India Ratings and Research (Ind-Ra) has taken the following rating\r\nactions on NHPC Limited’s (NHPC) debt instruments:
Regulated Nature of Operations Ensure Cash\r\nFlow Visibility: NHPC operates its plants on a cost-plus regime, which provides a post-tax\r\nreturn on equity of 15.5%-16.5%, along with a reasonable recovery of all costs.\r\nThis allows a high cash flow visibility. NHPC’s regulated equity stood at\r\nINR131 billion at FYE22, which Ind-Ra expects to increase to INR224 billion by\r\nFYE25 after the commissioning of Parbati-II (800 MW) and Subansiri Lower\r\n(SLHEP, 2,000MW), thus aiding cash flow generation. NHPC’s core return on\r\nequity (RoE) also benefits from the incentives earned through secondary\r\ncharges, capacity charges and deviation charges. The cumulative incentives\r\nstood at INR6.1 billion in 9MFY23(FY22: INR7.5 billion; FY21: INR7.8 billion).\r\nGiven the additional incentive income, Ind-Ra expects NHPC’s core RoE on its\r\noperational portfolio to be 19%-20%.
Project Commissioning to Aid Cash Flow\r\nGeneration: NHPC’s two large projects, Parbati-II and SLHEP, with a capex outlay of INR311\r\nbillion, saw a cumulative expenditure of INR271 billion as of 9MFY23.\r\nThe company expects to commission two units of SLHEP by June 2023 and the\r\nbalance six units by June 2024, while Parbati II is likely to be commissioned\r\nby December 2023. Moreover, NHPC is merging two projects (Rangit-IV -120MW,\r\nproject cost: INR9 billion and Teesta VI – project cost: INR57.5 billion)\r\nacquired under the National Company Law Tribunal with itself, resulting in\r\nborrowing cost rationalisation and administrative easiness. The company has\r\nincurred INR24 billion as of December 2022 on the two projects, which will\r\nlikely be commissioned by FY25. The company has signed PPAs for SLHEP with\r\nvarious states across the northern, north eastern and western region. The\r\ntariff determination to be on the basis of the Central Electricity Regulatory\r\nAuthority’s (CERC) regulations, with levelised tariff for projects remaining\r\nsub 4.30/kWh with likely accretion of INR20 billion to the regulated equity.
Diversification into Solar Power Generation\r\nto Continue: Under the GoI’s targets for establishing renewable energy capacity, NHPC\r\nis operating a 50MW solar power plant in Tamil Nadu. The company also has solar\r\nprojects of 425MW,2,280MW, 1,300MW to be commissioned in FY23, FY24 and FY25,\r\nrespectively. Furthermore, the company has projects of 1,500MW under pipeline.\r\nThe company has already signed PPAs for 425MW capacity to be commissioned in\r\nFY23 with Grid Corporation of Odisha, Bundelkhand Saur Urja Limited and Uttar\r\nPradesh Power Corporation Ltd for tariff ranging between INR2.55 and INR2.75\r\nper unit.
Levers Available to Manage Tariffs: Given the new\r\nplants have higher tariffs of INR5/kWh-INR6/kWh, NHPC has been working on\r\ntariff reduction measures including longer depreciation period, structured and\r\nback-ended free energy to the home state, and seeking lower-than-normative\r\noperation and maintenance expenses, which will be more aligned to the actual\r\noperation and maintenance expenses. These measures have allowed NHPC to lower\r\ntariffs by 15%-25% in the initial years than those indicated by CERC in the\r\ntariff regulations, while ensuring the levelised tariff remains the same.\r\nTeesta Low Dam (TLDP)-III and IV’s tariffs have been negotiated on a bilateral\r\nbasis as the entire energy has been tied with West Bengal while the other\r\nplants are being governed under Central Electricity Regulatory Commission regulations.\r\nInd-Ra expects the new plants to have tariffs of INR4kWh-INR5/kwh through these\r\nmeasures.
GoI Support: Ind-Ra has derived\r\nNHPC’s ratings based on its business and financial profiles. The ratings are\r\nequivalent to that of its parent (GoI; 70.95%). However, if NHPC’s ratings were\r\nto be lower than those of its parent, there is a one-notch support available to\r\nNHPC from the GoI, given its strategic importance. After its initial public\r\noffering in 2009, NHPC has depended on its own financial profile to raise\r\ncapital for its planned capex.
Liquidity Indicator – Adequate: NHPC had a\r\nhealthy free cash balance of INR10.1 billion at FYE22 (FYE21: INR18.3 billion).\r\nThe company also had sanctioned working capital limits of INR9.25 billion at\r\n1HFYE23, for which the average utilisation remained nil over the 12 months\r\nended January 2023. NHPC borrows short-term loans regularly to avoid any cash\r\nflow mismatch. It has strong capability to borrow from the capital markets to\r\ntie up funds for capex financing.
The overall debt\r\nis around 98% long-term in nature, of which around 5% is in foreign currency\r\nborrowings that are guaranteed by the GoI. The company has scheduled repayments\r\nof INR8 billion for FY23 and around INR20 billion each for FY24 and FY25,\r\nagainst cash flow from operations (post interest payments) of INR54.3 billion\r\nin FY22 (FY21: INR44.5 billion). NHPC had contingent liabilities for estimated\r\ncapital works of INR97.9 billion at FYE22 (FYE21: INR97.2 billion), on account\r\nof claims lodged by contractors pertaining to price and quantity deviation,\r\ncost relating to extension of time, idling charges due to stoppage of\r\nwork/delays in handing over the site, among others. NHPC has contested these\r\nclaims. According to the management, any materialisation of these claims would\r\nbe recovered through tariffs in the project cost.
Receivables Continue to Remain Extended: NHPC’s receivables, excluding unbilled\r\nrevenue (3QFY23: INR31 billion; FY22: INR23 billion, FY21: INR18 billion),\r\nreduced to INR34 billion during 3QFY23 (FY22: INR28 billion, FY21: INR35\r\nbillion), with around 60% dues outstanding from distribution companies\r\n(discoms) of Jammu & Kashmir, and West Bengal. Furthermore, the company\r\nplans to adjust the receivables from the discoms of Jammu & Kashmir, against\r\nthe water cess payable by the company to the state, as done in the past, which\r\nmay further reduce its receivables in the short-to-medium term.
NHPC has been\r\nable to manage its receivables, given its dominant position in the hydropower\r\nsector, low per unit price of around INR3.5/kWh, ownership by the GoI (70.95%),\r\nthe presence of letters of credit from all its counterparties, its ability to\r\nregulate power and prompt payment discounts. To manage receivables, NHPC also\r\ndoes bill discounting, interest on which is borne by the discoms.
Large Capex Pipeline to Keep Net Leverage\r\nElevated: NHPC’s net leverage (net debt/EBITDA) will remain at 4.0x-4.5x over the\r\nmedium term driven by: i) debt for under construction projects, ii) dividend\r\npayout of INR15 billion-20 billion annually (FY22: INR19.5 billion, FY21:\r\nINR18.5 billion), and iii) leveraging the existing debt-free operational\r\nprojects. Furthermore, if NHPC continues to aggressively return cash to\r\nshareholders, it could register a higher net leverage.
NHPC securitised\r\nRoE of Chamera-I power station to raise around INR10 billion in FY22. The\r\nmonetisation deal has been closed at a discounting factor of 5.24% per annum\r\nlinked with three months treasury bills, which has fetched present value of\r\nINR10 billion against the future cash flow of 10 years for Chamera- I power\r\nstation.
NHPC is looking\r\nto monetise the free cash flows of Uri-I power station (480MW) to mobilise\r\nresources of INR18.7 billion to fund capex projects. At 3QFY23, NHPC’s gross\r\ndebt stood at INR259 billion (FYE22: INR261 billion, FYE21: INR234 billion),\r\nwith discounted subordinated debt of INR48 billion (INR37 billion, INR37\r\nbillion). The overall debt does not include INR20.17 billion of bonds raised by\r\nNHPC for GoI’s funding requirement for the Scheme of Power System Development\r\nFund, as these shall be fully serviced by the GoI until maturity. The total\r\ngross term debt including undiscounted subordinated debt stood at IN255 billion\r\nat 3QFYE23 (FYE22: INR248 billion, FYE21: INR236 billion) and short-term debt\r\nof INR4 billion (INR13 billion, INR7.3 billion). Of the total term debt, INR162\r\nbillion is towards two under construction projects of SLHEP and Parbati-II.\r\nThus, the operating debt stood at INR93 billion. The company generated an\r\nEBITDA of INR51.9 billion in FY22, leading to a gross leverage (total gross\r\ndebt/ EBITDA) of 5.0x. Furthermore, the interest coverage (EBITDA/interest\r\nexpense) of the consolidated entity \r\nimproved to 10.0x (9.0x). Ind-Ra expects the coverage to remain\r\ncomfortable in the short-to-medium term.
NHPC, on a\r\nstandalone basis, expects to spend INR9 billion annually in capex, with INR1\r\nbillion towards equity contribution to its JV projects, INR5 billion for hydro\r\nprojects and INR3 billion for solar projects. The company is executing three\r\nprojects under the JV at Pakal Dul, Kiru and Ratle in Jammu & Kashmir for a\r\ntotal cost of INR176 billion, with equity contribution of INR53 billion spread\r\nover four-to-five years.
Standalone Performance: NHPC reported revenue\r\nof INR83.5 billion in FY22 (FY21: INR85 billion), EBITDA of INR46.8 billion\r\n(INR46 billion), the net leverage of 5.3x (4.8x) and the interest coverage of\r\n8.8x (8.1x).
Negative: A significant build-up of receivables from\r\nbuyers, capex exceeding the agency’s expectations over the medium term, or\r\nunfavourable regulatory changes could lead to a negative rating action.
ESG Factors Minimally Relevant to Rating: Unless otherwise disclosed in this\r\nsection, the ESG issues are credit neutral or have only a minimal credit impact\r\non NHPC, due to either their nature or the way in which they are being managed\r\nby the entity. For more information on Ind-Ra’s ESG Relevance Disclosures,\r\nplease click here. For answers to frequently asked questions\r\nregarding ESG Relevance Disclosures and their impact on ratings, please\r\nclick here.
NHPC is engaged in the construction and\r\noperation of hydroelectric power plants in India. It had an installed capacity\r\nof 7,071MW through 24 operational projects at a consolidated level at FY22. On\r\na consolidated basis, NHPC contributes 15% to India’s hydropower capacity. At a\r\nstandalone level, NHPC has a capacity of 5,551MW through 22 operational\r\nprojects.
\r\n
\r\nCONSOLIDATED FINANCIAL SUMMARY
\r\n\r\n\r\n\r\n
| \r\n Particulars | \r\n \r\n 9MFY23 | \r\n \r\n FY22 | \r\n \r\n FY21 | \r\n
| \r\n Revenue (INR billion) | \r\n \r\n 85.8 | \r\n \r\n 91.9 | \r\n \r\n 96.5 | \r\n
| \r\n EBITDA (INR billion) | \r\n \r\n 53.7 | \r\n \r\n 51.9 | \r\n \r\n 53.5 | \r\n
| \r\n EBITDA margin (%) | \r\n \r\n 62.6 | \r\n \r\n 56.5 | \r\n \r\n 55.4 | \r\n
| \r\n Gross interest coverage (x) | \r\n \r\n 15 | \r\n \r\n 10 | \r\n \r\n 9 | \r\n
| \r\n Source:\r\n Ind-Ra, NHPC | \r\n
Additional information is available at www.indiaratings.co.in. The ratings above were solicited by, or on behalf of, the issuer, and therefore, India Ratings has been compensated for the provision of the ratings.
Ratings are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security or any issuer.
","participationDisclosures":null,"disclaimer":"ALL CREDIT RATINGS ASSIGNED BY INDIA RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: https://www.indiaratings.co.in/ratingdefinitions. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE WWW.INDIARATINGS.CO.IN. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. INDIA RATINGS’ CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE.
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| \r\n Proposed bonds | \r\n \r\n \r\n | \r\n \r\n \r\n | \r\n \r\n \r\n | \r\n \r\n INR10 | \r\n \r\n INDAAA/Stable | \r\n \r\n Assigned | \r\n
| \r\n Term loan programme (bank facilities) | \r\n \r\n - | \r\n \r\n - | \r\n \r\n - | \r\n \r\n INR20 | \r\n \r\n IND AAA/Stable | \r\n \r\n Affirmed | \r\n
| \r\n Working capital programme* | \r\n \r\n - | \r\n \r\n - | \r\n \r\n - | \r\n \r\n INR25 | \r\n \r\n IND AAA/Stable/IND A1+ | \r\n \r\n Affirmed | \r\n
| \r\n Bonds** | \r\n \r\n - | \r\n \r\n - | \r\n \r\n - | \r\n \r\n INR145.08 (reduced from INR146) | \r\n \r\n IND AAA/Stable | \r\n \r\n Affirmed | \r\n
| \r\n Government of India (GoI)-fully serviced\r\n bonds** | \r\n \r\n - | \r\n \r\n - | \r\n \r\n - | \r\n \r\n INR20.17 | \r\n \r\n IND AAA/Stable | \r\n \r\n Affirmed | \r\n
| \r\n Term loan | \r\n \r\n - | \r\n \r\n - | \r\n \r\n FY34 | \r\n \r\n INR63 | \r\n \r\n INDAAA/Stable | \r\n \r\n Affirmed | \r\n
\r\n\r\n*\r\nIncludes cash credit/bill discounting/working capital demand loan/short-term\r\nloan/bank guarantee/letter of credit
\r\n**Details in Annexure
\r\n
\r\n
| \r\n Instrument\r\n | \r\n \r\n Rating | \r\n \r\n Rated Limits\r\n | \r\n \r\n Current\r\n | \r\n \r\n Historical\r\n Rating/Outlook | \r\n ||||||
| \r\n 7 November 2022 | \r\n \r\n 4 February 2022 | \r\n \r\n 5 February 2021 | \r\n \r\n 21 April 2020 | \r\n \r\n 4 February 2020 | \r\n \r\n 8 November 2019 | \r\n \r\n 23 September 2019 | \r\n ||||
| \r\n Issuer Rating | \r\n \r\n Long-term | \r\n \r\n - | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Term loan | \r\n \r\n Long-term | \r\n \r\n INR83 | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Fund/Non-Fund Based Working Capital Limit | \r\n \r\n Long-term/Short-term | \r\n \r\n INR25 | \r\n \r\n IND AAA/Stable / IND A1+ | \r\n \r\n IND AAA/Stable / IND A1+ | \r\n \r\n IND AAA/Stable / IND A1+ | \r\n \r\n IND AAA/Stable / IND A1+ | \r\n \r\n IND AAA/Stable / IND A1+ | \r\n \r\n IND AAA/Stable / IND A1+ | \r\n \r\n IND AAA/Stable / IND A1+ | \r\n \r\n IND AAA/Stable / IND A1+ | \r\n
| \r\n GoI-fully serviced bonds | \r\n \r\n Long-term | \r\n \r\n INR20.17 | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bond | \r\n \r\n Long-term | \r\n \r\n INR155.08 | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Instrument Type | \r\n \r\n ISIN | \r\n \r\n Date of | \r\n \r\n Coupon | \r\n \r\n Maturity | \r\n \r\n Size of | \r\n \r\n Rating/ | \r\n
| \r\n Bonds* | \r\n \r\n INE848E07641 | \r\n \r\n 26 November 2014 | \r\n \r\n 8.49 | \r\n \r\n 26 November 2022 | \r\n \r\n INR0.37 | \r\n \r\n WD | \r\n
| \r\n Bonds* | \r\n \r\n INE848E07716 | \r\n \r\n 26 November 2014 | \r\n \r\n 8.54 | \r\n \r\n 26 November 2022 | \r\n \r\n INR0.55 | \r\n \r\n WD | \r\n
| \r\n Bonds | \r\n \r\n INE848E07252 | \r\n \r\n 11 February 2013 | \r\n \r\n 8.7 | \r\n \r\n 11 February 20 23 | \r\n \r\n INR0.07 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07344 | \r\n \r\n 11 February 2013 | \r\n \r\n 8.85 | \r\n \r\n 11 February 2023 | \r\n \r\n INR0.32 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07435 | \r\n \r\n 11 February 2013 | \r\n \r\n 8.78 | \r\n \r\n 11 February 2023 | \r\n \r\n INR0.89 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07120 | \r\n \r\n 12 March 2012 | \r\n \r\n 9.25 | \r\n \r\n 12 March 2023 | \r\n \r\n INR1.06 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07989 | \r\n \r\n 6 June 2017 | \r\n \r\n 7.52 | \r\n \r\n 6 June 2023 | \r\n \r\n INR2.95 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07831 | \r\n \r\n 14 July 2015 | \r\n \r\n 8.5 | \r\n \r\n 14 July 2023 | \r\n \r\n INR1.23 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07518 | \r\n \r\n 2 November 2013 | \r\n \r\n 8.18 | \r\n \r\n 2 November 2023 | \r\n \r\n INR0.51 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07542 | \r\n \r\n 2 November 2013 | \r\n \r\n 8.43 | \r\n \r\n 2 November 2023 | \r\n \r\n INR0.61 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07658 | \r\n \r\n 26 November 2014 | \r\n \r\n 8.49 | \r\n \r\n 26 November 2023 | \r\n \r\n INR0.37 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07724 | \r\n \r\n 26 November 2014 | \r\n \r\n 8.54 | \r\n \r\n 26 November 2023 | \r\n \r\n INR0.55 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07260 | \r\n \r\n 11 February 2013 | \r\n \r\n 8.7 | \r\n \r\n 11 February 2024 | \r\n \r\n INR0.07 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07351 | \r\n \r\n 11 February 2013 | \r\n \r\n 8.85 | \r\n \r\n 11 February 2024 | \r\n \r\n INR0.32 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07443 | \r\n \r\n 11 February 2013 | \r\n \r\n 8.78 | \r\n \r\n 11 February 2024 | \r\n \r\n INR0.89 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07138 | \r\n \r\n 12 March 2012 | \r\n \r\n 9.25 | \r\n \r\n 12 March 2024 | \r\n \r\n INR1.06 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07997 | \r\n \r\n 6 June 2017 | \r\n \r\n 7.52 | \r\n \r\n 6 June 2024 | \r\n \r\n INR2.95 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07849 | \r\n \r\n 14 July 2015 | \r\n \r\n 8.5 | \r\n \r\n 14 July 2024 | \r\n \r\n INR1.23 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07666 | \r\n \r\n 26 November 2014 | \r\n \r\n 8.49 | \r\n \r\n 26 November 2024 | \r\n \r\n INR0.37 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07732 | \r\n \r\n 26 November 2014 | \r\n \r\n 8.54 | \r\n \r\n 26 November 2024 | \r\n \r\n INR0.55 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07047 | \r\n \r\n 1 February 2010 | \r\n \r\n 9 | \r\n \r\n 1 February 2025 | \r\n \r\n INR6 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07492 | \r\n \r\n 11 February 2013 | \r\n \r\n 8.7 | \r\n \r\n 11 February 2025 | \r\n \r\n INR0.07 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07369 | \r\n \r\n 11 February 2013 | \r\n \r\n 8.85 | \r\n \r\n 11 February 2025 | \r\n \r\n INR0.32 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07450 | \r\n \r\n 11 February 2013 | \r\n \r\n 8.78 | \r\n \r\n 11 February 2025 | \r\n \r\n INR0.89 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07146 | \r\n \r\n 12 March 2012 | \r\n \r\n 9.25 | \r\n \r\n 12 March 2025 | \r\n \r\n INR1.06 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07AA3 | \r\n \r\n 6 June 2017 | \r\n \r\n 7.52 | \r\n \r\n 6 June 2025 | \r\n \r\n INR2.95 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07856 | \r\n \r\n 14 July 2015 | \r\n \r\n 8.5 | \r\n \r\n 14 July 2025 | \r\n \r\n INR1.23 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07740 | \r\n \r\n 26 November 2014 | \r\n \r\n 8.54 | \r\n \r\n 26 November 2025 | \r\n \r\n INR0.55 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07500 | \r\n \r\n 11 February 2013 | \r\n \r\n 8.7 | \r\n \r\n 11 February 2026 | \r\n \r\n INR0.07 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07377 | \r\n \r\n 11 February 2013 | \r\n \r\n 8.85 | \r\n \r\n 11 February 2026 | \r\n \r\n INR0.32 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07468 | \r\n \r\n 11 February 2013 | \r\n \r\n 8.78 | \r\n \r\n 11 February 2026 | \r\n \r\n INR0.89 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07153 | \r\n \r\n 12 March 2012 | \r\n \r\n 9.25 | \r\n \r\n 12 March 2026 | \r\n \r\n INR1.06 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07AB1 | \r\n \r\n 6 June 2017 | \r\n \r\n 7.52 | \r\n \r\n 6 June 2026 | \r\n \r\n INR2.95 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07864 | \r\n \r\n 14 July 2015 | \r\n \r\n 8.5 | \r\n \r\n 14 July 2026 | \r\n \r\n INR1.23 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07757 | \r\n \r\n 26 November 2014 | \r\n \r\n 8.54 | \r\n \r\n 26 November 2026 | \r\n \r\n INR0.55 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07385 | \r\n \r\n 11 February 2013 | \r\n \r\n 8.85 | \r\n \r\n 11 February 2027 | \r\n \r\n INR0.32 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07476 | \r\n \r\n 11 February 2013 | \r\n \r\n 8.78 | \r\n \r\n 11 February 2027 | \r\n \r\n INR0.89 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07161 | \r\n \r\n 12 March 2012 | \r\n \r\n 9.25 | \r\n \r\n 12 March 2027 | \r\n \r\n INR1.06 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07AC9 | \r\n \r\n 6 June 2017 | \r\n \r\n 7.52 | \r\n \r\n 6 June 2027 | \r\n \r\n INR2.95 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07872 | \r\n \r\n 14 July 2015 | \r\n \r\n 8.5 | \r\n \r\n 14 July 2027 | \r\n \r\n INR1.23 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07765 | \r\n \r\n 26 November 2014 | \r\n \r\n 8.54 | \r\n \r\n 26 November 2027 | \r\n \r\n INR0.55 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07484 | \r\n \r\n 11 February 2013 | \r\n \r\n 8.78 | \r\n \r\n 11 February 2028 | \r\n \r\n INR0.89 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07880 | \r\n \r\n 14 July 2015 | \r\n \r\n 8.5 | \r\n \r\n 14 July 2028 | \r\n \r\n INR1.23 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07526 | \r\n \r\n 2 November 2013 | \r\n \r\n 8.54 | \r\n \r\n 2 November 2028 | \r\n \r\n INR2.13 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07559 | \r\n \r\n 2 November 2013 | \r\n \r\n 8.79 | \r\n \r\n 2 November 2028 | \r\n \r\n INR0.86 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07773 | \r\n \r\n 26 November 2014 | \r\n \r\n 8.54 | \r\n \r\n 26 November 2028 | \r\n \r\n INR0.55 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07898 | \r\n \r\n 14 July 2015 | \r\n \r\n 8.5 | \r\n \r\n 14 July 2029 | \r\n \r\n INR1.23 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07781 | \r\n \r\n 26 November 2014 | \r\n \r\n 8.54 | \r\n \r\n 26 November 2029 | \r\n \r\n INR0.55 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07906 | \r\n \r\n 14 July 2015 | \r\n \r\n 8.5 | \r\n \r\n 14 July 2030 | \r\n \r\n INR1.23 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07914 | \r\n \r\n 27 June 2016 | \r\n \r\n 8.24 | \r\n \r\n 27 June 2031 | \r\n \r\n INR5.4 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07922 | \r\n \r\n 7 July 2016 | \r\n \r\n 8.17 | \r\n \r\n 27 June 2031 | \r\n \r\n INR3.6 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07534 | \r\n \r\n 2 November 2013 | \r\n \r\n 8.67 | \r\n \r\n 2 November 2033 | \r\n \r\n INR3.36 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07567 | \r\n \r\n 2 November 2013 | \r\n \r\n 8.92 | \r\n \r\n 2 November 2033 | \r\n \r\n INR2.54 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07AN6 | \r\n \r\n 8 February 2019 | \r\n \r\n 8.65 | \r\n \r\n 8 February 2029 | \r\n \r\n INR15 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07AO4 | \r\n \r\n 7 October 2019 | \r\n \r\n 7.5 | \r\n \r\n 7 October 2025 | \r\n \r\n INR3 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07AP1 | \r\n \r\n 7 October 2019 | \r\n \r\n 7.5 | \r\n \r\n 7 October 2026 | \r\n \r\n INR3 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07AQ9 | \r\n \r\n 7 October 2019 | \r\n \r\n 7.5 | \r\n \r\n 7 October 2027 | \r\n \r\n INR3 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07AR7 | \r\n \r\n 7 October 2019 | \r\n \r\n 7.5 | \r\n \r\n 7 October 2028 | \r\n \r\n INR3 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07AS5 | \r\n \r\n 7 October 2019 | \r\n \r\n 7.5 | \r\n \r\n 6 October 2029 | \r\n \r\n INR3 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07AT3 | \r\n \r\n 3 January 2020 | \r\n \r\n 7.38 | \r\n \r\n 3 January 2026 | \r\n \r\n INR1 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07AU1 | \r\n \r\n 3 January 2020 | \r\n \r\n 7.38 | \r\n \r\n 2 January 2027 | \r\n \r\n INR1 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07AV9 | \r\n \r\n 3 January 2020 | \r\n \r\n 7.38 | \r\n \r\n 3 January 2028 | \r\n \r\n INR1 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07AW7 | \r\n \r\n 3 January 2020 | \r\n \r\n 7.38 | \r\n \r\n 3 January 2029 | \r\n \r\n INR1 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07AX5 | \r\n \r\n 3 January 2020 | \r\n \r\n 7.38 | \r\n \r\n 3 January 2030 | \r\n \r\n INR1 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07AY3 | \r\n \r\n 11 February 2020 | \r\n \r\n 7.13 | \r\n \r\n 11 February 2026 | \r\n \r\n INR3 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07AZ0 | \r\n \r\n 11 February 2020 | \r\n \r\n 7.13 | \r\n \r\n 11 February 2027 | \r\n \r\n INR3 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07BA1 | \r\n \r\n 11 February 2020 | \r\n \r\n 7.13 | \r\n \r\n 11 February 2028 | \r\n \r\n INR3 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07BB9 | \r\n \r\n 11 February 2020 | \r\n \r\n 7.13 | \r\n \r\n 9 February 2029 | \r\n \r\n INR3 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07BC7 | \r\n \r\n 11 February 2020 | \r\n \r\n 7.13 | \r\n \r\n 11 February 2030 | \r\n \r\n INR3 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07BD5 | \r\n \r\n 11 March 2020 | \r\n \r\n 6.89 | \r\n \r\n 11 March 2026 | \r\n \r\n INR1 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07BE3 | \r\n \r\n 11 March 2020 | \r\n \r\n 6.89 | \r\n \r\n 11 March 2027 | \r\n \r\n INR1 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07BG8 | \r\n \r\n 11 March 2020 | \r\n \r\n 6.89 | \r\n \r\n 10 March 2028 | \r\n \r\n INR1 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07BH6 | \r\n \r\n 11 March 2020 | \r\n \r\n 6.89 | \r\n \r\n 9 March 2029 | \r\n \r\n INR1 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07BI4 | \r\n \r\n 11 March 2020 | \r\n \r\n 6.89 | \r\n \r\n 11 March 2030 | \r\n \r\n INR1 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07BJ2 | \r\n \r\n 24 April 2020 | \r\n \r\n 6.8 | \r\n \r\n 24 April 2026 | \r\n \r\n INR1.50 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07BK0 | \r\n \r\n 24 April 2020 | \r\n \r\n 6.8 | \r\n \r\n 24 April 2027 | \r\n \r\n INR1.50 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07BL8 | \r\n \r\n 24 April 2020 | \r\n \r\n 6.8 | \r\n \r\n 24 April 2028 | \r\n \r\n INR1.50 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07BM6 | \r\n \r\n 24 April 2020 | \r\n \r\n 6.8 | \r\n \r\n 24 April 2029 | \r\n \r\n INR1.50 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07BN4 | \r\n \r\n 24 April 2020 | \r\n \r\n 6.8 | \r\n \r\n 24 April 2030 | \r\n \r\n INR1.50 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07BO2 | \r\n \r\n 12 February 2021 | \r\n \r\n 6.86 | \r\n \r\n 12 February 2027 | \r\n \r\n INR1.50 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07BP9 | \r\n \r\n 12 February 2021 | \r\n \r\n 6.86 | \r\n \r\n 11 February 2028 | \r\n \r\n INR1.50 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07BQ7 | \r\n \r\n 12 February 2021 | \r\n \r\n 6.86 | \r\n \r\n 12 February 2029 | \r\n \r\n INR1.50 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07BR5 | \r\n \r\n 12 February 2021 | \r\n \r\n 6.86 | \r\n \r\n 12 February 2030 | \r\n \r\n INR1.50 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07BS3 | \r\n \r\n 12 February 2021 | \r\n \r\n 6.86 | \r\n \r\n 12 February 2031 | \r\n \r\n INR1.50 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07BT1 | \r\n \r\n 12 February 2021 | \r\n \r\n 6.86 | \r\n \r\n 12 February 2032 | \r\n \r\n INR1.50 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07BU9 | \r\n \r\n 12 February 2021 | \r\n \r\n 6.86 | \r\n \r\n 12 February -33 | \r\n \r\n INR1.50 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07BV7 | \r\n \r\n 12 February 2021 | \r\n \r\n 6.86 | \r\n \r\n 12 February 2034 | \r\n \r\n INR1.50 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07BW5 | \r\n \r\n 12 February 2021 | \r\n \r\n 6.86 | \r\n \r\n 12 February 2035 | \r\n \r\n INR1.50 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds | \r\n \r\n INE848E07BX3 | \r\n \r\n 12 February 2021 | \r\n \r\n 6.86 | \r\n \r\n 12 February 2036 | \r\n \r\n INR1.50 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Bonds ** | \r\n \r\n - | \r\n \r\n - | \r\n \r\n - | \r\n \r\n - | \r\n \r\n INR0.87 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n \r\n | \r\n \r\n \r\n | \r\n \r\n \r\n | \r\n \r\n \r\n | \r\n \r\n \r\n | \r\n \r\n INR145.08 | \r\n \r\n | \r\n
| \r\n * fully paid | \r\n \r\n \r\n | \r\n \r\n \r\n | \r\n \r\n \r\n | \r\n \r\n \r\n | \r\n \r\n | \r\n |
| \r\n ** yet to be issued | \r\n \r\n \r\n | \r\n \r\n \r\n | \r\n \r\n \r\n | \r\n \r\n \r\n | \r\n \r\n | \r\n |
| \r\n \r\n | \r\n \r\n \r\n | \r\n \r\n \r\n | \r\n \r\n \r\n | \r\n \r\n \r\n | \r\n \r\n \r\n | \r\n \r\n | \r\n
| \r\n Instrument Type | \r\n \r\n ISIN | \r\n \r\n Date of Issuance | \r\n \r\n Coupon Rate (%) | \r\n \r\n Maturity Date | \r\n \r\n Size of Issue (billion) | \r\n \r\n Rating/Outlook | \r\n
| \r\n GoI-fully serviced bonds | \r\n \r\n INE848E08136 | \r\n \r\n 22 March 2019 | \r\n \r\n 8.12 | \r\n \r\n 22 March 2029 | \r\n \r\n INR20.17 | \r\n \r\n IND AAA/Stable | \r\n
| \r\n Instrument\r\n Type | \r\n \r\n Complexity | \r\n
| \r\n Term\r\n loan programme (bank facilities) | \r\n \r\n Low | \r\n
| \r\n Working\r\n capital programme | \r\n \r\n Low | \r\n
| \r\n Bonds | \r\n \r\n Low | \r\n
| \r\n GoI-fully\r\n serviced bonds | \r\n \r\n Low | \r\n
\r\n\r\nFor\r\ndetails on the complexity level of the instruments, please visit https://www.indiaratings.co.in/complexity-indicators.
About India Ratings and Research: India Ratings and Research (Ind-Ra) is committed to providing India's credit markets accurate, timely and prospective credit opinions. Built on a foundation of independent thinking, rigorous analytics, and an open and balanced approach towards credit research, Ind-Ra has grown rapidly during the past decade, gaining significant market presence in India's fixed income market.
\r\nInd-Ra currently maintains coverage of corporate issuers, financial institutions (including banks and insurance companies), finance and leasing companies, managed funds, urban local bodies and project finance companies.
\r\nHeadquartered in Mumbai, Ind-Ra has seven branch offices located in Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Pune. Ind-Ra is recognised by the Securities and Exchange Board of India, the Reserve Bank of India and National Housing Bank.
\r\nIndia Ratings is a 100% owned subsidiary of the Fitch Group.
\r\nFor more information, visit www.indiaratings.co.in.
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