Key Metrics of Micro Units Development & Refinance Agency Limited
About Micro Units Development & Refinance Agency Limited
Sectors
Company details
- Registered office
- Swavalamban Bhavan, Plot No. C-11, 'g' Block, Bandra Kurla Complex, Bandra (east), Mumbai, In-mh, 400051
Operational Areas of Micro Units Development & Refinance Agency Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 23 Sep 2026 | ICRA | Reaffirmed | AAA | A1+ | Stable | ₹20,000 Cr | View |
Credit strengths (ICRA, Sep 2026)
+ Strong parentage and strategic importance, given its role in development of microenterprise sector
MUDRA was established by the GoI in FY2016 as a wholly-owned subsidiary of SIDBI.
+ Healthy capitalisation profile
MUDRA had a net worth of Rs. 5,422 crore as on March 31, 2026, given the sizeable initial share capital infusion by the GoI through SIDBI and strong internal accruals.
+ Strong asset quality indicators
MUDRA’s loan book comprises only refinancing, which entails lending to entities with relatively strong credit profiles like banks, NBFCs and pass-through certificates (PTCs).
Credit challenges
− Portfolio vulnerability arising from high credit concentration
MUDRA’s portfolio remains inherently concentrated, given its business model of providing refinance to lending institutions.
− Change in liability mix with increasing market borrowings may impact earnings profile
MUDRA’s business model and profitability are closely linked to the availability of low-cost funding through the PSS mechanism.
Could lead to a downgrade
Deterioration in the credit profile of the parent, SIDBI, and/or a dilution in MUDRA’s strategic role, leading to a decline in its importance to the GoI would be
Agency-reported financials (ICRA, 23 Sep 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Total income | ₹2,284 Cr | ₹2,299 Cr |
| Profit after tax | ₹827 Cr | ₹569 Cr |
| Total managed assets | ₹36,750 Cr | ₹34,938 Cr |
| Return on average managed assets | 2.2% | 1.6% |
| Gross stage | 0.0% | 0.0% |
| CRAR | 74.4% | 80.9% |
| Revenue growth (YoY) | — | 0.7% |
| PAT margin | 36.2% | 24.7% |
Borrowings & rated debt
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| LT/ST borrowing programme& -~ | Other | ₹5,407 Cr | ₹5,407 Cr | 0.0% | AAA / A1+ (Stable) | Reaffirmed | ICRA |
| Borrowing programme LT/ST fund based/Non-fund based | Non-fund based limits | ₹14,593 Cr | ₹14,593 Cr | 0.0% | AAA / A1+ (Stable) | Reaffirmed | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | — | Working capital & bank lines | — | 24 Mar 2025 | 27 Mar 2027 | ₹2,143 Cr | AAA | Outstanding |
| — | — | Working capital & bank lines | — | 24 Apr 2026 | 23 Jun 2027 | ₹1,000 Cr | AAA | Outstanding |
| — | — | Working capital & bank lines | — | 11 Feb 2025 | 10 Mar 2028 | ₹3,950 Cr | AAA | Outstanding |
| — | — | Working capital & bank lines | — | 12 Jan 2026 | 31 Jan 2029 | ₹1,000 Cr | AAA | Outstanding |
| — | — | Working capital & bank lines | — | 20 Dec 2025 | 10 Mar 2029 | ₹500 Cr | AAA | Outstanding |
| — | — | Working capital & bank lines | — | 23 Jan 2026 | 12 Mar 2029 | ₹2,000 Cr | AAA | Outstanding |
| — | Central Bank of | Working capital & bank lines | — | 08 May 2026 | 07 May 2029 | ₹1,000 Cr | AAA | Outstanding |
| — | — | Working capital & bank lines | — | 13 May 2026 | 12 May 2029 | ₹2,000 Cr | AAA | Outstanding |
Credit assessment · Non-banking finance companies
Rating Methodology – Non-Banking Finance Companies (Feb 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 70% |
| Information on file | 56% · missing: Annual results history (3+ years), Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 73% chance the next rating action is stable or better
- Current rating AAA (investment grade)
Rated limits by facility
Timeline
From the report
It acts as a nodal agency for developing the microenterprise sector by providing refinance to financial institutions lending to micro businesses and monitors the loans 1 disbursed under PMMY.
From the report
Healthy capitalisation profile – MUDRA had a net worth of Rs. 5,422 crore as on March 31, 2026, given the sizeable initial share capital infusion by the GoI through SIDBI and strong internal accruals.
From the report
As on March 31, 2026, its SLS showed repayment obligations of Rs. 14,415 crore for the 12-month period while inflows amounted to Rs. 19,737 crore, including the cash and liquid balance of Rs. 1,650 crore as on March 31, 2026.
From the report
As on March 31, 2026, its SLS showed repayment obligations of Rs. 14,415 crore for the 12-month period while inflows amounted to Rs. 19,737 crore, including the cash and liquid balance of Rs. 1,650 crore as on March 31, 2026.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Micro Units Development & Refinance Agency Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Larsen & Toubro |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | larsentoubro.com | 1938 | Mumbai, India |
| Part of Life Insurance Corporation of India. | itcportal.com | 1910 | Kolkata, India | |
| Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | arvind.com | — | Ahmedabad, India | |
 Thermax |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | thermaxglobal.com | 1980 | Pune, India |
| Fintech, Broking & Market Infrastructure · Finance | angelone.in | — | Mumbai, Maharashtra, India | |
 Nuvama Wealth Management Limited |
Fintech, Broking & Market Infrastructure · Finance | nuvamawealth.com | — | Mumbai, Maharashtra, India |
 Kirloskar Brothers |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | kirloskarpumps.com | 1888 | Pune, India |
| 360 One Wam Limited | Discovered Companies · Other Industries | — | — | Mumbai, Maharashtra, India |
| HDFC Asset Management Company Limited | Fintech, Broking & Market Infrastructure · Banking & Financial Services | — | — | Mumbai, Maharashtra, India |
 Emami |
Shampoo, Hair Oil & Hair Care · FMCG - Personal & Home Care | emamiltd.in | 1974 | Kolkata, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.