Press Release April 07, 2026 AKME FINTRADE INDIA LIMITED Rating Assigned and Upgraded

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	355.00	ACUITE A- | Stable | Assigned	-
Bank Loan Ratings	180.00	ACUITE A- | Stable | Upgraded	-
Non Convertible Debentures (NCD)	200.00	ACUITE A- | Stable | Assigned	-
Non Convertible Debentures (NCD)	100.00	ACUITE A- | Stable | Upgraded	-
Commercial Paper (CP)	20.00	-	ACUITE A2+ | Assigned
Total Outstanding	855.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuité has upgraded its long term rating from ‘ACUITE BBB+ (read as ACUITE triple B plus)' to ‘ACUITE A- (read as ACUITE A minus)' on the Rs.180.00 Cr. bank facilities of AKME Fintrade India Limited (AFIL). The outlook remains ‘Stable’. Acuité has upgraded its long term rating from ‘ACUITE BBB+ (read as ACUITE triple B plus)' to ‘ACUITE A- (read as ACUITE A minus)' on the Rs.100.00 Cr. Non Convertible Debentures (NCD) facilities of AKME Fintrade India Limited (AFIL). The outlook remains ‘Stable’. Acuité has assigned its short term rating of ‘ACUITE A2+ (read as ACUITE A two plus)' on the Rs. 20.00 Cr. proposed Commercial Paper (CP) facilities of AKME Fintrade India Limited (AFIL). Acuité has assigned the long term rating of ‘ACUITE A- (read as ACUITE A minus)' on the Rs.200.00 Cr. proposed non-convertible debentures of AKME Fintrade India Limited (AFIL). The outlook is ‘Stable’. Acuité has assigned the long term rating of ‘ACUITE A- (read as ACUITE A minus)' on the Rs.355.00 Cr. proposed bank facilities of AKME Fintrade India Limited (AFIL). The outlook is ‘Stable’. Rationale for the Rating The rating upgrade factors the sustained growth in the loan portfolio, improvement in earning profile and healthy capital structure. The AUM has grown by ~39 percent from Rs. 618.61 Cr. as on March 31, 2025 to Rs. 862.62 Cr. as on December 31, 2025 (FY2024: 425.65 Cr.). The growth is fuelled by disbursements to the tune of Rs. 282.04 Cr. during 9MFY2026 (FY2025: Rs. 253.78 Cr.). The growth in the loan portfolio has resulted in an increase in the interest income from Rs. 69.74 Cr. during 9MFY2025 to Rs.102.04 Cr. during 9MFY2026. Consequently, the PAT improved to Rs. 30.05 Cr. during 9MFY2026 from Rs. 25.69 Cr. during 9MFY2025. The company’s networth stood at Rs. 412.31 Cr. with a gearing of 1.12 times as on December 31, 2025.   These strengths, however, are partly offset by the geographical concentration of the portfolio and moderate asset quality. The on-book loan portfolio of AFIL is geographically concentrated, as ~61 percent as on December 31, 2025 originates from Rajasthan. Furthermore, the asset quality as denoted by GNPA, marginally deteriorated from 2.77 percent as on March 31, 2025 to 2.94 percent as on December 31, 2025. Going forward, the company’s ability to raise funds and continue the improvement in the growth of AUM, disbursements and profitability while maintaining asset quality would remain a key monitorable.

About the company

­Udaipur based, Akme Fintrade India Limited (AFIL) was incorporated in 1996 as a non-deposit taking non-banking finance company (NBFC). The company is engaged in financing of two wheelers, four wheelers, commercial vehicles and loan against property (LAP) towards SME borrower base. AFIL is promoted by Mr. Nirmal Kumar Jain. The company presently operates across Rajasthan, Madhya Pradesh, Maharashtra, Gujarat and Delhi as on December 31, 2025, with majority of their operations in Rajasthan.

Unsupported Rating

­Not Applicable

Analytical Approach

­Acuité has considered the standalone business and financial risk profile of AFIL to arrive at the rating.

Key Rating Drivers

Strength

Experienced Promoters and Management AFIL’s board comprises of members led by Mr Nirmal Jain (Promoter Director). Mr Nirmal Jain has over two decades of experience in financial services domain. Mr Jain is a Chartered Accountant and actively manages day-to-day activities of the company. All other members in the board have an experience of close to a decade in different sectors of finance and lending space. The top management of AFIL has appointed CEO - Mr Akash Jain, CRO- Mr. Suresh Chandra Gupta, CFO- CA Rajni Gehlot, Company Secretary - Mr Manoj Kumar Choubasia, hence completely revamping its top management with professionals having rich vintage in the lending space domain. Day to day operations are being managed by this team backed by defined policies, processes and guidelines to ensure asset build up backed by quality. Sustained Growth in Scale of Operations The company has its presence in five states with a network of 29 branches as on December 31, 2025. The AUM has grown by ~39 percent from Rs. 618.61 Cr. as on March 31, 2025 to Rs. 862.62 Cr. as on December 31, 2025 (FY2024: 425.65 Cr.). The growth is fuelled by disbursements to the tune of Rs. 282.04 Cr. during 9MFY2026 (FY2025: Rs. 253.78 Cr.). The growth in the loan portfolio has resulted in an increase in the interest income from Rs. 69.74 Cr. during 9MFY2025 to Rs.102.04 Cr. during 9MFY2026. Consequently, the PAT improved to Rs. 30.05 Cr. during 9MFY2026 from Rs. 25.69 Cr. during 9MFY2025. The NBFC has also launched a digital platform “AASAANLOANS” to cater to its product portfolio and enhance the business model.  Healthy Capital Structure The promoters' equity infusion in FY2023 and the IPO in FY2025 has taken the networth of the company to ~Rs. 382.21 Cr. as on March 2025; further, the repayments in debt along with the capital infusion has taken the gearing levels to a healthy position of 0.74 times as on March , 2025. In line with the capital infusion, AFIL reported a healthy capitalisation level. The CAR improved to 59.27 percent as on March 31, 2025 as compared to 49.86 percent as on March 31, 2024. Further, the company’s networth stood at Rs. 412.31 Cr. with a gearing of 1.12 times as on December 31, 2025.

Weakness

Moderate asset quality The asset quality as denoted by GNPA, marginally deteriorated from 2.77 percent as on March 31, 2025 to 2.94 percent as on December 31, 2025. The on-time portfolio reduced from 94.60 percent as on March 31, 2025 to 91.58 percent as on December 31, 2025 with higher slippages in the softer buckets. Going forward, the company's ability to improve its asset quality while improving its financial metrics will be a key monitorable. Geographical concentration AFIL has presence majorly in Rajasthan and has consistently accounted for more than 60 percent of the portfolio. As on December 31, 2025 , ~61 percent of the on-book portfolio originates in Rajasthan.  This exposes the company to high geographical concentration risk. The company's performance is expected to remain exposed to competitive landscape in these regions and occurrence of events such as natural calamities, are likely to adversely impact the credit profile of the borrowers.

Rating Sensitivity

Potential triggers (individual or collective) for an upward rating action:

­Significant growth in AUM and disbursements Significant improvement in profitability metrics

Potential triggers (individual or collective) for a downward rating action:

­Deterioration in asset quality metrics; GNPA greater than 4 percent High gearing and low liquidity buffers

All Covenants

The summary of covenants for ISINs INE916Y07065, INE916Y07040 and INE916Y07032 are as follows: 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 25% (Twenty-Five Point Zero percent) or as per the regulatory minimum prescribed by the Reserve Bank of India under the NBFC Master Directions, whichever is higher. Maximum permissible ratio of Total Debt to Tangible Net worth shall be 2 times. Own AUM (On Book) to Managed AUM (On plus Off Book) shall be minimum 70%. Gross Non-Performing Loans Ratio not to exceed 4%. Net Non-Performing Loans Ratio not to exceed 3%. Maximum permissible ratio of sum of PAR>90 and write-off (on the issuers entire portfolio including receivables sold or discounted on non-recourse basis) to Tangible Net Worth shall be 10%*. Write-offs will be considered for trailing 12 months. Cumulative mismatches in ALM (as per the Statement of Structural Liquidity submitted to RBI on periodic basis) should be positive for all buckets up to 1 year of ALM statement after incorporating all the contractual liabilities of the Issuer (Considering the put option dates or coupon reset dates of transaction without a benchmark, without a floor and without a cap as maturity date). The unutilized bank sanctioned and drawable lines if any, shall not be taken into account for testing of cumulative mismatch. Minimum Cash & Cash Equivalent (unencumbered) to cover 2 Month’s Liability Minimum Tangible Net worth to be maintained at Rs 300 Crs. Issuer shall maintain a minimum Assets Under Management (AUM) of Rs 500 Crore at all times during the tenure of the Debentures. Issuer shall maintain current quarter collection efficiency of over 85% throughout the tenure of the Debentures. The Issuer shall maintain profitability on a quarterly basis, i.e., shall report positive Profit After Tax (PAT) in previous 4 (four) consecutive quarters put together and each quarterly financial result during the tenure of the Debentures. Issuer to ensure that exposure to any single state does not exceed 70% of total AUM during the tenure of the Debentures. All loans or Financial Indebtness (Including any client loans) to any single party and/or guarantees on behalf of any third parties does not exceed 10% of the Net Worth of the Issuer. Maintain a minimum rating of at least "BBB+" (pronounced as "Triple B plus") in respect of the Debentures.

Liquidity Position

Adequate

­The capital infusions and increase in the collection efficiency have kept the liquidity profile of AFIL adequate. There are no negative cumulative mismatches observed in any of the buckets of the ALM statement dated December 31, 2025. The company has cash and cash equivalent of Rs. 55.97 Cr. as on 31st March 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. 673.53 433.48 Total Income* Rs. Cr. 66.17 43.89 PAT Rs. Cr. 33.23 18.53 Net Worth Rs. Cr. 382.21 223.24 Return on Average Assets (RoAA) (%) 6.00 4.51 Return on Average Net Worth (RoNW) (%) 10.98 8.66 Debt/Equity Times 0.74 0.92 Gross NPA (%) 2.77 3.63 Net NPA (%) 1.27 1.73 *Total income equals to Net Interest Income plus other income

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

­Not applicable

Any other information

­None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Commercial Paper: https://www.acuite.in/view-rating-criteria-54.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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 05 Aug 2025 Cash Credit Long Term 1.80 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 11.63 ACUITE BBB+ | Stable (Reaffirmed) Proposed Long Term Loan Long Term 1.11 ACUITE BBB+ | Stable (Reaffirmed) Proposed Long Term Loan Long Term 0.79 ACUITE BBB+ | Stable (Reaffirmed) Proposed Term Loan Long Term 0.44 ACUITE BBB+ | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 100.30 ACUITE BBB+ | Stable (Reaffirmed) Proposed Term Loan Long Term 9.01 ACUITE BBB+ | Stable (Reaffirmed) Proposed Term Loan Long Term 20.00 ACUITE BBB+ | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 12.00 ACUITE BBB+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 100.00 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 22.92 ACUITE BBB+ | Stable (Reaffirmed) 22 May 2025 Term Loan Long Term 22.92 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Cash Credit Long Term 1.80 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 11.63 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Proposed Long Term Loan Long Term 1.11 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Proposed Long Term Loan Long Term 0.79 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Proposed Term Loan Long Term 0.44 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Proposed Long Term Bank Facility Long Term 90.30 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Proposed Long Term Bank Facility Long Term 10.00 ACUITE BBB+ | Stable (Assigned) Proposed Term Loan Long Term 9.01 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Proposed Term Loan Long Term 20.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Proposed Long Term Bank Facility Long Term 12.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) 22 Feb 2024 Term Loan Long Term 2.59 ACUITE BBB | Stable (Upgraded from ACUITE BBB- | Stable) Proposed Term Loan Long Term 0.44 ACUITE BBB | Stable (Upgraded from ACUITE BBB- | Stable) Term Loan Long Term 3.00 ACUITE BBB | Stable (Upgraded from ACUITE BBB- | Stable) Proposed Long Term Bank Facility Long Term 70.91 ACUITE BBB | Stable (Upgraded from ACUITE BBB- | Stable) Proposed Term Loan Long Term 9.01 ACUITE BBB | Stable (Upgraded from ACUITE BBB- | Stable) Secured Overdraft Long Term 1.00 ACUITE BBB | Stable (Upgraded from ACUITE BBB- | Stable) Proposed Term Loan Long Term 20.00 ACUITE BBB | Stable (Assigned) Proposed Long Term Loan Long Term 1.11 ACUITE BBB | Stable (Upgraded from ACUITE BBB- | Stable) Term Loan Long Term 1.15 ACUITE BBB | Stable (Upgraded from ACUITE BBB- | Stable) Cash Credit Long Term 5.00 ACUITE BBB | Stable (Upgraded from ACUITE BBB- | Stable) Cash Credit Long Term 5.00 ACUITE BBB | Stable (Upgraded from ACUITE BBB- | Stable) Cash Credit Long Term 50.00 ACUITE BBB | Stable (Upgraded from ACUITE BBB- | Stable) Proposed Long Term Loan Long Term 0.79 ACUITE BBB | Stable (Upgraded from ACUITE BBB- | Stable) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE Not Applicable (Withdrawn) Proposed Non Convertible Debentures Long Term 10.00 ACUITE Not Applicable (Withdrawn) 08 Mar 2023 Term Loan Long Term 1.11 ACUITE BBB- | Stable (Upgraded from ACUITE BB+) Term Loan Long Term 1.15 ACUITE BBB- | Stable (Upgraded from ACUITE BB+) Cash Credit Long Term 5.00 ACUITE BBB- | Stable (Upgraded from ACUITE BB+) Cash Credit Long Term 5.00 ACUITE BBB- | Stable (Upgraded from ACUITE BB+) Cash Credit Long Term 50.00 ACUITE BBB- | Stable (Upgraded from ACUITE BB+) Term Loan Long Term 0.79 ACUITE BBB- | Stable (Upgraded from ACUITE BB+) Term Loan Long Term 2.59 ACUITE BBB- | Stable (Upgraded from ACUITE BB+) Term Loan Long Term 0.44 ACUITE BBB- | Stable (Upgraded from ACUITE BB+) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE BBB- | Stable (Upgraded from ACUITE BB+) Term Loan Long Term 3.00 ACUITE BBB- | Stable (Upgraded from ACUITE BB+) Proposed Long Term Bank Facility Long Term 70.91 ACUITE BBB- | Stable (Upgraded from ACUITE BB+) Term Loan Long Term 9.01 ACUITE BBB- | Stable (Upgraded from ACUITE BB+) Secured Overdraft Long Term 1.00 ACUITE BBB- | Stable (Upgraded from ACUITE BB+) Proposed Non Convertible Debentures Long Term 10.00 ACUITE Provisional BBB- | Stable (Upgraded from ACUITE Provisional BB+)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating State Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.80 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Not Applicable INE916Y07065 Non-Convertible Debentures (NCD) 22 Dec 2025 11.50 22 Dec 2028 20.00 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Not Applicable INE916Y07040 Non-Convertible Debentures (NCD) 15 Sep 2025 12.00 15 Sep 2027 30.00 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Not Applicable INE916Y07032 Non-Convertible Debentures (NCD) 22 Aug 2025 12.00 22 Aug 2027 50.00 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Not Applicable Not avl. / Not appl. Proposed Commercial Paper Program Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.00 Simple ACUITE A2+ | Assigned Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 92.40 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 355.00 Simple ACUITE A- | Stable | Assigned Not Applicable Not avl. / Not appl. Proposed Non Convertible Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 200.00 Simple ACUITE A- | Stable | Assigned INDIAN OVERSEAS BANK Not avl. / Not appl. Term Loan 29 Sep 2025 Not avl. / Not appl. 09 Oct 2030 23.33 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) State Bank of India Not avl. / Not appl. Term Loan 20 Jul 2023 Not avl. / Not appl. 19 Jul 2028 8.81 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) INDIAN OVERSEAS BANK Not avl. / Not appl. Term Loan 24 Oct 2024 Not avl. / Not appl. 23 Oct 2029 18.33 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA Not avl. / Not appl. Term Loan 04 Apr 2025 Not avl. / Not appl. 10 Oct 2026 6.00 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Union Bank of India Not avl. / Not appl. Term Loan 12 Jun 2025 Not avl. / Not appl. 30 Jun 2028 20.83 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Tourism Finance Corporation of India Not avl. / Not appl. Term Loan 27 Jun 2025 Not avl. / Not appl. 15 Jun 2028 8.50 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ )

Contacts

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

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­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.