Persistent gets CRISIL AA+ on ₹7,000 crore NCDs, under rating watch

Credit rating
IT

Blacklitt Research21 October 20262 min read

A Reserve Bank of India 500 rupee note showing Mahatma Gandhi's portrait and the rupee numeral. — Illustrative image via Wikimedia Commons

Persistent (NSE: PERSISTENT) received a CRISIL AA+ rating for its proposed ₹7,000 crore non-convertible debentures (NCDs), and it said in a filing on 21 Oct 2026 that the rating sits on Rating Watch with Developing Implications. At the 21 Oct 2026 close of ₹5,858.50 a share, its market value was ₹92,418 crore.

Key highlights

Rating: CRISIL AA+ on proposed NCDs of ₹7,000 crore
Watch status: Rating Watch with Developing Implications
Rating letter dated 21 Oct 2026
Latest quarter (Q2 FY27, ended 30 Sep 2026): consolidated net profit ₹352 crore

The rating at a glance

Item	Detail
Rating agency	CRISIL Ratings Limited
Instrument	Proposed non-convertible debentures, ₹7,000 crore
Rating	CRISIL AA+
Action	Placed under Rating Watch with Developing Implications
Rating letter	Dated 21 Oct 2026

What the rating says about the debentures

CRISIL's letter describes AA+ as a rating with a "high degree of safety regarding timely servicing of financial obligations", and says such securities carry "very low credit risk". Non-convertible debentures are bonds that cannot be turned into shares, so the rating is a view on whether the company will pay interest and principal on time.

The "Rating Watch" part is the key qualifier. CRISIL says it reflects "an emerging situation, which may affect the credit profile of the rated entity". The letter does not say what that situation is. CRISIL also reserves the right to revise the rating at any time on new information, and it will keep the rating under surveillance for the life of the instrument.

How it fits with recent filings

On 16 Oct 2026 the company filed an intimation of approval of the terms of NCD and CP (commercial paper, or short-term debt) issuance. The rating letter's tranche table, which would list series, amounts, coupon and maturity, is blank in the filing.

The company's latest reported quarter is covered in our Q2 FY27 results article. For the quarter ended 30 Sep 2026, consolidated revenue was ₹4,688 crore and net profit ₹352 crore.

What it means for shareholders

The filing does not say how much of the ₹7,000 crore will be issued, or when. The rating covers proposed debentures, so no issue is reported as complete. The next step the letter sets out is surveillance: CRISIL can change the rating at any time if new information or a change in circumstances affects it.

Reference: Original filing (PDF)

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Persistent gets CRISIL AA+ on ₹7,000 crore NCDs, under rating watch

Key highlights

The rating at a glance

What the rating says about the debentures

How it fits with recent filings

What it means for shareholders

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Disclaimer:

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