CRISIL upgraded long-term rating to 'CRISIL AAA/Stable' from 'CRISIL AA+/Stable'; AAA now from all four agencies

CRISIL Ratings has upgraded the long-term rating to 'CRISIL AAA/Stable' from 'CRISIL AA+/Stable'.

Wed 7 Oct 2026

Rating Action

CRISIL upgraded long-term rating to 'CRISIL AAA/Stable' from 'CRISIL AA+/Stable'

AAA Ratings from Agencies

all four leading domestic credit rating agencies — CRISIL, India Ratings, CARE Ratings and ICRA

Time Span

12 months

The rating action

• CRISIL Ratings has upgraded the company's long-term rating to CRISIL AAA/Stable from CRISIL AA+/Stable.
• With this upgrade, the company holds AAA ratings from all four leading domestic credit rating agencies — CRISIL, India Ratings, CARE Ratings and ICRA — across relevant long-term instruments and facilities.
• These AAA ratings were received within a span of 12 months.

Rating journey over the past year

• India Ratings, November 2025: upgraded to IND AAA/Stable, citing sustained improvement in profitability and asset quality, increasing granularity of the retail loan book, adequate liquidity buffers and expected support from the promoter.
• CARE Ratings, May 2026: upgraded to CARE AAA/Stable, reflecting its strong market position, robust capitalisation, improving asset quality and strong operational and brand linkages with Punjab National Bank.
• ICRA, August 2026: upgraded to ICRA AAA (Stable), driven by sustained improvement in asset quality, a shift towards a more granular retail-focused mortgage franchise, comfortable capitalisation, diversified funding and continued strategic and financial support from the promoter.

What the company says the upgrade reflects

• Sustained strengthening of financial and operating fundamentals, including improving asset quality, strong capitalisation, enhanced profitability, a granular retail-focused mortgage portfolio and a diversified funding profile.
• Strong parentage, strategic relevance in the retail lending ecosystem and continued support from the company's promoters, Punjab National Bank.
• The company states these factors enhance investor confidence, support access to diversified funding sources at competitive rates and reinforce its overall financial resilience.

What the MD & CEO said

• Ajai Shukla, MD & CEO, said the upgrade to CRISIL AAA/Stable, following the AAA ratings from India Ratings, CARE Ratings and ICRA within a span of 12 months, is a strong validation of the progress made in strengthening the fundamentals of the business.
• He added that this will further enhance customer trust and investor confidence in the company's long-term financial strength, governance standards and growth strategy, and that housing is a powerful catalyst for economic growth and social progress.

About the company

• Promoted by Punjab National Bank, it is a registered Housing Finance Company with the National Housing Bank (NHB) and a deposit taking Housing Finance Company.
• It listed on the Indian stock exchanges on November 7, 2016.
• Its asset base comprises primarily retail loans and corporate loans. The retail business focuses on the organized mass housing segment, financing acquisition or construction of houses, and it also provides loans against property and loans for the purchase and construction of non-residential premises.

How to read a rating action

• A credit rating is a rating agency's opinion on the credit quality of a company's debt instruments. In the agencies' long-term scales, AAA is the highest rating category, and the ratings here carry a Stable outlook.

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