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Credit Brief

Credit PapersRatingsUpgrade/DowngradeLink to Rationale
MAS Financial Services Limited NewCARE AA-No ChangeCARE
360 One Prime Ltd. CRISIL A1+,ICRA AANo ChangeCRISIL
Aadhar Housing Finance Limited ICRA AANo ChangeICRA
Adani Power CRISIL AANo ChangeCRISIL
Aditya Birla Real Estate Limited (Formerly known as Century Textiles and Industries Limited) CRISIL AANo ChangeCRISIL
Bahadur Chand Investments Private Limited ICRA A1+,ICRA AA+UpgradeICRA
BAMBOO HOTEL AND GLOBAL CENTRE (DELHI) PRIVATE LTD ICRA A+(CE)No ChangeICRA
Bharti Telecom Ltd. CRISIL AAANo ChangeCRISIL
Cholamandalam Investment and Finance Company Ltd. CRISIL A1+,ICRA A1+No ChangeCRISIL
CTBC Bank Co. Ltd ICRA A1+No ChangeICRA
Cube Highways Trust ICRA AAANo ChangeICRA
Dhruva Trust XXIII (Originated by Five-Star Business Finance Limited) ICRA AAA(SO)No ChangeICRA
DLF Cyber City Developers Ltd CRISIL AAANo ChangeCRISIL
Embassy Office Parks REIT CRISIL AAANo ChangeCRISIL
Future Lifestyle Fashions Ltd. CRISIL DNo ChangeCRISIL
GIC Housing Finance Ltd CRISIL AA+No ChangeCRISIL
Godrej Properties Limited ICRA AA+No ChangeICRA
HDB Financial Services Ltd. CRISIL AAA,CRISIL A1+No ChangeCRISIL
India Universal Trust AL1 (Originated by HDFC Bank Limited) IND AAA (SO)No ChangeIND
INDIGRID INFRASTRUCTURE TRUST CRISIL AAANo ChangeCRISIL

Disclaimers: The above disclosure on credit quality of the debt instruments is based on the information provided by rating agencies/respective companies. Few schemes of Kotak Mutual Fund have taken exposure in the debt instruments issued by above companies. In future, the Fund Manager at their discretion may or may not invest in the Debt instruments issued by above companies.
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Credit Brief

Credit PapersRatingsUpgrade/DowngradeLink to Rationale
MAS Financial Services Limited NewCARE AA-No ChangeCARE
360 One Prime Ltd. CRISIL A1+,ICRA AANo ChangeCRISIL
Aadhar Housing Finance Limited ICRA AANo ChangeICRA
Adani Power CRISIL AANo ChangeCRISIL
Aditya Birla Real Estate Limited (Formerly known as Century Textiles and Industries Limited) CRISIL AANo ChangeCRISIL
Bahadur Chand Investments Private Limited ICRA A1+,ICRA AA+UpgradeICRA
BAMBOO HOTEL AND GLOBAL CENTRE (DELHI) PRIVATE LTD ICRA A+(CE)No ChangeICRA
Bharti Telecom Ltd. CRISIL AAANo ChangeCRISIL
Cholamandalam Investment and Finance Company Ltd. CRISIL A1+,ICRA A1+No ChangeCRISIL
CTBC Bank Co. Ltd ICRA A1+No ChangeICRA
Cube Highways Trust ICRA AAANo ChangeICRA
Dhruva Trust XXIII (Originated by Five-Star Business Finance Limited) ICRA AAA(SO)No ChangeICRA
DLF Cyber City Developers Ltd CRISIL AAANo ChangeCRISIL
Embassy Office Parks REIT CRISIL AAANo ChangeCRISIL
Future Lifestyle Fashions Ltd. CRISIL DNo ChangeCRISIL
GIC Housing Finance Ltd CRISIL AA+No ChangeCRISIL
Godrej Properties Limited ICRA AA+No ChangeICRA
HDB Financial Services Ltd. CRISIL AAA,CRISIL A1+No ChangeCRISIL
India Universal Trust AL1 (Originated by HDFC Bank Limited) IND AAA (SO)No ChangeIND
INDIGRID INFRASTRUCTURE TRUST CRISIL AAANo ChangeCRISIL

Disclaimers: The above disclosure on credit quality of the debt instruments is based on the information provided by rating agencies/respective companies. Few schemes of Kotak Mutual Fund have taken exposure in the debt instruments issued by above companies. In future, the Fund Manager at their discretion may or may not invest in the Debt instruments issued by above companies.
View Kotak Riskometer

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A brief on credit rationales and analysis of less known credit papers in our portfolio.

Kotak Credit Process - Mitigating Risk Through Robust Practices

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MAS Financial Services Limited
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360 One Prime Ltd.
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Aadhar Housing Finance Limited
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Adani Power
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Aditya Birla Real Estate Limited (Formerly known as Century Textiles and Industries Limited)
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Bahadur Chand Investments Private Limited
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BAMBOO HOTEL AND GLOBAL CENTRE (DELHI) PRIVATE LTD
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Bharti Telecom Ltd.
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Cholamandalam Investment and Finance Company Ltd.
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CTBC Bank Co. Ltd
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Cube Highways Trust
Dhruva Trust XXIII (Originated by Five-Star Business Finance Limited)
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DLF Cyber City Developers Ltd
Embassy Office Parks REIT
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Future Lifestyle Fashions Ltd.
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GIC Housing Finance Ltd
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Godrej Properties Limited
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HDB Financial Services Ltd.
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India Universal Trust AL1 (Originated by HDFC Bank Limited)
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INDIGRID INFRASTRUCTURE TRUST
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IOT Utkal Energy Services Ltd.
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Jamnagar Utilities & Power Private Limited
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JTPM Metal Traders Ltd
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Jubilant Bevco Limited
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Liquid Gold Series 9
Mashreq Bank Psc
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Mindspace Business Parks REIT – NCDs
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Motilal Oswal Financial Services Limited
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Muthoot Finance Ltd.
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Nexus Select Trust REIT
Nirma Limited
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NJ Capital Pvt Ltd
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Piramal Finance Limited (erstwhile Piramal Capital & Housing Finance Limited)
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Punjab National Bank
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Radhakrishna Trust
RJ Corp Limited
Sansar Aug 2024 V Trust
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Sansar June 2024 Trust
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Shivshakti Trust
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Siddhivinayak Trust
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SMFG India Credit Company Ltd
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SMFG India Home Finance Company (SMHFC)
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Tata Steel Ltd.
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Telangana State Industrial Infrastructure Corporation Ltd
Torrent Pharmaceuticals
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U P Power Corporation Ltd
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Vajra Trust 008 (Originated by Veritas Finance Private Limited)
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Vedanta Ltd
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Credit Papers

MAS Financial Services Limited(CARE AA-)New(CARE Rationale Link)
  • MAS Financial Services Limited (“MAS” or “the company”) is rated at AA-(Stable)/A1+ by CARE, AA(Stable) by Acuite.
  • MAS is a non-deposit taking non-banking finance company (NBFC) engaged in financing of two-wheeler, Micro Enterprises (ME) loans, commercial vehicle (CV) loans, small-medium enterprises (SME) loans and salaried personal loans.
  • The total AUM stood at Rs. 15,147 crores as on Jun 30, 2026; asset quality has remained stable with GNPA/NNPA% at ~2.6%/1.7% as on Jun 30, 2026.
  • Profitability profile remains comfortable with return on assets (RoA) and return of equity (RoE) at 3.24% and 13.59%, respectively, in Q1FY27.
  • Capital adequacy ratio (CAR) stood adequate at 23.25% with gearing at 3.35x as on Jun 30, 2026.
360 One Prime Ltd.(CRISIL A1+,ICRA AA)(CRISIL Rationale Link)
  • 360 One Prime Limited is an NBFC registered with the RBI, and a 100% subsidiary of 360 One WAM Ltd (earlier known as IIFL Wealth Management Limited).
  • The NBFC offers a range of lending solutions to group’s clients and is a leading NBFC in India by asset size in the wealth management industry. It is primarily involved in lending against securities, loans against securities, loan against property, margin trading funding and unsecured loans. The loan book is largely secured in nature.
  • NBFC follows risk management framework keeping sufficient collateral cover on disbursed loans which are monitored regularly.
  • It is well capitalized and has capital adequacy ratio of 21.49% as on Mar'26.
Aadhar Housing Finance Limited(ICRA AA)(ICRA Rationale Link)
  • Aadhar Housing Finance Limited (AHFL) is a housing finance company (HFC) engaged in providing affordable housing finance
  • Blackstone through its fund BCP TOPCO VII Pte. Ltd. holds majority stake in the company
  • As on Mar'26, the company had assets under management (AUM) of ~Rs. 30,571 crore.
  • The loan book is quite granular with average ticket size of around Rs. 10 lakh​​​​​​​
  • ​​​​​​​The company is present across major state and union territories 
Adani Power(CRISIL AA)(CRISIL Rationale Link)
  • Adani Power Limited (“APL” or “the company”) is the flagship company of the Adani Group. The company is the largest private independent thermal power producer in India with an operational; capacity of ~18.15 Giga Watt (GW)  
  • The company has secured long term power purchase agreements (PPA’s) for its operational capacity  (~95% is under long term PPA) and has also tied up ~50% PPA for its upcoming capacities. Which provides revenue visibility over near to medium term
  • The financial profile remains robust with Net Debt/EBITDA of 1.7x and Total Debt/Equity of 0.79x as of Sep'25
  • The company is rated AA/A1+ by CRISIL, CARE, ICRA and India Ratings
Aditya Birla Real Estate Limited (Formerly known as Century Textiles and Industries Limited)(CRISIL AA)(CRISIL Rationale Link)
  • Incorporated in 1897, the company is promoted by Late Mr BK Birla and is a part of the Aditya Birla Group.
  • Following equity infusion in March and December 2015, the Aditya Birla group is a significant stakeholder in the company.
  • Company operated a cotton textile mill until 1951. Since then, it has progressively expanded into diverse fields by setting up manufacturing units in rayon, cement and pulp and paper segments.
  • The company also ventured into the real estate business. In FY18, the company incorporated a wholly owned subsidiary, Birla Estate Pvt Ltd to focus on the residential real estate business.
  • It manufactures a variety of paper products (including multi-layer packaging board and tissue paper) with total installed capacity of 4.81 lakh tonne per annum.
  • The company had a gross gearing ratio of 1.45x as on Sep’25 on consolidated basis.
Bahadur Chand Investments Private Limited(ICRA A1+,ICRA AA+)(ICRA Rationale Link)
  • Bahadur Chand Investments Private Limited and its parent, Brijmohan Lal Om Prakash’s (BMOP), are the principal holding companies of Hero MotoCorp Limited (HMCL).
  • BCIPL has strong financial flexibility emanating from the market value of its investment in HMCL. It holds ~20% stake in HMCL as on Mar'26.
  • BCIPL and BMOP also hold equity and preference stake in a large number of group companies viz. Hero FinCorp Limited, Hero Future Energies Private Limited etc.

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BAMBOO HOTEL AND GLOBAL CENTRE (DELHI) PRIVATE LTD(ICRA A+(CE))(ICRA Rationale Link)
  • Bamboo Hotel and Global Centre (Delhi) Pvt Ltd (BHGCDPL) is a joint venture between Prestige Group (51%) and Valor Estate group (49%).
  • The NCDs are guaranteed by Prestige Estate Pvt Ltd (PEPL) which is flagship company of Prestige group.
  • The NCDs are secured by underlying real estate asset with minimum security cover of 1.50 times
  • The Prestige Group has over 39 years of experience in real estate development and is one of the leading real-estate developers in South India. PEPL has completed 300+ real estate projects, with area of 200+ msqft of Sep’25. 
  • PEPL is well capitalised with consolidated Debt/Equity of ~0.73x in Sep’25
Bharti Telecom Ltd.(CRISIL AAA)(CRISIL Rationale Link)
  • Bharti Telecom Ltd. (BTL) is promoted by Bharti group and Singtel, Singapore.
  • BTL holds 40.47% shareholding of Bharti Airtel Limited (BAL) (Mar'26).
  • Market value of BTL’s holding in BAL is more than INR 5 lakh crore which provides financial flexibility to the Company.
Cholamandalam Investment and Finance Company Ltd.(CRISIL A1+,ICRA A1+)(CRISIL Rationale Link)
  • Cholamandalam Investment and Finance Company Ltd (CIFCL), a non-banking finance company, is a part of the Chennai-based Murugappa Group of companies.
  • The company’s core business segments include vehicle finance, LAP and home loans. The company has recently launched new business verticals (i.e. Personal Loan, consumer and small enterprise loan and SME loan)
  • The company had an AUM of ~Rs. 2,24,334 crore and consolidated gearing of ~6.93x as of Mar'26. 
CTBC Bank Co. Ltd(ICRA A1+)(ICRA Rationale Link)
  • CTBC Bank Co., Ltd is one of the largest private banks and one of the six systemically important banks in Taiwan, having presence in India via branches (CTBC India)
  • CTBC India had a loan book of Rs. 2,521 crores and a deposit base of Rs. 3,243 crores as of Mar 31, 2025.
  • CTBC India has maintained strong asset quality indicators with nil gross NPA/net NPA as on Mar 31, 2025. 
  • Albeit profitable operations, CTBC India’s capitalisation levels continues to remain comfortable with capital adequacy ratio (CAR) of 24.07% as on Mar 31, 2025.
Cube Highways Trust(ICRA AAA)(ICRA Rationale Link)
  • Cube Highways Trust (CHT) is registered as an InvIT under the Securities and Exchange Board of India (SEBI) InvIT Regulations. The sponsors of the Trust are Cube Highways and Infrastructure Pte Ltd, and Cube Highways and Infrastructure III Pte Ltd.
  • The portfolio will have total length of ~8,819 lane kms spread across 12 states and UT.
  • ​​​​​​​The Invit has portfolio of 27 operational projects with 18 toll assets, 3 annuity and 6 HAM assets. Current Asset Under Management (AUM) in Sep 2025 is ~Rs 36,519 crores.
  • The portfolio has toll and annuity split of 85%:10% of AUM in Sep’25.
  • The InvIT benefits from the cash flow pooling for the  SPVs  and  the  Trust,  which  ensures  that  the  pooled  cash  flows  are  available  for  meeting  the  regular  and  periodic maintenance expenses and debt servicing of the InvIT. 
  • CHT has comfortable balance sheet with leverage of Net Debt/AUM of ~47% in Sep’25.
Dhruva Trust XXIII (Originated by Five-Star Business Finance Limited)(ICRA AAA(SO))(ICRA Rationale Link)
  • Securitisation of pool of small business loan (SBL) receivables originated by Five-Star Business Finance Limited
  • The pool is well diversified with low obligor concentration, weighted average seasoning of 17.38 months and weighted average LTV of 39.12% as of cut-off date.
  • The pool has an external credit enhancement of 5% of initial pool principal in the form of fixed deposits. Further credit support is available in form of Excess Interest Spread (EIS) and subordination by way of equity tranche.
  • The pool is rated as AAA (SO) by ICRA.
DLF Cyber City Developers Ltd(CRISIL AAA)(CRISIL Rationale Link)
  • DLF Cyber City Developers Ltd (DCCDL) is involved in the business of developing, setting up and maintaining of commercial offices, retail spaces, technology parks and software parks. GIC Singapore owns 33.33% in DCCDL and the balance 66.67% is held by DLF Limited.
  • The company has total leasable area of 48.7 msqft with occupancy of 94% in Sep'25.
  • The portfolio of DCCDL is spread across NCR, Chennai, Chandigarh, Hyderabad. As of Sep’25 portfolio has ~86% of GAV in commercial office with balance ~14% in retail malls.​​​​​​​
  • DCCDL has profitable operations with positive operating cash flow and comfortable balance sheet structure with Net Debt/Gross Asset Value (GAV) of ~20% as on Sep'25. 
  • NCDs are rated AAA (Stable) by CRISIL/ICRA.
Embassy Office Parks REIT(CRISIL AAA)(CRISIL Rationale Link)
  • Embassy REIT is registered as an irrevocable trust under the Indian Trust Act, 1882, and as a real estate investment trust (REIT) with SEBI’s Real Estate Investment Trust Regulations.
  • It is sponsored by Embassy Property Development Pvt. Ltd (part of the Embassy group). Investment is in NCD issued by REIT, it gets stable cash flow primarily from rental of commercial assets
  • It has a portfolio of assets which include 14 commercial assets (office parks and city centric offices), 1,730 hotel keys (including under construction) and 100 MW solar power plant as of Mar'26.
  • The commercial assets enjoy robust occupancy of around 90% and have upside potential for rentals, given the good asset and service quality.
  • The projects are located in prime areas of Mumbai, Pune, Bengaluru, and National Capital Region.
  • The net debt to total assets ratio was 0.42 times as on Mar’26.
Future Lifestyle Fashions Ltd.(CRISIL D)(CRISIL Rationale Link)
  • Future Lifestyle Fashions Ltd. (FLF) operates in fashion retail and distribution. FLF operates retail outlets in 3 broad formats – Central (big-box fashion retailer), Brand Factory (fashion discount chain) and Exclusive Brand Outlets.
  • Lockdown/Covid-19 has impacted fashion/retail industry significantly, also impacting financial and operating performance of FLF.
  • Above resulted in multiple downgrade of external rating of company. The rating was downgraded to below investment grade in Oct’20.
  • We had exercised put option on NCDs issued by FLF, by virtue of which the maturity shifted to 9th Nov'20 from 9th Nov'22. The Company failed to make the repayment including interest payment on due date which resulted in downgrade of external rating to D.
  • In May’23, Hon’ble National Company Law Tribunal has allowed the admission of insolvency petition under insolvency and bankruptcy code. NCLT has appointed Interim Resolution Professional (IRP). Subsequently Committee of Creditors (CoC) has appointed it to Resolution Professional (RP). RP has asked for expression of interest from Prospective Resolution Applicants (PRAs). 2 plans was received. One of the plan has been put for voting by CoC. The PRA vide letter dated 25th September 2024, intimated that they are withdrawing the plan. RP along with Committee of Creditors is contesting the same in NCLT.
  • Due to uncertainties created by the withdrawal of plan, the exposure has been markerd down to zero.​​​​​​​
GIC Housing Finance Ltd(CRISIL AA+)(CRISIL Rationale Link)
  • GIC HF offers individual housing loans to upper-middle, middle, and low-income groups in Tier II and Tier III cities.
  • GIC Housing Finance, founded in 1989 by GIC-Re, has a PSU-backed shareholding, with ~42% collectively held by General Insurance Corporation of India (15.26%), New India Assurance (8.65%), United India Insurance (7.35%), National Insurance Company (5.63%), and Oriental Insurance Company (5.52%).
  • The company has profitable operations with Return on Assets (RoA) of 1.43% in FY2026.
  • As at March 2026, it had moderate loan book of ~Rs. 10,828 crore and a net worth of Rs. 2,106 crore.
  • Asset quality is stable with Net NPA of 1.61% as of March 2026.
  • The company maintains modest leverage with Gross Gearing of 4.3x times as of March 2026.
Godrej Properties Limited(ICRA AA+)(ICRA Rationale Link)
  • Godrej Properties Ltd (hereinafter, GPL) is currently developing residential, commercial and township projects spread across 10 cities with total saleable area of ~232 million sq. ft. as on Sep'25.
  • GPL is a part of the Godrej Group which is amongst India’s most diversified conglomerates.
  • The Godrej Group was established in 1897 and comprises of a varied business portfolio that includes real estate development, fast moving consumer goods, advanced engineering, home appliances, furniture, security, and agri-care.
  • It is one of India’s only national developers with a strong presence across the country’s leading real estate markets.
  • The net debt-equity ratio was 0.30x as on Sep'25.
HDB Financial Services Ltd.(CRISIL AAA,CRISIL A1+)(CRISIL Rationale Link)
  • HDB Financial Services Limited (HDB Finance) was set up as an non-banking finance company by HDFC Bank. HDFC Bank owns majority of equity shares in HDB Finance. 
  • Apart from the lending business, HDB Finance is also engaged in the distribution of general and life insurance products for HDFC Ergo General Insurance Company and HDFC Standard Life Insurance Company, respectively. The company also runs BPO services that undertake collection services, back office and sales support functions under a contract with HDFC Bank.
  • HDB Finance receives support from HDFC Bank in terms of operational and managerial support with regard to formulation of credit policies, portfolio monitoring and collection practices and also receives regular funding support.
  • The company complements the parent's product portfolio and distribution network, and supports collection activities for the retail portfolio.
  • It has a consolidated gearing of 4.92x as on Sep'25.
India Universal Trust AL1 (Originated by HDFC Bank Limited)(IND AAA (SO))(IND Rationale Link)
  • Securitisation of pool of new car loans receivables originated by HDFC Bank Limited.
  • The pool is well diversified with low obligor concentration, weighted average seasoning of 15.2 months and weighted average LTV of 84.7% as of cut-off date.
  • The pool has an external credit enhancement of 6% of initial pool principal in the form of an unconditional and irrevocable credit collateral guarantee. Further credit support is available in form of Excess Interest Spread (EIS).
  • The pool is rated as AAA (SO) by India Ratings.
INDIGRID INFRASTRUCTURE TRUST(CRISIL AAA)(CRISIL Rationale Link)
  • India Grid Trust (IndiGrid) was set up on October 21, 2016, as an irrevocable trust under the provisions of the Indian Trusts Act, 1882, and was registered with SEBI as an Infrastructure Investment Trust (InvIT)
  • IndiGrid operates in power transmission and generation sector and its portfolio primarily consists of power transmission and renewable energy assets 
  • All SPVs (except one) under IndiGrid are interstate transmission system (ISTS) licensees and comes under the point of connection pool mechanism, where Power Grid Corporation of India, as the central transmission utility, collects monthly transmission charges from all designated customers on behalf of the licensees
  • It has an AUM of Rs. 32,500 crore and Net /Debt to AUM of 61.4% as on Sep'25.
IOT Utkal Energy Services Ltd.(CRISIL AAA)(CRISIL Rationale Link)
  • IOT Utkal Energy Services Ltd. (IOTUL) is a SPV which has set up crude and product storage tanks on Build-Own-Operate-Transfer (BOOT) basis for Indian Oil Corporation’s (IOC) Paradip refinery in Orissa.
  • IOTUL achieved successful completion and deemed commissioning of crude oil tankages in October 2013. The total project cost incurred for the construction of the facility was Rs.3,553 crore and the BOOT period is 15 years from COD (up to October 2028). 
  • IOTUL’s crude and product storage tanks facility plays a critical role in the operations of IOC’s Paradip refinery. IOTUL also benefits from the fixed cash flows arising from its contractual agreement with IOC.
  • The NCDs of IOT Utkal are backed by an annuity based contract executed with its sole counterparty, Indian Oil Corporation Ltd.
Jamnagar Utilities & Power Private Limited(CRISIL AAA,CRISIL A1+)(CRISIL Rationale Link)
  • Jamnagar Utilities & Power Private Limited (“JUPL”) is owned by promoters of Reliance Industries Ltd. (RIL)
  • It is primarily engaged in the business of setting up, operating and maintaining captive power plants at various manufacturing locations of Reliance Industries Limited (RIL).
  • JUPL has set-up power plants at various locations viz Dahej, Hazira and Jamnagar with aggregate capacity to generate over 2300 megawatt (MW) of power and over 10000 tonne per hour (tph) of steam.
  • Its power plants in Jamnagar, Hazira, and Dahej are captive to the existing petrochemicals and refining business of RIL and caters to most of its power requirement.
JTPM Metal Traders Ltd(CRISIL AA)(CRISIL Rationale Link)
  • JTPM Metal Traders Limited (JTPM) is one of the promoter company of JSW Group and is engaged in the business of trading metals. It also has investments in major listed companies of the group, namely JSW Steel Limited, JSW Energy Limited etc.
  • The NCD raised by JTPM is guaranteed by 3 other JSW group promoter entities viz. Sahyog Holdings Pvt Ltd, Vividh Finvest Pvt Ltd and Indusglobe Multiventures Pvt Ltd.
  • The key comfort in the transaction is that issuer + guarantors on combined basis hold significant market value in listed companies of JSW Group which provides cover of multiple times of borrowings.
  • The Listcos JSW Steel Ltd, JSW Energy Ltd and JSW Infrastructure Ltd are flagship companies of Sajjan Jindal group and have acceptable financial metrics.
  • The Listcos are strategically important to Sajjan Jindal group given flagship nature of these entities. Listcos receive strong management support with Mr. Sajjan Jindal on board as Chairman for all 3 Listcos.
Jubilant Bevco Limited(CRISIL AA)(CRISIL Rationale Link)
  • Jubilant Bevco Ltd (JBCL) is part of Jubilant Bhartia Group.
  • It undertakes businesses of food services and distribution, trading etc. JBCL has raised Rs 3,000 crores via NCDs and balance through promoter infusion to invest equity of ~Rs 5,000 crores in its subsidiary Jubilant Beverages Ltd (JBL) as promoter contribution to acquire 40% stake in Hindustan Coca Cola Beverages Ltd (HCCB) which operates major bottling operations of The Coca Cola Company (TCCC) in India.
  • The NCDs of JBCL are guaranteed by Jubilant Consumer Ltd (JCL) which holds ~40.27% stake in Jubilant Foodworks Ltd (JFL) as of Sep’25.
  • Jubilant Foodworks Ltd (JFL) is flagship company of Jubilant Bhartia group. The Group has a strong Portfolio of Brands in emerging markets with franchise rights for three global brands - Domino’s, Popeyes and Dunkin’ – and two own-brands, Hong’s Kitchen, an Indo-Chinese QSR brand in India, and a CAFÉ brand - COFFY in Turkey. 
  • The comfort is drawn from Value of assets ofJBCL i.e equity investment in JBL and guarantee of JCL which holds 40.27% stake in JFL.
Liquid Gold Series 9(CRISIL AAA(SO))(CRISIL Rationale Link)
  • Securitisation of pool of gold loans receivables originated by IIFL Finance Limited.
  • The pool is well diversified given retail nature of loans and has weighted average net seasoning of ~3.71 months as of cut-off date.
  • The pool has external credit enhancement in the form of 14.65% of initial pool principal as cash collateral. Further credit support is available in form of Excess Interest Spread (EIS).
  • The pool is rated as AAA (SO) by CRISIL.
Mashreq Bank Psc(CRISIL A1+)(CRISIL Rationale Link)
  • Headquartered in Dubai, Mashreq Bank is the oldest privately owned bank in the UAE. While the bank operates primarily through a branch network in the UAE, it is also present in several other countries in the Middle East, Egypt, India, Hong Kong, the UK and the US
  • Mashreq Bank PSC- India Branch, is a branch of Mashreq Bank of United Arab Emirates (UAE). The Indian branch received banking operation license from RBI in 1980, and currently operates in India through its only branch in Mumbai.
  • The Bank has a very conservative credit underwriting policy with majority of loan being short term working capital loan. However, as the operation of the bank is focused on wholesale lending; the borrower concentration risk remains high.
  • The bank remains profitable with a ROA of 1.1% as of Mar’26 
  • The bank has robust asset quality with Nil NPA and strong capital adequacy ratio of 38.11% as of Mar’26
Mindspace Business Parks REIT – NCDs(CRISIL AAA,ICRA AAA)(CRISIL Rationale Link)
  • Mindspace REIT is registered as an irrevocable trust under the Indian Trust Act, 1882, and as a Real Estate Investment Trust (REIT) with SEBI’s REIT Regulations, 2014. Mindspace REIT’s portfolio assets are held through the asset SPVs.
  • The real estate investment trust (REIT) owns eight special purpose vehicles (asset SPVs) comprising 10 commercial offices, information technology (IT) parks and special economic zone (SEZ) assets, and houses the facility management division.
  • The net debt to total assets was 24.20% as on Sep'25.
Motilal Oswal Financial Services Limited(ICRA A1+)(ICRA Rationale Link)
  • Motilal Oswal Financial Services Limited (MOFSL) is among India’s leading provider of capital market related services.
  • Motilal Oswal group is majorly present in fee-based businesses like broking, asset & wealth management and investment banking
  • MOFSL ranks among the top ten equity brokers by active number of active clients in the broking industry.
  • MOFSL had a debt-equity ratio of 1.21 times on consolidated basis as on Sep'25.
Muthoot Finance Ltd.(CRISIL AA+,CRISIL A1+)(CRISIL Rationale Link)
  • Muthoot Finance Ltd. (MFL) was incorporated in 1997 and is India’s largest gold loan focused NBFC with consolidated AUM of ~Rs 1,47,673 crore on Sep'25 and a net worth of ~Rs 32,819 crore (consolidated) on Sep'25.
  • Muthoot Finance Limited (MFL) is the flagship company of the Kerala-based business house, The Muthoot Group, which has diversified operations in financial services, healthcare, real estate, education, hospitality, power generation and entertainment.
  • It had a consolidated debt-equity ratio of 3.8 times as on Sep'25.
Nexus Select Trust REIT(CRISIL AAA)(CRISIL Rationale Link)
  • Nexus Select Trust REIT is registered as an irrevocable trust under the Indian Trust Act, 1882, and as a real estate investment trust (REIT) with SEBI’s Real Estate Investment Trust Regulations.
  • The REIT is sponsored by Wynford Investments Limited, an affiliate of Blackstone Inc (Blackstone).
  • The REIT owns 19 urban consumption centres (90.7% of GAV), three office spaces (5.6% of GAV), three hotels (3.5% of GAV) and one renewable energy plant (0.2% of GAV) across the country in Sep’25.​​​​​​​
  • The urban consumption centres which represents around 91% of total assets enjoy robust occupancy of around 96.9% (Sep'25) and have upside potential for rentals, given the good asset and service quality.
  • ​​​​​​​REIT has comfortable net debt to AUM of 18% as on Sep'25.
Nirma Limited(CRISIL AA)(CRISIL Rationale Link)
  • Nirma set up Dr. Karsanbhai K Patel in 1980  to manufacture detergents, expanded its operations to soaps, chemicals and processing of minerals. The company is the largest soda ash manufacturer in India.
  • It has one plant in USA and 4 in India (all situated in the State of Gujarat).
  • The revenue profile is well diversified across product profile i.e. soda ash, detergent, soaps, caustic soda, linear alkyl benzene, salt etc.
  • The company has done certain large acquisition in past, ​​​​recently Nirma completed acquisition of 75% stake in Glenmark Life Science Ltd. Even after this acquisition, the leverage profile of the company remains acceptable.
  • The company is rated AA/A1+ by CRISIL with stable outlook.
NJ Capital Pvt Ltd(CRISIL A1+)(CRISIL Rationale Link)
  • NJ Capital is the sole lending arm of the NJ Group and plays a strategic role in the Group’s foray into lending with AUM at Rs. 1,033 crores in Mar-26.
  • The Company primarily offers loans against mutual funds leveraging the Group’s extensive customer base, and is also expanding through independent financial advisors (IFAs) beyond the NJ network.
  • The company has reported NIL GNPA/NPA since inception.
  • It has Profitable operations with RoA of 3.7% in FY26.
  • The company well capitalized with CRAR of ~26%/gearing of 2.16x as on Mar 31, 2026.
Piramal Finance Limited (erstwhile Piramal Capital & Housing Finance Limited)(CARE AA+)(CARE Rationale Link)
  • Piramal Finance Limited (PFL; erstwhile Piramal Capital and Housing Finance Limited) is a non banking finance company (NBFC), wholly owned by Piramal Enterprises Limited (“PEL”).
  • PFL’s consolidated loan book stood at Rs. 91,447 crore as on Sep'25.
  • The headline asset quality indicators continue to remain at acceptable levels with gross NPA/net NPA at 2.6%/1.8% respectively as on Sep'25.
  • The capitalisation profile for PFL stood comfortable with CRAR at 20.7% and gearing at 2.61x as on Sep'25.
Punjab National Bank(CARE A1+,CRISIL A1+,CRISIL AAA)(CRISIL Rationale Link)
  • Punjab National Bank is the second largest Public Sector Bank in India
  • Govt. of India (GOI) owns 70.08% as on Sep'25.
  • As on Sep'25, PNB had total capitalization of 17.19% with Tier-1 of 14.41%.
Radhakrishna Trust(CRISIL AAA(SO))(CRISIL Rationale Link)
  • These are Pass Through Certificates (PTCs) issued by these three Trusts. In this securitisation transaction, originators are Sikka Ports and Terminals Ltd (SPTL) and Jamnagar Utilities and Power Ltd (JUPPL) which are part of Mukesh Ambani Group.
  • These PTCs are backed by loan receivables from Digital Fibre Infrastructure Trust (DFIT) which is Infrastructure Investment Trust (InVIT).
  • DFIT holds 51% stake in Jio Digital Fibre Infrastructure Trust (JDFPL) which has 30 mn fiber pair km (FPKM) of fiber assets. JDFPL has signed a 30 year (25 years remaining) Fiber Usage Agreement (FUA) with Reliance Jio Infocomm Ltd (Reliance Jio).
  • As per terms of the transaction of PTCs, there is put option on the 5 Reliance Group promoter entities which has significant shareholding of Reliance Industries Ltd (RIL) which is valued at more than Rs 7 lakh crores.  
  • The transaction structure has well defined payment mechanism. DFIT will directly make payments in the collection and payout account held by the Trust on the due date.
RJ Corp Limited(CRISIL AAA)(CRISIL Rationale Link)
  • RJ Corp Limited (“RJ Corp” or “the company”) is the holding and operating company of Mr. Ravi Kant Jaipuria group (Promoter of Varun Beverages and Devyani International).
  • The entire shareholding is with the promoters of the company.
  • The group has a market capitalisation of more than ~Rs. 1,50,000 crore and RJ Corp Holds 25.28% in Varun Beverages and 59.16% in Devyani International.
  • The group also has 6.59% shareholding in Global Health Limited with a valuation of more than Rs. 2,000 crore. ​​​​​​​
  • The financial metrics remains comfortable with Net External Debt/EBITDA of 0.33x as of Mar’25 and Total Debt/Equity of 0.25x.
Sansar Aug 2024 V Trust(CRISIL AAA(SO))(CRISIL Rationale Link)
  • ​​​​​​​Securitisation of pool of vehicle loans receivables originated by Shriram Finance Limited.
  • The pool is well diversified with low obligor concentration and a weighted average net seasoning of ~7.8 months as of cut-off date.
  • The pool has external credit enhancement in the form of 11.25% of initial pool principal as cash collateral. Further credit support is available in form of Excess Interest Spread (EIS).
  • The pool is rated as AAA (SO) by CRISIL.

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Sansar June 2024 Trust(CRISIL AAA(SO))(CRISIL Rationale Link)
  • Securitisation of pool of vehicle loans receivables originated by Shriram Finance Limited.
  • The pool is well diversified with low obligor concentration and a weighted average seasoning of ~8.2 months as of cut-off date.
  • The pool has external credit enhancement in the form of 12.75% of initial pool principal as cash collateral. Further credit support is available in form of Excess Interest Spread (EIS).
  • The pool is rated as AAA (SO) by CRISIL.
Shivshakti Trust(CRISIL AAA(SO))(CRISIL Rationale Link)
  • These are Pass Through Certificates (PTCs) issued by these three Trusts. In this securitisation transaction, originators are Sikka Ports and Terminals Ltd (SPTL) and Jamnagar Utilities and Power Ltd (JUPPL) which are part of Mukesh Ambani Group.
  • These PTCs are backed by loan receivables from Digital Fibre Infrastructure Trust (DFIT) which is Infrastructure Investment Trust (InVIT).
  • DFIT holds 51% stake in Jio Digital Fibre Infrastructure Trust (JDFPL) which has 30 mn fiber pair km (FPKM) of fiber assets. JDFPL has signed a 30 year (25 years remaining) Fiber Usage Agreement (FUA) with Reliance Jio Infocomm Ltd (Reliance Jio).
  • As per terms of the transaction of PTCs, there is put option on the 5 Reliance Group promoter entities which has significant shareholding of Reliance Industries Ltd (RIL) which is valued at more than Rs 7 lakh crores.  
  • The transaction structure has well defined payment mechanism. DFIT will directly make payments in the collection and payout account held by the Trust on the due date.
Siddhivinayak Trust(CRISIL AAA(SO))(CRISIL Rationale Link)
  • These are Pass Through Certificates (PTCs) issued by these three Trusts. In this securitisation transaction, originators are Sikka Ports and Terminals Ltd (SPTL) and Jamnagar Utilities and Power Ltd (JUPPL) which are part of Mukesh Ambani Group.
  • These PTCs are backed by loan receivables from Digital Fibre Infrastructure Trust (DFIT) which is Infrastructure Investment Trust (InVIT).
  • DFIT holds 51% stake in Jio Digital Fibre Infrastructure Trust (JDFPL) which has 30 mn fiber pair km (FPKM) of fiber assets. JDFPL has signed a 30 year (25 years remaining) Fiber Usage Agreement (FUA) with Reliance Jio Infocomm Ltd (Reliance Jio).
  • As per terms of the transaction of PTCs, there is put option on the 5 Reliance Group promoter entities which has significant shareholding of Reliance Industries Ltd (RIL) which is valued at more than Rs 7 lakh crores.  
  • The transaction structure has well defined payment mechanism. DFIT will directly make payments in the collection and payout account held by the Trust on the due date.
SMFG India Credit Company Ltd(ICRA AAA)(ICRA Rationale Link)
  • SMFG India Credit Company Ltd (SMICC) has been operating in India since 2005. SMICC is wholly owned by SMFG which is a Japanese group with ~USD 2 trillion of assets.
  • SMICC has strong operational and financial linkages with SMFG group. SMFG group supports SMICC with equity and debt capital whenever required.
  • SMICC’s secured lending portfolio consists of mortgage loans to retail customers and small and medium enterprises (SMEs), commercial vehicle (CV) loans and secured rural loans such as two-wheeler loans, CV and mortgage loans. The unsecured portfolio comprises personal loans to salaried and self-employed individuals in urban segment and group and individual loans in the rural space
  • SMICC has profitable operations. Standalone AUM as of Sep’25 was ~Rs 50,500 crores. Balance sheet is well capitalised with capital adequacy of 19.60% in Sep’25.
  • Asset quality continues to be acceptable with Net NPA of 1.2% in Sep’25. 
  • SMICC is rated AAA (Stable) / A1+ by rating agencies.
SMFG India Home Finance Company (SMHFC)(CRISIL AAA,CARE AAA)(CRISIL Rationale Link)
  • SMFG India Home Finance Company (SMHFC) has been operating since 2016 and primarily offers home loan and loan against property (LAP) in the affordable segment to salaried and self-employed professionals.
  • It has pan India presence across 17 states and union territories and operates through 180 branches.
  • SMHFC is 100% subsidiary of SMFG India Credit Company Ltd (SMICC). Both SMICC and SMHFC are part of Japanese group SMFG which has ~USD 2 trillion of assets. SMHFC has strong operational and financial linkages with SMFG group. SMFG group supports both SMICC and SMHFC with equity and debt capital whenever required.
  • SMHFC has profitable operations. Balance sheet is well capitalised with capital adequacy of 21.4% in Sep’25.
  • Asset quality continues to be acceptable with Net NPA of 1.9% in Sep’25.
  • SMHFC is rated AAA (Stable) / A1+ by rating agencies.
Tata Steel Ltd.(CARE AA+,ICRA A1+)(ICRA Rationale Link)
  • Tata Steel Limited was established as India’s first integrated steel company in 1907.
  • The company has presence across the entire value chain of steel manufacturing from mining and processing iron ore and coal to producing and distributing finished products.
  • The company offers a broad range of steel products such as hot rolled, cold rolled, coated steel, rebars, wire rods, tubes and wires.
  • Tata steel has an annual crude steel production capacity of 38 million tonnes per annum globally 
  • The company is one of the most geographically diversified steel producers, with operations in various countries and commercial presence in more than 50 countries across the globe
  • Tata Steel is one of the leading company of the Tata Group
  • The net debt equity ratio is 0.93 times as on Sep’25 on consolidated basis.
Telangana State Industrial Infrastructure Corporation Ltd(IND AA(CE))(IND Rationale Link)
  • Telangana State Industrial Infrastructure Corporation Ltd. (“TSIIC or “the Corporation) is owned by Government of Telangana
  • TSIIC is primarily engaged in development of industrial parks and SEZs, land allotment, providing infrastructure facilities and other services for the promotion of industries in Telangana and manage, control and operate these parks.
  • The NCDs issued by TSIIC has unconditional and irrevocable guarantee from Govt. of Telangana
  • The NCD also has provisions for direct debit mechanism from the consolidated fund of the state maintained with the Reserve Bank of India (RBI). 
  • TSIIC has created Debt Service Reserve Account (DSRA) equivalent to two peak quarterly servicing of interest plus principal of the outstanding bonds 
Torrent Pharmaceuticals(ICRA A1+,ICRA AA+)(ICRA Rationale Link)
  • Torrent Pharmaceutical Ltd (“TPL” or “the company”) is the flagship company of the Torrent Group, promoted by Gujarat based, Mehta Family.
  • The company is third largest pharma company (by market capitalisation) in India with a market capitalisation of Rs. 1,29,300 crore. The company over the years has grown through a combination of organic growth and acquisitions.
  • The company has recently acquired controlling stake in JB Chemicals & Pharmaceuticals Ltd (JBCPL) and plans to merge the entity with itself.
  • The company has robust financial metrics with Net Debt/EBITDA and Total Debt/Equity of 0.42x and 0.31x respectively. Also JBCPL is currently net cash positive and is generating healthy EBITDA as well
  • The company is rated AA+/A1+ by ICRA and India Ratings
U P Power Corporation Ltd(CRISIL A+ (CE) )(CRISIL Rationale Link)
  • U P Power Corporation Limited (“UPPCL” or “the Company”) is a power distribution company wholly owned by the UP Government (GoUP). The Company has issued bonds, to fund its operations, under the provisions of the UDAY (Ujwal DSICOM Assurance Yojana) agreement.
  • The bonds are secured by charge on receivables of UPPCL. It will be further supported by fund infusion from GoUP on quarterly basis through budgetary allocation i.e. debt servicing by GoUP. These are further secured by an unconditional and irrevocable guarantee from Govt. of Uttar Pradesh.
  • The structure has escrow mechanism wherein daily collections are deposited into escrow a/c which gets used for servicing of bonds.
Vajra Trust 008 (Originated by Veritas Finance Private Limited)(ICRA AAA(SO))(ICRA Rationale Link)
  • Securitisation of pool of small business loan (SBL) and home construction loan (HCL) receivables originated by Veritas Finance Private Ltd.
  • The pool is well diversified with low obligor concentration, weighted average seasoning of 16.75 months and weighted average LTV of 35.59% as of cut-off date.
  • The pool has an external credit enhancement of 5% of initial pool principal in the form of fixed deposits. Further credit support is available in form of Excess Interest Spread (EIS) and subordination by way of equity tranche.
  • The pool is rated as AAA (SO) by ICRA.

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Vedanta Ltd(ICRA AA,CRISIL AA)(CRISIL Rationale Link)

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  • Vedanta Ltd (VEDL) is a diversified mining company, with a vast majority of its resource base and production located in India. It produces aluminium, copper, zinc, lead, silver, iron ore, steel and crude oil. It also has a small power business.
  • The company has healthy market share in the domestic aluminium and zinc businesses and the cost-efficient operations in the domestic zinc, aluminium and oil and gas segments.
  • VEDL continues to be profitable on consolidated basis with EBITDA margins of 27.4% in Sep'25.
  • The company has low net leverage with Net Debt/EBITDA of 1.87x in Sep’25.

Disclaimers: The above disclosure on credit quality of the debt instruments is based on the information provided by rating agencies/respective companies. Few schemes of Kotak Mutual Fund have taken exposure in the debt instruments issued by above companies. In future, the Fund Manager at their discretion may or may not invest in the Debt instruments issued by above companies.

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