Sterlite Technologies financials and balance sheet

NSE: STLTECHBSE: 532374Telecom - Equipment & AccessoriesSmall Cap

Formerly Sterlite Optical Technologies

₹826.65₹25.80 (3.22%)BSE ₹829.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹800.85.

52-week range of traded prices to 23 Oct 2026

₹84.60Low, 27 Jan 2026₹1,051.10High, 6 Oct 2026

Under NSE's long-term additional surveillance, stage IV, on the list for 23 Oct 2026. The exchange puts a share here when its price has moved unusually, and trading in it carries extra conditions.
Delivery only: shares bought must be paid for in full, with no selling on the same day.
Next results date: the board meets on 23 Oct 2026 to consider: financial results.

Market cap: ₹42,495 Cr460th largest listed
P/E: 174.9
P/B: Shares changed
Dividend yield: Nonein the last 12 months
ROE: 11.4%
ROCE: 12.4%
Debt to equity: 0.81
Volume, NSE: 45,37,896

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Back to profit in the year to Mar 2026, ₹56 CrA loss in 2 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 2.2% 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 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty. From the year to Mar 2023, the company's revenue for that year, ₹6,925 Cr, differs from its quarters added, ₹7,097 Cr; the company reports a discontinued business. From the year to Mar 2025, the company's revenue for that year, ₹3,996 Cr, differs from its quarters added, ₹4,944 Cr.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue4,745
Materials and goods−2,385
Employee costs−659
Other expenses−1,132
Operating profit569
Depreciation−313
Other income+59
One-off items+16
Finance costs−224
Profit before tax107
Tax−51
Net profit56

What the company owns

Plant, investments and other assets₹4,047 Cr
Receivables₹1,066 Cr
Inventory₹906 Cr
Cash and bank₹323 Cr
Current investments₹4 Cr

What pays for it: net worth and liabilities

Net worth₹2,268 Cr
Borrowings₹1,827 Cr
Other liabilities₹1,186 Cr
Owed to suppliers₹1,065 Cr

Sterlite Technologies 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. The demerger of 24 Apr 2025 fell inside the year to Mar 2026.Sterlite Technologies segment results by quarter

Revenue by segment

₹4,770 CrTotal

Optical networking business₹4,486 Cr94.0% of total
Digital and technology solutions₹284 Cr6.0% of total

Profit by segment

Optical networking business₹606 Cr99.5% of total
Digital and technology solutions₹3 Cr0.5% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Optical networking business
Revenue, ₹ crore
3,741
4,486
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
464
606
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Digital and technology solutions
Revenue, ₹ crore
290
284
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−23
3
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	–	–	–	–	–	–	4,031	4,770
Company revenue, as in its results	5,087	5,154	4,825	5,754	6,925	5,478	3,996	4,745
Revenue	–	–	–	–	–	–	3,741	4,486
Revenue growth	–	–	–	–	–	–	–	19.9%
Profit	–	–	–	–	–	–	464	606
Profit growth	–	–	–	–	–	–	–	30.6%
Margin	–	–	–	–	–	–	12.4%	13.5%
Return on capital	–	–	–	–	–	–	14.9%	17.7%
Assets	–	–	–	–	–	–	4,486	5,399
Liabilities	–	–	–	–	–	–	1,362	1,969
Capital employed	–	–	–	–	–	–	3,124	3,430
Revenue	–	–	–	–	–	–	290	284
Revenue growth	–	–	–	–	–	–	–	−2.1%
Profit	–	–	–	–	–	–	−23	3
Margin	–	–	–	–	–	–	−7.9%	1.1%
Return on capital	–	–	–	–	–	–	−135.3%	–
Assets	–	–	–	–	–	–	170	185
Liabilities	–	–	–	–	–	–	153	195
Capital employed	–	–	–	–	–	–	17	−10

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

Profit and loss

Consolidated, ₹ crore, years to March.Sterlite Technologies quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 24 Apr	Mar 2020Filed 13 May	Mar 2021Filed 30 Apr	Mar 2022Filed 29 Apr	Mar 2023Filed 18 May	Mar 2024Filed 9 May	Mar 2025Filed 12 Jun	Mar 2026Filed 29 Apr
Revenue from operations	2,594	3,205	5,087	5,154	4,825	5,754	6,925	5,478	3,996	4,745
	2,075	2,456	3,960	4,085	4,015	5,219	6,035	4,908	3,580	4,176
Materials and goods bought	998	1,267	2,487	2,467	2,395	2,865	3,299	2,499	2,001	2,385
Employee costs	–	–	511	630	647	871	912	952	610	659
Other expenses	–	–	962	988	972	1,484	1,824	1,457	969	1,132
Operating profit before depreciation	519	749	1,127	1,069	811	535	890	570	416	569
Operating margin	20.0%	23.4%	22.2%	20.7%	16.8%	9.3%	12.9%	10.4%	10.4%	12.0%
Materials, % of revenue	–	–	48.9%	47.9%	49.6%	49.8%	47.6%	45.6%	50.1%	50.3%
Employee costs, % of revenue	–	–	10.0%	12.2%	13.4%	15.1%	13.2%	17.4%	15.3%	13.9%
Other expenses, % of revenue	–	–	18.9%	19.2%	20.1%	25.8%	26.3%	26.6%	24.2%	23.9%
Depreciation and amortisation	159	182	195	290	285	326	309	335	316	313
Operating profit after depreciation	360	567	932	779	525	209	581	235	100	256
Other income	23	39	37	34	43	59	41	57	36	59
Finance costs	123	104	105	221	203	241	311	369	241	224
Profit before one-off items and tax	260	503	864	592	365	27	311	−77	−105	91
One-off items	0	0	0	−51	0	16	0	0	0	16
Profit before tax	260	503	864	542	365	44	311	−77	−105	107
	40	133	278	109	111	15	84	−9	−33	51
Current tax	67	135	289	120	94	100	167	62	33	32
Deferred tax	−27	−2	−11	−11	18	−86	−83	−71	−66	19
Share of profit of joint ventures and associates	−3	−1	–	–	15	5	4	4	–	–
Profit from discontinued businesses	–	–	−8	−8	−4	14	−104	7	−51	–
	218	364	587	424	265	47	127	−57	−123	56
Belonging to the company's shareholders	218	364	572	434	275	62	141	−51	−123	56
Belonging to outside owners of subsidiaries	–	–	15	−9	−10	−15	−14	−6	0	0
Other comprehensive income	–	–	80	−37	42	11	−14	29	20	93
Total comprehensive income	–	–	666	388	307	58	113	−28	−103	149
Net margin	8.4%	11.4%	11.5%	8.2%	5.5%	–	–	–	–	1.2%
Net margin without joint ventures and associates	8.5%	11.4%	–	–	5.2%	–	–	–	–	–

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. Net margin is left blank for the years to Mar 2022, Mar 2023, Mar 2024 and Mar 2025: 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 24 Apr	Mar 2020Filed 13 May	Mar 2021Filed 30 Apr	Mar 2022Filed 29 Apr	Mar 2023Filed 18 May	Mar 2024Filed 9 May	Mar 2025Filed 12 Jun	Mar 2026Filed 29 Apr	Sep 2026Half yearFiled 23 Oct
	1,815	2,023	2,085	2,042	2,095	2,023	1,990	2,268	4,543
	1,719	1,920	1,987	1,957	2,091	2,023	1,990	2,268	4,543
Share capital	81	81	79	80	80	80	98	98	103
Reserves	1,639	1,839	1,908	1,877	2,011	1,943	1,892	2,170	4,440
Belonging to outside owners of subsidiaries	95	103	98	86	4	0	–	–	–
	1,918	2,201	2,490	3,311	3,667	3,225	1,818	1,827	864
Repayable after a year	935	970	1,256	1,536	1,150	991	837	1,155	547
Repayable within a year	983	1,231	1,234	1,775	2,517	2,234	981	672	317
	4,045	3,882	4,311	4,890	5,401	5,180	2,510	2,720	2,651
Trade payables	1,913	1,430	1,944	2,420	2,152	2,178	1,028	1,065	982
Other financial liabilities	709	985	934	515	453	504	289	648	736
Other liabilities	374	227	158	133	160	209	158	330	483
Provisions	11	10	10	24	66	39	41	0	51
Tax owed	55	0	30	22	53	16	13	5	82
	1,057	1,208	1,517	1,812	1,369	1,128	1,027	1,358	836
Other financial liabilities	15	118	0	145	141	60	96	107	100
Other liabilities	32	47	53	50	44	24	14	38	40
Provisions	1	1	1	1	0	0	0	0	21
Deferred tax	74	72	103	80	34	53	80	58	128
Trade payables	0	–	104	0	0	0	–	–	0
Liabilities going with businesses held for sale	95	96	160	–	–	–	–	–	–
	7,012	7,209	8,073	8,745	8,865	8,331	5,527	6,346	8,030
Held for sale or for a demerger	114	110	172	–	10	–	–	–	–
	3,034	3,441	3,605	3,764	3,659	3,688	3,242	3,683	3,921
Plant in use, after depreciation	2,317	2,840	2,783	2,855	2,854	2,839	2,671	2,693	–
Plant being built	419	133	227	142	129	62	23	19	–
Intangible assets	43	98	99	187	167	142	91	81	75
Goodwill	107	122	292	296	225	228	166	194	196
Property held to earn rent	0	–	0	0	0	0	–	3	3
Investments	35	100	122	92	96	88	90	463	494
Loans given	43	37	17	4	3	1	0	0	0
Other financial assets	42	15	7	18	11	8	9	31	6
Deferred tax	–	14	18	48	77	146	143	97	105
Trade receivables	2	–	0	–	–	0	–	0	0
Other assets	25	82	39	122	97	174	49	102	202
	3,864	3,658	4,296	4,981	5,196	4,643	2,285	2,663	4,109
Inventories	590	452	626	920	832	822	736	906	850
Trade receivables	1,355	1,563	1,451	1,706	1,822	1,598	826	1,066	1,606
Cash and cash equivalents	143	150	193	411	450	339	396	298	528
Other bank balances	90	95	56	119	57	64	72	25	110
Current investments	100	233	181	0	40	35	0	4	534
Loans given	0	0	10	0	0	0	0	23	1
Other financial assets	99	53	27	1,365	1,534	136	81	115	162
Other assets	1,487	1,113	1,752	460	461	1,649	174	226	318
Net debt	1,584	1,723	2,060	2,782	3,120	2,787	1,350	1,500	−308

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 30 Apr	Mar 2022Filed 29 Apr	Mar 2023Filed 18 May	Mar 2024Filed 9 May	Mar 2025Filed 12 Jun	Mar 2026Filed 29 Apr	Sep 2026Half yearFiled 23 Oct
	638	574	227	791	348	520	692
	1,323	743	246	925	327	579	846
	469	168	−373	96	−249	−59	−441
Receivables	180	−172	−235	168	−292	−175	−568
Inventories	−113	−297	118	16	54	−127	62
Payables	461	414	−305	13	−261	212	−80
Other working capital	−60	223	49	−102	250	31	145
Tax paid	−44	−169	−19	−134	56	−59	−154
Capital spending	446	668	365	269	133	193	257
Free cash flow	192	−94	−138	522	215	327	435
	−619	−471	−58	−209	−89	−507	−838
Plant and property sold	1	95	36	0	15	17	18
Companies bought	−234	−110	0	0	0	0	0
Interest received	0	6	10	12	9	15	15
Dividends received	0	0	0	0	0	5	0
	23	115	−132	−691	−208	−133	375
Borrowings raised	839	754	839	506	100	509	48
Borrowings repaid	−336	−298	−523	−961	−717	−525	−1,024
Interest paid	−202	−240	−328	−366	−320	−221	−110
Lease payments	−18	−21	−33	0	−34	−21	−16
Dividends paid	138	79	20	41	0	0	0
Shares bought back	100	0	0	0	0	0	0
Shares issued	0	0	0	1	975	0	1,477
Net change in cash	43	218	37	−110	51	−120	229

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.Sterlite Technologies dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 24 Apr	Mar 2020Filed 13 May	Mar 2021Filed 30 Apr	Mar 2022Filed 29 Apr	Mar 2023Filed 18 May	Mar 2024Filed 9 May	Mar 2025Filed 12 Jun	Mar 2026Filed 29 Apr
Earnings per share	–	₹8.38	₹14.00	₹10.76	₹6.93	₹1.56	₹3.53	−₹1.27	−₹2.54	₹1.15
Diluted earnings per share	–	₹8.25	₹13.83	₹10.64	₹6.85	₹1.55	₹3.50	–	−₹2.54	₹1.11
Dividend per share	₹1.25	₹2.00	₹3.50	₹3.50	₹2.00	₹0.50	₹1.00	–	–	–
Book value per share	–	–	₹42.71	₹47.53	₹50.10	₹49.19	₹52.28	₹50.58	₹40.61	₹46.29
Dividend payout	22.9%	22.0%	24.6%	32.6%	28.8%	32.1%	28.4%	–	–	–
Shareholder yield	–	–	–	–	3.1%	0.9%	0.3%	0.9%	−24.7%	0.0%
Market cap at the year end (₹ crore)	5,013	12,520	8,791	2,577	7,695	8,922	5,877	4,421	3,947	8,608

Ratios

Consolidated, years to March.Sterlite Technologies PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 24 Apr	Mar 2020Filed 13 May	Mar 2021Filed 30 Apr	Mar 2022Filed 29 Apr	Mar 2023Filed 18 May	Mar 2024Filed 9 May	Mar 2025Filed 12 Jun	Mar 2026Filed 29 Apr
Revenue growth	–	–	–	1.3%	−6.4%	19.3%	–	−20.9%	–	18.7%
Operating profit growth	–	44.4%	50.4%	−5.1%	−24.2%	−34.0%	–	−36.0%	–	36.8%
Net profit growth	–	67.3%	61.1%	−27.7%	−37.5%	−82.2%	–	–	–	–
Earnings per share growth	–	–	67.1%	−23.1%	−35.6%	−77.5%	–	–	–	–
	–	–	33.3%	23.8%	14.1%	3.1%	7.0%	−2.5%	−6.1%	2.6%
	–	–	–	−9.4 pts	−9.7 pts	−11.0 pts	3.8 pts	−9.4 pts	−3.7 pts	8.8 pts
From the net margin	–	–	–	−8.3 pts	−7.7 pts	–	–	–	–	–
From asset turnover	–	–	–	0.0 pts	−2.1 pts	–	–	–	–	–
From borrowing	–	–	–	−1.0 pts	0.0 pts	–	–	–	–	–
Return on capital employed	–	–	25.0%	18.4%	11.5%	3.9%	10.1%	4.5%	2.6%	6.3%
Cash conversion	–	–	–	–	240.6%	1,212.5%	178.6%	–	–	928.6%
Interest cover	2.9	5.5	8.8	3.5	2.6	0.9	1.9	0.6	0.4	1.1
Debt to equity	–	–	1.06	1.09	1.19	1.62	1.75	1.59	0.91	0.81
Receivable days	–	–	97	111	110	108	96	106	75	82
Inventory days	–	–	87	67	95	117	92	120	134	139
Payable days	–	–	281	212	296	308	238	318	188	163
Cash conversion cycle, days	–	–	−97	−34	−91	−83	−50	−92	22	58
Working capital days	–	–	34	37	60	85	93	84	26	22
Asset turnover	–	–	0.73	0.72	0.63	0.68	0.79	0.64	0.58	0.80
Assets per rupee of net worth	–	–	4.08	3.91	3.91	4.26	4.35	4.18	3.45	2.79
Sales per rupee of plant	–	–	2.20	1.81	1.73	2.02	2.43	1.93	1.50	1.76
Capital spending to depreciation	–	–	–	–	1.56	2.05	1.18	0.80	0.42	0.62
Plant being built, % of plant in use	–	–	18.1%	4.7%	8.2%	5.0%	4.5%	2.2%	0.9%	0.7%

Revenue growth, operating profit growth and net profit growth are left blank for the year to Mar 2017: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. 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. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Revenue growth and operating profit growth are left blank for the year to Mar 2023: 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. Net profit growth and earnings per share growth are left blank for the year to Mar 2023: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. Revenue growth and operating profit growth are left blank for the year to Mar 2025: 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: 0.9%
Cash from operations against operating profit: 91.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	8.2%	−0.3%	−11.8%
Profit growth, yearly rate	−9.4%	−27.3%	−26.5%
Return on equity, average	–	0.8%	−2.0%
Return on capital employed, average	–	5.5%	4.5%
Operating margin, average	15.8%	11.0%	10.9%
Asset turnover, average	–	0.70	0.67
Cash conversion cycle, days, average	–	−29	−4
Interest cover, average	2.8	1.0	0.7
Debt to equity, average	–	1.34	1.10

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	2,460	1,659	520
Cash from investing	−1,334	−805	−507
Cash from financing	−1,049	−1,032	−133
Capital spending	1,628	595	193
Dividends paid	141	41	0
Shares bought back	0	0	0
Shares issued for cash	976	976	0
Borrowings raised	2,708	1,115	509
Borrowings repaid	3,024	2,203	525

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	7	5	3	7
Altman Z-scorePublished threshold 1.1	–	–	1.89	1.75	1.60	1.31	1.38	0.91	1.61	1.99
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.65	−2.75	−2.49	−3.04	−3.23	−2.55
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	3.21	−0.66	−0.48	−7.43	−5.51	0.72
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	3.27	13.57	–	–
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	14.05	−0.76	−1.68	−13.57	8.60	−21.26	10.31
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−22.58	41.57	27.30	−24.75	23.05	9.47	3.91
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−8.15	12.72	0.78	2.46	−3.83	−38.29	1.81
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.16	1.00	0.36	0.42	0.19	0.16	0.06
Effective tax ratePublished threshold 17.16 per cent	15.24	26.49	32.21	20.10	30.45	33.88	27.01	–	–	47.66
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−353.80	20.89	–	–	−7.48

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
1 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		100
1 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	WithdrawnReview, Other		100
1 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	WithdrawnReview, Other		700
1 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAReview, Upgrade	Stable	2,091
1 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible Debentures	Crisil AAReview, Upgrade	Stable	290
6 Jul 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]A1+Review, Re-affirm		3,433
6 Jul 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AAReview, Upgrade	Stable	120.15
6 Jul 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]AAReview, Upgrade	Stable	931
6 Jul 2026	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limits	[ICRA]AA /[ICRA]A1+Review, Upgrade	Stable	16
6 Jul 2026	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+Review, Re-affirm		500
12 Nov 2025	ICRA Limited (opens in a new tab)	Unallocated-Unallocated	[ICRA]AA- /[ICRA]A1+Review, Re-affirm	Stable	16

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