Shriram Finance Limited — Credit Ratings, 09-04-2026: Credit Rating

ICRA Limited has upgraded Shriram Finance's Long-Term Rating for its Fixed Deposit and Non-Convertible Debenture Programmes to [ICRA]AAA (Stable) from [ICRA]AA+. This upgrade is driven by a significant equity infusion of Rs. 39,618 crore from MUFG Bank, which substantially strengthens the company's capitalisation and financial flexibility. ICRA also assigned an [ICRA]AAA (Stable) rating for a new Rs. 2,000 crore NCD programme.