Credit ratings reaffirmed by CRISIL, India Ratings and CARE

Mahindra & Mahindra Financial Services has received reaffirmed credit ratings from three rating agencies.

Thu 8 Oct 2026

CRISIL Commercial Paper

CRISIL A1+

CRISIL NCD / Subordinated Debt

CRISIL AAA/Stable

India Ratings - Bank Loans, Deposits, NCDs, CP

IND AAA/Stable or IND A1+

What the company has disclosed

The company has shared the credit ratings it received from three rating agencies - CRISIL Ratings Limited, India Ratings & Research Private Limited and CARE Ratings Limited. The ratings cover a range of the company's borrowings.

CRISIL Ratings Limited

• Commercial Paper: rated amount INR 20,000 Crore, rating CRISIL A1+
• Non-Convertible Debentures: rated amount INR 30,980 Crore, rating CRISIL AAA/Stable
• Subordinated Debt: rated amount INR 6,000.50 Crore, rating CRISIL AAA/Stable

India Ratings & Research Private Limited

• Bank Loans: INR 800,000 mn, rating IND AAA/Stable/IND A1+
• Fixed Deposits: INR 200,000 mn, rating IND AAA/Stable
• Non-convertible Debentures: INR 490 bn, rating IND AAA/ Outlook Stable
• Retail Non-convertible Debentures: INR 80 bn, rating IND AAA/ Outlook Stable
• Private Sub Debt: INR 104.5 bn, rating IND AAA/ Outlook Stable
• Principal protected Market Linked Debentures: INR 15 bn, rating IND PP-MLD AAA/Stable
• Retail Subordinate Debt: INR 30 bn, rating IND AAA/ Outlook Stable
• Commercial Paper: INR 200,000 mn, rating IND A1+

CARE Ratings Limited

• Long Term / Short Term Bank facilities: INR 50,000 Crore, rating CARE AAA; Stable / CARE A1+
• Secured non-convertible debenture (NCD privately placed): INR 11,686.50 Crore, rating CARE AAA; Stable
• Unsecured non-convertible debenture (NCD privately placed): INR 1,000 Crore, rating CARE AAA; Stable
• Subordinated debt (privately placed): INR 2,385 Crore, rating CARE AAA; Stable
• Long-term debt programme (public issue non-convertible debentures/subordinated debt): INR 4,059.03 Crore, rating CARE AAA; Stable

How to read a rating

A rating is an opinion on the borrower's ability to repay a specific debt instrument on time. Ratings in the AAA band are the highest long-term rating category, and A1+ is the highest short-term rating category. The word Stable describes the outlook on that rating. These ratings apply to the company's borrowings - commercial paper, debentures, bank loans, fixed deposits and subordinated debt - and not to its equity shares. A reaffirmation means the agencies have kept the ratings at the same level rather than changing them.

What an investor can take away

The disclosure lists the instruments, the rated amounts and the ratings for each agency, so an investor can see which borrowing programmes carry which rating and how much debt each rating covers. It is an update of the company's credit profile as assessed by the three agencies.

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