ICRA withdraws Titan Company's commercial paper rating after redemption

ICRA Limited has officially withdrawn the credit rating for Titan Company Limited's commercial paper (CP) issuance of INR 2,500 crore, previously rated [ICRA] A1+. This withdrawal, effective September 29, 2025, was initiated at Titan's request, as all rated CPs have been entirely redeemed with no outstanding amount.

The withdrawal aligns with ICRA's policy on ratings cessation when instruments are no longer outstanding. Other outstanding ratings for Titan include [ICRA]AAA (Stable) for its fixed deposit programme, long-term/short-term fund-based/non-fund based facilities, and long-term fund-based term loans.

Titan Company Limited, a joint venture between the Tata Group and TIDCO, remains a market leader in branded jewellery and wristwatches. As of June 30, 2025, the Tata Group and TIDCO held 25.02% and 27.88% stakes in the company, respectively.