Pursuant to Regulations 30 of the SEBI ( Listing Obligations and Disclosure Requirements ) Regulations, 2015, we hereby inform you that CARE Ratings Limited has assigned the Issuer Rating ....
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Nisus Finance Services (NiFCO), India's first publicly listed fund manager, has received its first-ever Issuer Rating from CARE Ratings Limited — CARE BBB+ with a Stable outlook, communicated on October 1, 2025. The rating reflects the company's experienced leadership under founder-MD Amit Goenka, strong AUM growth to ₹1,572 crore in FY25 (up from ₹1,012 crore in FY24), asset-light model with high EBITDA margins (66–75%), low leverage (debt-to-equity of 0.06x post-IPO), and a robust pipeline of ₹2,265 crore. Total income grew from ₹43.04 crore in FY24 to ₹67.30 crore in FY25, with PAT of ₹32.58 crore. Concerns flagged include the company's modest scale, limited full fund-cycle track record, concentration in real estate private credit, and reputational/macroeconomic risks.
The BBB+ investment-grade rating with Stable outlook is a positive signal, enhancing NiFCO's credibility for raising future debt and expanding its AUM. Investors may view it as validation of financial health, though the modest scale and concentrated real estate exposure remain watchpoints.