Jaiprakash Power Ventures financials and balance sheet

NSE: JPPOWERBSE: 532627PowerSmall Cap

Formerly Jaiprakash Hydro-Power

₹12.67₹0.93 (6.84%)BSE ₹12.69

Share price at the NSE close on 23 Oct 2026. Previous close ₹13.60.

52-week range of traded prices to 23 Oct 2026

₹12.60Low, 23 Oct 2026₹24.50High, 29 May 2026

Market cap: ₹8,683 Cr512th largest listed
P/E: Owners' profit not stated
P/B: 0.7
Dividend yield: Nonein the last 12 months
ROCE: 7.6%
Debt to equity: 0.23
Volume, NSE: 14,14,03,57440.4% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Jaiprakash Power Ventures annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 4 of the 10 years shown

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 2021, the company's revenue for that year, ₹3,302 Cr, differs from its quarters added, ₹3,413 Cr; the company reports a discontinued business.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue5,563
Materials and goods−3,645
Employee costs−173
Other expenses−379
Operating profit1,367
Depreciation−473
Other income+228
One-off items0.0
Finance costs−375
Profit before tax747
Tax−297
Net profit451

What the company owns

Plant, investments and other assets₹14,369 Cr
Cash and bank₹2,009 Cr
Receivables₹1,091 Cr
Inventory₹489 Cr

What pays for it: net worth and liabilities

Net worth₹12,732 Cr
Borrowings₹3,380 Cr
Other liabilities₹1,568 Cr
Owed to suppliers₹277 Cr

Jaiprakash Power Ventures 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. A segment at a loss has no share of profit.Jaiprakash Power Ventures segment results by quarter

Revenue by segment

₹6,381 CrTotal

Power₹5,564 Cr87.2% of total
Coal₹817 Cr12.8% of total

Profit by segment

Power₹1,606 Cr98.1% of total
Coal₹31 Cr1.9% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Power
Revenue, ₹ crore
3,870
3,441
3,284
3,876
4,902
6,041
5,463
5,564
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,369
1,026
1,142
1,176
1,275
2,261
2,113
1,606
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Coal
Revenue, ₹ crore
301
306
328
483
584
604
730
817
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
48
47
47
46
27
26
30
31
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Other, Cement Grinding etc
Revenue, ₹ crore
8
0
0
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
116
−63
326
−43
−42
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Sannd Mining
Revenue, ₹ crore
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
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	4,212	3,750	3,631	5,109	6,371	7,367	6,192	6,381
Company revenue, as in its results	3,892	3,443	3,302	4,625	5,787	6,763	5,462	5,563
Revenue	3,870	3,441	3,284	3,876	4,902	6,041	5,463	5,564
Revenue growth	–	−11.1%	−4.6%	18.0%	26.5%	23.2%	−9.6%	1.9%
Profit	1,369	1,026	1,142	1,176	1,275	2,261	2,113	1,606
Profit growth	–	−25.1%	11.3%	3.0%	8.5%	77.3%	−6.5%	−24.0%
Margin	35.4%	29.8%	34.8%	30.3%	26.0%	37.4%	38.7%	28.9%
Return on capital	–	7.1%	8.2%	8.4%	9.1%	15.5%	14.1%	10.5%
Assets	–	16,492	15,722	15,720	15,707	16,076	16,522	16,730
Liabilities	–	1,975	1,797	1,686	1,644	1,509	1,485	1,381
Capital employed	–	14,518	13,925	14,034	14,063	14,568	15,036	15,349
Revenue	301	306	328	483	584	604	730	817
Revenue growth	–	1.6%	7.2%	47.3%	20.8%	3.5%	20.8%	11.9%
Profit	48	47	47	46	27	26	30	31
Profit growth	–	−1.2%	−1.6%	−1.0%	−40.7%	−3.9%	13.9%	3.8%
Margin	15.9%	15.5%	14.2%	9.6%	4.7%	4.4%	4.1%	3.8%
Return on capital	–	16.3%	19.2%	22.9%	16.7%	25.4%	14.1%	13.5%
Assets	–	360	314	277	307	365	360	362
Liabilities	–	69	71	75	143	261	147	132
Capital employed	–	291	243	202	164	104	212	230
Revenue	–	–	–	8	0	0	0	0
Profit	–	–	–	116	−63	326	−43	−42
Margin	–	–	–	1,495.1%	–	–	–	–
Return on capital	–	–	–	14.8%	−11.4%	52.7%	−11.5%	−24.3%
Assets	–	–	–	850	598	851	895	857
Liabilities	–	–	–	62	49	232	522	683
Capital employed	–	–	–	788	549	619	373	173
	–	–	–	–	–	–	–	0
Profit	–	–	–	–	–	–	–	0
Return on capital	–	–	–	–	–	–	–	0.0%
Assets	–	–	–	–	–	–	–	10
Liabilities	–	–	–	–	–	–	–	0
Capital employed	–	–	–	–	–	–	–	10
Revenue	–	–	–	742	885	722	0	–
Revenue growth	–	–	–	–	19.3%	−18.4%	−100.0%	–
Profit	–	–	–	9	16	12	0	–
Profit growth	–	–	–	–	68.0%	−26.4%	−100.0%	–
Margin	–	–	–	1.3%	1.8%	1.6%	–	–
Return on capital	–	–	–	–	176.8%	159.6%	0.0%	–
Assets	–	–	–	499	695	11	10	–
Liabilities	–	–	–	502	686	4	0	–
Capital employed	–	–	–	−3	9	7	10	–
Revenue	40	2	19	–	–	–	–	–
Profit	25	31	96	–	–	–	–	–
Margin	62.0%	1,269.4%	509.6%	–	–	–	–	–
Return on capital	–	0.0%	11.0%	–	–	–	–	–
Assets	–	99,121	958	–	–	–	–	–
Liabilities	–	194	82	–	–	–	–	–
Capital employed	–	98,927	876	–	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Jaiprakash Power Ventures quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 13 May	Mar 2020Filed 28 Jul	Mar 2021Filed 15 Jun	Mar 2022Filed 28 May	Mar 2023Filed 11 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May
Revenue from operations	4,694	4,877	3,892	3,443	3,302	4,625	5,787	6,763	5,462	5,563
	3,008	3,352	2,563	2,405	2,144	3,512	4,666	4,527	3,608	4,196
Materials and goods bought	2,795	2,982	2,364	2,188	1,945	3,306	4,378	4,239	3,250	3,645
Employee costs	122	136	105	114	101	112	125	133	152	173
Other expenses	91	234	94	103	98	94	164	155	205	379
Operating profit before depreciation	1,686	1,525	1,329	1,038	1,157	1,113	1,121	2,236	1,855	1,367
Operating margin	35.9%	31.3%	34.1%	30.1%	35.1%	24.1%	19.4%	33.1%	34.0%	24.6%
Materials, % of revenue	59.5%	61.2%	60.7%	63.5%	58.9%	71.5%	75.6%	62.7%	59.5%	65.5%
Employee costs, % of revenue	2.6%	2.8%	2.7%	3.3%	3.1%	2.4%	2.2%	2.0%	2.8%	3.1%
Other expenses, % of revenue	1.9%	4.8%	2.4%	3.0%	3.0%	2.0%	2.8%	2.3%	3.8%	6.8%
Depreciation and amortisation	771	819	528	533	480	481	464	465	470	473
Operating profit after depreciation	915	706	801	505	677	631	656	1,771	1,384	894
Other income	87	354	113	66	127	235	135	389	245	228
Finance costs	2,750	2,614	1,474	686	579	556	560	449	414	375
Profit before one-off items and tax	−1,748	−1,554	−560	−114	226	310	232	1,710	1,216	747
One-off items	0	−313	53	−1,194	111	0	−7	−461	0	0
Profit before tax	−1,748	−1,867	−507	−1,308	337	310	225	1,249	1,216	747
	−453	−176	−150	829	–	203	170	227	402	297
Current tax	11	–	46	66	–	0	0	0	125	141
Deferred tax	−464	–	−197	763	–	203	170	227	277	156
Profit from discontinued businesses	–	–	–	–	66	–	–	–	–	–
	−1,356	−1,690	−357	−2,147	281	107	55	1,022	814	451
Belonging to the company's shareholders	–	−1,690	−373	−2,162	–	–	–	1,022	–	–
Belonging to outside owners of subsidiaries	–	–	16	15	–	–	–	0	–	–
Other comprehensive income	–	–	0	0	1	0	1	0	0	0
Total comprehensive income	–	–	−357	−2,148	282	107	56	1,022	814	451
Net margin	−28.9%	−34.7%	−9.2%	−62.4%	–	2.3%	1.0%	15.1%	14.9%	8.1%

Belonging to the company's shareholders is left blank for the years to Mar 2017 and Mar 2025: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the company's periods around it state no share for other owners for the gap to belong to. Tax is left blank for the year to Mar 2021: profit before tax less the tax charge stated does not come to the profit after tax the same statement states, so the tax charge is not shown. Belonging to the company's shareholders is left blank for the years to Mar 2021, Mar 2022, Mar 2023 and Mar 2026: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the earnings per share is under 50 paise, where its rounding to the paisa is too coarse. Net margin is left blank for the year to Mar 2021: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 13 May	Mar 2020Filed 28 Jul	Mar 2021Filed 15 Jun	Mar 2022Filed 28 May	Mar 2023Filed 11 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May	Sep 2026Half yearFiled 19 Oct
	7,674	10,111	10,282	10,389	10,446	11,468	12,281	12,732	13,235
	7,384	9,999	10,282	10,389	10,446	11,468	12,281	12,732	13,235
Share capital	5,996	10,646	6,853	6,853	6,853	6,853	6,853	6,853	10,659
Reserves	1,388	−647	3,429	3,536	3,592	4,614	5,428	5,879	2,576
Belonging to outside owners of subsidiaries	290	112	0	–	0	0	–	0	–
	19,500	5,712	5,217	5,071	4,754	4,242	3,766	3,380	3,047
Repayable after a year	17,786	5,184	4,752	4,451	3,992	3,625	3,242	2,875	2,643
Repayable within a year	1,714	528	465	619	763	617	523	505	404
	10,612	2,118	1,578	2,171	2,584	1,788	1,582	1,555	1,859
Trade payables	309	223	226	331	420	0	221	277	182
Other financial liabilities	8,390	1,128	798	750	709	1,038	720	667	1,186
Other liabilities	117	218	78	458	679	124	114	101	81
Provisions	76	14	4	5	5	6	2	3	4
Tax owed	6	7	6	7	9	3	1	2	2
	18,984	5,615	5,133	4,786	4,278	4,048	3,922	3,671	3,273
Other financial liabilities	594	9	7	294	249	2	11	8	–
Other liabilities	556	377	333	–	0	202	158	114	92
Provisions	48	46	42	40	37	35	43	50	29
Deferred tax	0	0	0	0	0	185	468	624	510
Total assets	37,270	17,844	16,994	17,347	17,307	17,303	17,786	17,958	18,367
	34,768	16,448	15,384	14,842	14,239	14,049	13,968	13,765	13,271
Plant in use, after depreciation	30,436	15,053	14,089	13,635	13,234	12,871	12,576	12,175	–
Plant being built	534	477	411	395	380	194	183	184	–
Intangible assets	214	198	183	167	151	136	120	104	0
Goodwill	0	0	0	0	0	0	0	0	0
Intangible assets being developed	0	0	0	0	39	45	66	92	–
Investments	1,986	21	112	234	191	525	0	0	521
Stakes in joint ventures and associates	0	0	0	0	0	0	490	483	–
Loans given	33	33	35	0	0	0	0	0	0
Other financial assets	13	14	6	75	70	73	533	549	338
Deferred tax	1,030	303	228	120	22	0	0	–	–
Other assets	522	348	319	215	151	205	0	177	184
	2,502	1,368	1,610	2,504	3,068	3,254	3,817	4,192	5,097
Inventories	234	342	200	519	712	524	583	489	355
Trade receivables	1,183	401	791	930	1,167	1,186	943	1,091	1,025
Cash and cash equivalents	72	91	40	62	59	31	893	755	785
Other bank balances	153	217	266	331	122	926	669	1,254	2,095
Other financial assets	72	35	10	116	223	29	87	32	12
Tax paid in advance	23	6	5	6	11	17	102	54	64
Other assets	766	276	299	540	774	541	541	518	761
Net debt	19,275	5,404	4,911	4,677	4,574	3,285	2,204	1,371	167

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. 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. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 15 Jun	Mar 2022Filed 28 May	Mar 2023Filed 11 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May	Sep 2026Half yearFiled 19 Oct
	813	845	767	1,927	1,714	1,301	880
	827	841	774	1,936	2,152	1,548	946
	−372	−289	−402	−106	17	−54	−529
Receivables	−429	−139	−237	−37	243	−90	66
Inventories	143	−319	−193	189	−59	94	31
Other working capital	−86	169	28	−258	−167	−57	−626
Tax paid	1	5	−6	−9	−203	−92	−10
Capital spending	52	0	0	199	0	8	18
Free cash flow	761	845	767	1,729	1,714	1,293	861
	280	−113	109	−991	39	−676	−319
Plant and property sold	0	−103	−120	0	0	5	5
Companies bought	0	0	0	0	0	0	0
Interest received	0	88	14	15	176	236	77
Dividends received	21	0	0	0	0	0	0
	−1,136	−711	−880	−964	−892	−762	−530
Borrowings repaid	−558	−157	−326	−515	−478	−387	−351
Interest paid	−573	−550	−549	−447	−411	−372	−178
Lease payments	−2	−2	−2	−2	0	0	−2
Dividends paid	0	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0	0
Net change in cash	−43	22	−3	−28	862	−138	30

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.Jaiprakash Power Ventures dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 13 May	Mar 2020Filed 28 Jul	Mar 2021Filed 15 Jun	Mar 2022Filed 28 May	Mar 2023Filed 11 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May
Earnings per share	−₹3.75	−₹2.82	−₹0.62	−₹3.01	₹0.25	₹0.10	₹0.05	–	₹0.89	₹0.49
Diluted earnings per share	−₹3.69	−₹2.82	−₹0.62	−₹3.01	₹0.25	₹0.10	₹0.05	–	₹0.89	₹0.49
Book value per share	–	–	₹12.32	₹14.62	₹15.00	₹15.16	₹15.24	₹16.73	₹17.92	₹18.58
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	1,469	2,848	1,109	360	2,223	4,660	3,804	10,452	9,766	9,622

Earnings per share is left blank for the year to Mar 2024: the earnings per share stated does not match any profit the filing states over the shares in issue, and the share count barely moved during the period.

Ratios

Consolidated, years to March.Jaiprakash Power Ventures PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 13 May	Mar 2020Filed 28 Jul	Mar 2021Filed 15 Jun	Mar 2022Filed 28 May	Mar 2023Filed 11 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May
Revenue growth	14.1%	3.9%	−20.2%	−11.5%	–	40.1%	25.1%	16.9%	−19.2%	1.9%
Operating profit growth	−33.9%	−9.6%	−12.8%	−21.9%	–	−3.9%	0.7%	99.6%	−17.1%	−26.3%
Net profit growth	–	–	–	–	–	−61.8%	−48.4%	1,744.0%	−20.4%	−44.6%
Earnings per share growth	–	–	–	–	–	−60.8%	−49.0%	–	–	−44.9%
	–	–	−5.1%	−24.9%	–	–	–	9.3%	–	–
	–	–	–	−19.8 pts	–	–	–	–	–	–
From the net margin	–	–	–	−28.0 pts	–	–	–	–	–	–
From asset turnover	–	–	–	−6.5 pts	–	–	–	–	–	–
From borrowing	–	–	–	14.7 pts	–	–	–	–	–	–
Return on capital employed	–	–	2.9%	3.2%	4.4%	4.1%	4.3%	11.3%	8.6%	5.5%
Cash conversion	–	–	–	–	288.9%	786.3%	1,384.8%	188.6%	210.7%	288.7%
Interest cover	0.3	0.3	0.5	0.7	1.2	1.1	1.2	3.9	3.3	2.4
Debt to equity	–	–	2.54	0.56	0.51	0.49	0.46	0.37	0.31	0.27
Receivable days	–	–	111	43	87	73	74	64	63	72
Inventory days	–	–	36	57	38	57	59	45	65	49
Payable days	–	–	48	37	42	37	35	0	25	28
Cash conversion cycle, days	–	–	99	62	83	94	98	109	104	93
Working capital days	–	–	−621	−56	21	44	67	61	80	74
Asset turnover	–	–	0.10	0.13	0.19	0.27	0.33	0.39	0.31	0.31
Assets per rupee of net worth	–	–	5.05	3.17	1.72	1.66	1.66	1.58	1.48	1.43
Sales per rupee of plant	–	–	0.13	0.23	0.23	0.34	0.44	0.53	0.43	0.46
Capital spending to depreciation	–	–	–	–	0.11	0.00	0.00	0.43	0.00	0.02
Plant being built, % of plant in use	–	–	1.8%	3.2%	2.9%	2.9%	2.9%	1.5%	1.5%	1.5%

Revenue growth and operating profit growth are left blank for the year to Mar 2021: between the two periods the company restated its earlier figures and the company began reporting a business as discontinued, 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.

Cash from operations against operating profit: 95.2%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	3.1%	11.0%	−1.3%
Return on capital employed, average	–	6.8%	8.5%
Operating margin, average	30.2%	27.0%	30.5%
Net margin, average	−10.4%	8.3%	12.7%
Asset turnover, average	–	0.32	0.34
Cash conversion cycle, days, average	–	100	102
Interest cover, average	1.5	2.4	3.2
Debt to equity, average	–	0.38	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	6,555	4,942	1,301
Cash from investing	−1,632	−1,628	−676
Cash from financing	−4,208	−2,618	−762
Capital spending	207	207	8
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	0	0	0
Borrowings repaid	1,863	1,380	387

Accounting checks

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

Check	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	–	–	9	7	7	9	7	6
Altman Z-scorePublished threshold 1.1	−0.86	0.74	2.64	2.69	2.76	4.15	4.78	5.01
Beneish M-scorePublished threshold −1.78	–	–	−1.77	−2.29	−2.45	−2.88	−2.56	−2.48
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	−4.66	−3.64	−4.74	0.50	−5.36	−0.97
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	5.46	2.99	2.33	2.16
Receivables growth less revenue growthOur threshold 0 percentage points	–	−54.57	101.25	−22.45	0.35	−15.23	−1.26	13.79
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	53.97	−30.49	89.45	4.90	−23.32	34.59	−28.23
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	−15.79	−0.11	7.54	5.99	−6.23	2.62	−2.27
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	14.26	6.10	1.90	1.04	2.56
Effective tax ratePublished threshold 17.16 per cent	–	–	32.66	65.38	75.41	18.19	33.07	39.71
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	63.92	72.70	17.48	16.34	27.35

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
31 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil BBB/Watch NegativeReview, Re-affirm	64.24
24 Apr 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND A2+ / Rating WatchReview, Other	500
10 Mar 2026	Acuite Ratings & Research Limited (opens in a new tab)	Bank Loan Ratings	ACUITE BBB+ / Rating Watch with Developing ImplicationsReview, Re-affirm	4,224.53

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