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| Product | Quantum (Rs. Cr) (SEBI) | Quantum (Rs. Cr) (Other FSR) | Long Term Rating | Short Term Rating | Regulated By |
| Bank Loan Ratings | 0.00 | 75.00 | ACUITE BB+ | Stable | Reaffirmed | - | RBI |
| Non Convertible Debentures (NCD) | 0.00 | 10.00 | ACUITE BB+ | Stable | Assigned | - | MCA |
| Non Convertible Debentures (NCD) | 0.00 | 0.85 | ACUITE BB+ | Stable | Reaffirmed | - | MCA |
| Non Convertible Debentures (NCD) | 0.00 | 6.03 | Not Applicable | Withdrawn | - | MCA |
| Total Outstanding | 0.00 | 85.85 | - | - | - |
| Total Withdrawn | 0.00 | 6.03 | - | - | - |
| Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available. |
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Rating Rationale |
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Acuité has reaffirmed the long-term rating of ‘ACUITE BB+’ (read as ACUITE double B plus) on the Rs. 75 Cr. Bank loan facilities of K M Global Credit Private Limited (KMGCPL). The outlook is ‘Stable’. Acuité has reaffirmed the long-term rating of ‘ACUITE BB+’ (read as ACUITE double B plus) on the Rs. 0.85 Cr. Non-Convertible Debentures of K M Global Credit Private Limited (KMGCPL). The outlook is ‘Stable’. Acuité has assigned the long-term rating of ‘ACUITE BB+’ (read as ACUITE double B plus) on the Rs. 10.00 Cr. Non-Convertible Debentures of K M Global Credit Private Limited (KMGCPL). The outlook is ‘Stable’. Acuité has withdrawn Rs 6.03 Cr. Non-convertible debentures of K M Global Credit Private Limited (KMGCPL) without assigning any rating as it is fully repaid. The withdrawal is on account of No Objection Certificate received from the debenture trustee. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument. Rationale for the rating The rating reaffirmation factors in the Adequate capitalisation levels and experienced management team. KMGCPL’s capital position remains adequate with Capital Adequacy Ratio of 24.72 percent for FY25 as against 24.56 percent for FY 24. The CAR stood at 28.26 percent for 9MFY26 .The rating also factors in the change in the portfolio mix towards majority solar lending AUM, decline in earnings profile, and moderation in asset quality. The company’s earning's profile has a decline due to increase in interest expenses, write offs and provisioning for FY 25, the PAT of the company stood at Rs. -8.39 Cr. in FY2025 from Rs. -2.57 Cr. in FY2024. The company had further incurred a loss of Rs 5.83 Cr. as of December 31, 2025. KMGCPL is transitioning towards a majority roof top solar lending of their total AUM. Given this portfolio is yet to see some seasoning, the company's continued growth while maintaining profitability and asset quality in near to medium term will be a key monitorable. |
| About the company |
| K M Global Credit Private Limited (KMGCPL) is a B2B2C NBFC lending focused fintech based out of Mumbai which offers lending solutions and unsecured loan options at the point of-sale to businesses and consumers. KM Global Credit Private Limited was founded by Aditya Damani (CEO) in 2018. KMGCPL majorly disburses loans in the education, solar/green energy segment and home decor. |
| Unsupported Rating |
| Not Applicable |
| Analytical Approach |
| Acuité has considered the standalone business and financial risk profile of K M Global Credit Private Limited while arriving at the rating. |
| Key Rating Drivers |
| Strength |
| Healthy Capitalisation Levels KMGCPL’s capital position remains comfortable, with a Capital Adequacy Ratio of 24.72% in FY25, slightly higher than 24.56% in FY24. The CAR stood at 28.26 percent for 9MFY26.However, the net worth declined to Rs.46.85 crore in FY25 from Rs.48.96 crore in FY24.The networth stood at Rs 41.01 Cr. as of December 31, 2025. |
| Weakness |
| Modest scale of operations with limited track record K M Global Credit Private Limited (KMGCPL) commenced its lending operations in FY2019. KMGCPL extends offers lending solutions and unsecured loan options at the point-of-sale to businesses and consumers. The company is scaling down the unsecured book which has seen an increase in delinquencies from FY 24 to FY 25. The company has a digital presence through its merchant partners spread across 28 states. KMCGPL operates through a single branch network based out of Mumbai. The top 3 states ( Maharashtra, Uttar Pradesh, Madhya Pradesh) account for ~59 percent of the total POS as on December 31, 2025. KMGCPL is transitioning towards a majority roof top solar lending book which currently comprises of ~ 79 percent of the entire AUM of the company , followed by education, home decor and health care lending. Given the limited track record of operations and as the solar book is yet to see some seasoning from when the company first started solar book around FY 24 their continued growth while maintaining profitability and asset quality in near to medium term will be a key monitorable. Acuité believes, the ability of the company to mobilize additional funding, will be crucial to the credit profile of the company. Moderation in earning profile In FY2025, KMGCPL’s portfolio has seen a reduction in the overall disbursement levels. The company’s disbursements decreased from Rs. 415.95 Cr. as on March 31, 2024 to Rs. 330.23 Cr. as on March 31, 2025. The company’s earning's profile has a decline due to increase in interest expenses, write offs and provisioning for FY 25, the PAT of the company stood at Rs. -8.39 Cr. in FY2025 from Rs. -2.57 Cr. in FY2024.The company had further had a PAT of Rs -5.83 Cr. as of December 31, 2025. The operating expense to earning assets is expected to remain high, presently around 9.14 percent as of March 31, 2025 (PY: 8.44 percent). Acuite believes that going forward ability of the company to grow its loan portfolio while improving its profitability will be key monitorable. Moderation in AUM and moderate asset quality The company’s loan portfolio outstanding as on March 31, 2025 decreased to Rs. 220.11 Cr. from Rs. 253.16 Cr. as on March 31, 2024. Solar/GE constitute ~79 percent of the total POS followed by Education (~12 percent) and Home Decor loans (~7 percent) as on December 31, 2025. The company has FLDG arrangements with some of the merchant partners for solar products which provide risk cover on portfolio level. The company has structured inherent checks for effective risk management that include lending policy, underwriting process and dedicated due diligence team, which helps to maintain asset quality. However, the asset quality marked by the GNPA saw an increase from the unsecured loan portfolio segments and stood at 2.44 percent for FY 25 as against 1.45 percent for FY 24. The NNPA stood at 2.06 percent for FY 25 as against 1.19 percent for FY24. For 9MFY26, the GNPA and NNPA stood at 2.30 percent and 1.85 percent respectively on an AUM of Rs 180.06 Cr. for the same period. Acuite believes that the ability of the company to grow its loan portfolio while maintaining asset quality will be key monitorable. |
Rating Sensitivity
| Potential triggers (individual or collective) for an upward rating action: |
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| Potential triggers (individual or collective) for a downward rating action: |
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| All Covenants |
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The Company shall at all times until the redemption of all outstanding Debentures: Maintain Minimum capital ratio of Tier I Capital and Tier II Capital to aggregate risk weighted assets on-balance sheet and of risk adjusted value of off-balance sheet items shall not be less than 18.00% (Eighteen Point Zero Zero percent) or as per the regulatory minimum prescribed by the Reserve Bank of India under the NBFC Master Directions, whichever is higher. |
| Liquidity Position |
| Adequate |
| Though KMGCPL has some negative cumulative mismatches as per the ALM profile as on December 31,2025 in the shorter term maturity buckets between 3-12 months period. However, there are no negative cumulative mismatches beyond the 12 months period. The company had cash and cash equivalents of Rs 12.98 crore as on March 31, 2025. Currently, the company has cash and cash equivalents of Rs 7.68 crore as on December 31, 2025. Acuité takes note that the company’s ability to raise fresh funds and securitisation transactions in a timely manner will be important from a liquidity perspective. |
| Outlook: Stable |
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| Key Financials - Standalone / Originator | ||||||||||||||||||||||||||||||||||||||||
*Total income equals to Net Interest Income plus other income. |
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| Status of non-cooperation with previous CRA (if applicable): |
| Not Applicable |
| Any other information |
| None |
| Applicable Criteria |
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• 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 |
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| Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available. |
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Contacts |
List of instruments and names of regulators of the instruments |
