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| Product | Quantum (Rs. Cr) (SEBI) | Quantum (Rs. Cr) (Other FSR) | Long Term Rating | Short Term Rating | Regulated By |
| Pass Through Certificates (PTCs) | 0.00 | 39.58 | Provisional | ACUITE BBB+ | SO | Assigned | - | RBI |
| Total Outstanding | 0.00 | 39.58 | - | - | - |
| Total Withdrawn | 0.00 | 0.00 | - | - | - |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. |
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Rating Rationale |
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Acuité has assigned the long-term rating of ‘ Provisional ACUITE BBB + (SO)’ (read as ACUITE triple B plus (Structured Obligation)) to the Pass Through Certificate(PTC) having an outstanding of Rs.39.58 Cr. issued by ARIEL 06 2026 (The Trust) under a securitisation transaction originated by ANANYA FINANCE FOR INCLUSIVE GROWTH PRIVATE LIMITED (The Originator). The series A1 is backed by a pool of loans consisting of unsecured Agri and allied loans with a principal outstanding of Rs.43.98 Cr.
The rating is based on the strength of cash flows from the selected pool of contracts; the credit enhancement is available in the form of: (i) OC of Rs 4.39 Cr.; (ii) Cash collateral of Rs 4.39 Cr.; and (iii) Excess Interest Spread of Rs 6.73 Cr. The rating of the PTCs will be converted from provisional to final and the final rating is subject to: 1. Trust Deed 2. Deed of Assignment 3. Servicer Agreement 4. Legal Opinion 5. Final Term Sheet 6. Accounts Agreement 7. Power of Attorney |
| About the Originator |
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Ahmedabad-based Ananya Finance for Inclusive Growth Private Limited (Ananya) was incorporated in 2009 and started its operations in 2010. Ananya is an NBFC set up by Friends of Women’s World Banking – India (FWWB). Ananya started operations by taking over FWWB’s Wholesale Microfinance Institution lending portfolio in April 2010. The NBFC has a diversified portfolio across Microfinance, Agrifinance and Impact MSME. Ananya operates through its headquarters in Ahmedabad and 25 partner branches from its co-lending/BC partnership as on March 31, 2026. Ananya started with wholesale lending to financial institutions engaged in micro-credit loans in 2010, expanding its lending activities to the agriculture sector in January 2015 and direct lending to individuals through NBFC & NBFC-MFIs in September 2020.
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| Standalone Rating of the Originator (if rated by Acuite) |
| ACUITE BB+ Negative |
| Key Rating Drivers |
| Strengths |
| Experienced Management and Strong Promoter Support
Ananya continues to benefit from an experienced leadership team and reputed investors. The company is led by Mr. Gaurav Gupta (Managing Director), with over two decades of banking experience. Gojo & Company Inc. holds a majority stake of 72.93% and has infused Rs.58.13 crore in equity since 2018. Comfortable Capitalization and Diversified Funding Base Ananya reported a healthy Networth of Rs.166.48 Cr. as on March 31, 2026 as compared to Rs.131.18 Cr. The debt-to-equity ratio also stood healthy at 1.78x in FY26 from 3.02x in FY25, reflecting improved leverage. The company maintains funding relationships with 21 lenders, including public and private sector banks, NBFCs, PSUs, and DFIs, supporting its liquidity and growth prospects. |
| Weaknesses |
| Weak Earnings Profile
Ananya’s profitability remains subdued, with the company reporting a net loss of Rs.47.11 crore in FY26, compared to a net loss of Rs.34.73 crore in FY25. Key return metrics such as RoAA and RoTA declined to -9.31% and -10.06% respectively in FY26, reflecting deterioration in operational efficiency. Net Interest Margin also declined to 12.04% in FY26, elevated credit costs and provisioning expenses continue to weigh on the bottom line. Deterioration in Asset Quality Asset quality weakened during FY25, with provisioning and write-offs rising sharply to Rs.47.10 crore from Rs.1.58 crore in FY24. The GNPA improved to 0.58% in FY25 from 2.03% in FY24, the improvement is largely attributed to aggressive provisioning rather than recovery in collections. Further, the GNPA stood at 1.56% and NNPA at 0.05% as on FY26. |
| Assessment of the pool |
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Ananya had Assets under management of Rs 315.76 Cr. as on March 31, 2026. The current pool being securitized comprises 13.93 percent of the total AUM. The underlying pool in the current Pass Through Certificate (PTC) transaction comprises of agriculture and allied loans extended towards 10553 JLG borrowers. The pool has an average ticket size of Rs. 0.53 lakhs, minimum ticket size of Rs. 0.30 lakh and maximum of Rs. 1.10 lakhs. The current average outstanding per borrower stands at Rs. 0.41 lakhs. The weighted average current tenure for pool is 24 months and has weighted average seasoning of 6.42 months. Hence, the pool has moderate seasoning. The top 10 borrowers constitute 9.97% i.e. Rs. 8.89 Cr. of the of the pool which indicates moderate concentration risk.
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| Credit Enhancements (CE) |
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The rating is based on the strength of cash flows from the selected pool of contracts; the credit enhancement is available in the form of (i) OC of Rs 4.39 Cr.; (ii) Cash collateral of Rs 4.39 Cr.; and (iii) Excess Interest Spread of Rs. 6.73 Cr. |
| Transaction Structure |
| The rating of Series A1 addresses the timely payment of the interest on each payout dates and ultimate payment of principal on final maturity date to the series A1 investors, in accordance with the transaction documentation. |
| Brief Methodology |
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Parameters considered are seasoning of the pool, pool vs portfolio, portfolio cuts, amortisation of the pool, internal cash flow modelling, pool characteristics, static pool, dynamic DPDs to assign rating.
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| Legal Assessment |
| The provisional rating is based on a draft term sheet. The conversion of rating from provisional to final, shall include, besides other documents, the legal opinion to the satisfaction of Acuité. The legal opinion shall cover, adherence to RBI guidelines, true sale, constitution of the trust, bankruptcy remoteness and other related aspects. |
| Key Risks |
| Counterparty Risks |
| The underlying pool in the current Pass Through Certificate (PTC) transaction comprises of agriculture and allied loans extended towards 10553 JLG borrowers. The pool has average ticket size of Rs. 0.53 lakhs, minimum ticket size of Rs. 0.30 lakhs and maximum of Rs. 1.10 lakhs. Considering the vulnerable credit profile of the borrowers, the risk of delinquencies/defaults are elevated. These risks of delinquencies are partly mitigated, considering the efficacy of the originator’s origination and monitoring procedures.
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| Concentration Risks |
| The pool is geographical concentration as 26.26% of these borrowers are concentrated in Gujarat and 24.10% of these borrowers are concentrated in Rajasthan. The top 10 borrowers constitute 9.97% i.e. Rs. 8.89 Cr. of the of the pool which indicates moderate concentration risk. |
| Servicing Risk |
| There is limited track record of servicing PTCs, since, this is the first securitisation transactions for the originator rated by Acuite. |
| Regulatory Risk |
| In the event of a regulatory stipulation impacting the bankruptcy remoteness of the structure, the payouts to the PTC holders may be impacted. |
| Prepayment Risk |
| The pool is subject to prepayment risks since rate of interest is significantly high and borrowers may be inclined to shift to low cost options (based on availability). Further, the asset classes being Agri & Allied, the risk of prepayment remains high. In case of significant prepayments, the PTC holders will be exposed to interest rate risks, since the cash flows from prepayment will have to be deployed at lower interest rates.
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| Commingling Risk |
| The transaction is subject to commingling risk since there is a time gap between last collection date and transfer to payout account. |
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 |
| The issuer has confirmed there are no covenants in the draft term sheet. |
| All Assumptions |
| Acuité has arrived at a base case delinquency estimate basis its analysis of the company's historical delinquencies and further applied appropriate stress factors to the base loss figures to arrive at the final loss estimates. The loss estimate also consider the risk profile of the particular asset class, the borrower strata, economic risks, collection efficiency over the past several months as well as the credit quality of the originator. Acuité also has simulated the potential losses to an extent of 7.5 percent by applying sensitivity analysis. |
| Liquidity Position |
| Adequate |
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The liquidity position in the transaction is adequate. The credit enhancement is available in the form of: (i) Subordinated equity tranche of Rs.4.39 Cr.; (ii) Cash collateral of Rs 4.39 Cr.; and (iii) Excess Interest Spread of Rs.6.73 Cr. |
| Outlook: Not Applicable. |
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| Key Financials - Originator | ||||||||||||||||||||||||||||||||||||||||
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Supplementary disclosures for Provisional Ratings
| Risks associated with the provisional nature of the credit rating |
| In case there are material changes in the terms of the transaction after the initial assignment of the provisional rating and post the completion of the issuance (corresponding to the part that has been issued) Acuité will withdraw the existing provisional rating and concurrently assign a fresh final rating in the same press release, basis the revised terms of the transaction. |
| Rating that would have been assigned in absence of the pending steps/ documentation |
| In the absence of the pending steps/documents the PTC structure would have become null and void, and Acuité would not have assigned any rating. |
| Timeline for conversion to Final Rating for a debt instrument proposed to be issued |
| The provisional rating shall be converted into a final rating within 90 days from the date of issuance of the proposed debt instrument. Under no circumstance shall the provisional rating continue upon the expiry of 180 days from the date of issuance of the proposed debt instrument |
| Status of disclosure of all relevant information about the Obligation being Rated |
| Non Public information. |
| Any other information |
| None. |
| Note on complexity levels of the rated instrument |
| Applicable Criteria |
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• Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Securitized Transactions: https://www.acuite.in/view-rating-criteria-48.htm • Explicit Credit Enhancements: https://www.acuite.in/view-rating-criteria-49.htm |
| Rating History - PTC |
| Not Applicable. |
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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 |
