Microfinance / NBFC-MFI (Non-Banking Financial Company - Microfinance Institution)
Strategic Profile
The company holds NBFC-MFI status (granted in 2015) and was the fourth largest NBFC-MFI as of March 2019. However, the company faces significant operational headwinds with stressed asset portfolios, evidenced by recent loan portfolio optimization initiatives and asset quality challenges affecting profitability.
Cyborg Score Rationale
Q3 resulted in a net loss of ₹950M (improved from ₹4.4B YoY) with revenue declining to ₹2.34B from ₹5.5B in the prior year. The loan book contracted from ₹5,554.5 crore (Mar '25) to ₹3,078.7 crore (Dec '25). Asset quality stress and portfolio rationalization are ongoing.
Top Insights
Board approved in-principle merger of subsidiary Criss Financial Ltd with parent company
Stressed loan portfolio transfer to ARC with binding bid of ₹34.6 Cr for loans worth ₹493.6 Cr to improve asset quality
Securities placed under long-term Additional Surveillance Measure (ASM) framework by exchanges due to high volatility
Market capitalization of ₹2,039.45 Crore as of February 20, 2026
Named Competitors
CreditAccess Grameen — NBFC-MFI providing microfinance to low-income customers
Suryoday Small Finance Bank — Small finance bank offering credit to underserved segments
Ujjivan Small Finance Bank — SFB providing financial services to unbanked populations
Muthoot Finance — NBFC providing asset-backed lending and financial services
Recent Developments
(Feb 2026) Interest payment of ₹0.99L confirmed for NCDs, paid on Feb 23, 2026 ahead of schedule
(Jan 2026) Q3 FY2026 results: Net loss of ₹950M, revenue declined 57.5% to ₹234.27 Cr YoY
(Dec 2025) NCD funds raised in Dec 2025 remain unutilized pending deployment timelines
(Dec 2025) Board approved issuance of up to 15,000 senior secured NCDs with ₹100,000 face value on private placement basis
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