	55.9%	24.2%	12.3%	32.2%	55.7%
Profit	115	98	−29	88	65	93	352	649
Profit growth	–	−14.8%	–	–	−26.3%	43.7%	276.3%	84.7%
Margin	14.1%	7.7%	−2.4%	4.7%	2.8%	3.5%	10.1%	11.9%
Return on capital	3.9%	2.9%	−0.5%	0.6%	0.4%	0.6%	1.9%	3.5%
Assets	3,149	3,739	6,453	15,572	17,929	17,247	20,498	21,672
Liabilities	173	324	493	511	1,245	1,336	1,797	2,982
Capital employed	2,977	3,415	5,960	15,061	16,683	15,911	18,701	18,691
	–	–	–	0	0	0	0	–
Profit	–	–	–	0	0	0	0	–
Return on capital	–	–	–	0.0%	0.0%	0.0%	0.0%	–
Assets	–	–	–	1,898	1,941	187	187	–
Liabilities	–	–	–	305	1,521	48	48	–
Capital employed	–	–	–	1,593	420	139	139	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Adani Ports and Special Economic Zone quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 6 May	Mar 2021Filed 5 May	Mar 2022Filed 25 May	Mar 2023Filed 31 May	Mar 2024Filed 3 May	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
Revenue from operations	8,439	11,323	10,925	11,873	12,550	15,934	20,852	26,711	31,079	38,736
	2,747	–	4,334	5,934	3,851	7,055	9,905	10,847	12,054	15,884
Materials and goods bought	–	–	0	0	0	0	0	0	0	0
Employee costs	–	–	530	547	615	664	1,178	1,896	2,009	2,354
Other expenses	–	–	3,804	5,388	3,236	6,391	8,727	8,950	10,045	13,530
Operating profit before depreciation	5,692	–	6,592	5,939	8,699	8,879	10,947	15,864	19,025	22,851
Operating margin	67.4%	–	60.3%	50.0%	69.3%	55.7%	52.5%	59.4%	61.2%	59.0%
Materials, % of revenue	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Employee costs, % of revenue	–	–	4.8%	4.6%	4.9%	4.2%	5.7%	7.1%	6.5%	6.1%
Other expenses, % of revenue	–	–	34.8%	45.4%	25.8%	40.1%	41.9%	33.5%	32.3%	34.9%
Depreciation and amortisation	1,160	1,188	1,373	1,680	2,107	2,740	3,423	3,888	4,379	5,517
Operating profit after depreciation	4,532	–	5,218	4,259	6,591	6,139	7,524	11,975	14,646	17,334
Other income	1,040	1,011	1,362	1,861	1,970	2,155	1,553	1,499	1,304	2,119
Finance costs	1,393	–	1,385	1,813	2,255	2,541	2,363	2,846	2,813	4,654
Profit before one-off items and tax	4,179	5,389	5,195	4,307	6,306	5,754	6,715	10,629	13,138	14,799
One-off items	0	−155	−69	−59	0	−405	−1,273	−374	−249	−208
Profit before tax	4,179	5,234	5,126	4,248	6,306	5,348	5,441	10,255	12,888	14,591
	287	1,544	1,081	459	1,243	746	96	1,990	1,968	2,067
Current tax	–	1,451	862	604	1,272	800	978	999	2,222	2,313
Deferred tax	–	93	219	−145	−28	−54	−882	990	−254	−247
Share of profit of joint ventures and associates	–	–	0	−4	−14	193	48	−162	142	258
	3,902	3,690	4,045	3,785	5,049	4,795	5,393	8,104	11,061	12,782
Belonging to the company's shareholders	3,902	3,690	3,990	3,800	4,994	4,728	5,310	8,111	11,092	12,460
Belonging to outside owners of subsidiaries	–	–	55	–	54	67	83	−7	−31	323
Other comprehensive income	–	–	15	37	−16	−74	−531	−31	−306	1,237
Total comprehensive income	–	–	4,060	3,821	5,033	4,721	4,862	8,073	10,756	14,019
Net margin	46.2%	32.6%	37.0%	31.9%	40.2%	30.1%	25.9%	30.3%	35.6%	33.0%
Net margin without joint ventures and associates	–	–	37.0%	31.9%	40.3%	28.9%	25.6%	30.9%	35.1%	32.3%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2017 they do not, so they are left blank. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2018: the statement does not state its finance costs, which operating profit is worked out from, so operating profit is not given.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 28 May	Mar 2020Filed 6 May	Mar 2021Filed 5 May	Mar 2022Filed 25 May	Mar 2023Filed 31 May	Mar 2024Filed 3 May	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
	24,748	25,843	32,097	38,643	46,922	54,543	64,973	98,981
	24,538	25,623	30,628	38,250	45,584	52,945	62,435	96,125
Share capital	414	406	406	422	432	432	432	461
Reserves	24,124	25,217	30,222	37,828	45,152	52,513	62,003	95,665
Belonging to outside owners of subsidiaries	210	220	1,468	393	1,339	1,598	2,538	2,856
	26,429	28,339	33,875	45,752	50,518	46,279	45,810	55,103
Repayable after a year	19,883	26,181	32,936	39,691	46,517	37,663	35,831	50,424
Repayable within a year	6,546	2,157	940	6,061	4,001	8,616	9,979	4,679
	10,352	7,696	7,101	10,831	11,403	16,415	20,938	15,760
Trade payables	572	729	1,014	980	1,828	2,167	2,721	2,736
Other financial liabilities	2,542	3,336	3,292	1,968	2,683	3,573	5,614	6,657
Other liabilities	552	1,334	1,708	1,609	1,794	1,812	2,243	1,450
Provisions	99	106	96	105	548	193	237	139
Tax owed	29	21	38	94	528	33	145	100
	21,428	28,664	36,011	45,099	55,058	47,912	49,373	70,573
Other financial liabilities	166	734	780	2,179	3,005	3,313	5,597	8,376
Other liabilities	721	1,020	636	537	557	652	2,143	2,755
Provisions	4	8	27	32	1,202	1,101	1,149	1,454
Deferred tax	216	287	1,203	2,207	3,186	4,170	4,653	7,564
Liabilities going with businesses held for sale	–	–	115	305	1,521	48	48	–
	56,527	62,204	75,324	94,878	1,14,905	1,18,918	1,35,332	1,85,315
Held for sale or for a demerger	–	–	355	1,898	1,941	187	187	–
	41,896	47,384	62,493	77,076	97,458	1,01,446	1,16,388	1,63,340
Plant in use, after depreciation	22,781	27,314	38,567	42,321	51,956	55,613	68,572	1,02,004
Plant being built	4,483	3,216	3,697	3,986	6,814	10,936	11,592	12,672
Intangible assets	2,073	2,115	5,533	8,572	11,446	11,283	12,492	18,054
Goodwill	3,268	3,286	4,036	5,918	6,963	6,907	7,094	9,736
Intangible assets being developed	0	0	0	0	0	0	114	17
Property held to earn rent	0	0	0	0	2,473	1,345	1,459	1,859
Investments	265	340	1,097	1,923	1,059	920	825	853
Stakes in joint ventures and associates	3	826	0	3,990	2,498	2,707	3,083	3,341
Loans given	1,220	1,264	986	571	1,589	60	728	1,114
Other financial assets	4,347	5,059	5,100	6,552	6,121	4,691	4,957	6,016
Deferred tax	1,028	1,210	882	994	2,200	1,919	1,890	2,216
Other assets	2,428	2,754	2,593	2,248	4,338	5,065	3,583	5,458
	14,631	14,820	12,476	15,903	15,506	17,286	18,757	21,975
Inventories	807	288	992	381	452	438	522	685
Trade receivables	2,790	3,202	2,926	2,470	3,941	3,667	4,432	6,383
Cash and cash equivalents	4,798	7,195	4,198	8,597	932	1,576	3,406	5,162
Other bank balances	1,169	118	503	1,895	3,317	6,056	3,200	3,322
Current investments	514	12	1,139	48	4,029	662	752	1,255
Loans given	1,548	1,853	1,083	1,302	408	269	173	90
Other financial assets	2,153	987	623	523	1,264	3,441	4,472	2,165
Other assets	853	1,164	1,013	687	1,164	1,177	1,800	2,913
Net debt	19,948	21,013	28,036	35,212	42,241	37,986	38,452	45,365

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 5 May	Mar 2022Filed 25 May	Mar 2023Filed 31 May	Mar 2024Filed 3 May	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
	7,556	9,800	11,933	15,018	17,226	20,356
	8,429	10,649	12,767	16,290	18,691	21,871
	408	674	−855	−10	−370	−3,002
Receivables	295	240	−787	−330	−451	−1,245
Inventories	−24	609	−67	8	−37	−164
Payables	−69	−40	250	−365	88	−180
Other working capital	206	−135	−251	677	30	−1,413
Tax paid	−873	−848	−834	−1,272	−1,465	−1,514
Capital spending	1,954	3,749	9,125	7,416	8,049	15,320
Free cash flow	5,602	6,051	2,808	7,601	9,177	5,036
	−14,143	−7,423	−16,939	−6,768	−8,480	−13,118
Plant and property sold	4	13	204	27	51	38
Companies bought	−13,667	−2,624	−10,344	−2,923	−4,093	73
Interest received	2,156	1,717	1,461	969	611	611
Dividends received	7	4	0	214	256	387
	3,592	2,042	−2,734	−7,800	−6,916	−5,483
Borrowings raised	19,093	7,244	7,446	1,930	3,913	15,911
Borrowings repaid	−13,603	283	−7,101	−6,059	−6,774	−15,530
Interest paid	−1,959	−2,507	−2,854	−2,779	−1,336	−3,139
Lease payments	−18	−60	−53	−48	0	−632
Dividends paid	0	1,027	1,093	1,080	282	1,535
Shares bought back	0	0	0	0	0	0
Shares issued	0	800	0	0	0	0
Net change in cash	−2,994	4,419	−7,739	450	1,831	1,755

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Adani Ports and Special Economic Zone dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 6 May	Mar 2021Filed 5 May	Mar 2022Filed 25 May	Mar 2023Filed 31 May	Mar 2024Filed 3 May	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
Earnings per share	₹18.89	₹17.74	₹19.27	₹18.35	₹24.58	₹22.39	₹24.58	₹37.55	₹51.35	₹58.23
Diluted earnings per share	₹18.89	₹17.74	₹19.27	₹18.35	₹24.58	₹22.39	₹24.58	₹37.55	₹51.35	₹58.23
Dividend per share	₹1.30	₹2.00	₹0.20	₹3.20	₹5.00	₹5.00	₹5.00	₹6.00	₹7.00	₹7.50
Book value per share	–	–	₹118.49	₹126.12	₹150.75	₹181.08	₹211.02	₹245.10	₹289.03	₹417.22
Dividend payout	6.9%	11.2%	1.0%	17.1%	20.3%	22.3%	20.3%	16.0%	13.6%	13.9%
Shareholder yield	–	–	–	–	0.0%	0.1%	0.8%	0.4%	0.1%	0.5%
Market cap at the year end (₹ crore)	70,330	73,332	78,313	51,058	1,42,710	1,63,540	1,36,499	2,89,858	2,55,534	3,02,418

Ratios

Consolidated, years to March.Adani Ports and Special Economic Zone PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 6 May	Mar 2021Filed 5 May	Mar 2022Filed 25 May	Mar 2023Filed 31 May	Mar 2024Filed 3 May	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
Revenue growth	16.3%	34.2%	−3.5%	8.7%	5.7%	–	30.9%	28.1%	16.4%	24.6%
Operating profit growth	–	–	–	−9.9%	46.5%	–	23.3%	44.9%	19.9%	20.1%
Net profit growth	36.1%	−5.4%	9.6%	−6.4%	33.4%	−5.0%	12.5%	50.3%	36.5%	15.6%
Earnings per share growth	–	−6.1%	8.6%	−4.8%	34.0%	−8.9%	9.8%	52.7%	36.8%	13.4%
	–	–	16.3%	15.2%	17.8%	13.7%	12.7%	16.5%	19.2%	15.7%
	–	–	–	−1.1 pts	2.6 pts	−4.0 pts	−1.1 pts	3.8 pts	2.8 pts	−3.5 pts
From the net margin	–	–	–	−2.0 pts	3.7 pts	−4.5 pts	−1.9 pts	2.4 pts	2.9 pts	−1.9 pts
From asset turnover	–	–	–	0.5 pts	−1.6 pts	0.3 pts	0.7 pts	2.3 pts	1.4 pts	−0.2 pts
From borrowing	–	–	–	0.4 pts	0.6 pts	0.1 pts	0.2 pts	−0.9 pts	−1.5 pts	−1.4 pts
Return on capital employed	–	–	10.2%	7.9%	10.0%	7.3%	7.7%	11.9%	13.2%	11.2%
Cash conversion	–	–	–	–	149.7%	204.4%	221.3%	185.3%	155.7%	159.3%
Interest cover	3.3	–	3.8	2.3	2.9	2.4	3.2	4.2	5.2	3.7
Debt to equity	–	–	1.07	1.10	1.06	1.18	1.08	0.85	0.71	0.56
Receivable days	–	–	93	98	85	57	69	50	52	60
Working capital days	–	–	145	60	14	14	−3	16	5	11
Asset turnover	–	–	0.19	0.20	0.18	0.19	0.20	0.23	0.24	0.24
Assets per rupee of net worth	–	–	2.30	2.37	2.44	2.47	2.50	2.37	2.20	2.02
Sales per rupee of plant	–	–	0.48	0.43	0.33	0.38	0.40	0.48	0.45	0.38
Capital spending to depreciation	–	–	–	–	0.93	1.37	2.67	1.91	1.84	2.78
Plant being built, % of plant in use	–	–	19.7%	11.8%	9.6%	9.4%	13.1%	19.7%	16.9%	12.4%

Revenue growth and operating profit growth are left blank for the year to Mar 2022: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 7.8%
Cash from operations against operating profit: 89.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	18.2%	25.3%	22.9%
Profit growth, yearly rate	15.8%	20.1%	32.9%
Return on equity, average	–	15.6%	17.1%
Return on capital employed, average	–	10.3%	12.1%
Operating margin, average	59.4%	57.6%	59.9%
Net margin, average	34.3%	31.0%	33.0%
Asset turnover, average	–	0.22	0.24
Interest cover, average	3.4	3.7	4.4
Debt to equity, average	–	0.87	0.70

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	74,334	52,600	20,356
Cash from investing	−52,727	−28,365	−13,118
Cash from financing	−20,891	−20,199	−5,483
Capital spending	43,659	30,786	15,320
Dividends paid	5,016	2,897	1,535
Shares bought back	0	0	0
Shares issued for cash	800	0	0
Borrowings raised	36,445	21,754	15,911
Borrowings repaid	35,746	28,363	15,530

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	5	5	5	7	7	6
Altman Z-scorePublished threshold 1.1	–	–	3.48	3.47	3.32	2.93	2.70	3.12	3.14	3.80
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.62	−2.85	−2.21	−2.75	−2.51	−2.26
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	16.92	2.84	9.91	−0.12	1.82	3.46
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.92	2.01	1.80	1.65
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	6.11	−14.33	−42.56	28.70	−35.05	4.52	19.36
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−7.20	−4.10	−2.67	5.84	8.20	5.32	−3.08
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.52	0.28	0.61	0.52	1.45	0.67	0.33
Effective tax ratePublished threshold 17.16 per cent	6.86	29.50	21.10	10.81	19.71	13.95	1.77	19.40	15.27	14.16
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−1.92	−13.55	7.00	3.91	3.78

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
15 Jul 2026	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+Review, Re-affirm		6,700
15 Jul 2026	ICRA Limited (opens in a new tab)	Non Convertible Debentures	[ICRA]AAAReview, Re-affirm	Stable	1,000
15 Jul 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Others	[ICRA]AAAReview, Re-affirm	Stable	10,020
3 Jul 2026	CARE Ratings Limited (opens in a new tab)	Commercial Paper	CARE A1+Review, Re-affirm		5,400
3 Jul 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible Debentures	CARE AAAReview, Re-affirm	Stable	1,500
3 Jul 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible Debentures	WithdrawnReview, Other
3 Jul 2026	CARE Ratings Limited (opens in a new tab)	Fund-based/Non-fund-based-LT/ST	CARE AAA / CARE A1+Review, Re-affirm	Stable	10,020
3 Jul 2026	CARE Ratings Limited (opens in a new tab)	Term Loan-Long Term	CARE AAAReview, Re-affirm	Stable	2,500
1 Apr 2026	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		6,700
1 Apr 2026	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	IND AAAReview, Re-affirm	Stable	100
1 Apr 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AAA; IND A1+Review, Re-affirm	Stable	1,000
1 Apr 2026	India Ratings and Research Private Limited (opens in a new tab)	Issuer Rating	IND AAAReview, Re-affirm	Stable
1 Apr 2026	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	IND AAANew, New	Stable	6,400
20 Nov 2025	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		6,700
20 Nov 2025	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAAReview, Re-affirm	Stable	5,069
20 Nov 2025	CRISIL Ratings Limited (opens in a new tab)	Debt Securities (Other than Securitisation)	Crisil AAAReview, Re-affirm	Stable	100
20 Nov 2025	CRISIL Ratings Limited (opens in a new tab)	Debt Securities (Other than Securitisation)	WithdrawnReview, Other		1,000

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.