Poonawalla Fincorp has received a significant credit rating boost from CRISIL Ratings Limited, which assigned its highest AAA/Stable rating to the company's ₹10,000 crore Non-Convertible Debentures on December 12, 2025. The rating agency also enhanced the company's total bank loan facilities rating to ₹15,285 crore from the previous ₹12,285 crore, while reaffirming existing ratings across various debt instruments.

Rating Action and Instrument Details

CRISIL's comprehensive rating action covers multiple debt instruments and facilities. The rating agency assigned the AAA/Stable rating to ₹10,000 crore of new Non-Convertible Debentures while reaffirming ratings on existing instruments.

Strong Promoter Support Framework

The ratings are anchored by the expectation of need-based timely support from Rising Sun Holdings Private Limited (RSHPL), which holds a 63.96% stake in Poonawalla Fincorp as of September 30, 2025. RSHPL is an investment holding company owned and controlled by Mr. Adar Poonawalla, with the promoter group's flagship company being Serum Institute of India Private Limited (SIIPL), rated CRISIL AAA/Stable/CRISIL A1.

SIIPL infused approximately ₹6,782 crore through compulsorily convertible cumulative preference shares in RSHPL till March 31, 2025. The rating agency notes RSHPL's commitment to maintain majority shareholding in Poonawalla Fincorp, retain management control, and provide equity capital support for growth when required.

Financial Performance and Capitalization

Poonawalla Fincorp demonstrated robust financial metrics as of September 30, 2025. The company's net worth stood at ₹9,822 crore, improved from ₹8,124 crore as of March 31, 2025, following equity infusion of around ₹1,500 crore from RSHPL through preferential issue in September 2025.

Asset Quality and Business Growth

The company maintained comfortable asset quality metrics with Gross Non-Performing Assets (GNPA) improving to 1.59% as of September 30, 2025, from 1.84% as of March 31, 2025. Net NPA also improved to 0.81% from 0.85% during the same period. Assets under management grew by 43% year-on-year in fiscal 2025 and thereafter by 68% annualized in the first half of fiscal 2026 to ₹47,701 crore as of September 30, 2025.

The company's portfolio consists primarily of retail and MSME products with a secured and unsecured mix of 56:44 for on-book portfolio as of September 30, 2025. Poonawalla Fincorp is focusing on newer segments including gold loans, consumer durable loans, prime personal loans, shopkeeper loans, education loans, and used commercial vehicle financing.

Diversified Funding Profile

As of September 30, 2025, the company maintained a diversified funding mix with total borrowings of ₹35,717 crore. The funding composition included term loans (44%), followed by NCDs (26%), commercial paper (10%), CC/WCDL line (10%), ECB (8%), and remaining through subordinated debt, perpetual debt and others. During the first half of fiscal 2026, Poonawalla Fincorp raised ₹29,871 crore gross from diversified sources, with weighted average cost of borrowings at 7.69% as of September 30, 2025.

Outlook and Key Monitorables

CRISIL maintains a stable outlook, factoring in the expectation of need-based timely support from RSHPL. The rating agency will monitor the sustainability of the company's earnings profile and performance of asset quality across asset classes, including newer segments, given the limited portfolio seasoning. The company's ability to manage operating expenses and credit costs while scaling up operations remains a key focus area for rating stability.

Poonawalla Fincorp Limited has announced the designation of two key executives as Senior Management Personnel, effective December 11, 2025. The Board of Directors made this decision based on recommendations from the Nomination and Remuneration Committee, following changes in the organizational hierarchy.

Executive Appointments

The company has designated the following executives as Senior Management Personnel:

Professional Background - Manish Verma

Mr. Manish Verma brings extensive experience as a seasoned finance leader with 25+ years in Indian financial markets. His expertise spans wholesale debt markets, treasury operations, and fixed-income structuring.

Career Highlights

• Managing Director & Co-Head - Wholesale Debt Markets at InCred Capital: Built and scaled WDM, Intermediary, and Merchant Banking verticals, driving NCD volumes of over ₹450.00 billion and leading proprietary book management in government and corporate bonds
• Previous Leadership Roles: Senior positions at Trust Capital, SPA Limited, and SMIFS Securities, where he delivered market-share gains, set up high-performing teams, and managed large proprietary books
• Education: B.Sc. (Honours) from Mithibai College, University of Mumbai

Professional Background - Vadakke Madathil Maneesh Kumar

Mr. Vadakke Madathil Maneesh Kumar is a seasoned operations leader with over 20 years of experience in the lending industry, specializing in operations management, process automation, and customer experience enhancement.

Career Journey

• Chief Operations Officer at SBFC Finance: Managed operations, service, and admin functions while streamlining co-lending processes and implementing regulatory compliance frameworks
• Senior Leadership Roles: Positions at Bajaj Finance, Bajaj Housing Finance, HSBC, HDFC Bank, and ICICI Bank, leading large-scale operations, underwriting, and service delivery functions
• Innovation Focus: Proven track record of introducing RPA, building digital platforms, and redesigning processes for real-time reconciliation and customer-centric solutions
• Education: Masters degree in Financial Management from Mumbai University and completed the Accelerated Management Program at the Indian School of Business

Regulatory Compliance

This announcement was made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The designation aligns with SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, ensuring full regulatory compliance.

Strategic Implications

The designation of these executives as Senior Management Personnel reflects Poonawalla Fincorp's focus on strengthening its leadership structure across critical business functions. Both appointments leverage the executives' extensive experience in their respective domains - investor relations and operations management - positioning the company for enhanced operational efficiency and stakeholder engagement.