Intimation under regulation 30 of SEBI LODR, 2015 - Credit Rating assigned by India Ratings & Research (Ind-Ra)
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India Ratings has assigned a first-time credit rating of IND BBB-/Stable to Unifinz Capital India for its proposed Non-Convertible Debentures of INR 350 million and Bank Loan Facilities of INR 2,000 million. UCIL operates as a digital lender under the brand 'Lendingplate,' offering unsecured personal loans to salaried individuals across 9,000+ pin codes in India. The company has scaled rapidly, with assets under management rising to INR 3,078 million in 2QFY26 from INR 928.1 million in FY25, and turned profitable with PAT of INR 408.6 million in 1HFY26 versus a small loss in FY24. The BBB- rating reflects adequate profitability, comfortable capitalisation (net worth INR 1,183.7 million, debt-to-equity 1.13x), and a technology-driven underwriting model, but is held back by small scale, elevated asset quality concerns from unsecured lending, and a concentrated funding profile.
A first-time investment-grade rating should support UCIL's fundraising plans for its NCD and bank loan facilities, but the thin cushion to non-investment grade means any sustained deterioration in asset quality, leverage above 2.5x, or funding stress could trigger a downgrade.