Rating Rationale
December 02, 2024 | Mumbai
 
Edelweiss Financial Services Limited
Ratings continues on 'Watch Negative'
 
Rating Action
Rs.1000 Crore Non Convertible Debentures& CRISIL A+/Watch Negative (Continues on 'Rating Watch with Negative Implications')
Rs.500 Crore Non Convertible Debentures CRISIL A+/Watch Negative (Continues on 'Rating Watch with Negative Implications')
Rs.300 Crore Long Term Principal Protected Market Linked Debentures CRISIL PPMLD A+/Watch Negative (Continues on 'Rating Watch with Negative Implications')
Rs.881.36 Crore (Reduced from Rs.914.36 Crore) Retail Bond& CRISIL A+/Watch Negative (Continues on 'Rating Watch with Negative Implications')
Rs.500 Crore Commercial Paper CRISIL A1+/Watch Negative (Continues on 'Rating Watch with Negative Implications')
Non Convertible Debentures Aggregating Rs.2363.59 Crore& CRISIL A+/Watch Negative (Continues on 'Rating Watch with Negative Implications')
& public issue
Note: None of the Directors on CRISIL Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

 

Detailed Rationale

CRISIL Ratings’ ratings on the debt instruments of Edelweiss Financial Services Ltd (EFSL) continue on ‘Rating watch with Negative Implications’. 

 

CRISIL Ratings has withdrawn its rating on Rs 33 crore retail bonds  (see Annexure - Details of rating withdrawn for details) The withdrawal is in line with the CRISIL Ratings withdrawal policy.

 

The ratings were placed on watch following material supervisory concerns raised by the Reserve Bank of India (RBI) via its press release dated May 29, 2024, on ECL Finance Ltd (ECLF) and Edelweiss Asset Reconstruction Company Ltd (EARC).

 

The RBI ordered ECLF to cease and desist, with immediate effect, from undertaking any structured transactions with respect to wholesale exposures other than repayment and/or closure of accounts in its normal course of business. EARC was ordered to cease and desist from acquisition of financial assets, including security receipts (SRs) and reorganising the existing SRs into senior and subordinate tranches.

 

CRISIL Ratings understands based on discussions with the management that the companies have submitted their remedial plans to RBI and are continuously engaging with the regulator. RBI’s report on the same is awaited.

 

With respect to ECLF, the retail book continues to degrow due to slower traction in fund raising. The book stood at Rs 746 crore as on September 30, 2024 as compared to Rs 872 crore as on March 31, 2024 and Rs 703 crore as on March 31, 2022. The company had discontinued the wholesale lending business as on 1st Jan 2024- its residual wholesale loan portfolio is low at Rs 396 crore as at March 31, 2024, which further reduced to Rs 304 crore as on September 30, 2024. However, the entity carries Rs ~3,540 crore of SRs on its balance sheet.

 

With respect to EARC, the company’s focus was primarily on retail acquisitions since fiscal 2023.  Given their retail focused strategy, the embargo on new acquisitions would not translate into a significant impact on AUM in the short term given retail assets are not very AUM accretive. The company reported a profit of Rs 176 crore in first half of fiscal 2025 as against Rs 162 crore reported in the same period of fiscal 2024 and Rs 355 crore in full fiscal 2024. The same translated into an RoA of 6.9%, 5.5% and 6.3% respectively.

 

The profitability was supported by increase in net gain on fair value changes to 9.9% of average total assets as on September 30, 2024 from 5.6% as on September 30, 2023 and 9.0% as on March 31, 2024.

 

Nevertheless, a prolonged restriction on acquisitions would have a bearing on EARC’s business risk profile.

 

Aside from the direct business and financial impact for both ECLF and EARC, this could have a second order impact on fund raising for the group given the confidence sensitive nature of the funding environment for non-banking financial companies (NBFCs) and asset reconstruction companies (ARCs). So far, there are no concerns around these aspects. In H1FY25, the group has raised Rs 1,841 crore, out of which Rs 1,113 crore was raised in Q2 FY25 i.e post the embargo. Out of the total amount raised, Rs 578 crore was raised via NCD, Rs 598 crore via structured product, Rs 600 crore via term loan and Rs 65 crore via commercial papers.

 

However, traction in fund raising continues to be a key monitorable over the medium term. Further, if the restrictions are not lifted for a prolonged period, there would be an impact on the business and financial risk profile, especially for EARC, which in turn would impact the group profitability given its sizeable contribution to the same.

 

As on October 31, 2024, the group had liquidity of Rs 3,775 crore of which Rs 1,698 crore was in the form of bank balances, fixed deposits and investments in mutual funds, Rs 1670 crore in the form of exchange margin (unencumbered), and short term loan book and Rs 407 crore in the form of available lines. This is expected to be sufficient to meet debt obligations and operating expenses for ~6 months, even assuming nil business inflows and no incremental fund raising. The group’s liquidity position is expected to be further supported by contractual receivables from the retail book and recoveries from wholesale exposures.

 

Additionally, the group also has plans to further divest stakes in Nuvama Group and alternate assets businesses, which act as additional cushion. Timing of these divestment initiatives will be crucial to meet the planned debt reduction by the group.

 

CRISIL Ratings will continue to closely monitor traction in fund raising, the company and group’s liquidity position, as well as await updates from the regulator on lifting of restrictions placed on the two companies. The watch will be resolved once greater clarity emerges on all these aspects.

 

The ratings continue to be supported by the group’s adequate capitalisation, and its diversified business profile with good market position in asset reconstruction and asset management businesses. Growth in retail (including MSME) lending has, however, been relatively slow. The ratings are constrained by lower-than-expected revival in core profitability and continued high level of unprovided monitorable portfolio.

Analytical Approach

CRISIL Ratings has combined the business and financial risk profiles of EFSL and its subsidiaries.  This is because these entities, collectively referred to as the Edelweiss group, have significant operational, financial and managerial linkages.

 

Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description

Strengths:

Adequate capitalisation, supported by multiple capital raises

The Edelweiss group has demonstrated its ability to raise capital from global investors across businesses, despite the tough macroeconomic environment. The group has raised Rs ~6,000 crore since 2016 across lending, wealth management and asset management businesses. This has helped maintain its capital position, despite elevated credit costs and absorb asset-side risks.  The group’s networth stood at Rs 6386 crore as on September 30, 2024 as against Rs 6309 crore as on March 31, 2024 (Rs 8581 crore as on March 31, 2023). The networth reduced from March 2023 level as ~30% Nuvama’s networth was distributed to the shareholders of Edelweiss Financial Services Limited as part of the demerger.

 

Gearing stood at 3.0 times (excluding CBLO, gearing was 2.8) as on September 30, 2024, against 3.2 times (excluding CBLO, 2.9 times) as on March 31, 2024 (2.5 times as on March 31, 2023, and 2.6 times as on March 31, 2022). With increased focus on fee-based businesses, and strategy to grow in credit business through an asset-light model, the incremental debt requirement will be low.  The group has plans to divest its remaining stake in the Nuvama group, and fully or partly exit housing, alternate assets and general insurance businesses, which will further aid in unlocking capital and debt reduction.

 

Demonstrated ability to build significant competitive position across businesses

The Edelweiss group is a diversified financial services player, with presence in four verticals i.e. credit (wholesale and retail), insurance (life and general), asset management, and asset reconstruction. The group has attained leading positions in the alternate asset and asset reconstruction businesses and is focusing on building market position in other businesses too, which should lend greater stability to earnings over a period of time.

 

The asset management business comprises mutual fund and alternate asset businesses. The group is a leading player in the alternate asset segment and its mutual fund AUM has been growing steadily. The asset management AUM grew to Rs 1,97,750 crore as on September 30, 2024 from Rs 1,81,700 crore as on March 31, 2024.

 

In the distressed assets segment, EARC is the largest ARC in India, with total securities receipts managed at Rs 28,910 crore as on September 30, 2024 as against Rs 31,590 crore as on March 31, 2024 (Rs 37,100 crore and Rs 40,200 crore as on March 31, 2023, and March 31, 2022). From being largely corporate focused, the ARC has, in the recent past, started focusing on retail and micro, small and medium enterprises (MSME) segments. The share of retail is expected to grow over the medium term.

 

In the lending business, while the wholesale book is under run down, the group is focusing on growth in retail through the asset-light model. The key product offerings in the retail credit book would be mortgage and MSME loans. The group has entered into agreements with various co-lending partners for retail product offerings, which are large domestic and foreign banks, for both the priority and non-priority sector portfolios. Although the retail AUM picked up pace in fiscal 2024, the growth has been relatively slow, due to delay in operationalising the onboarding and underwriting process with the co-lending partners. The retail AUM grew to Rs 5,368 crore as on March 31, 2024, from Rs 4,879 crore as on March 31, 2023. However, it stood at Rs5,134 crore as on September 30, 2024.

 

The group also houses the life and general insurance businesses, which are gaining scale and are expected to break even over the medium term.

 

However, with the rundown of wholesale credit, divestment of the wealth management business, and planned stake sale of the housing finance and general insurance businesses, the diversity in the business risk profile is a monitorable.

 

Weaknesses:

Subdued profitability for current size and scale considering presence in multiple businesses

The group’s profitability is lower than other large, financial sector groups. However, most of the businesses have been reporting profit since the last quarter of fiscal 2021

 

The group reported PAT of Rs 528 crore in fiscal 2024 (excluding any one-off items) as against PAT of Rs 406 crore in fiscal 2023. However, profitability in 2023 was supported by a one-off item of revaluation gains (and also accelerated provisions made basis the one-off gain), excluding which profit would have been Rs 248 crore in fiscal 2023.

 

In first half of fiscal 2025, the group reported PAT of Rs 222 crore as against PAT of Rs 173 crore in the first half of fiscal 2024 (Rs 112 crore in the first half of fiscal 2023.  Return on average assets (ROA) was 1.0% for the first half of fiscal 2025 against 0.8% for first half of fiscal 2024 and 0.5% for the first half fiscal 2023. The group’s overall profitability is weighted down by losses in insurance businesses, however, ex insurance profit stood at Rs 201 crore for second quarter of fiscal 2025 against Rs 145 crore for the first quarter of fiscal 2025 and Rs 808 crore for fiscal 2024 (Rs 730 crore for fiscal 2023).

 

Of the various businesses, the asset reconstruction and asset management businesses, mainly alternate assets, remain the largest contributors to overall profitability forming 87% of overall PAT[1]  for first half of fiscal 2025.. The profitability of the credit business has improved from the past levels with credit costs reducing, however remains muted with retail lending yet to gather pace. However, additional provisioning is likely to be required on the monitorable book based on the pace and extent of recovery from underlying assets. The insurance businesses are expected to breakeven only over the next 2-3 years. Profitability at a group level is expected to be impacted by restrictions on acquisitions on EARC as well as some slowdown expected in the lending business due to slowdown in bank funding. The alternate assets business should continue to support profitability. Going ahead, the group’s ability to scale up the retail lending business while managing overall credit costs will be important and this remains a key monitorable.

 

Asset quality monitorable with elevated level of monitorable portfolio

The group’s overall gross loan book (excluding monitorable portfolio net of on-book gross stage III assets) stood at Rs 5,401 crore as on September 30, 2024, against Rs 5,537 crore as on March 31, 2024, and Rs 7548 crore as on March 31, 2023. Of this, retail on book stood at Rs 4,153 crore (Rs 4,261 crore and Rs 3,795 crore) and the remaining was wholesale book.

 

The group has been consciously running down the wholesale portfolio through various modes. While recoveries have contributed to this, the reduction has been primarily due to sell-down to ARCs (both internal and external) and alternative investment funds (AIFs). Given the RBI restrictions, this process is likely to be slower than earlier.

 

The Edelweiss group has retained risks and rewards on a large portion of this and hence, CRISIL Ratings tracks the monitorable portfolio to assess the asset quality of the group. This includes gross stage III accounts in the lending book (Rs 738 crore), security receipts held by the group (including in EARC) pertaining to sell down (Rs 6,517 crore) and loans sold down to AIFs (Rs 1,495 crore). Overall monitorable portfolio stood at Rs 8,750 crore as on September 30, 2024. While the monitorable portfolio has reduced from Rs 12,097 crore as on March 31, 2022(Rs 11,383 crore as on March 31, 2021), it remains elevated. CRISIL Ratings notes that although majority of this monitorable portfolio is on-book exposure of the Edelweiss group, some part pertains to exposure of external ARC or AIF wherein the group has extended a put option.

 

The group has made provisions against the monitorable portfolio, and therefore, the net monitorable portfolio stood at Rs 6,018 crore as on March 31, 2024 and Rs 5,308 crore as on September 30, 2024. Based on management estimates, there is a reasonable level of collateral cover on most of this portfolio.

 

The overall gross stage III assets in the lending business stood at Rs 738 crore (13.7% of loans) as on September 30, 2024 as against Rs 720 crore (13%) as on March 31, 2024, Rs 794 crore (10.5%) as on March 31, 2023, Rs 930 crore (8.9%) as on March 31, 2022, and Rs 1,601 crore (10.9%) as on March 31, 2021. Retail book gross stage III was Rs 114 crore (2.8%) as on September 30, 2024 as against Rs 78 crore (1.84%) as on March 31, 2024, and Rs 124 crore (3.3%) and Rs 182 crore (2.7%) as on March 31, 2023, and March 31, 2022, respectively.

 

However, any challenges in effecting recoveries as per plan could necessitate higher provisioning and put pressure on profitability and hence, this remains a key monitorable for the rating.

[1] Excluding both insurance entities, which are currently loss making

Liquidity: Adequate

As on October 31, 2024, the group had liquidity of Rs 3,775 crore of which Rs 1,698 crore was in the form of bank balances, fixed deposits and investments in mutual funds, Rs 1670 crore in the form of exchange margin (unencumbered), and short term loan book and Rs 407 crore in the form of available lines. This is expected to be sufficient to meet debt obligations and operating expenses for ~6 months, even assuming nil business inflows and no incremental fund raising. The group’s liquidity position is expected to be further supported by contractual receivables from the retail book and recoveries from wholesale exposures.

 

ESG profile:

CRISIL Ratings believes that EFSL’s Environment, Social, and Governance (ESG) profile supports its credit risk profile.

 

The ESG profile of financial institutions typically factors in governance as a key differentiator between them. The sector has reasonable social impact because of its substantial employee and customer base, and it can play a key role in promoting financial inclusion. While the sector does not have a direct adverse environmental impact, the lending decisions may have a bearing on the environment and other sustainability related factors.

 

EFSL group has an evolving focus on strengthening various aspects of its ESG profile.

 

Key ESG highlights:

  • The group has an ESG council in place since fiscal 2020 to provide effective governance on ESG parameters. The council is women led and comprises heads of various units including HR, admin, compliance and governance, marketing, and investor relations.
  • EFSL’s total water consumption reduced by 30% in fiscal 2024 and reduction of 14% in greenhouse emissions via effective carbon management initiatives.
  • The company has been doing CSR activities on a continuous basis to reach out to remote parts of rural India to build resilience among communities. In partnership with its philanthropic arm, EdelGive Foundation, it addresses developmental challenges in areas of gender equality, healthcare, education, livelihoods, and climate action.
  • 57% of the board members were independent directors as on Jun 30, 2024. A dedicated investor grievance redressal mechanism is in place and the disclosures put out by it are extensive

 

There is growing importance of ESG among investors and lenders. EFSL group’s commitment to ESG will play a key role in enhancing stakeholder confidence, given the presence of foreign investors. 

Rating sensitivity factors

Upward factors

  • Substantial improvement in overall profitability of the group
  • Significant scale up in the retail lending business with sustained return on managed assets of around 2.5%
  • Sharp organic reduction in the monitorable portfolio

 

Downward factors

  • Delay in lifting of restrictions by regulator
  • Continued pressure on profitability, with profits going below 2024 levels i.e. lower than Rs 528 crore.
  • Funding access challenges with limited fundraising at optimal costs by the group
  • Slower traction in resolution of monitorable portfolio

About the Company

EFSL was incorporated in 1995 as Edelweiss Capital Ltd. The company, on standalone basis, is primarily engaged in investment banking services and provides development, managerial and financial support to group entities.

 

On standalone basis, EFSL’s reported networth stood at Rs 5,463 crore as on March 31, 2024. The company reported PAT of Rs 695 crore on total income of Rs 701 crore in fiscal 2024, as against Rs 2,388 crore on total income (net of interest expenses) of Rs 2,786 crore in fiscal 2023.

About the Group

The Edelweiss group comprised 28 subsidiaries and associates as on March 31, 2024. The number of companies has come down from 74 as on March 31, 2016, because of multiple factors such as sale, windup and merger among others. The group had 293 offices (including 10 international offices in 6 locations) in around 136 cities as on March 31, 2024. Furthermore, as part of streamlining its operating structure, the group has restructured the businesses into four verticals namely credit, insurance, asset management and asset reconstruction.

 

The group is present across various financial services businesses, including loans to individuals, mortgage finance - loans against property and small-ticket housing loans, MSME finance, alternative and domestic asset management, and life and general insurance. In addition, the Balance sheet Management Unit (BMU) focuses on liquidity and asset-liability management.

 

On a consolidated basis, the group reported PAT of Rs 528 crore on a total income (net off interest expense) of Rs 6,815 crore for fiscal 2024, as against PAT of Rs 405 crore on a total income of Rs 6.058 crore for fiscal 2023. 

 

For the first half of fiscal 2025, the group reported PAT of Rs 222 crore on a total income of Rs 3805 crore as against a PAT of Rs 173 crore on a total income of Rs 2819 crore during similar period in previous fiscal.

Key Financial Indicators : EFSL (consolidated)

As on/for the period ended

 

March 2024

March 2023

March 2022

Total assets

Rs crore

42920

44,064

43,279

Total income net off interest expense

Rs crore

6815

6,058

4,320

PAT

Rs crore

528

406

212

Gross stage III assets^

Rs crore

720

794

930

Gross stage III assets

%

13.0

10.5

7.4

Net stage III assets

Rs crore

125

156

201

Net stage III assets

%

2.6

2.1

1.1

Gearing

Times

3.2

2.4

2.5

Return on assets

%

1.2

0.9

0.5

^refers to gross stage III of the on balance sheet loan book. The reported gross stage III assets as per annual report is Rs 13,155 crore as on March 31, 2023 and Rs 12,368 crore as on March 31, 2022. Net Stage III was Rs 8313 crore and Rs 8681 crore respectively. These include stage III assets in EARC on monitorable book sold down by ECL Finance, interest accrued on non-performing assets and stage III assets held by group entities other than NBFCs on trade and general-purpose advances.

 

As on/for the period ended

 

September 2024

June 2024

Total assets

Rs crore

43747

42924

Total income net off interest expense

Rs crore

3805

1636

PAT

Rs crore

222

85

Gross stage III assets

Rs crore

738

733

Gross stage III assets

%

13.7

13.1

Net stage III assets

Rs crore

144

130

Net stage III assets

%

3.0

2.7

Gearing

Times

3.0

3.3

Return on assets

%

1.0

0.8

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

CRISIL Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the CRISIL Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN Name of Instrument Date of Allotment Coupon Rate (%) Maturity Issue Size Complexity Rating with Outlook
INE532F07BM3 Non-Convertible Debentures* 08-Jan-21 9.39 08-Jan-26 55.9 Simple CRISIL A+/Watch Negative
INE532F07BN1 Non-Convertible Debentures* 08-Jan-21 9.80 08-Jan-26 34.21 Simple CRISIL A+/Watch Negative
INE532F07BO9 Non-Convertible Debentures* 08-Jan-21 Zero Coupon 08-Jan-26 10.8 Simple CRISIL A+/Watch Negative
INE532F07BP6 Non-Convertible Debentures* 08-Jan-21 9.53 08-Jan-31 18.07 Simple CRISIL A+/Watch Negative
INE532F07BQ4 Non-Convertible Debentures* 08-Jan-21 9.95 08-Jan-31 7.13 Simple CRISIL A+/Watch Negative
INE532F07BX0 Non-Convertible Debentures* 29-Apr-21 9.16 29-Apr-26 81.92 Simple CRISIL A+/Watch Negative
INE532F07BY8 Non-Convertible Debentures* 29-Apr-21 9.55 29-Apr-26 30.11 Simple CRISIL A+/Watch Negative
INE532F07BZ5 Non-Convertible Debentures* 29-Apr-21 Zero Coupon 29-Apr-26 9.3 Simple CRISIL A+/Watch Negative
INE532F07CA6 Non-Convertible Debentures* 29-Apr-21 9.30 29-Apr-31 19.13 Simple CRISIL A+/Watch Negative
INE532F07CB4 Non-Convertible Debentures* 29-Apr-21 9.70 29-Apr-31 15.72 Simple CRISIL A+/Watch Negative
INE532F07EA2 Non-Convertible Debentures* 21-Jul-23 8.95 21-Jul-25 10.02 Simple CRISIL A+/Watch Negative
INE532F07EB0 Non-Convertible Debentures* 21-Jul-23 Zero Coupon 21-Jul-25 5.71 Simple CRISIL A+/Watch Negative
INE532F07EC8 Non-Convertible Debentures* 21-Jul-23 9.20 21-Jul-26 36.61 Simple CRISIL A+/Watch Negative
INE532F07ED6 Non-Convertible Debentures* 21-Jul-23 9.60 21-Jul-26 29.71 Simple CRISIL A+/Watch Negative
INE532F07EE4 Non-Convertible Debentures* 21-Jul-23 Zero Coupon 21-Jul-26 15.15 Simple CRISIL A+/Watch Negative
INE532F07EG9 Non-Convertible Debentures* 21-Jul-23 9.67 21-Jul-28 78.51 Simple CRISIL A+/Watch Negative
INE532F07EH7 Non-Convertible Debentures* 21-Jul-23 10.10 21-Jul-28 28.06 Simple CRISIL A+/Watch Negative
INE532F07EF1 Non-Convertible Debentures* 21-Jul-23 Zero Coupon 21-Jul-28 8.63 Simple CRISIL A+/Watch Negative
INE532F07EI5 Non-Convertible Debentures* 21-Jul-23 10.00 21-Jul-33 34.43 Simple CRISIL A+/Watch Negative
INE532F07DZ1 Non-Convertible Debentures* 21-Jul-23 10.45 21-Jul-33 11.17 Simple CRISIL A+/Watch Negative
INE532F07DQ0 Non-Convertible Debentures* 27-Apr-23 8.95 27-Apr-25 13.3 Simple CRISIL A+/Watch Negative
INE532F07DR8 Non-Convertible Debentures* 27-Apr-23 Zero Coupon 27-Apr-25 7.8 Simple CRISIL A+/Watch Negative
INE532F07DP2 Non-Convertible Debentures* 27-Apr-23 9.20 27-Apr-26 38.1 Simple CRISIL A+/Watch Negative
INE532F07DS6 Non-Convertible Debentures* 27-Apr-23 9.60 27-Apr-26 28.1 Simple CRISIL A+/Watch Negative
INE532F07DU2 Non-Convertible Debentures* 27-Apr-23 Zero Coupon 27-Apr-26 10.7 Simple CRISIL A+/Watch Negative
INE532F07DT4 Non-Convertible Debentures* 27-Apr-23 9.67 27-Apr-28 68.7 Simple CRISIL A+/Watch Negative
INE532F07DV0 Non-Convertible Debentures* 27-Apr-23 10.10 27-Apr-28 29.8 Simple CRISIL A+/Watch Negative
INE532F07DW8 Non-Convertible Debentures* 27-Apr-23 Zero Coupon 27-Apr-28 9.9 Simple CRISIL A+/Watch Negative
INE532F07DX6 Non-Convertible Debentures* 27-Apr-23 10.00 27-Apr-33 34.6 Simple CRISIL A+/Watch Negative
INE532F07DY4 Non-Convertible Debentures* 27-Apr-23 10.45 27-Apr-33 12.2 Simple CRISIL A+/Watch Negative
INE532F07DF3 Non-Convertible Debentures* 20-Jan-23 9.00 20-Jan-25 20 Simple CRISIL A+/Watch Negative
INE532F07DO5 Non-Convertible Debentures* 20-Jan-23 Zero Interest 20-Jan-25 9.9 Simple CRISIL A+/Watch Negative
INE532F07DM9 Non-Convertible Debentures* 20-Jan-23 9.20 20-Jan-26 54.5 Simple CRISIL A+/Watch Negative
INE532F07DN7 Non-Convertible Debentures* 20-Jan-23 9.60 20-Jan-26 49.8 Simple CRISIL A+/Watch Negative
INE532F07DL1 Non-Convertible Debentures* 20-Jan-23 Zero Interest 20-Jan-26 20.2 Simple CRISIL A+/Watch Negative
INE532F07DK3 Non-Convertible Debentures* 20-Jan-23 9.67 20-Jan-28 119.8 Simple CRISIL A+/Watch Negative
INE532F07DJ5 Non-Convertible Debentures* 20-Jan-23 10.10 20-Jan-28 36.7 Simple CRISIL A+/Watch Negative
INE532F07DG1 Non-Convertible Debentures* 20-Jan-23 Zero Interest 20-Jan-28 15.5 Simple CRISIL A+/Watch Negative
INE532F07DH9 Non-Convertible Debentures* 20-Jan-23 10.00 20-Jan-33 47.2 Simple CRISIL A+/Watch Negative
INE532F07DI7 Non-Convertible Debentures* 20-Jan-23 10.45 20-Jan-33 23.8 Simple CRISIL A+/Watch Negative
INE532F07ET2 Non-Convertible Debentures* 29-Jan-24 8.95 29-Jan-26 27.6 Simple CRISIL A+/Watch Negative
INE532F07EU0 Non-Convertible Debentures* 29-Jan-24 9.20 29-Jan-27 29.8 Simple CRISIL A+/Watch Negative
INE532F07EV8 Non-Convertible Debentures* 29-Jan-24 Zero Interest 29-Jan-26 7.7 Simple CRISIL A+/Watch Negative
INE532F07EW6 Non-Convertible Debentures* 29-Jan-24 9.60 29-Jan-27 33.7 Simple CRISIL A+/Watch Negative
INE532F07EX4 Non-Convertible Debentures* 29-Jan-24 Zero Interest 29-Jan-27 11 Simple CRISIL A+/Watch Negative
INE532F07EY2 Non-Convertible Debentures* 29-Jan-24 9.67 29-Jan-29 44.1 Simple CRISIL A+/Watch Negative
INE532F07EZ9 Non-Convertible Debentures* 29-Jan-24 10.10 29-Jan-29 24.1 Simple CRISIL A+/Watch Negative
INE532F07FA9 Non-Convertible Debentures* 29-Jan-24 Zero Interest 29-Jan-29 5.1 Simple CRISIL A+/Watch Negative
INE532F07FB7 Non-Convertible Debentures* 29-Jan-24 10.00 29-Jan-34 21.8 Simple CRISIL A+/Watch Negative
INE532F07FC5 Non-Convertible Debentures* 29-Jan-24 10.45 29-Jan-34 9.1 Simple CRISIL A+/Watch Negative
INE532F07FD3 Non-Convertible Debentures* 29-Apr-24 10.00 29-Apr-34 14.2 Simple CRISIL A+/Watch Negative
INE532F07FE1 Non-Convertible Debentures* 29-Apr-24 Zero Interest 29-Apr-26 3 Simple CRISIL A+/Watch Negative
INE532F07FF8 Non-Convertible Debentures* 29-Apr-24 9.00 29-Apr-26 35.6 Simple CRISIL A+/Watch Negative
INE532F07FG6 Non-Convertible Debentures* 29-Apr-24 10.45 29-Apr-34 2.7 Simple CRISIL A+/Watch Negative
INE532F07FH4 Non-Convertible Debentures* 29-Apr-24 Zero Interest 29-Apr-29 4.6 Simple CRISIL A+/Watch Negative
INE532F07FI2 Non-Convertible Debentures* 29-Apr-24 10.10 29-Apr-29 4.7 Simple CRISIL A+/Watch Negative
INE532F07FJ0 Non-Convertible Debentures* 29-Apr-24 10.45 29-Apr-34 7.8 Simple CRISIL A+/Watch Negative
INE532F07FK8 Non-Convertible Debentures* 29-Apr-24 9.20 29-Apr-27 27.1 Simple CRISIL A+/Watch Negative
INE532F07FL6 Non-Convertible Debentures* 29-Apr-24 9.60 29-Apr-27 25.3 Simple CRISIL A+/Watch Negative
INE532F07FM4 Non-Convertible Debentures* 29-Apr-24 Zero Interest 29-Apr-27 6.1 Simple CRISIL A+/Watch Negative
INE532F07FN2 Non-Convertible Debentures* 29-Apr-24 9.67 29-Apr-29 29.1 Simple CRISIL A+/Watch Negative
INE532F07FO0 Non-Convertible Debentures* 29-Apr-24 10.10 29-Apr-29 14.5 Simple CRISIL A+/Watch Negative
NA Non-Convertible Debentures*^ NA NA NA 1469 Simple CRISIL A+/Watch Negative
INE532F07CN9 Retail Bonds* 28-Dec-21 8.75 28-Dec-24 83.39 Simple CRISIL A+/Watch Negative
INE532F07CO7 Retail Bonds* 28-Dec-21 9.10 28-Dec-24 60.56 Simple CRISIL A+/Watch Negative
INE532F07CP4 Retail Bonds* 28-Dec-21 Zero Interest 28-Dec-24 16.61 Simple CRISIL A+/Watch Negative
INE532F07CQ2 Retail Bonds* 28-Dec-21 9.15 28-Dec-26 77.76 Simple CRISIL A+/Watch Negative
INE532F07CR0 Retail Bonds* 28-Dec-21 9.55 28-Dec-26 75.8 Simple CRISIL A+/Watch Negative
INE532F07CS8 Retail Bonds* 28-Dec-21 Zero Interest 28-Dec-26 12.17 Simple CRISIL A+/Watch Negative
INE532F07CT6 Retail Bonds* 28-Dec-21 9.30 28-Dec-31 31.1 Simple CRISIL A+/Watch Negative
INE532F07CU4 Retail Bonds* 28-Dec-21 9.70 28-Dec-31 13.22 Simple CRISIL A+/Watch Negative
INE532F07CX8 Retail Bonds* 20-Oct-22 8.90 20-Oct-25 58 Simple CRISIL A+/Watch Negative
INE532F07CY6 Retail Bonds* 20-Oct-22 9.25 20-Oct-25 42 Simple CRISIL A+/Watch Negative
INE532F07CZ3 Retail Bonds* 20-Oct-22 Zero Interest 20-Oct-25 23 Simple CRISIL A+/Watch Negative
INE532F07DB2 Retail Bonds* 20-Oct-22 9.35 20-Oct-27 122 Simple CRISIL A+/Watch Negative
INE532F07DC0 Retail Bonds* 20-Oct-22 9.75 20-Oct-27 32 Simple CRISIL A+/Watch Negative
INE532F07DA4 Retail Bonds* 20-Oct-22 Zero Interest 20-Oct-27 10 Simple CRISIL A+/Watch Negative
INE532F07DD8 Retail Bonds* 20-Oct-22 9.65 20-Oct-32 26 Simple CRISIL A+/Watch Negative
INE532F07DE6 Retail Bonds* 20-Oct-22 10.10 20-Oct-32 19 Simple CRISIL A+/Watch Negative
INE532F07EJ3 Retail Bonds* 26-Oct-23 8.95 26-Oct-25 9.77 Simple CRISIL A+/Watch Negative
INE532F07EQ8 Retail Bonds* 26-Oct-23 9.20 26-Oct-26 28.75 Simple CRISIL A+/Watch Negative
INE532F07EP0 Retail Bonds* 26-Oct-23 9.60 26-Oct-26 33.86 Simple CRISIL A+/Watch Negative
INE532F07EO3 Retail Bonds* 26-Oct-23 9.67 26-Oct-28 40.35 Simple CRISIL A+/Watch Negative
INE532F07EM7 Retail Bonds* 26-Oct-23 10.10 26-Oct-28 17.95 Simple CRISIL A+/Watch Negative
INE532F07EL9 Retail Bonds* 26-Oct-23 10.00 26-Oct-33 18.73 Simple CRISIL A+/Watch Negative
INE532F07EK1 Retail Bonds* 26-Oct-23 10.45 26-Oct-33 8.48 Simple CRISIL A+/Watch Negative
INE532F07ER6 Retail Bonds* 26-Oct-23 Zero Coupon 26-Oct-25 3.31 Simple CRISIL A+/Watch Negative
INE532F07ES4 Retail Bonds* 26-Oct-23 Zero Coupon 26-Oct-26 8.72 Simple CRISIL A+/Watch Negative
INE532F07EN5 Retail Bonds* 26-Oct-23 Zero Coupon 26-Oct-28 6.21 Simple CRISIL A+/Watch Negative
NA Retail Bond^* NA NA NA 2.62 Simple CRISIL A+/Watch Negative
NA Non-Convertible Debentures^ NA NA NA 450 Simple CRISIL A+/Watch Negative
NA Commercial Paper Programme NA NA 7-365 days 500 Simple CRISIL A1+/Watch Negative
NA Long Term Principal Protected Market Linked Debentures^ NA NA NA 300 Highly Complex CRISIL PPMLD A+/Watch Negative
INE532F07FP7 Non-Convertible Debentures* 26-Jul-24 9.50 26-Jul-26 8.1339 Simple CRISIL A+/Watch Negative
INE532F07FQ5 Non-Convertible Debentures* 26-Jul-24 Zero Interest 26-Jul-26 3.4102 Simple CRISIL A+/Watch Negative
INE532F07FR3 Non-Convertible Debentures* 26-Jul-24 9.57 26-Jul-27 22.493 Simple CRISIL A+/Watch Negative
INE532F07FS1 Non-Convertible Debentures* 26-Jul-24 10.00 26-Jul-27 26.796 Simple CRISIL A+/Watch Negative
INE532F07FT9 Non-Convertible Debentures* 26-Jul-24 Zero Interest 26-Jul-27 5.0131 Simple CRISIL A+/Watch Negative
INE532F07FU7 Non-Convertible Debentures* 26-Jul-24 10.40 26-Jul-29 23.5276 Simple CRISIL A+/Watch Negative
INE532F07FV5 Non-Convertible Debentures* 26-Jul-24 10.50 26-Jul-29 10.6244 Simple CRISIL A+/Watch Negative
INE532F07FW3 Non-Convertible Debentures* 26-Jul-24 Zero Interest 26-Jul-29 3.2542 Simple CRISIL A+/Watch Negative
INE532F07FX1 Non-Convertible Debentures* 26-Jul-24 11.00 26-Jul-34 6.5912 Simple CRISIL A+/Watch Negative
INE532F07FY9 Non-Convertible Debentures* 26-Jul-24 11.00 26-Jul-34 3.7478 Simple CRISIL A+/Watch Negative
INE532F07FZ6 Non-Convertible Debentures* 26-Jul-24 10.49 26-Jul-34 19.4949 Simple CRISIL A+/Watch Negative
INE532F07GA7 Non-Convertible Debentures* 26-Jul-24 10.50 26-Jul-29 4.883 Simple CRISIL A+/Watch Negative
INE532F07GB5 Non-Convertible Debentures* 24-Oct-24 9.50 24-Oct-26 53.78 Simple CRISIL A+/Watch Negative
INE532F07GC3 Non-Convertible Debentures* 24-Oct-24 9.50 24-Oct-26 4.91 Simple CRISIL A+/Watch Negative
INE532F07GD1 Non-Convertible Debentures* 24-Oct-24 9.57 24-Oct-27 18.86 Simple CRISIL A+/Watch Negative
INE532F07GE9 Non-Convertible Debentures* 24-Oct-24 10.00 24-Oct-27 28.49 Simple CRISIL A+/Watch Negative
INE532F07GG4 Non-Convertible Debentures* 24-Oct-24 10.00 24-Oct-27 5.53 Simple CRISIL A+/Watch Negative
INE532F07GJ8 Non-Convertible Debentures* 24-Oct-24 10.04 24-Oct-29 20.08 Simple CRISIL A+/Watch Negative
INE532F07GF6 Non-Convertible Debentures* 24-Oct-24 10.50 24-Oct-29 11.39 Simple CRISIL A+/Watch Negative
INE532F07GK6 Non-Convertible Debentures* 24-Oct-24 10.50 24-Oct-29 3.48 Simple CRISIL A+/Watch Negative
INE532F07GI0 Non-Convertible Debentures* 24-Oct-24 10.49 24-Oct-34 19.25 Simple CRISIL A+/Watch Negative
INE532F07GL4 Non-Convertible Debentures* 24-Oct-24 11.00 24-Oct-34 7.65 Simple CRISIL A+/Watch Negative
INE532F07GH2 Non-Convertible Debentures* 24-Oct-24 10.50 24-Oct-29 1.82 Simple CRISIL A+/Watch Negative
INE532F07GM2 Non-Convertible Debentures* 24-Oct-24 11.00 24-Oct-34 2.08 Simple CRISIL A+/Watch Negative
INE532F07GN0 Non-Convertible Debentures 28-Oct-24 10.20 28-Apr-27 50 Simple CRISIL A+/Watch Negative

^yet to be issue
*public issue

 

Annexure - Details of Rating Withdrawn

ISIN Name Of Instrument Date of Allotment Coupon Rate (%) Maturity Date Issue Size (Rs. Crore) Complexity Levels Rating Outstanding with Outlook
INE532F07CV2 Retail Bonds* 20-Oct-22 8.85 20-Oct-24 22 Simple Withdrawn
INE532F07CW0 Retail Bonds* 20-Oct-22 Zero Interest 20-Oct-24 11 Simple Withdrawn

*public issue

Annexure – List of entities consolidated

Names of Entities Consolidated

Extent of Consolidation

Rationale for Consolidation

ECL Finance Ltd

Full

Subsidiary

Edelcap Securities Ltd

Full

Subsidiary

Edelweiss Asset Management Ltd

Full

Subsidiary

ECap Securities and Investments Limited (Formerly known as ECap Equities Limited)

Full

Subsidiary

Edelweiss Trusteeship Company Ltd

Full

Subsidiary

Nido Home Finance Limited (formerly known as Edelweiss Housing Finance Ltd)

Full

Subsidiary

Edelweiss Investment Adviser Ltd

Full

Subsidiary

ECap Equities Limited (formerly known as Edel Land Limited)

Full

Subsidiary

Edelweiss Investment Advisors Ltd

Full

Subsidiary

Edelweiss Rural & Corporate Services Ltd

Full

Subsidiary

Comtrade Commodities Services Limited (Formerly known as Edelweiss Comtrade Ltd)

Full

Subsidiary

Edel Finance Company Ltd

Full

Subsidiary

Edelweiss Retail Finance Ltd

Full

Subsidiary

Edelweiss Multi Strategy Fund Advisors LLP

Full

Subsidiary

Zuno General Insurance Limited (formerly known as Edelweiss General Insurance Company Ltd)

Full

Subsidiary

Edelweiss Securities and Investment Pvt Ltd

Full

Subsidiary

EC International Ltd

Full

Subsidiary

Nuvama Investment Advisors LLC (formerly known as EAAA LLC)

Full

Subsidiary

Edelweiss Alternative Asset Advisors Pte. Ltd

Full

Subsidiary

Edelweiss International (Singapore) Pte Ltd

Full

Subsidiary

EdelGive Foundation

Full

Subsidiary

Edelweiss Alternative Asset Advisors Ltd

Full

Subsidiary

Edelweiss Private Equity Tech Fund

Full

Subsidiary

Edelweiss Value and Growth Fund

Full

Subsidiary

Edelweiss Asset Reconstruction Company Ltd

Full

Subsidiary

Edelweiss Tokio Life Insurance Company Ltd

Full

Subsidiary

Allium Finance Private Ltd

Full

Subsidiary

Edelweiss Global Wealth Management Limited

Full

Subsidiary

Edelweiss Capital Services Ltd

Full

Subsidiary

India Credit Investment Fund II

Full

Subsidiary

Sekura India Management Ltd

Full

Subsidiary

Edelweiss Retail Assets Managers Ltd

Full

Subsidiary
Annexure - Rating History for last 3 Years
  Current 2024 (History) 2023  2022  2021  Start of 2021
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Commercial Paper ST 500.0 CRISIL A1+/Watch Negative 04-09-24 CRISIL A1+/Watch Negative 18-12-23 CRISIL A1+ 01-12-22 CRISIL A1+ 22-10-21 CRISIL A1+ CRISIL A1+
      -- 07-06-24 CRISIL A1+/Watch Negative 31-08-23 CRISIL A1+ 21-10-22 CRISIL A1+ 09-09-21 CRISIL A1+ --
      --   -- 22-06-23 CRISIL A1+ 04-03-22 CRISIL A1+ 27-08-21 CRISIL A1+ --
      --   -- 03-02-23 CRISIL A1+   -- 02-08-21 CRISIL A1+ --
Non Convertible Debentures LT 3863.59 CRISIL A+/Watch Negative 04-09-24 CRISIL A+/Watch Negative 18-12-23 CRISIL A+/Stable 01-12-22 CRISIL AA-/Negative 22-10-21 CRISIL AA-/Negative --
      -- 07-06-24 CRISIL A+/Watch Negative 31-08-23 CRISIL AA-/Negative 21-10-22 CRISIL AA-/Negative 09-09-21 CRISIL AA-/Negative --
      --   -- 22-06-23 CRISIL AA-/Negative 04-03-22 CRISIL AA-/Negative   -- --
      --   -- 03-02-23 CRISIL AA-/Negative   --   -- --
Retail Bond LT 881.36 CRISIL A+/Watch Negative 04-09-24 CRISIL A+/Watch Negative 18-12-23 CRISIL A+/Stable 01-12-22 CRISIL AA-/Negative 22-10-21 CRISIL AA-/Negative --
      -- 07-06-24 CRISIL A+/Watch Negative 31-08-23 CRISIL AA-/Negative 21-10-22 CRISIL AA-/Negative 09-09-21 Withdrawn --
      --   -- 22-06-23 CRISIL AA-/Negative 04-03-22 CRISIL AA-/Negative 27-08-21 CRISIL AA-/Negative --
      --   -- 03-02-23 CRISIL AA-/Negative   -- 02-08-21 CRISIL AA-/Negative --
Long Term Principal Protected Market Linked Debentures LT 300.0 CRISIL PPMLD A+/Watch Negative 04-09-24 CRISIL PPMLD A+/Watch Negative 18-12-23 CRISIL PPMLD A+/Stable 01-12-22 CRISIL PPMLD AA- r /Negative 22-10-21 CRISIL PPMLD AA- r /Negative --
      -- 07-06-24 CRISIL PPMLD A+/Watch Negative 31-08-23 CRISIL PPMLD AA-/Negative 21-10-22 CRISIL PPMLD AA- r /Negative 09-09-21 CRISIL PPMLD AA- r /Negative --
      --   -- 22-06-23 CRISIL PPMLD AA-/Negative 04-03-22 CRISIL PPMLD AA- r /Negative 27-08-21 CRISIL PPMLD AA- r /Negative --
      --   -- 03-02-23 CRISIL PPMLD AA-/Negative   --   -- --
All amounts are in Rs.Cr.

   

Criteria Details
Links to related criteria
Rating Criteria for Finance Companies
CRISILs Criteria for rating short term debt
CRISILs Criteria for Consolidation

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