Ugro Capital Limited — Credit Ratings, 18-12-2025: Credit Rating

India Ratings affirmed UGRO Capital's Commercial Paper at IND A1+ and long-term instruments (Bank Loans, NCDs, Subordinated Debt) at IND A+/Positive, resolving the Positive Implications watch. This reflects strong growth and diversification post PCPL acquisition, increasing AUM above ₹15,000 Crore. CRISIL also reaffirmed NCDs and bank facilities at CRISIL A/Stable, moving them off 'Watch Developing'.