Press Release October 27, 2025 EASY HOME FINANCE LIMITED Rating Assigned

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	400.00	ACUITE A- | Stable | Assigned	-
Total Outstanding	400.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuité has assigned the long-term rating of ‘ACUITE A-’ (read as ACUITE A minus) on the Rs. 400 Cr. bank facilities of Easy Home Finance Limited (EHFL). The outlook is ‘Stable’. Rationale for the rating The rating takes into account healthy capitalisation and support of resourceful promoters, which is well reflected through Capital Adequacy Ratio (CAR) of ~86 percent and leverage of 0.77 times as on March 31, 2025. The investors have been continuously supporting, through significant equity infusion (~Rs. 275 Cr.) over the past 2 years which has enabled the company to maintain the healthy capital structure while ramping up its scale of operations. The rating also factors in the significant traction shown in disbursements and collections. The company’s loan portfolio increased to Rs. 830.09 Cr. as on March 31, 2025 from Rs. 504.75 Cr. as on March 31, 2024; the AUM as on June 30, 2025 stood at Rs. 920.44 Cr. Over the past year, the company has also demonstrated its ability to raise debt from various public and private banks and from national Housing Bank through refinancing scheme. Acuite believes that the company will benefit from the expected buoyancy in demand for affordable housing segment. The rating is, however, constrained due to subdued profitability, limited track record, modest scale of operations and low seasoned portfolio. Acuité believes that the company is well positioned to leverage its capital structure and benefit from the demand for affordable housing.

About the company

­Mumbai based, Easy Home Finance Limited was incorporated in 2017. The company focuses on providing home finance to individuals in the affordable housing segment. The company has revolutionized the industry with India’s very first online mortgage experience, helping millions achieve their dream of first home ownership hassle free. Today the company have pioneered online mortgage lending. EHFL is registered with National Housing Bank (NHB) under section 29A of the National Housing Bank Act, 1987. Having Certificate of Registration No. 07.0173.18 dated July 31, 2018. The authorised directors are Mr. Sho Nakagawa, Mr. Venkateswara Rao Thallapaka, Mr. Rajinder Singh Loona, Mr. Rohit Chokhani, Mr. Sanjay Jain, Mr. Perumal Srinivasan and Mr. Pavel Olegovich Gurianov.

Unsupported Rating

Not applicable

Analytical Approach

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

Key Rating Drivers

Strength

Comfortable capitalisation supported by resourceful promoters EHFL commenced its operations in the affordable housing finance segment in FY2019, with a focus on extending credit in the affordable housing finance segment. Over the years of operations, the company has received continuous support in the form of periodic capital infusion from the promoter group. The company is promoted by Mr. Rohit Chokhani and is backed by prominent investors such as Xponentia, Harbourfront, Finsight Ventures, Claypond Capital, SMBC Asia Rising Fund, among others. The promoter and other investors have infused ~Rs. 350 Cr. into the company since inception. The company has a healthy networth of Rs. 384.07 Cr. as on March 31, 2025 owing to equity infusion of ~Rs. 210 Cr. during FY25. The CRAR stands comfortable at ~86 percent as on March 31, 2025. The gearing stands comfortable at 0.77 times as on March 31, 2025 and at 0.98 times as on June 30, 2025. Steady growth in AUM The AUM has grown YoY by ~64 percent to Rs. 830.09 Cr. as on March 31, 2025 from Rs. 504.75 Cr. as on March 31, 2024. This is fuelled by disbursements of ~Rs. 425 Cr. during FY25. The AUM as on June 30, 2025 stood at Rs. 920.44 Cr. owing to disbursements of ~Rs. 117 Cr. during Q1FY2026. Out of the total AUM of  Rs. 920.44 Cr. as on June 30, 2025, ~33% is contributed from the off-book exposure. The company has a BC agreement with ESAF bank, Co-lending agreements with DCB Bank and Bajaj Housing Finance and direct assignments with Bajaj Housing Finance, DMI Housing, Hero housing, Hinduja housing and SMFG Housing. Healthy asset quality The GNPA and NNPA stood comfortable as on March 31, 2025 at 0.74% and 0.47% respectively as compared to 0.44% and 0.24% respectively as on March 31, 2024. The GNPA and NNPA as on June 30, 2025 stood at 0.62% and 0.39 percent respectively. The on-time portfolio was 95.91 percent as on June 30, 2025 and 96.45 percent as on March 31, 2025.

Weakness

Subdued profitability The earning profile of the company is subdued as reflected by a PAT of Rs. 7.02 Cr. during FY25 and Rs. 5.23 Cr. during FY24. The Q1FY2026 PAT stood at Rs. 0.61 Cr. This is mainly due to the company being in the expansion phase with 30 branches and 307 employees as on March 31, 2023 to 73 branches and 882 employees as on June 30, 2025. As of June ’25, the company operates in 12 states with more than 10,000 borrowers. ­Limited seasoning of portfolio The company commenced its operations in 2018, and disbursements started 2019 onwards. There has been an uptick in the disbursements in the last 3 years from ~ Rs. 189 Cr. during FY2023 to ~Rs. 425 Cr. during FY2025; ~Rs. 117 Cr. during Q1FY2026. Given the long gestation period of home loans, impact of seasoning is yet to be seen in the portfolio and will be a key monitorable.

Rating Sensitivity

­ Scale-up in business operations Movement in profitability & asset quality metrics Movement in liquidity buffers Changes in regulatory environment

Liquidity Position

Adequate

­­The company has adequately matched asset liability profile with no negative cumulative mismatch as on June 30,2025. The company has cash and bank balances of ~Rs. 48 Cr. as on March 31, 2025. The unutilised bank limits stand at Rs. 22.50 Cr. as on March 31, 2025.

Outlook: Stable

­

Other Factors affecting Rating

None

Key Financials - Standalone / Originator

­ Particulars Unit FY25 (Actual) FY24 (Actual) Total Assets Rs. Cr. 687.26 454.54 *Total Income (Net               of Interest Expense) Rs. Cr. 64.62 44.42 PAT Rs. Cr. 7.02 5.23 Networth Rs. Cr. 384.07 174.80 Return on Average Assets (RoAA) (%) 1.23 1.40 Return on        Net      Worth (RoNW)  (%) 2.51 3.75 Total    Debt/Net         Worth (Gearing)  Times 0.77 1.58 Gross NPA’s (%) 0.74 0.44 Net NPA’s (%) 0.47 0.24 * Total income equals to Net interest income plus other income

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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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 400.00 Simple ACUITE A- | Stable | Assigned

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

About Acuité Ratings & Research

­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.