Shriram Finance FD Programme Rated 'CRISIL AA+/Watch Positive'
CRISIL Ratings has assigned a 'Crisil AA+/Watch Positive' rating to Shriram Finance's Rs.80,000 crore Fixed Deposit Programme. Long-term ratings remain on 'Watch Positive', and short-term ratings are reaffirmed at 'Crisil A1+'. The rating action follows a proposed ₹39,618 crore investment by MUFG Bank, expected to boost net worth to over ₹1 lakh crore.
A credit rating directly impacts a company's ability to raise funds and its borrowing costs. A positive watch on a large fixed deposit program suggests improved investor confidence and potential for better financing terms.
The assignment of a positive rating watch by CRISIL, especially on a significant Fixed Deposit Programme, indicates a favorable outlook for the company's creditworthiness.
Shriram Finance Limited has announced that it received a letter from CRISIL Ratings Limited on January 14, 2026, informing that a 'Crisil AA+/Watch Positive' rating has been assigned to the Company’s Fixed Deposit Programme. CRISIL has assigned its ‘Crisil AA+’ rating to Rs.80,000 crore fixed deposit programme of Shriram Finance Ltd and has placed it on ‘Rating Watch with Positive Implications’. The long-term rating on bank facilities and other debt instruments continues to be on ‘Rating Watch with Positive Implications’, while the short-term rating and commercial paper have been reaffirmed at ‘Crisil A1+'. CRISIL has also withdrawn its rating on subordinated debt of Rs 54.2 crore at the company’s request and on redemption.
The rating rationale highlights Shriram Finance's market leadership in the NBFC ecosystem with assets under management (AUM) of ₹2,81,309 crore as of September 30, 2025. The company's capitalization remained healthy with a net worth of ₹60,404 crore and gearing of 3.9 times as of September 30, 2025. The earnings profile is healthy, with a return on managed assets (RoMA) of 3.0% (annualised) during the first half of fiscal 2026. Asset quality metrics have been improving, with the Gross Stage 3 (GS3) ratio at 4.6% as of September 30, 2025. The company's resource profile is diversified and improving, with a notable increase in public deposits and the tapping of external commercial borrowing (ECB) routes.
CRISIL's analysis also considers the proposed investment of ₹39,618 crore ($4.4 billion) by MUFG Bank Ltd through a preferential issue, which is expected to significantly benefit Shriram Finance’s capitalization profile with its net worth projected to cross ₹1 lakh crore. This transaction, expected to be consummated in 2026, is also anticipated to lower incremental borrowing costs and improve profitability. CRISIL will continue to monitor the situation and resolve the Rating Watch post the consummation of the transaction, with a potential rating change of up to one notch.
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Shriram Finance Limited filed this with the NSE as a statutory disclosure, categorised under credit ratings. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Shriram Finance Limited. Read the original for the full detail.