Key Metrics of Midland Microfin Limited
About Midland Microfin Limited
Company details
- Registered office
- The Axis, Plot No.1, R.b. Badri Dass Colony, G.t Road, Jalandhar, In-pb, 144001
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
NoteLatest action: rating withdrawn (ICRA, 15 Oct 2026)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 15 Oct 2026 | ICRA | Withdrawn | A+(SO) | — | — | — | View |
| 17 Sep 2026 | ICRA | Confirmed | A+(SO) | — | — | ₹22.8 Cr | View |
| 17 Sep 2026 | ICRA | Confirmed | A+(SO) | — | — | ₹107 Cr | View |
| 17 Jul 2026 | ICRA | Confirmed | A+(SO) | — | — | ₹60.1 Cr | View |
| 17 Jul 2026 | ICRA | Confirmed | A+(SO) | — | — | ₹17.9 Cr | View |
| 17 Jul 2026 | ICRA | Confirmed | A+(SO) | — | — | ₹102 Cr | View |
| 18 May 2026 | ICRA | Assigned | A+(SO) | — | — | ₹107 Cr | View |
| 08 May 2026 | ICRA | Confirmed | A+(SO) | — | — | ₹29.9 Cr | View |
| 08 May 2026 | ICRA | Confirmed | A(SO) | — | — | ₹17.8 Cr | View |
| 04 May 2026 | ICRA | Assigned | A+(SO) | — | — | ₹22.8 Cr | View |
| 05 Mar 2026 | ICRA | Assigned | A+(SO) | — | — | ₹60.1 Cr | View |
| 22 Dec 2025 | CARE | Reaffirmed | BBB+ | — | Negative | ₹1,139 Cr | View |
| 01 Dec 2025 | CARE | Reaffirmed | BBB+ | — | Negative | ₹1,039 Cr | View |
| 27 Dec 2024 | CARE | Revised | BBB+ | — | Negative | ₹969 Cr | View |
| 13 Dec 2024 | CARE | Other | — | — | — | — | View |
| 09 Aug 2024 | CARE | Reaffirmed | BBB+ | — | Stable | ₹969 Cr | View |
| 12 Jun 2024 | CARE | Reaffirmed | BBB+ | — | Stable | ₹969 Cr | View |
| 20 Mar 2024 | CARE | Other | — | — | — | — | View |
| 20 Sep 2023 | CARE | Reaffirmed | BBB+ | — | Stable | ₹1,027 Cr | View |
| 04 Sep 2023 | CARE | Reaffirmed | BBB+ | — | Stable | ₹1,002 Cr | View |
| 03 Jul 2023 | CARE | Reaffirmed | BBB+ | — | Stable | ₹602 Cr | View |
| 23 Jun 2023 | CARE | Revised (from BBB) | BBB+ | — | Stable | ₹402 Cr | View |
| 15 Feb 2023 | CARE | Other | — | — | — | — | View |
| 20 Dec 2022 | CARE | Reaffirmed | BBB | — | Positive | ₹92.0 Cr | View |
| 31 Mar 2022 | CARE | Reaffirmed | BBB | — | Stable | ₹310 Cr | View |
Credit strengths (ICRA, Sep 2026)
+ Granular pool supported by presence of credit enhancement
The pool is granular, consisting of 5,744 contracts, with top 10 obligors forming less than 0.3% of the pool principal, thereby reducing the exposure to any single borrower.
+ Seasoned contracts in the pool
The pool has amortised by almost ~19.7% as on the cut-off date with no delinquencies observed in any of the contracts, post loan disbursement, thereby reflecting the borrowers’ relatively better credit profile.
+ No overdue contracts in the pool
The pool has been filtered in such a manner that there are no overdue contracts as on the cut-off date.
Credit challenges
− High geographical concentration
The pool has high geographical concentration with the top 2 states, viz Bihar and Uttar Pradesh contributing ~81% to the initial pool principal amount.
− Vulnerable asset quality in microfinance sector
The microfinance sector has seen lower collections and elevated delinquencies on account of borrower overleveraging and attrition in collections teams in the past.
− Risks associated with lending business
The pool’s performance would remain exposed to macro-economic shocks, business disruptions and natural calamities that may impact the income-generating capability of the borrowers and their ability to make timely repayments of their loans.
Could lead to an upgrade
The sustained strong collection performance of the underlying pool of contracts (monthly collection efficiency >95%), leading to lower-than-expected delinquency levels, and an increase in the cover available for future investor payouts from the credit enhancement would result in a rating upgrade.
Could lead to a downgrade
The sustained weak collection performance of the underlying pool of contracts (monthly collection efficiency <90%), leading to higher-than-expected delinquency levels and higher credit enhancement utilisation levels, would result in a rating downgrade. Weakening in the credit profile of the servicer could also exert pressure on the rating.
Agency-reported financials (ICRA, 15 Oct 2026)
| Metric | FY2025 | FY2026 | Q1FY2027 |
|---|---|---|---|
| Total Income | ₹636 Cr | ₹647 Cr | ₹187 Cr |
| Profit after tax | ₹26.67 Cr | ₹33.19 Cr | ₹10.22 Cr |
| Assets under management (In Rs Cr) | ₹2,749 Cr | ₹2,821 Cr | ₹2,813 Cr |
| Gross NPA | 1.5% | 2.0% | 3.0% |
| CRAR | 31.4% | 29.4% | 30.8% |
| Revenue growth (YoY) | — | 1.7% | — |
| PAT margin | 4.2% | 5.1% | 5.5% |
Borrowings & rated debt
Rated limits over time
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹910 Cr | — | BBB+ (Negative) | Reaffirmed | CARE |
| Non-convertible debentures | Debentures & bonds | — | ₹100 Cr | — | BBB+ (Negative) | Assigned | CARE |
| Non-convertible debentures | Debentures & bonds | — | ₹34.0 Cr | — | BBB+ (Negative) | Reaffirmed | CARE |
| Non-convertible debentures | Debentures & bonds | — | ₹25.0 Cr | — | BBB+ (Negative) | Reaffirmed | CARE |
| Non-convertible debentures | Debentures & bonds | — | ₹70.0 Cr | — | BBB+ (Negative) | Reaffirmed | CARE |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | Series A PTCs | Securitisation (PTCs) | 10.00% | 27 Feb 2026 | 16 Nov 2026 | ₹60.1 Cr | A+(SO) | Outstanding |
| — | Unicorn Series A PTCs | Securitisation (PTCs) | 10.00% | 30 Jan 2026 | 16 Sep 2027 | ₹102 Cr | A+(SO) | Outstanding |
| — | BOLT Series A PTCs | Securitisation (PTCs) | 10.00% | 30 Apr 2026 | 18 Dec 2027 | ₹22.8 Cr | A+(SO) | Outstanding |
| — | Series A PTCs | Securitisation (PTCs) | 10.00% | 14 May 2026 | 16 Feb 2028 | ₹107 Cr | A+(SO) | Outstanding |
| INE884Q08283 | Convertible Dec Dec | Debentures & bonds | — | — | — | ₹34.0 Cr | BBB+ | Not stated |
| INE884Q07673 | Convertible Sep Jan | Debentures & bonds | — | — | — | ₹25.0 Cr | BBB+ | Not stated |
| INE884Q08291 | Convertible Dec Dec | Debentures & bonds | — | — | — | ₹35.0 Cr | BBB+ | Not stated |
| INE884Q08309 | Convertible Dec Dec | Debentures & bonds | — | — | — | ₹20.0 Cr | BBB+ | Not stated |
| INE884Q07624 | — | Subordinated debt | 13.00% | — | — | ₹20.0 Cr | BBB | Not stated |
| INE884Q07053 | — | Debentures & bonds | 12.25% | — | — | — | — | Not stated |
| — | Debentures Non | Debentures & bonds | — | 07 Apr 2014 | 01 Apr 2024 | ₹25.0 Cr | BBB | Matured |
| — | — | Other | — | 27 Mar 2021 | 31 Mar 2024 | ₹0 | — | Withdrawn |
| INE884Q07020 | — | Debentures & bonds | 11.75% | 04 Jul 2014 | 04 Oct 2020 | — | — | Matured |
| INE884Q07061 | Jul Jan | Debentures & bonds | — | — | — | — | — | Withdrawn |
| INE884Q07038 | Jul Jan | Debentures & bonds | — | — | — | — | — | Withdrawn |
| INE884Q07616 | Jan Jan | Debentures & bonds | 11.62% | — | — | — | — | Withdrawn |
| INE884Q07608 | Nov Nov | Debentures & bonds | 11.73% | — | — | — | — | Withdrawn |
CARE ratings on record (checked 22 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Long Term | — | Withdrawn |
| Non Convertible Debentures | — | Withdrawn |
| Non Convertible Debentures | ₹229 Cr | CARE BBB+; Negative |
| Non-convertible Debenture/Subordinate Debt | — | Withdrawn |
| Term Loan | ₹910 Cr | CARE BBB+; Negative |
| Un Supported Rating | — | Withdrawn |
Lenders
| Fund-based - LT | Term Loan | Axis Bank Ltd. |
| Fund-based - LT | Term Loan | Bank of Baroda |
| Fund-based - LT | Term Loan | Bank of Maharashtra |
| Fund-based - LT | Term Loan | DCB Bank Ltd. |
| Fund-based - LT | Term Loan | Equitas Small Finance Bank Ltd. |
| Fund-based - LT | Term Loan | ICICI Bank Ltd. |
| Fund-based - LT | Term Loan | Indian Bank |
| Fund-based - LT | Term Loan | Indian Overseas Bank |
| Fund-based - LT | Term Loan | Kotak Mahindra Bank Ltd. |
| Fund-based - LT | Term Loan | National Bank for Agriculture and Rural Development |
| Fund-based - LT | Term Loan | Proposed |
| Fund-based - LT | Term Loan | SBM Bank (India) Ltd. |
| Fund-based - LT | Term Loan | Shivalik Small Finance Bank |
| Fund-based - LT | Term Loan | Small Industries Development Bank of India |
| Fund-based - LT | Term Loan | UCO Bank |
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.
Instrument ratings
| Instrument | Type | Rated | Per criteria | Basis |
|---|---|---|---|---|
| BOLT Series A1 PTCs | Securitisation (PTC) | A+ ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| BOLT Series A PTCs | Securitisation (PTC) | A+ ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| SARUTOBI MFI Series A1 PTCs | Securitisation (PTC) | A+ ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| Series A PTCs | Securitisation (PTC) | A+ ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| MITSURI MFI FEB Series A1 PTCs | Securitisation (PTC) | A+ ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| Charon Series A1 PTCs | Securitisation (PTC) | A+ ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| Charon Series A PTCs | Securitisation (PTC) | A+ ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| Unicorn Series A1 PTCs | Securitisation (PTC) | A+ ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| Unicorn Series A PTCs | Securitisation (PTC) | A+ ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| SARUTOBI MFI TRUST MAY Series A1 PTCs | Securitisation (PTC) | A+ ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| Medius Series A1 PTCs | Securitisation (PTC) | A+ ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| River Rock Series A1 PTCs | Securitisation (PTC) | A ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| Bolt Series A1 PTCs | Securitisation (PTC) | A+ ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | A+(SO) · Structured obligation (internal) (ICRA, Oct 2026) |
| Withdrawal | ICRA · 15 Oct 2026 · Withdrawn (reason not stated in report) |
| Next action stable or better (model) | 67% |
| Information on file | 56% · missing: Debt obligations and repayment schedule, 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: 68% chance the next rating action is stable or better
- Current rating A+(SO) (investment grade)
- ICRA withdrew its ratings on 15 Oct 2026 — usually after the rated bank loans were repaid or moved to another lender
What happened, step by step
- Mar 2022 — Rated term loans fell from ₹8.78 cr to ₹0 cr
- Dec 2022 — ₹200 cr raised through equity
“MML is also expecting an equity infusion upto ₹200 crore in the next six months, which will provide it much needed capital to fund future growth.”
- Mar 2022 — ₹20 cr raised through NCDs / bonds
- Mar 2022 — Rated term loans fell from ₹8.78 cr to ₹0 cr
“Outlook: Stable] assigned to the NCD issue of Rs 20 crore of Midland Microfin Limited (MML) with immediate effect.”
Rated limits by facility
Timeline
From the report
Its capital profile was supported by equity infusion of ₹113 crore in FY 25 and ₹21.14 crore in H1FY26 from existing shareholders.
From the report
In the six-month period ending September 30, 2025, the company raised incremental borrowings of ₹1,027 crore through term loans, PTCs, NCDs, and DAs, with PTCs comprising the largest portion at 33%.
From the report
The company has cash and bank balances of ₹535 crore (excluding margin money deposit) as on September 30, 2025.
From the report
The rating factors in its adequate capitalisation profile supported by regular capital infusion by its shareholders with a ₹113 crore infusion in FY25 and ₹21 crore in H1 FY26 through rights issue.
From the report
In the six-month period ending September 30, 2025, the company raised incremental borrowings of ₹1,027 crore through term loans, PTCs, NCDs, and DAs, with PTCs comprising the largest portion at 33%.
From the report
The company has cash and bank balances of ₹535 crore (excluding margin money deposit) as on September 30, 2025.
From the report
Apart from support from its promoters, the company is backed by strong investors, Kitara Capital and ICICI Bank, and with the recent infusion made by the existing shareholders of ₹63 crore in the form of partly paid equity and partly paid CCPS, the share of Kitara stood at 34.53% [vs 32.71% as of March 2023] and ICICI Bank at 9.67% [vs 9.89% as of March 2023].
From the report
The company has cash and bank balances of ₹511 crore as on September 30, 2024.
From the report
Apart from support from its promoters, the company is backed by strong investors namely Kitara Capital and ICICI Bank and with the recent infusion made by the existing shareholders of ₹63 crore in the form of partly paid equity and partly paid CCPS, the share of Kitara stood at 34.53% [vs 32.71% as of March 2023] and ICICI Bank at 9.67% [vs 9.89% as of March 2023].
From the report
The company has cash and bank balances of ₹449 crore as on March 31, 2024.
From the report
Apart from support from its promoters, the company is backed by strong investors namely Kitara Capital and ICICI Bank and with the recent infusion made by the existing shareholders of ₹63 crore in the form of partly paid equity and partly paid CCPS, the share of Kitara stood at 34.53% [vs 32.71% as of March 2023] and ICICI Bank at 9.67% [vs 9.89% as of March 2023].
From the report
The company has cash and bank balances of ₹449 crore as on March 31, 2024.
From the report
Diversified resource profile MML has banking relations with more than 40 banks and financial institutions (FIs) and has availed term loans, which form the major (70%) source of the total borrowings as on June 30, 2023, the remaining being NCDs and preference shares.
From the report
MML is also expecting an infusion of ₹240 crore in September 2023.
From the report
Diversified resource profile MML has banking relations with more than 40 banks and financial institutions (FIs) and has availed term loans, which form the major (70%) source of the total borrowings as on June 30, 2023, the remaining being NCDs and preference shares.
From the report
Diversified resource profile: MML has banking relations with more than 40 banks and financial institutions (FIs) and has availed term loans, which form the major (70%) source of the total borrowings as on March 31, 2023, the remaining being non-convertible debentures (NCDs) and preference shares.
From the report
Diversified resource profile: MML has banking relations with more than 40 banks and financial institutions (FIs) and has availed term loans, which form the major (70%) source of the total borrowings as on March 31, 2023, the remaining being non-convertible debentures (NCDs) and preference shares.
From the report
The company has unencumbered liquid assets of around ₹357 crore as on September 30, 2022, and its expected inflows in the up to one-year bucket are ₹995 crore against the expected outflow of ₹791 crore.
From the report
MML is also expecting an equity infusion upto ₹200 crore in the next six months, which will provide it much needed capital to fund future growth.
From the report
Diversified resource profile: MML has banking relations with more than 30 banks and financial institutions (FIs) and has availed term loans, which form the major (82%) source of the total borrowings as on September 30, 2022, the remaining being non-convertible debentures (NCDs) and preference shares.
From the report
The company has unencumbered liquid assets of around ₹357 crore as on September 30, 2022, and its expected inflows in the up to one-year bucket are ₹995 crore against the expected outflow of ₹791 crore.
From the report
Outlook: Stable] assigned to the NCD issue of Rs 20 crore of Midland Microfin Limited (MML) with immediate effect.
From the report
Diversified resource profile MML has banking relations with more than 30 banks/FIs and has availed term loans which form the major (80.5%) source of the total borrowings as on December 31, 2021, the remaining being NCDs and preference shares.
From the report
Key Rating Weaknesses Relatively high gearing levels, albeit improved with recent equity infusion The adjusted gearing improved to 4.4x as on December 31, 2021, from 5.2x as on March 2021, driven by equity infusion of Rs.74.4 crore in September 2021.
From the report
The company has unencumbered liquid assets of around Rs.306 crore as of December 2021.
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.
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.