JSW Energy financials and balance sheet

NSE: JSWENERGYBSE: 533148PowerMid Cap

₹448.55₹15.35 (3.31%)BSE ₹445.60

Share price at the NSE close on 23 Oct 2026. Previous close ₹463.90.

52-week range of traded prices to 23 Oct 2026

₹427.75Low, 27 Jan 2026₹617.35High, 29 May 2026

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

Market cap: ₹82,241 Cr121st largest listed
P/E: 41.8
P/B: 2.7
Dividend yield: 0.45%
ROE: 6.8%
ROCE: 6.2%
Debt to equity: 2.26
Volume, NSE: 23,19,05251.5% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.JSW Energy annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹18,901 Cr, year to Mar 2026

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 0.1% of operating profit in the first full year.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue18,901
Materials and goods−5,667
Employee costs−728
Other expenses−2,442
Operating profit10,064
Depreciation−3,185
Other income+977
One-off items−65
Finance costs−5,816
Profit before tax1,974
Tax+777
Joint ventures+12
Net profit2,762

What the company owns

Plant, investments and other assets₹1,11,218 Cr
Cash and bank₹5,765 Cr
Current investments₹3,265 Cr
Receivables₹2,973 Cr
Inventory₹961 Cr

What pays for it: net worth and liabilities

Borrowings₹75,846 Cr
Net worth₹33,577 Cr
Other liabilities₹13,335 Cr
Owed to suppliers₹1,423 Cr

JSW Energy 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.JSW Energy segment results by quarter

Revenue by segment

₹18,838 CrTotal

Thermal₹13,212 Cr70.1% of total
Renewable₹5,626 Cr29.9% of total

Profit by segment

Thermal₹4,367 Cr58.8% of total
Renewable₹3,055 Cr41.2% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Thermal
Revenue, ₹ crore
8,614
7,996
7,942
13,212
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,600
2,070
1,858
4,367
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Renewable
Revenue, ₹ crore
1,491
3,276
3,579
5,626
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
775
1,867
2,075
3,055
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	–	–	–	–	10,105	11,272	11,521	18,838
Company revenue, as in its results	9,138	8,273	6,922	8,167	10,332	11,486	11,745	18,901
Revenue	–	–	–	–	8,614	7,996	7,942	13,212
Revenue growth	–	–	–	–	–	−7.2%	−0.7%	66.4%
Profit	–	–	–	–	1,600	2,070	1,858	4,367
Profit growth	–	–	–	–	–	29.4%	−10.2%	135.0%
Margin	–	–	–	–	18.6%	25.9%	23.4%	33.1%
Return on capital	–	–	–	–	77.8%	113.0%	58.9%	175.1%
Assets	–	–	–	–	13,074	13,469	34,776	36,091
Liabilities	–	–	–	–	11,016	11,638	31,622	33,597
Capital employed	–	–	–	–	2,057	1,831	3,154	2,494
Revenue	–	–	–	–	1,491	3,276	3,579	5,626
Revenue growth	–	–	–	–	–	119.8%	9.2%	57.2%
Profit	–	–	–	–	775	1,867	2,075	3,055
Profit growth	–	–	–	–	–	141.1%	11.2%	47.2%
Margin	–	–	–	–	52.0%	57.0%	58.0%	54.3%
Return on capital	–	–	–	–	8.6%	20.4%	15.4%	19.4%
Assets	–	–	–	–	27,885	34,563	42,433	72,506
Liabilities	–	–	–	–	18,850	25,414	28,935	56,741
Capital employed	–	–	–	–	9,035	9,149	13,499	15,765
Revenue	–	–	–	–	227	214	225	63
Profit	–	–	–	–	137	111	127	20
Assets	–	–	–	–	7,783	10,237	12,729	15,585
Liabilities	–	–	–	–	142	203	297	266

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

Profit and loss

Consolidated, ₹ crore, years to March.JSW Energy quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 17 Jun	Mar 2020Filed 21 May	Mar 2021Filed 25 Jun	Mar 2022Filed 4 May	Mar 2023Filed 24 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 11 May
Revenue from operations	8,263	8,049	9,138	8,273	6,922	8,167	10,332	11,486	11,745	18,901
	4,939	5,286	6,284	5,316	4,016	4,598	7,050	6,104	6,525	8,837
Materials and goods bought	–	–	5,435	4,498	3,283	3,574	5,937	4,707	4,596	5,667
Employee costs	–	–	244	243	237	264	308	364	464	728
Other expenses	–	–	606	575	496	760	805	1,033	1,464	2,442
Operating profit before depreciation	3,324	2,763	2,853	2,957	2,907	3,569	3,282	5,382	5,221	10,064
Operating margin	40.2%	34.3%	31.2%	35.7%	42.0%	43.7%	31.8%	46.9%	44.5%	53.2%
Materials, % of revenue	–	–	59.5%	54.4%	47.4%	43.8%	57.5%	41.0%	39.1%	30.0%
Employee costs, % of revenue	–	–	2.7%	2.9%	3.4%	3.2%	3.0%	3.2%	4.0%	3.8%
Other expenses, % of revenue	–	–	6.6%	6.9%	7.2%	9.3%	7.8%	9.0%	12.5%	12.9%
Depreciation and amortisation	969	966	1,164	1,168	1,167	1,131	1,169	1,633	1,655	3,185
Operating profit after depreciation	2,355	1,796	1,689	1,789	1,740	2,438	2,113	3,748	3,566	6,879
Other income	217	465	368	287	237	569	535	455	894	977
Finance costs	1,685	1,456	1,192	1,051	896	777	844	2,053	2,269	5,816
Profit before one-off items and tax	887	806	865	1,025	1,081	2,230	1,804	2,150	2,191	2,039
One-off items	0	−418	0	61	0	0	120	0	0	−65
Profit before tax	887	388	865	1,086	1,081	2,230	1,924	2,150	2,191	1,974
	269	253	212	33	276	495	477	442	231	−777
Current tax	–	211	179	112	195	422	298	394	387	335
Deferred tax	–	42	33	−79	81	73	178	48	−156	−1,111
Share of profit of joint ventures and associates	–	−49	32	28	17	9	19	17	23	12
	629	85	684	1,081	823	1,743	1,480	1,725	1,983	2,762
Belonging to the company's shareholders	629	85	695	1,100	795	1,729	1,478	1,723	1,951	2,239
Belonging to outside owners of subsidiaries	–	–	−11	−19	27	15	2	2	32	523
Other comprehensive income	–	–	12	−1,081	2,215	1,573	40	782	1,334	299
Total comprehensive income	–	–	697	0	3,038	3,316	1,520	2,506	3,317	3,062
Net margin	7.6%	1.1%	7.5%	13.1%	11.9%	21.3%	14.3%	15.0%	16.9%	14.6%
Net margin without joint ventures and associates	–	1.7%	7.1%	12.7%	11.6%	21.2%	14.1%	14.9%	16.7%	14.6%

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 17 Jun	Mar 2020Filed 21 May	Mar 2021Filed 25 Jun	Mar 2022Filed 4 May	Mar 2023Filed 24 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 11 May
	11,810	11,622	14,498	17,417	18,734	21,014	29,085	33,577
	11,822	11,646	14,507	17,415	18,629	20,832	27,361	30,752
Share capital	1,641	1,642	1,642	1,640	1,641	1,641	1,745	1,756
Reserves	10,181	10,004	12,865	15,775	16,988	19,191	25,616	28,995
Belonging to outside owners of subsidiaries	−12	−24	−9	2	105	183	1,724	2,826
	9,240	8,281	7,262	8,893	24,817	31,327	49,621	75,846
Repayable after a year	9,240	8,281	6,972	6,876	19,208	27,731	44,897	64,875
Repayable within a year	0	0	290	2,016	5,609	3,595	4,724	10,971
	4,343	4,543	3,569	5,093	8,938	7,269	11,715	20,230
Trade payables	1,840	1,603	950	1,076	1,274	1,344	1,409	1,423
Other financial liabilities	2,366	2,843	2,227	1,898	1,930	2,152	4,733	6,691
Other liabilities	66	49	53	53	59	92	707	963
Provisions	31	12	13	13	20	26	34	116
Tax owed	40	37	37	37	45	60	108	66
	9,773	8,947	8,369	8,423	21,002	29,985	49,139	70,374
Other financial liabilities	0	27	453	119	323	294	517	1,228
Other liabilities	6	186	236	424	330	507	489	837
Provisions	70	82	99	112	62	114	152	205
Deferred tax	456	370	608	892	1,078	1,339	3,083	3,229
Liabilities going with businesses held for sale	–	–	–	–	68	–	–	–
	25,926	25,112	26,436	30,932	48,742	58,269	89,939	1,24,182
Held for sale or for a demerger	–	–	114	–	102	–	–	–
	22,818	20,610	21,972	25,732	39,118	49,604	77,520	1,08,775
Plant in use, after depreciation	16,290	15,217	14,166	13,423	23,065	26,088	45,713	61,806
Plant being built	400	391	473	2,091	4,780	10,282	10,277	17,409
Intangible assets	895	856	831	768	1,316	2,218	7,802	12,058
Goodwill	640	640	640	640	640	640	640	659
Intangible assets being developed	–	0	0	0	9	3	4	55
Investments	2,108	1,099	3,340	5,195	4,906	5,874	7,559	8,008
Stakes in joint ventures and associates	–	11	28	36	56	72	95	107
Loans given	721	665	569	568	568	568	568	568
Other financial assets	1,187	1,241	1,263	1,313	2,092	2,139	2,542	4,254
Deferred tax	64	181	230	418	324	502	484	375
Trade receivables	–	0	5	99	99	176	290	267
Other assets	513	310	428	1,182	1,264	1,042	1,547	3,211
	3,108	4,502	4,350	5,200	9,522	8,665	12,419	15,407
Inventories	455	640	395	901	987	831	905	961
Trade receivables	1,428	2,103	1,301	1,215	2,308	1,704	2,614	2,973
Cash and cash equivalents	132	152	367	585	3,422	3,092	3,234	4,142
Other bank balances	71	49	112	549	592	1,115	1,462	1,623
Current investments	342	744	684	1,392	1,071	1,089	2,102	3,265
Loans given	178	251	1,131	151	181	111	199	272
Other financial assets	425	445	254	253	676	195	240	402
Tax paid in advance	–	0	0	0	0	–	343	–
Other assets	77	119	105	155	286	529	1,321	1,769
Net debt	8,695	7,336	6,099	6,366	19,732	26,031	42,825	66,816

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 25 Jun	Mar 2022Filed 4 May	Mar 2023Filed 24 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 11 May
	3,700	2,952	2,084	6,234	3,838	9,898
	3,883	3,391	2,432	6,619	4,552	10,566
	775	−438	−1,134	1,009	−1,588	−289
Receivables	804	−7	−502	639	−727	−194
Inventories	244	−506	−60	149	211	−55
Payables	−272	121	−408	113	−121	122
Other working capital	0	−46	−164	107	−951	−161
Tax paid	−183	−439	−347	−386	−329	−286
Capital spending	435	2,294	4,236	8,033	6,709	10,310
Free cash flow	3,264	658	−2,152	−1,799	−2,870	−412
	−1,033	−1,392	−7,009	−8,318	−23,613	−20,271
Plant and property sold	94	0	0	0	2	199
Companies bought	0	0	0	0	−16,887	−9,623
Interest received	171	317	−234	189	320	373
Dividends received	14	46	−122	24	51	20
	−2,515	−781	7,560	1,798	20,223	10,617
Borrowings raised	690	6,429	9,708	11,093	21,406	20,466
Borrowings repaid	−2,195	−6,036	−970	−6,723	−2,981	−4,579
Interest paid	−843	−757	−1,076	−2,308	−2,721	−5,956
Lease payments	−3	−3	−10	−30	−64	−156
Dividends paid	164	329	329	347	364	364
Shares bought back	0	84	0	0	0	0
Shares issued	1	0	3	0	4,944	1,125
Net change in cash	153	778	2,634	−286	449	245

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.JSW Energy dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 17 Jun	Mar 2020Filed 21 May	Mar 2021Filed 25 Jun	Mar 2022Filed 4 May	Mar 2023Filed 24 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 11 May
Earnings per share	₹3.86	₹0.48	₹4.24	₹6.70	₹4.84	₹10.52	₹9.01	₹10.50	₹11.19	₹12.82
Diluted earnings per share	₹3.86	₹0.48	₹4.24	₹6.70	₹4.84	₹10.50	₹8.99	₹10.47	₹11.18	₹12.74
Dividend per share	–	–	₹1.00	₹1.00	₹2.00	₹2.00	₹2.00	₹2.00	₹2.00	₹2.00
Book value per share	–	–	₹72.05	₹70.93	₹88.33	₹106.21	₹113.55	₹126.93	₹156.78	₹175.10
Dividend payout	–	–	23.6%	14.9%	41.3%	19.0%	22.2%	19.1%	17.9%	15.7%
Shareholder yield	–	–	–	–	1.1%	0.8%	0.8%	0.4%	−4.9%	−0.9%
Market cap at the year end (₹ crore)	10,283	11,940	11,913	7,013	14,432	49,683	39,612	86,987	94,012	82,425

Ratios

Consolidated, years to March.JSW Energy PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 17 Jun	Mar 2020Filed 21 May	Mar 2021Filed 25 Jun	Mar 2022Filed 4 May	Mar 2023Filed 24 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 11 May
Revenue growth	−17.1%	−2.6%	13.5%	−9.5%	−16.3%	18.0%	26.5%	11.2%	2.3%	60.9%
Operating profit growth	−19.8%	−16.9%	3.3%	3.6%	−1.7%	22.8%	−8.0%	64.0%	−3.0%	92.8%
Net profit growth	−54.9%	−86.5%	706.1%	58.0%	−23.9%	111.9%	−15.1%	16.5%	15.0%	39.3%
Earnings per share growth	–	−87.6%	783.3%	58.0%	−27.8%	117.4%	−14.4%	16.5%	6.6%	14.6%
	–	–	5.9%	9.4%	6.1%	10.8%	8.2%	8.7%	8.1%	7.7%
	–	–	–	3.5 pts	−3.3 pts	4.7 pts	−2.6 pts	0.5 pts	−0.6 pts	−0.4 pts
From the net margin	–	–	–	4.4 pts	−1.3 pts	5.1 pts	−3.5 pts	0.4 pts	0.9 pts	−2.3 pts
From asset turnover	–	–	–	−0.8 pts	−1.4 pts	0.7 pts	−0.7 pts	−1.5 pts	−2.5 pts	0.7 pts
From borrowing	–	–	–	−0.1 pts	−0.6 pts	−1.0 pts	1.5 pts	1.6 pts	1.0 pts	1.3 pts
Return on capital employed	–	–	8.0%	9.0%	8.0%	9.3%	4.9%	7.2%	4.5%	6.3%
Cash conversion	–	–	–	–	449.7%	169.3%	140.8%	361.4%	193.6%	358.3%
Interest cover	1.4	1.2	1.4	1.7	1.9	3.1	2.5	1.8	1.6	1.2
Debt to equity	–	–	0.78	0.71	0.50	0.51	1.32	1.49	1.71	2.26
Receivable days	–	–	57	93	69	54	82	54	81	57
Inventory days	–	–	31	52	44	92	61	64	72	62
Payable days	–	–	124	130	106	110	78	104	112	92
Cash conversion cycle, days	–	–	−36	15	7	36	64	14	41	28
Working capital days	–	–	−71	−43	−5	−18	39	−10	−43	−56
Asset turnover	–	–	0.35	0.32	0.27	0.28	0.26	0.21	0.16	0.18
Assets per rupee of net worth	–	–	2.19	2.17	1.97	1.80	2.21	2.71	3.08	3.68
Sales per rupee of plant	–	–	0.56	0.54	0.49	0.61	0.45	0.44	0.26	0.31
Capital spending to depreciation	–	–	–	–	0.37	2.03	3.62	4.92	4.05	3.24
Plant being built, % of plant in use	–	–	2.5%	2.6%	3.3%	15.6%	20.7%	39.4%	22.5%	28.2%

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: 2.1%
Cash from operations against operating profit: 98.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	6.6%	22.3%	22.3%
Profit growth, yearly rate	4.8%	23.0%	14.9%
Return on equity, average	–	8.7%	8.2%
Return on capital employed, average	–	6.4%	6.0%
Operating margin, average	40.4%	44.0%	48.2%
Net margin, average	12.3%	16.4%	15.5%
Asset turnover, average	–	0.22	0.18
Cash conversion cycle, days, average	–	37	28
Interest cover, average	1.8	2.0	1.5
Debt to equity, average	–	1.46	1.82

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	25,007	19,970	9,898
Cash from investing	−60,603	−52,201	−20,271
Cash from financing	39,418	32,639	10,617
Capital spending	31,582	25,052	10,310
Dividends paid	1,732	1,075	364
Shares bought back	84	0	0
Shares issued for cash	6,073	6,069	1,125
Borrowings raised	69,102	52,966	20,466
Borrowings repaid	21,289	14,283	4,579

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	–	–	–	–	6	8	5	5	4	5
Altman Z-scorePublished threshold 1.1	–	–	2.38	2.76	3.56	3.69	2.25	2.31	1.81	1.32
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.40	−2.67	−1.75	−3.10	−2.15	−2.56
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−7.16	0.64	16.08	7.12	29.36	12.27
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	2.16	2.28	2.34	3.09
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	56.77	−21.81	−24.64	63.50	−37.36	51.21	−47.20
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	57.88	−11.21	119.19	−56.57	4.88	11.34	−17.19
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.75	−2.96	0.59	5.36	−2.07	10.04	1.42
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	4.11	4.07	5.39	0.44	2.21	0.48	0.90
Effective tax ratePublished threshold 17.16 per cent	30.31	65.33	24.56	3.04	25.51	22.19	24.78	20.57	10.54	−39.34
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	2.51	6.72	2.63	−4.47	−53.82

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
11 Sep 2026	ICRA Limited (opens in a new tab)	Non-fund based-Proposed limits	[ICRA]AA /[ICRA]A1+New, New	Stable	2,800
11 Sep 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AAReview, Re-affirm	Stable	3,430.57
11 Sep 2026	ICRA Limited (opens in a new tab)	Fund-based-Proposed limits	[ICRA]AAReview, Re-affirm	Stable	1,000
11 Sep 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]AA /[ICRA]A1+New, New	Stable	5,696.50
11 Sep 2026	ICRA Limited (opens in a new tab)	Fund-based-Others	[ICRA]AA /[ICRA]A1+Review, Re-affirm	Stable	2,975
11 Sep 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]AANew, New	Stable	400
11 Sep 2026	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+Review, Re-affirm		500
11 Sep 2026	ICRA Limited (opens in a new tab)	Fund-based-Others	[ICRA]A1+New, New		265.10
11 Sep 2026	ICRA Limited (opens in a new tab)	Non Convertible Debentures	[ICRA]AAReview, Re-affirm	Stable	250
8 Sep 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA; IND A1+Review, Re-affirm	Stable	9,988.90
8 Sep 2026	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	IND AANew, New	Stable	1,500
8 Sep 2026	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	WDReview, Other		250
8 Sep 2026	India Ratings and Research Private Limited (opens in a new tab)	Issuer Rating	IND AAReview, Re-affirm	Stable
8 Sep 2026	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		3,250
12 Sep 2025	ICRA Limited (opens in a new tab)	Fund Based/Non Fund Based-Others	[ICRA]AA /[ICRA]A1+Review, Re-affirm	Stable	100
12 Sep 2025	ICRA Limited (opens in a new tab)	Non Fund Based-Letter of Credit	[ICRA]AA /[ICRA]A1+Review, Re-affirm	Stable	2,226.50
12 Sep 2025	ICRA Limited (opens in a new tab)	Fund Based-Proposed	[ICRA]AA /[ICRA]A1+Review, Re-affirm	Stable	2,000
12 Sep 2025	ICRA Limited (opens in a new tab)	Fund Based/Non Fund Based-Others	[ICRA]A1+Review, Re-affirm		300
12 Sep 2025	ICRA Limited (opens in a new tab)	Non Fund Based-Letter of Credit	[ICRA]A1+Review, Re-affirm		906.40
12 Sep 2025	ICRA Limited (opens in a new tab)	Fund Based-Proposed	[ICRA]AANew, New	Stable	500
12 Sep 2025	ICRA Limited (opens in a new tab)	Fund Based-Cash Credit	[ICRA]AAReview, Re-affirm	Stable	10

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