Poonawalla Fincorp secures 'AAA/Stable' rating for debentures

CRISIL Ratings Limited has assigned a 'CRISIL AAA/Stable' rating to Poonawalla Fincorp Limited's (PFL) ₹10,000 crore non-convertible debentures. The agency also reaffirmed its 'CRISIL AAA/CRISIL AA+/Stable/CRISIL A1+' ratings on existing bank facilities and debt instruments. PFL's long-term rating was reaffirmed at 'CRISIL AAA/Stable' and its short-term rating at 'CRISIL A1+'. Total bank loan facilities rated increased to ₹15,285 crore, up from ₹12,285 crore.

The ratings are primarily driven by the strategic importance and expected support from Rising Sun Holdings Private Limited (RSHPL), which held a 63.96% stake in PFL as of September 30, 2025. PFL's strong capitalization is evidenced by a net worth of ₹9,822 crore and gearing of 3.6 times as of September 30, 2025. The company's diversified resource profile and competitive funding costs also contribute positively, with a weighted average cost of borrowings at 7.69% as of September 30, 2025.

PFL reported a net profit of ₹137 crore in the first half of fiscal 2026, a notable improvement from a net loss of ₹98 crore in fiscal 2025. Assets under management grew by 68% (annualized) in the first half of fiscal 2026, reaching ₹47,701 crore by September 30, 2025, with overall gross non-performing assets at a comfortable 1.59%.