Mahindra Finance credit ratings reaffirmed as stable by CRISIL, India Ratings

Mahindra & Mahindra Financial Services Ltd. announced on December 12, 2025, the reaffirmation of its credit ratings from CRISIL Ratings Limited and India Ratings & Research Private Limited. The ratings, received on December 11, 2025, confirm "IND AAA/Outlook Stable" for Non-convertible Debentures (INR 390 bn), Retail Non-convertible Debentures (INR 80 bn), Private Sub Debt (INR 54.5bn), Retail Subordinate Debt (INR 30 bn), and Fixed Deposits (INR 120,000 mn) by India Ratings.

Additionally, Principal Protected Market Linked Debentures (INR 15 bn) received "IND PP-MLD AAA/Stable," while Commercial Paper (INR 150,000 mn) was rated "IND A1+," and Bank Loans (INR 649,997 mn) were rated "IND AAA/Stable / IND A1+." The retail non-convertible debentures’ rated limit is interchangeable with retail subordinated debt.

CRISIL Ratings also reaffirmed "CRISIL AAA/Stable" for Non-Convertible Debentures (Rs. 32,875 crore) and Subordinated Debt (Rs. 5,113.50 crore), with Commercial Paper (Rs. 17,000 crore) receiving "CRISIL A1+."