JM Financial Limited — Credit Ratings, 01-01-2026: Credit Rating- Others

ICRA Limited reaffirmed JM Financial's ratings. Non-convertible Debentures and bank lines are rated [ICRA]AA (Stable). Commercial Paper is rated [ICRA]A1+, with the program size reduced to 100 Cr from 300 Cr. The 'Stable' outlook reflects the Group's strong franchise, comfortable capitalisation, adequate liquidity, and strategic shift to an asset-light model.