EPL financials and balance sheet

NSE: EPLBSE: 500135Industrial ProductsSmall Cap

Formerly Essel Propack

₹221.81₹3.97 (1.76%)BSE ₹221.95

Share price at the NSE close on 23 Oct 2026. Previous close ₹225.78.

52-week range of traded prices to 23 Oct 2026

₹176.40Low, 16 Mar 2026₹274.03High, 21 Aug 2026

Market cap: ₹7,116 Cr684th largest listed
P/E: 18.4
P/B: 2.5
Dividend yield: 1.13%
ROE: 14.9%
ROCE: 16.6%
Debt to equity: 0.25
Volume, NSE: 15,46,22348.4% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.EPL 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 4.0% 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 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue4,763
Materials and goods−1,914
Employee costs−946
Other expenses−937
Operating profit966
Depreciation−385
Other income+43
One-off items−28
Finance costs−115
Profit before tax481
Tax−87
Joint ventures−0.5
Net profit394

What the company owns

Plant, investments and other assets₹2,888 Cr
Inventory₹927 Cr
Receivables₹871 Cr
Cash and bank₹204 Cr
Current investments₹10 Cr

What pays for it: net worth and liabilities

Net worth₹2,866 Cr
Owed to suppliers₹768 Cr
Borrowings₹709 Cr
Other liabilities₹556 Cr

EPL 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.EPL segment results by quarter

Revenue by segment

₹5,142 CrTotal

AMESA₹1,544 Cr30.0% of total
AMERICAS₹1,345 Cr26.2% of total
EAP₹1,161 Cr22.6% of total
EUROPE₹1,092 Cr21.2% of total

Profit by segment

AMESA₹166 Cr27.8% of total
AMERICAS₹170 Cr28.5% of total
EAP₹191 Cr32.1% of total
EUROPE₹69 Cr11.6% of total

Segment results by year

Consolidated, ₹ crore, years to March.

AMESA
Revenue, ₹ crore
960
935
993
1,226
1,369
1,419
1,469
1,544
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
127
108
108
129
147
162
161
166
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
AMERICAS
Revenue, ₹ crore
589
618
652
736
876
989
1,110
1,345
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
82
89
71
53
38
53
106
170
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
EAP
Revenue, ₹ crore
667
623
782
863
850
936
1,004
1,161
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
105
100
143
128
124
146
151
191
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
EUROPE
Revenue, ₹ crore
585
677
769
748
844
893
989
1,092
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
18
38
63
26
20
25
91
69
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	2,801	2,854	3,196	3,573	3,938	4,236	4,572	5,142
Company revenue, as in its results	2,707	2,760	3,092	3,433	3,694	3,916	4,213	4,763
Revenue	960	935	993	1,226	1,369	1,419	1,469	1,544
Revenue growth	–	−2.5%	–	23.4%	11.7%	3.6%	3.6%	5.1%
Profit	127	108	108	129	147	162	161	166
Profit growth	–	−15.4%	–	19.4%	13.6%	10.1%	−0.7%	3.1%
Margin	13.3%	11.5%	10.9%	10.5%	10.7%	11.4%	10.9%	10.7%
Return on capital	19.1%	14.4%	15.4%	16.0%	17.9%	19.3%	17.5%	15.2%
Assets	810	949	952	1,056	1,140	1,142	1,218	1,503
Liabilities	144	203	250	249	319	305	301	412
Capital employed	666	746	703	807	821	838	917	1,091
Revenue	589	618	652	736	876	989	1,110	1,345
Revenue growth	–	5.0%	5.5%	12.9%	19.0%	12.9%	12.3%	21.1%
Profit	82	89	71	53	38	53	106	170
Profit growth	–	8.6%	−19.8%	−25.7%	−28.4%	39.8%	99.1%	60.9%
Margin	13.9%	14.4%	10.9%	7.2%	4.3%	5.4%	9.5%	12.6%
Return on capital	20.2%	19.1%	15.8%	9.5%	4.8%	6.5%	13.4%	18.7%
Assets	464	566	551	689	960	1,006	974	1,182
Liabilities	59	100	100	130	179	193	189	275
Capital employed	405	466	451	560	782	814	785	907
Revenue	667	623	782	863	850	936	1,004	1,161
Revenue growth	–	−6.6%	25.5%	10.3%	−1.5%	10.1%	7.3%	15.7%
Profit	105	100	143	128	124	146	151	191
Profit growth	–	−4.7%	43.7%	−10.9%	−3.1%	18.2%	3.6%	26.2%
Margin	15.7%	16.0%	18.3%	14.8%	14.6%	15.6%	15.1%	16.5%
Return on capital	22.6%	20.4%	26.2%	22.4%	21.4%	24.9%	25.3%	25.9%
Assets	601	639	757	815	829	844	902	1,126
Liabilities	137	150	210	246	252	257	303	388
Capital employed	464	490	547	569	578	587	599	738
Revenue	585	677	769	748	844	893	989	1,092
Revenue growth	–	15.7%	13.5%	−2.6%	12.7%	5.8%	10.8%	10.4%
Profit	18	38	63	26	20	25	91	69
Profit growth	–	113.7%	63.4%	−59.0%	−21.1%	22.3%	266.4%	−23.9%
Margin	3.1%	5.7%	8.1%	3.4%	2.4%	2.8%	9.2%	6.3%
Return on capital	4.0%	7.9%	13.1%	5.4%	4.1%	4.6%	14.8%	9.7%
Assets	572	638	609	614	653	750	820	967
Liabilities	129	151	133	141	156	212	207	254
Capital employed	443	487	476	473	497	537	613	712
Revenue	1	1	1	1	1	1	2	2
Profit	−13	−5	−2	−4	−4	−2	−1	−1
Assets	130	74	201	206	182	217	227	253
Liabilities	703	710	631	738	842	876	744	787
Revenue	−95	−95	−106	−141	−246	−321	−361	−381
Profit	−3	1	−2	−4	−7	−3	−10	−7
Assets	−56	−60	−58	−87	−134	−150	−135	−129
Liabilities	−45	−49	−44	−69	−109	−124	−97	−83

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

Profit and loss

Consolidated, ₹ crore, years to March.EPL quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 8 May	Mar 2020Filed 23 May	Mar 2021Filed 21 May	Mar 2022Filed 11 May	Mar 2023Filed 22 May	Mar 2024Filed 29 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Revenue from operations	2,388	2,460	2,707	2,760	3,092	3,433	3,694	3,916	4,213	4,763
	1,967	1,982	2,208	2,203	2,481	2,857	3,116	3,202	3,377	3,798
Materials and goods bought	1,008	1,037	1,165	1,157	1,293	1,518	1,674	1,657	1,736	1,914
Employee costs	–	–	501	531	606	650	690	773	832	946
Other expenses	–	–	542	515	581	689	753	772	810	937
Operating profit before depreciation	421	478	499	557	611	576	578	714	836	966
Operating margin	17.6%	19.4%	18.4%	20.2%	19.8%	16.8%	15.6%	18.2%	19.8%	20.3%
Materials, % of revenue	–	–	43.0%	41.9%	41.8%	44.2%	45.3%	42.3%	41.2%	40.2%
Employee costs, % of revenue	–	–	18.5%	19.2%	19.6%	18.9%	18.7%	19.7%	19.8%	19.9%
Other expenses, % of revenue	–	–	20.0%	18.6%	18.8%	20.1%	20.4%	19.7%	19.2%	19.7%
Depreciation and amortisation	141	167	186	230	235	251	281	333	343	385
Operating profit after depreciation	280	311	313	328	377	325	297	382	493	581
Other income	35	13	29	13	15	12	42	59	44	43
Finance costs	58	55	61	56	43	40	67	116	114	115
Profit before one-off items and tax	258	269	280	285	348	296	272	325	423	509
One-off items	16	−5	8	−9	−16	0	−1	−61	−4	−28
Profit before tax	273	264	289	276	332	296	271	265	419	481
	79	89	93	64	87	68	37	58	58	87
Current tax	71	–	80	74	94	73	42	65	80	97
Deferred tax	8	–	13	−10	−7	−5	−5	−7	−22	−10
Share of profit of joint ventures and associates	1	−1	–	−1	−1	−8	−3	4	2	−1
	196	174	195	212	244	221	231	210	364	394
Belonging to the company's shareholders	196	174	193	207	239	214	227	213	359	389
Belonging to outside owners of subsidiaries	–	–	3	4	5	7	4	−3	5	5
Other comprehensive income	–	–	−15	24	41	26	35	18	33	256
Total comprehensive income	–	–	181	236	285	248	266	228	396	650
Net margin	8.2%	7.1%	7.2%	7.7%	7.9%	6.4%	6.2%	5.4%	8.6%	8.3%
Net margin without joint ventures and associates	8.1%	7.1%	–	7.7%	7.9%	6.7%	6.3%	5.3%	8.6%	8.3%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 8 May	Mar 2020Filed 23 May	Mar 2021Filed 21 May	Mar 2022Filed 11 May	Mar 2023Filed 22 May	Mar 2024Filed 29 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
	1,393	1,541	1,731	1,858	1,993	2,091	2,359	2,866
	1,388	1,533	1,698	1,825	1,989	2,092	2,355	2,858
Share capital	63	63	63	63	64	64	64	64
Reserves	1,325	1,470	1,635	1,761	1,926	2,028	2,291	2,794
Belonging to outside owners of subsidiaries	5	9	33	34	4	−1	4	9
	582	525	496	657	769	804	673	709
Repayable after a year	469	330	355	362	496	458	312	380
Repayable within a year	113	196	142	295	273	346	360	329
	574	790	773	898	961	1,084	1,152	1,356
Trade payables	207	245	422	455	500	566	594	768
Other financial liabilities	198	300	143	96	109	122	130	183
Other liabilities	38	35	40	31	58	27	37	36
Provisions	7	7	14	13	14	17	18	28
Tax owed	12	8	12	8	7	7	11	13
	553	475	507	537	677	634	495	677
Other financial liabilities	13	67	64	78	85	69	91	197
Other liabilities	0	10	14	14	14	22	9	36
Provisions	20	21	20	21	19	22	24	0
Deferred tax	51	48	54	62	63	63	59	64
	2,520	2,806	3,011	3,293	3,630	3,809	4,006	4,900
Held for sale or for a demerger	4	–	–	–	–	–	–	–
	1,427	1,465	1,667	1,756	2,010	2,162	2,271	2,781
Plant in use, after depreciation	1,253	1,307	1,361	1,309	1,537	1,758	1,824	2,256
Plant being built	31	31	23	145	175	68	69	148
Intangible assets	40	43	54	49	41	38	30	26
Goodwill	14	14	116	116	116	116	116	116
Intangible assets being developed	11	8	5	2	3	4	4	5
Investments	0	0	0	0	0	0	14	5
Stakes in joint ventures and associates	17	0	15	7	4	8	0	9
Loans given	10	10	11	0	0	0	0	0
Other financial assets	14	3	5	13	15	14	6	9
Deferred tax	7	23	17	28	31	38	53	68
Other assets	30	9	62	88	88	119	155	140
	1,089	1,341	1,344	1,537	1,621	1,647	1,734	2,119
Inventories	323	367	415	594	608	656	720	927
Trade receivables	493	490	589	637	643	695	699	871
Cash and cash equivalents	90	312	237	187	239	201	191	197
Other bank balances	44	60	5	6	6	6	6	6
Current investments	0	0	0	0	15	0	25	10
Loans given	24	6	5	1	1	0	0	0
Other financial assets	9	7	11	21	14	12	29	12
Tax paid in advance	5	3	0	0	–	–	0	0
Other assets	100	96	83	91	95	76	64	95
Net debt	448	154	255	465	509	597	451	495

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 21 May	Mar 2022Filed 11 May	Mar 2023Filed 22 May	Mar 2024Filed 29 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
	522	312	602	587	795	723
	609	389	647	669	865	833
	−38	−216	14	−93	−32	−223
Receivables	−61	−61	−19	−39	−2	−215
Inventories	−44	−179	−33	−51	−73	−188
Payables	66	25	66	−3	42	180
Tax paid	−87	−78	−45	−82	−70	−110
Capital spending	176	276	387	375	363	482
Free cash flow	346	36	215	212	432	241
	−281	−264	−389	−344	−376	−452
Plant and property sold	4	9	5	3	7	8
Companies bought	−167	0	0	0	0	0
Interest received	6	3	7	11	7	6
	−319	−95	−138	−263	−431	−274
Borrowings raised	576	728	854	466	954	1,980
Borrowings repaid	−697	−625	−746	−432	−1,083	−1,945
Interest paid	−39	−36	−66	−114	−107	−101
Lease payments	−24	−30	−40	−46	−62	−60
Dividends paid	134	138	141	140	153	160
Shares bought back	0	0	0	0	0	0
Shares issued	1	5	0	3	19	11
Net change in cash	−77	−48	74	−21	−12	−3

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.EPL dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 8 May	Mar 2020Filed 23 May	Mar 2021Filed 21 May	Mar 2022Filed 11 May	Mar 2023Filed 22 May	Mar 2024Filed 29 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
	₹6.06	₹5.46	₹6.12	₹6.57	₹7.58	₹6.79	₹7.15	₹6.70	₹11.27	₹12.15
As stated that year	₹12.12	₹10.92	₹6.12	₹6.57	₹7.58	₹6.79	₹7.15	₹6.70	₹11.27	₹12.15
	₹6.03	₹5.45	₹6.11	₹6.57	₹7.57	₹6.77	₹7.15	₹6.68	₹11.23	₹12.13
As stated that year	₹12.05	₹10.89	₹6.11	₹6.57	₹7.57	₹6.77	₹7.15	₹6.68	₹11.23	₹12.13
	₹1.20	₹1.20	₹1.25	₹3.30	₹4.10	₹4.30	₹4.30	₹4.45	₹5.00	₹2.50
As declared that year	₹2.40	₹2.40	₹1.25	₹3.30	₹4.10	₹4.30	₹4.30	₹4.45	₹5.00	₹2.50
Book value per share	–	–	₹44.03	₹48.58	₹53.82	₹57.74	₹62.55	₹65.67	₹73.70	₹89.16
Dividend payout	19.3%	21.7%	20.5%	50.2%	54.1%	63.4%	60.3%	66.5%	44.5%	20.6%
Shareholder yield	–	–	–	–	1.8%	2.2%	2.7%	2.4%	2.1%	2.3%
Market cap at the year end (₹ crore)	3,734	3,763	3,676	4,893	7,454	6,115	5,161	5,708	6,429	6,573

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.EPL PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 8 May	Mar 2020Filed 23 May	Mar 2021Filed 21 May	Mar 2022Filed 11 May	Mar 2023Filed 22 May	Mar 2024Filed 29 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Revenue growth	9.3%	–	–	2.0%	12.0%	11.0%	7.6%	6.0%	7.6%	13.0%
Operating profit growth	−0.5%	13.4%	4.4%	11.7%	9.6%	−5.7%	0.3%	23.6%	17.0%	15.5%
Net profit growth	7.4%	−10.9%	12.2%	8.3%	15.5%	−9.4%	4.2%	−8.9%	73.2%	8.3%
Earnings per share growth	–	−9.9%	12.1%	7.4%	15.4%	−10.4%	5.3%	−6.3%	68.2%	7.8%
	–	–	13.9%	14.2%	14.8%	12.2%	11.9%	10.4%	16.1%	14.9%
	–	–	–	0.3 pts	0.6 pts	−2.6 pts	−0.3 pts	−1.4 pts	5.7 pts	−1.2 pts
From the net margin	–	–	–	0.8 pts	0.4 pts	−2.8 pts	−0.2 pts	−1.3 pts	5.9 pts	−0.7 pts
From asset turnover	–	–	–	−0.5 pts	0.4 pts	0.3 pts	−0.2 pts	−0.1 pts	0.4 pts	−0.1 pts
From borrowing	–	–	–	0.1 pts	−0.2 pts	−0.1 pts	0.2 pts	0.0 pts	−0.6 pts	−0.4 pts
Return on capital employed	–	–	15.8%	15.9%	16.9%	12.9%	10.8%	13.2%	16.3%	16.2%
Cash conversion	–	–	–	–	213.8%	140.8%	260.9%	279.2%	218.6%	183.5%
Interest cover	4.9	5.7	5.1	5.9	8.8	8.1	4.4	3.3	4.3	5.1
Debt to equity	–	–	0.42	0.34	0.29	0.35	0.39	0.38	0.29	0.25
Receivable days	–	–	67	65	70	68	64	65	61	67
Inventory days	–	–	101	116	117	143	133	144	151	177
Payable days	–	–	65	77	119	109	109	125	125	147
Cash conversion cycle, days	–	–	103	104	67	101	87	85	87	97
Working capital days	–	–	67	50	56	79	66	65	62	67
Asset turnover	–	–	1.07	1.04	1.06	1.09	1.07	1.05	1.08	1.07
Assets per rupee of net worth	–	–	1.82	1.82	1.80	1.79	1.82	1.82	1.76	1.71
Sales per rupee of plant	–	–	2.16	2.11	2.27	2.62	2.40	2.23	2.31	2.11
Capital spending to depreciation	–	–	–	–	0.75	1.10	1.38	1.13	1.06	1.25
Plant being built, % of plant in use	–	–	2.4%	2.4%	1.7%	11.1%	11.4%	3.9%	3.8%	6.6%

Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, 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: 8.7%
Cash from operations against operating profit: 74.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	8.1%	9.0%	8.8%
Profit growth, yearly rate	7.9%	10.2%	19.7%
Return on equity, average	–	13.1%	13.8%
Return on capital employed, average	–	13.9%	15.2%
Operating margin, average	18.6%	18.2%	19.5%
Net margin, average	7.3%	7.0%	7.4%
Asset turnover, average	–	1.07	1.07
Cash conversion cycle, days, average	–	91	90
Interest cover, average	5.5	5.0	4.2
Debt to equity, average	–	0.33	0.31

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	3,018	2,105	723
Cash from investing	−1,825	−1,172	−452
Cash from financing	−1,202	−969	−274
Capital spending	1,882	1,219	482
Dividends paid	731	452	160
Shares bought back	0	0	0
Shares issued for cash	38	33	11
Borrowings raised	4,983	3,401	1,980
Borrowings repaid	4,831	3,460	1,945

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	–	–	–	–	8	5	3	5	7	8
Altman Z-scorePublished threshold 1.81	–	–	4.47	4.66	5.92	4.92	4.18	4.27	4.81	4.30
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.38	−2.42	−2.95	−3.00	−2.95	−2.57
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	0.08	5.51	0.52	−0.86	−1.42	2.76
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	2.06	2.27	2.47	2.17
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−2.60	8.14	−2.96	−6.62	2.12	−7.01	11.50
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	14.23	1.17	25.86	−7.97	8.88	5.05	18.43
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.27	−0.43	0.55	−0.09	−0.55	0.12	0.31
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.11	0.08	0.73	0.34	0.12	0.17	0.18
Effective tax ratePublished threshold 17.16 per cent	28.80	33.66	32.29	23.11	26.14	22.77	13.77	21.98	13.76	18.02
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−3.41	−2.81	−9.03	−2.93	−4.86

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	Amount, ₹ Cr
6 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based/Non-fund-based-LT/STLong and short-term scales	CARE AA+ (Rating Watch with Developing Implications) / CARE A1+Review, Re-affirm	40
6 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based-Short TermShort-term scale	CARE A1+Review, Re-affirmRemoved from Rating Watch	5
6 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term LoanLong-term scale	CARE AA+ (Rating Watch with Developing Implications)Review, Re-affirm	466.23
10 Sep 2026	India Ratings and Research Private Limited (opens in a new tab)	Issuer Rating	IND AA+ / Rating Watch with Developing ImplicationReview, Other
10 Sep 2026	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm	200

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