The agencies’ assertion comes as a strong rebuttal to short seller Viceroy’s allegations that had charged Vedanta Ltd’s parent, Vedanta Resources of structural subordination and reliance on dividends to service debt.

The CRISIL report further said that stock prices for both Vedanta Ltd and Hindustan Zinc Ltd have already recovered since the publication of the report.

“Crisil Ratings has taken note of the short-seller report on the Vedanta group, published on July 9, 2025, and the subsequent intraday volatility in the share prices of Vedanta Limited and Hindustan Zinc Limited. The Vedanta management in response, via its press release dated July 9, 2025, has dismissed all the charges. Crisil notes that the stock prices for Vedanta Limited (VEDL) and Hindustan Zinc Limited (HZL) have recovered since the report’s publication,” the note said.

Crisil has ratings outstanding on 11 entities of the Vedanta group including Hindustan Zinc, ESL Steel Ltd, Talwandi Sabo Power Ltd and Sesa Resources Ltd and ratings have been reaffirmed for all.

“Crisil keeps all its outstanding ratings under continuous surveillance. The ratings of Vedanta and its subsidiaries continue to be supported by the strength of the business risk profiles of their Indian operations and healthy financial performance,” the note said.

Similarly, ICRA has drawn comfort from the Group’s stated commitment towards continued debt reduction. The leverage (net debt/OPBDITA), including Vedanta Resources Limited’s (VRL) debt, improved to 2.5 times in FY2025 compared to 3.2 times reported in FY2024. Healthy profitability, particularly in the aluminium and zinc operations, is expected to further support the Group’s leverage profile.  Moreover, ICRA considers the total debt and financial expenses of VRL to calculate the adjusted leverage and coverage metrics of Vedanta Limited (VDL).

As per credit rating methodology, AAA rating signifies Instruments with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such instruments carry lowest credit risk. Similarly, AA rating signifies Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.

Therefore, the allegations made in the report regarding Vedanta’s unsustainable debt and financial fragility are completely unfounded and lack any credible basis. Given that Vedanta’s instruments carry the highest (AAA) and very high (AA) credit ratings, it clearly demonstrates their robust financial health and exceptional capacity to meet their obligations on time. Such ratings unequivocally reflect the lowest levels of credit risk, firmly contradicting any claims of vulnerability or instability. At Vedanta Resources Limited’s level, the recent refinancing of debt has smoothened the maturity profile over the long tenure and is likely to reduce the finance cost FY2026 onwards.

Kochi, 02 April 2025: Muthoottu Mini Financiers Ltd., one of India’s leading NBFCs popularly known as Muthoottu Yellow, today announced that ICRA Ratings has assigned a credit rating of [ICRA] ‘A Stable’ for its Long term borrowings. The company’s long term facilities were earlier rated as CARE A-; Stable and IND A-/ Stable respectively by CARE Ratings Limited and India Ratings and Research Private Limited. The upgrade in rating from a forefront credit rating agency like ICRA Ratings Limited reflects MMFL’s consistent financial performance, robust asset quality, and scalable operations across India.

During the first nine months of the financial year, from April-December 2024, the company reported strong financial growth, with PBT rising by 20.50% to ₹103.84 crore from ₹86.18 crore in the same period last year. Profit After Tax (PAT) during the same period also saw a significant increase of 24.35%, reaching ₹74.66 crore compared to ₹60.04 crore in the previous year. Additionally, the company maintained a robust asset quality, with Net NPA at a low level of 0.77% during the period, highlighting its robust risk management framework.

Muthoottu Mini Financiers’ Assets Under Management (AUM) – is expected to reach ₹4,200 crore by the end of the FY25, reflecting the company’s steady growth while balancing expansion and risk management responsibly.

Mr. Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers Ltd., stated, “The ICRA rating upgrade is a testament to our commitment and focus on financial prudence and sustainable growth. Our performance in Q3 FY25, marked by robust revenue and profitability metrics, underscores our ability to deliver value even in dynamic market conditions. We remain committed to expanding our reach while ensuring operational excellency.”

Mr. P.E Mathai, CEO, Muthoottu Mini Financiers Ltd added “The significant growth of PAT and improvement in PBT reflect our operational efficiency and strategic investments in technology and talent. The credit rating upgrade by ICRA further validates our financial stability and disciplined approach to growth. As we deepen our presence in Tier 2 and Tier 3 cities, maintaining asset quality and customer trust remains paramount.”

MMFL’s network spans 948 branches across 12 states, including Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Haryana, Maharashtra, Gujarat, Delhi, Uttar Pradesh, Goa, and Puducherry. Supported by over 5,000 employees, the company continues to bridge financial inclusion gaps in underserved regions.

Bengaluru, 01 April 2025: Muthoottu Mini Financiers Ltd., one of India’s leading NBFCs popularly known as Muthoottu Yellow, today announced that ICRA Ratings has assigned a credit rating of [ICRA] ‘A Stable’ for its Long term borrowings. The company’s long term facilities were earlier rated as CARE A-; Stable and IND A-/ Stable respectively by CARE Ratings Limited and India Ratings and Research Private Limited. The upgrade in rating from a forefront credit rating agency like ICRA Ratings Limited reflects MMFL’s consistent financial performance, robust asset quality, and scalable operations across India.

During the first nine months of the financial year, from April-December 2024, the company reported strong financial growth, with PBT rising by 20.50% to ₹103.84 crore from ₹86.18 crore in the same period last year. Profit After Tax (PAT) during the same period also saw a significant increase of 24.35%, reaching ₹74.66 crore compared to ₹60.04 crore in the previous year. Additionally, the company maintained a robust asset quality, with Net NPA at a low level of 0.77% during the period, highlighting its robust risk management framework.

Muthoottu Mini Financiers’ Assets Under Management (AUM) – is expected to reach ₹4,200 crore by the end of the FY25, reflecting the company’s steady growth while balancing expansion and risk management responsibly.

Mr. Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers Ltd., stated, “The ICRA rating upgrade is a testament to our commitment and focus on financial prudence and sustainable growth. Our performance in Q3 FY25, marked by robust revenue and profitability metrics, underscores our ability to deliver value even in dynamic market conditions. We remain committed to expanding our reach while ensuring operational excellency.”

Mr. P.E Mathai, CEO, Muthoottu Mini Financiers Ltd added “The significant growth of PAT and improvement in PBT reflect our operational efficiency and strategic investments in technology and talent. The credit rating upgrade by ICRA further validates our financial stability and disciplined approach to growth. As we deepen our presence in Tier 2 and Tier 3 cities, maintaining asset quality and customer trust remains paramount.”

MMFL’s network spans 948 branches across 12 states, including Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Haryana, Maharashtra, Gujarat, Delhi, Uttar Pradesh, Goa, and Puducherry. Supported by over 5,000 employees, the company continues to bridge financial inclusion gaps in underserved regions.