M&MFINMahindra & Mahindra Financial Services Ltd.
Mahindra & Mahindra Financial Services gets AAA ratings reaffirmed
- Credit rating
- Non-banking financial company
Reviewed byRachit TripathiBlacklitt Research
Mahindra & Mahindra Financial Services (NSE: M&MFIN) has had its credit ratings reaffirmed by CRISIL Ratings, CARE Ratings and India Ratings, it said in a filing on 06 Nov 2026. The ratings cover commercial paper, non-convertible debentures, subordinated debt, bank facilities and fixed deposits, with the ratings received between 5 Nov 2026 and 6 Nov 2026.
Key highlights
- CRISIL: ₹20,000 crore commercial paper at A1+
- CARE: ₹50,000 crore bank facilities at CARE AAA; Stable / CARE A1+
- India Ratings: INR 800,000 mn bank loans at IND AAA/Stable/IND A1+
- Ratings received: 5 Nov 2026 and 6 Nov 2026 (India Ratings)
The ratings in numbers
| Item | Detail |
|---|---|
| Received | CRISIL 5 Nov 2026, 4:53 p.m. IST; CARE 5 Nov 2026, 8:35 p.m. IST; India Ratings 5 Nov 2026, 4:43 p.m. IST and 6 Nov 2026, 11:52 a.m. IST |
| CRISIL | ₹20,000 crore commercial paper (A1+); ₹30,980 crore non-convertible debentures (AAA/Stable); ₹6,000.50 crore subordinated debt (AAA/Stable) |
| CARE | ₹50,000 crore bank facilities (AAA; Stable / A1+); ₹11,686.50 crore secured NCDs, ₹1,000 crore unsecured NCDs, ₹2,385 crore subordinated debt and ₹4,059.03 crore long-term debt programme (all AAA; Stable) |
| India Ratings | INR 490 bn NCDs, INR 80 bn retail NCDs, INR 104.5 bn private sub debt, INR 15 bn PP-MLD, INR 30 bn retail subordinate debt (all IND AAA/Outlook Stable); INR 200,000 mn commercial paper (IND A1+); INR 800,000 mn bank loans (IND AAA/Stable/IND A1+); INR 200,000 mn fixed deposits (IND AAA/Stable) |
| Requested by | The company, at its own request |
CRISIL and CARE ratings on debt and bank facilities
CRISIL's ratings cover ₹20,000 crore of commercial paper at A1+, ₹30,980 crore of non-convertible debentures at AAA/Stable and ₹6,000.50 crore of subordinated debt at AAA/Stable. A1+ is the top short-term grade and AAA the top long-term grade, and these were received on 5 Nov 2026 at 4:53 p.m. IST.
CARE's ratings cover ₹50,000 crore of bank facilities at CARE AAA; Stable / CARE A1+, and ₹11,686.50 crore of secured non-convertible debentures, ₹1,000 crore of unsecured non-convertible debentures, ₹2,385 crore of subordinated debt and ₹4,059.03 crore of long-term debt programme, all at CARE AAA; Stable. The CARE ratings were received on 5 Nov 2026 at 8:35 p.m. IST.
India Ratings covers eight instruments
India Ratings rated eight instruments, with amounts stated in billion and million rupees: INR 490 bn of non-convertible debentures, INR 80 bn of retail non-convertible debentures, INR 104.5 bn of private subordinated debt, INR 15 bn of principal protected market linked debentures, INR 30 bn of retail subordinate debt, INR 200,000 mn of commercial paper at IND A1+, INR 800,000 mn of bank loans and INR 200,000 mn of fixed deposits.
Its ratings were received on 5 Nov 2026 at 4:43 p.m. IST and on 6 Nov 2026 at 11:52 a.m. IST, according to the filing.
What the reaffirmed ratings mean for Mahindra & Mahindra Financial Services' shareholders
The announcement reports reaffirmed ratings only. It does not report new borrowing, a change in any rating, or a change in outlook, and the amounts shown are the rated limits, not sums borrowed.
Not stated: the reason for the reaffirmation and the agencies' rationale, which the filing does not include. The information is also uploaded to the company's website.
Filed with BSE on . Reference: Original filing (PDF)
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