Press Release October 22, 2026 AMICA FINANCE PRIVATE LIMITED Rating Assigned

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	300.00	ACUITE BBB- | Stable | Assigned	-	RBI
Non Convertible Debentures (NCD)	0.00	75.00	ACUITE BBB- | Stable | Assigned	-	MCA
Non Convertible Debentures (NCD)	75.00	0.00	ACUITE BBB- | Stable | Assigned	-	SEBI
Total Outstanding	75.00	375.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

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

­Acuite has assigned the long-term rating of 'ACUITE BBB-' (read as ACUITE Triple B Minus) on the Rs.150 Cr. of proposed Non-Convertible Debentures of Amica Finance Private Limited. The Outlook is 'Stable'. ­ Acuite has assigned the long-term rating of 'ACUITE BBB-' (read as ACUITE Triple B Minus) on the Rs.300 Cr. of proposed bank loan facilities of Amica Finance Private Limited. The Outlook is 'Stable'. Rational For Rating  The assigned rating factors in AFPL's healthy capitalisation profile, healthy asset quality indicators and demonstrated revival in profitability despite its relatively short operating track record. Since commencing lending operations in June 2023, the company has scaled its (on book + off book) portfolio to Rs.351.49 crore as on March 31, 2026 from Rs.236.94 crore as on March 31, 2025, while maintaining comfortable capitalization. The company's capital position strengthened further, with net worth increasing to Rs.103.90 crore as on March 31, 2026 from Rs.49.46 crore as on March 31, 2025, while the overall CRAR improved to 29.92 percent from 24.29 percent during the same period. Further, the company's asset quality profile has remained healthy despite the rapid expansion in the lending portfolio. The company reported GNPA and NNPA of 0.46 percent and 0.42 percent, respectively, as on March 31, 2026, which remained comfortable at 0.55 percent and 0.50 percent, respectively, as on June 30, 2026, reflecting prudent underwriting and collection efficiency. The rating also draws comfort from the significant improvement in AFPL's earnings profile, wherein the company reported a PAT of Rs.4.44 crore in FY26 against a loss of Rs.1.43 crore in FY25, supported by growth in earning assets, healthy portfolio yields and operating leverage. The profitability strengthened further in Q1 FY27, with AFPL reporting PAT of Rs.7.23 crore. The rating additionally derives strength from AFPL's status as a wholly-owned subsidiary of Amica Financial Technologies Private Limited (AFTPL). AFTPL has demonstrated financial support through periodic equity infusions and funding support, including an equity infusion of Rs.50 crore during FY26 and an ICD facility of Rs.120 crore. Further support is derived from the strong institutional investor profile at the parent level comprising Peak XV Partners, Matrix Partners, QED Investors, Tiger Global, BEENEXT, 3one4 Capital, Mirae Asset and Nu Holdings. The above strengths are, however, constrained by the company's relatively short operating track record, concentration in unsecured personal loans and the seasoning risk associated with a rapidly growing portfolio.

About the company

­Mumbai, (Maharashtra)-based Amica Finance Private Limited was incorporated in 2019 as non-deposit taking NBFC. The company is engaged in the business of lending, carrying on the businesses of finance, advancing long term loan and short-term loans and credits to individuals, as per the prescribed guidelines of the Reserve Bank of India (RBI). Amica Finance Private Limited is promoted by Mr. Jitendra Gupta and Ms. Shivani Gupta. Company’s current directors are Mrs. Ashmi Zaveri, Mr. Jitendra Gupta and Ms. Smita Chandramani Kumar.nstrained by Amica Finance Private Limited's limited track record and modest scale of operations.

Unsupported Rating

­Not applicable

Analytical Approach

­Acuite has considered the standalone financial and business risk profile of Amica Finance Private Limited (AFPL) to arrive at the standalone rating.

Key Rating Drivers

Strength

­Experienced Management and Strong Support from Parent Entity AFPL is a wholy-owned subsidiary of Amica Financial Technologies Private Limited (AFTPL), which operates the Jupiter Fin-tech platform founded by Mr. Jitendra Gupta. AFPL benefits from established technology infrastructure, customer sourcing capabilities, underwriting support and operational synergies arising from its integration with the Jupiter ecosystem. Further comfort is derived from the strong institutional investor base at the parent level comprising reputed investors such as Peak XV Partners, Tiger Global, QED Investors, Matrix Partners, BEENEXT, Mirae Asset and 3one4 Capital. The company has also received funding support in the form of a sanctioned ICD facility of Rs.120 crore from AFTPL, demonstrating the parent's commitment towards supporting AFPL's growth trajectory. Healthy Capitalization Profile AFPL maintains a comfortable capitalization profile despite the rapid growth in its lending operations. The company's net worth improved significantly to Rs.103.90 crore as on March 31, 2026 from Rs.49.46 crore as on March 31, 2025 and further increased to Rs.113.57 crore as on June 30, 2026. The increase was supported by equity infusion from the parent entity and internal accruals. The company's overall capital adequacy ratio (CRAR) remained comfortable at 29.92 percent as on March 31, 2026 against 24.29 percent as on March 31, 2025, while Tier-I capital adequacy stood at 29.73 percent as on March 31, 2026, despite the continued expansion in the loan portfolio. Rating derives comfort from the demonstrated wilingness of AFTPL to provide both capital and funding support to AFPL, which is expected to support future growth while maintaining adequate capitalization levels. Healthy Asset Quality and Improving Earnings Profile AFPL has demonstrated healthy asset quality performance despite significant growth in its portfolio. The company's managed on book + off book portfolio has increased to Rs.351.49 crore as on March 31, 2026 from Rs.236.94 crore as on March 31, 2025, while further increasing to Rs.405.89 crore as on June 30, 2026. AFPL has established a co-lending partnership with Kisetsu Saison Finance (India) Private Limited (KSF), which has emerged as a key off-book growth partner for the company. The company's asset quality indicators remained comfortable with GNPA and NNPA at 0.46 percent and 0.42 percent, respectively, as on March 31, 2026, compared with 1.46 percent and 1.32 percent, respectively, as on June 30, 2025 and stood at with GNPA and NNPA at 0.55 percent and 0.50 percent, respectively, as on June 30, 2026. The earnings profile has witnessed a significant turnaround over the last few quarters. The company reported a PAT of Rs.4.44 crore in FY26 and further improved profitability with a PAT of Rs.7.23 crore in Q1 FY27. PPOP improved from a loss of Rs.2.03 crore in Q1 FY26 to Rs.5.75 crore in Q4 FY26 and further to Rs.9.78 crore in Q1 FY27. Acuité believes the company's ability to maintain healthy asset quality and writeoffs and provisions while reporting a steady improvement in profitability is a key credit strength

Weakness

­Exposure to Unsecured Personal Lending Portfolio AFPL's portfolio is entirely concentrated towards unsecured personal loans. While the company benefits from data-driven underwriting through the Jupiter platform and has reported healthy delinquency indicators, unsecured lending remains inherently vulnerable to changes in borrower repayment behavior, employment conditions and macroeconomic stress. Any significant deterioration in portfolio performance could result in elevated credit costs and pressure on profitability. Limited Track Record and Portfolio Seasoning Risk AFPL commenced lending operations only in June 2023 and therefore has a relatively limited operating track record compared to established NBFC peers. Although the company has demonstrated strong growth and healthy asset quality indicators thus far, a large portion of the portfolio is yet to experience a ful credit cycle. The ability of the company to maintain its current asset quality and profitability metrics as the portfolio seasons wil remain a key monitorable

Rating Sensitivity

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

­Sustained growth in business while maintaining asset quality indicators. Improvement in profitability reflected in parameters like RoAA above 5.00 Percent

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

­Significant deterioration in asset quality with GNPA levels increasing materialy from current levels; GNPA levels above 3 Percent. Significant decline in asset quality and thereby increase in credit cost impacting profitability

Liquidity Position

Adequate

­The liquidity profile of Amica Finance Private Limited (AFPL) remains adequate, supported by a positive asset-liability cumulative mismatch. As per the ALM statement dated June 30, 2026, AFPL’s repayment obligations during FY2026-27 are expected to be Rs. 172.87 Cr., against total receivables of around Rs. 244.77 Cr. over the same period, resulting in an expected positive mismatch of Rs. 71.90 Cr. The company also maintained cash and bank balances of around Rs. 2.53 Cr. as on June 30, 2026.

Outlook: Stable

­

Other Factors affecting Rating

None

Key Financials - Standalone / Originator

­ Particulars Unit FY26 (Actual) FY25 (Actual) Total Assets Rs. Cr. 304.50 186.16 Total Income* Rs. Cr. 61.35 37.45 PAT Rs. Cr. 4.44 (1.43) Net Worth Rs. Cr. 103.90 49.46 Return on Average Assets (RoAA) (%) 1.81 (1.07) Return on Average Net Worth (RoNW) (%) 5.79 (3.50) Debt/Equity Times 1.75 2.61 Gross NPA (%) 0.46 - Net NPA (%) 0.42 - *Total income equals to Net Interest Income plus other income (excludes bad debt recoveries which is netted off with write offs and provisions) 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

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Contacts

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

List of instruments and names of regulators of the instruments

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In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators. 4 There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs. 5 These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included. 6 By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues. 7 To be finalized following a discussion with the regulatory authorities.   B. Other activities:   Sr. No. Activity Name Regulator of the activity 1 Monitoring Agency SEBI 2 Research activities, incidental to rating, such as research for Economy, Industries and Companies 8 Not applicable 8 permitted by SEBI vide SEBI Master Circular for CRAs. 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