ICRA Limited has upgraded the credit ratings for Nuvama Wealth Management Limited and several of its material subsidiaries, effective February 20, 2026. The primary Issuer Rating was upgraded from [ICRA]AA- (Positive) to [ICRA]AA (Stable). Long-term and short-term facilities for bank lines and Commercial Paper were either upgraded or reaffirmed at strong levels, reflecting improved stability.
Credit Rating Action by ICRA
Pursuant to disclosure requirements, Nuvama Wealth Management Limited announces that ICRA Limited has reviewed and revised the credit ratings for the Company and its key subsidiaries via a press release dated February 20, 2026.
Company-Level Rating Changes
The overall Issuer Rating for Nuvama has been upgraded, with the outlook revised. The prior rating of [ICRA]AA- (Positive) has been revised to [ICRA]AA (Stable).
| Instrument/Facility | Old Rating (Outlook) | New Rating (Outlook) | Action |
|---|---|---|---|
| Issuer Rating | [ICRA]AA- (Positive) | [ICRA]AA (Stable) | Rating upgraded; Outlook revised from positive to stable |
| Long-term fund-based/Non-fund-based bank lines | [ICRA]AA- (Positive) | [ICRA]AA (Stable) | Rating upgraded; Outlook revised from positive to stable |
| Short-term fund-based/Non-fund-based bank lines | [ICRA] A1+ | [ICRA] A1+ | Rating reaffirmed |
| Commercial Paper | [ICRA] A1+ | [ICRA] A1+ | Rating reaffirmed |
Subsidiary Rating Revisions
ICRA has also revised ratings for material subsidiaries, noting similar positive movements, primarily revising the outlook from positive to stable where applicable:
| Subsidiary | Long Term Rating Change | Short Term Rating Change |
|---|---|---|
| Nuvama Wealth Finance Limited | Upgraded to [ICRA]AA (Stable) | Reaffirmed at [ICRA] A1+ |
| Nuvama Wealth and Investment Limited | Upgraded to [ICRA]AA (Stable) | Reaffirmed at [ICRA] A1+ |
| Nuvama Clearing Services Limited | Upgraded to [ICRA]AA (Stable) | Reaffirmed at [ICRA] A1+ |
For detailed rationale, stakeholders are directed to the specific reports hosted on the ICRA website, which were made available following the announcement.
Source: BSE
