ICRA Reaffirms Uno Minda's Commercial Paper Rating at A1+ with Stable Outlook

ICRA Limited has revalidated the commercial paper credit rating of Uno Minda Limited at [ICRA]A1+ with a stable outlook on October 14, 2025.

The rating applies to the company's commercial paper program of Rs 300 crore. The revalidation was confirmed by ICRA in a letter to Uno Minda's management on the same date.

The rating was previously communicated to Uno Minda on July 4, 2025. ICRA stated that if the rated instrument is not issued within three months from October 14, 2025, the rating will need revalidation before issuance.

Once issued, the rating remains valid throughout the life of the commercial paper program, which has a maximum maturity of 12 months from the date of issuance. ICRA reserves the right to review or revise the rating based on new information or circumstances that may impact the assigned rating.

Uno Minda Limited is a manufacturer of automotive components including switching systems, lighting systems, acoustic systems, seating systems and alloy wheels. The company supplies lights, switches, horns, castings, seats, sensors, controllers and electric vehicle-specific products to motorcycles and other vehicles. The company holds a leadership position in India across nearly all its product categories. Uno Minda operates as a conglomerate with several subsidiaries manufacturing auto components for domestic and international original equipment manufacturers.

Commercial paper is an unsecured, short-term debt instrument issued by corporations to meet immediate funding needs. These instruments typically have maturities ranging from a few days to 12 months and are issued at a discount to face value. Companies use commercial paper to finance working capital requirements, manage cash flow, or fund short-term obligations. The instruments are usually issued by companies with high credit ratings, as they are not backed by collateral.