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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 200.00 | ACUITE BBB | Stable | Assigned | - |
| Non Convertible Debentures (NCD) | 230.00 | Not Applicable | Withdrawn | - |
| Total Outstanding | 200.00 | - | - |
| Total Withdrawn | 230.00 | - | - |
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Rating Rationale |
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Acuité has assigned the long term rating of 'ACUITE BBB ' (read as ACUITE triple B) on the Rs. 200.00 Cr. Bank Loan Facility of Jupiter Capital Private Limited (JCPL). The outlook is 'Stable'.
Acuite has withdrawn the long term rating on the Rs 230 Cr. Secured Redeemable NonConvertible Debentures of Jupiter Capital Private Limited (JCPL) without assigning any rating as the instrument is fully repaid, the withdrawal is on account of the request received from the issuer and the No Due Certificate received from the debenture trustee. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument. Rationale for the rating The rating assigned factors in experienced management and resourceful promoters and the ability of the company to grow its networth by way of internal accruals. The rating also factors in the high capitalization levels with networth of Rs. 1,704.60 Cr. as on September 30,2025 as against Rs 1684.81 Cr. as of March 31, 2025. The capital adequacy ratio stood at 71.75 percent as on March 31, 2025 coupled with low gearing of 0.09 times for the same period. The capital adequacy ratio stood at 49.82 percent with a gearing of 0.17 times as of September 30,2025. The rating derives comfort from proven track record of investments and divestments. The rating is, however, constrained due to the volatile nature of its revenue and high write offs done in the past. |
| About the company |
| Bangalore based, Jupiter Capital Private Limited (“JCPL”) was incorporated in 2004, as an Investment & Financial services firm headquartered in Bangalore. JCPL has been registered as an NBFC-SI with RBI since September, 2009. JCPL has an extensive portfolio of public and private investments through acquisitions, direct investments joint ventures and debt book. The company makes investment across sectors with focus on Engineering & Technology Services, Media & Entertainment, Hospitality & Wellness, Real Estate & Infrastructure and Technology-enabled consumer internet and business platforms. JCPL’s co-investors include global leaders such as Star, Goldman Sachs, Cisco and NOL. JCPL also owns an aircraft and provides charter flight services. |
| Unsupported Rating |
| Not Applicable |
| Analytical Approach |
| Acuité has considered the standalone financial and business risk profile of JCPL to arrive at the rating. |
| Key Rating Drivers |
| Strength |
| Resourceful promoter supported by experienced management team
The operations of JCPL are overseen by the Board of Directors with the support of qualified and experienced management team. The management of JCPL is led by Mr. Venkatraman V who has prior experience in the areas of Investment Banking, Corporate Finance, Venture Development and Management, etc and has also held leading positions in banks. The management of JCPL also comprises of CFO and Investment Director, all of whom have prior experience in the Financial Services Sector and have demonstrated the ability to survive through business cycles. Apart from overseeing the day-to-day operations, the management team is responsible for making investments and divestments decisions. Acuité believes that the company will continue to benefit from its experienced Management Team backed by a resourceful promoter which will aid the company in its future growth trajectory. Proven track record of investments
JCPL started its operations in the year 2005 and over the years, they have built an equity book having a book value of Rs. 1,532.64 Cr. as on September 30, 2025 as against Rs. 1,437.79 Cr. as on September 30, 2024. These investments have been made from owned funds and along with large brand strategic investors. These investments are made in emerging sectors especially technology focused sectors, along with strategic global partners, ultimately all critical deciding factors are aimed towards value creation. First set of investments happened in FY2009; followed by another set during FY2014, FY2019 and FY2021. Acuité believes that the company will benefit from the demonstrated ability of the management in making investments and divestments. |
| Weakness |
| Volatility of Income
JCPL started its operations with a focus on building its Equity book. However, the revenue from equity book depends highly on the return on investment/gains i.e. profits on sale of investments which in turn depends on the performance of a particular industry/sector in which it has invested. JCPL’s top 3 investments comprise around 66 percent of its total equity book in which JCPL has majority shareholding. JCPL’s earning profile is largely dependent on the performance, profitability and valuations of these companies. In order to mitigate this volatility, JCPL has expanded its operations to creating a debt book as well since FY2018. The debt book however has moderate asset quality, albeit improving, where the debt book saw higher delinquencies with GNPA of 3.94 percent and NNPA being nil as on H1FY2026 as against the GNPA of 3.58 percent and NNPA being nil as on H1FY2025. The company’s debt book of ~Rs. 247.07 Cr. as on September 30, 2025 as against ~Rs. 253.47 Cr. as on September 30, 2024 is likely to remain stable for near to medium term. Acuité believes that the ability of the company and management to mitigate the risks associated with volatility of income would be crucial. |
| Rating Sensitivity |
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| Liquidity Position |
| Adequate |
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JCPL’s liquidity buffers primarily depend on its cash inflows (collections from debt book and divestment income) vis. a vis. the cash outflows (disbursements, new investments, debt servicing commitments, operating expenses). The income by way of divestments has been and is expected to remain volatile owing to its nature of business. However, the liquidity is adequately supported by stable collections from its debt book. JCPL has maintained Rs. 61.82 Cr. in form of cash and bank balance as on September 30, 2025. Apart from the collections from clients, JCPL is also augmenting its resources through the Term loan to support their liquidity. There is no negative cumulative mismatches as per the ALM for September 30, 2025.
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| Outlook: Stable |
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| Other Factors affecting Rating |
| None |
| Key Financials - Standalone / Originator | ||||||||||||||||||||||||||||||||||||||||
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| Status of non-cooperation with previous CRA (if applicable): |
| Not Applicable |
| Any other information |
| None |
| Applicable Criteria |
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• 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 |
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