Press Release December 03, 2025 ATUL ADANI FINANCIAL SERVICES PRIVATE LIMITED Rating Assigned

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	30.00	ACUITE BBB- | Stable | Assigned	-
Total Outstanding	30.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuite has assigned the long term rating of 'ACUITE BBB-' (read as ACUITE triple B minus) on the Rs 30.00 Cr. proposed bank loan facilities of Atul Adani Financial Services Private Limited. The Outlook is 'Stable'.  Rationale for Rating The rating takes into consideration the company’s healthy capitalization and strong asset quality, supported by growth in its assets under management (AUM). As on March 31, 2025, the company reported a net worth of Rs. 74.90 Cr. with a low gearing of 0.15 times, compared to Rs. 66.74 Cr. and a gearing of 0.25 times as on March 31, 2024. Asset quality remains healthy, as reflected in Gross and Net NPAs of 0.04% each in FY2025, compared to nil in FY2024.The company’s growth has been primarily funded through promoter capital, enabling an increase in AUM from Rs. 13.14 Cr. in FY2021 to Rs. 47.38 Cr. in FY2025 and further to Rs 56.47 Cr. as on H1FY2026 (provisional), while disbursements increased from Rs. 74.11 Cr. in FY2024 to Rs. 88.48 Cr. in FY2025. The company reported a PAT of Rs 8.31 Cr. as on March 31, 2025 as against Rs17.86 Cr. as on March 31, 2024. (FY 23: Rs 5.97 Cr.). This significant increase in profit in FY 24 was due to net gain on fair value changes on investments. Growth has largely been funded through promoter funding, with the company currently having a single term loan exposure with State Bank of India. These strengths are, however, partially offset by the company’s modest scale of operations, portfolio performance coupled with geographic concentration in its portfolio will continue to weigh on the company’s credit profile over the near to medium term. Going forward, the company’s ability to raise debt, diversify its portfolio and funding sources, while maintaining asset quality and profitability, will remain key monitorables.

About the company

­Mumbai based Atul Adani Financial Services Private Limited was incorporated in the year 2019. The company is engaged in the business of financing short term & long-term loans and investment activities. Present directors of the company are Ms. Hetal Atul Adani, Mr. Atul Kantilal Adani, Mr. Ashok Bhuderbhai Parmar, Mr. Arvind Baburao Bopte and Mr. Zankhana Karan Bhansali.

Unsupported Rating

­Not Applicable

Analytical Approach

­Acuité has considered the standalone business and financial risk profile of Atul Adani Financial Services Private Limited to arrive at the rating.

Key Rating Drivers

Strength

Healthy Capital structure  The company growth is funded primarily by promoter capital, enabling an increase in AUM from Rs. 13.14 Cr. in FY 21 to Rs. 47.38 Cr. in FY 25 and Rs. 56.47 Cr. in H1FY26. As on March 31, 2025, the company reported a networth of Rs. 74.90 Cr. with a  low gearing of 0.15 times as compared to Rs. 66.74 Cr. with a gearing of 0.25 times as on March 31, 2024. Additionally, the Capital Adequacy Ratio stood at a strong 174.60 percent for FY 25 and 166.43 percent for FY 24, entirely supported through Tier I Capital. The company's growth strategy has relied on internal capital with only one term loan exposure of Rs. 15 Cr. with State Bank  of India in FY 24. However, going forward it would be imperative to raise further debt and diversify the resource profile. Strong Asset Quality metrics The company has reported strong asset quality metrics with a Gross NPA of 0.04 percent and Net NPA of 0.04 percent for FY 25 as against 0.0 percent for both respectively for FY 24. The GNPA levels have shown an improvement, declining from 3.66% in FY23 to 0% in FY24, and further to 0.04% in FY25. The on-time portfolio for FY 25 stood at ~99 percent and 100 percent for FY 24. This is attributable to consistent monitoring, effective recoveries, and strengthened collection efforts during the period. In FY24 and FY25, approximately 5–6 customers were identified as stressed accounts. These customers have continued to make partial monthly payments each month, ensuring that their overdue position has not exceeded the 90-day threshold. Since these customers continue to make part-payments and their overdue status remains within limit. However, Acuite believes maintaining healthy asset quality metrics while growing the AUM given the unsecured nature of the portfolio, remains a key monitorable.

Weakness

­Modest scale of operations coupled with unsecured nature of the portfolio The company operates on a relatively modest scale, with an outstanding loan portfolio of Rs 56.47 Cr. as of September 2025 (provisional), compared to Rs 47.38 Cr. as on March 31, 2025, and Rs. 40.30 Cr. as on March 31, 2024. Its lending operations primarily comprise unsecured business loans with an average ticket size of approximately Rs 50 lacs to self employed individuals. Given the high ticket size, any borrower default could materially impact credit costs and, consequently, profitability. The company has a limited operating track record, having commenced operations in 2021. Furthermore, the portfolio exhibits significant geographical concentration, with nearly 94% of exposure in Maharashtra, followed by Gujarat and Rajasthan. Typically, NBFCs with a geographically diversified portfolio demonstrate greater resilience compared to entities with concentrated exposure. Acuité believes that modest scale of operations, portfolio performance coupled with geographic concentration in its portfolio will continue to weigh on the company’s credit profile over the near to medium term. ­­­Limited Resource Profile Atul Adani Financial Services Private Limited has a limited resource profile, with currently one term loan exposure. Consequently, the borrower base is currently restricted to one bank. Going forward, the ability to diversify funding sources and maintain interest costs at manageable levels while sustaining profitability will remain key monitorables.

Rating Sensitivity

Ability to raise debt without major impact on interest costs Ability to maintain collections and asset quality  Ability to have diversified portfolio Profitable scale up in operations. Liquidity and provisioning buffers.

Liquidity Position

Adequate

­The company has an adequate liquidity profile with no negative cumulative mismatches as per their ALM as on March 31, 2025. The company has Rs 3.68 Cr. of cash and cash equivalents as of March 31, 2025. ( Rs 9.49 Cr. of cash and cash equivalents as of March 31, 2024) and equity investments of Rs. 38.41 Cr. as on March 31, 2025.

Outlook: Stable

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Other Factors affecting Rating

­None

Key Financials - Standalone / Originator

­ Particulars Unit FY25 (Actual) FY24(Actual) Total Assets** Rs. Cr. 93.94     92.02  Total Income* Rs. Cr. 17.46     31.63 PAT Rs. Cr. 8.31            17.86  Net Worth Rs. Cr. 74.90 66.74 Return on Average Assets (RoAA) (%) 8.94 24.38 Return on Average Net Worth (RoNW) (%) 11.73 24.07 Debt/Equity Times 0.15 0.25 Gross NPA (90 DPD) (%) 0.04 - Net NPA (90 DPD) (%) 0.04 - *Total income equals to Net Interest Income plus other income ** Total Assets have been adjusted for deferred tax assets ***Ratios are as per Acuite's calculation

Status of non-cooperation with previous CRA (if applicable):

­None

Any other information

­None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.htm

Note on complexity levels of the rated instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History :

­Not Applicable

Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 30.00 Simple ACUITE BBB- | Stable | Assigned

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Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Nattasha Venkatesh Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

­Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.