Shriram Finance Limited has informed the Exchange about Credit Rating
SHRIRAMFIN · price
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ICRA has upgraded Shriram Finance's long-term rating from [ICRA]AA+ to the highest [ICRA]AAA with a Stable outlook, removing it from Watch with Positive Implications. The upgrade covers both the company's Fixed Deposit Programme and its Non-Convertible Debenture (NCD) Programme. ICRA also assigned a fresh [ICRA]AAA (Stable) rating to a proposed Rs. 2,000 crore NCD issuance. The upgrade is driven by the recent Rs. 39,618 crore equity infusion from MUFG Bank (giving it a 20% stake), which has sharply strengthened the company's capitalisation, with pro-forma managed gearing expected to fall to around 2.5 times. Shriram Finance is India's second-largest NBFC with AUM of about Rs. 2.92 lakh crore as of December 2025, and asset quality has also improved, with gross stage 3 assets falling to 4.5%.
This is a strong positive signal for shareholders and bond/deposit holders. The upgrade to AAA — the highest credit rating — reflects significantly improved financial strength and lower risk, likely helping Shriram Finance raise funds more cheaply. It also confirms investor confidence in the MUFG deal and the company's improved capital position.