All Rating Rationales

Arohan Financial Services Limited: Provisional ratings assigned to PTCs backed by microfinance loan receivables issued by Lagertha 2026

Protium Finance Limited: Rating withdrawn for PTCs backed by a secured MSME LAP loan securitisation transaction

Farmart Service Private Limited: Rating confirmed as final for PTCs issued under a trade receivables securitisation transaction

Akara Capital Advisors Private Limited: Provisional [ICRA]A(SO) assigned to PTCs backed by personal loan receivables issued by GOLD WELL-2026

Akara Capital Advisors Private Limited: Provisional [ICRA]A(SO) assigned to PTCs backed by personal loan receivables issued by ROMULAN-2026

Ascend Bizcap Private Limited: Provisional ratings assigned to PTCs backed by electric three-wheeler loan receivables issued by Akeno 2026

Cholamandalam Investment and Finance Company Limited: Provisional [ICRA]AAA(SO) assigned to PTC Series A backed by vehicle loan receivables issued by PLATINUM TRUST MAR 2026 - TRANCHE II; Provisional [ICRA]A-(SO) assigned to second loss facility

Cholamandalam Investment and Finance Company LimitedProvisional [ICRA]AAA(SO) assigned to PTC Series A backed by vehicle loan receivables issued by PLATINUM TRUST MAR 2026 - TRANCHE I; Provisional [ICRA]A-(SO) assigned to second loss facility

DMI Finance Private Limited: Provisional [ICRA]AA(SO) assigned to PTC Series A1 issued by Plum 26-3, backed by a pool of personal loan receivables

DMI Finance Private Limited: Provisional [ICRA]AA+(SO) assigned to PTC Series A1 issued by PLUM 26-2, backed by a pool of personal loan receivables