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.
Rating Rationale
Acuité has assigned the long term rating of ‘ACUITE BBB-’ (read as ACUITE triple B minus) to the Rs. 35.00 Cr. Bank Loan Facilities of Janasha Finance Private Limited (JFPL). The outlook is 'Stable'.
Acuité has also assigned the long term rating of ‘ACUITE BBB-’ (read as ACUITE triple B minus) to the Rs. 20.00 Cr. Non Convertible Debentures Facilities of Janasha Finance Private Limited (JFPL). The outlook is 'Stable'.
Rating Rationale
The rating assigned factors in experienced management supporting steady growth in operations and comfortable capitalisation of Janasha Finance Private Limited (JFPL). The rating factors in the company’s consistent growth, reflected in growth in AUM. The AUM (on book + off book) has increased from Rs. 78.56 Cr. as on March 31, 2024 to Rs. 97.82 Cr. as on March 31, 2025 and Rs. 111.44 Cr. as on March 31, 2026 (Prov.). The rating also considers the comfortable capitalisation profile, with net worth improving from Rs. 31.95 Cr. in FY24 to Rs. 63.28 Cr. in FY25 and Rs. 64.25 Cr. in FY26 (Prov.), supported by internal accruals and capital infusion. However, the rating is constrained by moderation in asset quality, moderate scale of operation. The company’s asset quality has weakened with GNPA increasing to 2.89% as on March 31, 2026 (Prov.) from 1.45% as on March 31, 2025 and NNPA increasing to 2.40% as on March 31, 2026 (Prov.) from 1.00% as on March 31, 2025. Going forward, Acuite believes that the company’s ability to maintain asset quality, improve profitability and scale operations while maintaining adequate capital levels will remain key monitorables.
About the company
Incorporated in 2016, Janasha Finance Private Limited is a Non-Deposit Taking NBFC (NBFC-ND-NSI) registered with RBI. The company operates under the brand “Loan Kuber” and is engaged in providing secured MSME loans primarily through loan against property (LAP). The company offers two key products that are Saral and Suvidha catering to small business owners and self-employed individuals. The directors of the company are Mr. Saurabh Nagpal and Ms. Ruchi Nagpal.
Unsupported Rating
Not applicable
Analytical Approach
Acuité has considered the standalone financial and business risk profile of Janasha Finance Private Limited to arrive at the rating.
Key Rating Drivers
Strength
Experienced management
The company is led by Mr. Saurabh Nagpal, who holds a degree in engineering and has further specialised in mathematical finance from an international university, with over 15 years of experience in mortgage lending, structured finance and capital markets. The co-founder, Ms. Saumya Nagpal, holds a postgraduate management degree along with an engineering degree and has prior experience in investment banking and product management. The senior management team comprises professionals with experience across NBFCs, housing finance companies and banks, supporting key functions such as credit, operations and collections. The combined experience of the management has supported the company in scaling its AUM (on book + off book) from Rs. 78.56 Cr in FY24 to Rs. 111.44 Cr in FY26 (Prov.).
Comfortable capitalization profile
The capitalisation profile remains comfortable with capital adequacy ratio (CAR) at 60.02% as on March 31, 2026 (Prov.) as against 70.48% as on March 31, 2025. Net worth has improved from Rs. 32.90 Cr in FY24 to Rs. 64.59 Cr in FY25 and further to Rs. 66.26 Cr in FY26 (Prov.), supported by capital infusion and internal accruals. The leverage remains low, although gearing increased to 0.83x in FY26 (Prov.) from 0.49x in FY25, reflecting higher borrowings to support business growth, while remaining at manageable levels.
Weakness
Moderate scale of operations The company operates at a moderate scale with AUM (on book + off book) of Rs. 111.44 Cr. as on March 31, 2026 (Prov.) as compared to Rs. 97.82 Cr. as on March 31, 2025 and Rs. 78.56 Cr. as on March 31, 2024. Disbursements remained moderate and declined to Rs. 44.17 Cr. in FY26 (Prov.) from Rs. 48.05 Cr in FY25, reflecting slower growth. The company operates through 12 branches in FY26 (Prov.) as against 7 branches in FY25, with presence across 4 states for on-book portfolio, indicating gradual expansion; however, the overall scale remains limited. Profitability also remains moderate with RoAA at 1.52% in FY26 (Prov.) as against 1.76% in FY25.
Moderate asset quality
The GNPA and NNPA stood at 2.89% and 2.40% in FY26 (Prov.) vs 1.45% and 1.00% in FY25. Provision coverage ratio (PCR) declined to 25.36% in FY26 (Prov.) from 30.7% in FY25, indicating lower provisioning buffer. The on-time portfolio improved to 86.00% in FY26 (Prov.) as compared to 82.02% in FY25.
Rating Sensitivity
Potential triggers (individual or collective) for an upward rating action:
• Consistent improvement in Profitability
• Sustained improvement in asset quality parameters
Potential triggers (individual or collective) for a downward rating action:
• Consistent deterioration in asset quality: GNPA above 5.00 percent • Decline in RoAA
Liquidity Position
Adequate
The liquidity profile of Janasha Finance Private Limited (JFPL) remains adequate, supported by positive near-term ALM cumulative mismatches where JFPL repayment obligations (total borrowings) is of Rs. 54.85 Cr. over a three-year period which is diversified across banks, NBFCs and NCD investors, against receivable (loans and advances) of Rs. 62.42 Cr. over the same period as per the ALM statement dated March 31, 2026. The company maintains adequate cash and bank balances of Rs. 15.41 Cr. as of March 31, 2026 (Prov.).
Outlook:
Stable
Other Factors affecting Rating
None
Key Financials - Standalone / Originator
Particulars
Unit
FY26(Provisional)
FY25(Actual)
Total Assets
Rs. Cr.
129.26
104.07
Total Income*
Rs. Cr.
18.43
17.19
PAT
Rs. Cr.
1.78
1.60
Net Worth
Rs. Cr.
66.26
64.59
Return on Average Assets (RoAA)
(%)
1.52
1.76
Return on Average Net Worth (RoNW)
(%)
2.72
3.28
Debt/Equity
Times
0.83
0.49
Gross NPA
(%)
2.89
1.45
Net NPA
(%)
2.40
1.00
*Ratios are as per Acuite's calculation
** Total Income is equal to Net Interest Income plus other income
Status of non-cooperation with previous CRA (if applicable):
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.
Contacts
List of instruments and names of regulators of the instruments
