Namdev Finvest Limited

Ratings continue to factor in NFL’s demonstrated ability to raise equity capital at regular intervals (including latest equity infusion of ₹20 crore in FY26), 3 resulting in a comfortable capitalisation profile with a net gearing of 2.39x as on March 31, 2026 (2.36x as on March 31, 2025) and stood at 2.46x as on June 30, 2026.

Comfortable capital structure Over the past few years, NFL has demonstrated ability to attract funds at regular intervals with cumulative equity infusion of ₹361 crore over FY21 -FY26, from its promoters and existing stakeholders.

The company has comfortable capitalisation with a tangible net worth (TNW) base of ₹534 crore as on March 31, 2026, against ₹440 crore as on March 31, 2025, owing to both internal accruals and equity infusions at regul ar intervals , which further stood at ₹544 crore as on June 30, 2026 .

NFL has reported cash and cash equivalent (unencumbered) of ₹419.93 crore as on June 30, 2026, and receivable from loan book (including interest) of ₹845.26 crore against the debt repayment obligation (including interest) of ₹782.77 crore for the next one year on a behavioural basis.

Ratings continue to factor in NFL’s demonstrated ability to raise equity capital at regular intervals (including latest equity infusion of ₹20 crore in FY26), resulting in a comfortable capitalisation profile 3 with a net gearing of 2.39x as on March 31, 2026 (2.36x as on March 31, 2025).

The company has comfortable capitalisation with a tangible net worth (TNW) base of ₹534 crore as on March 31, 2026, against ₹440 crore as on March 31, 2025, owing to both internal accruals and equity infusions at regular intervals.

NFL has reported cash and cash equivalent (unencumbered) of ₹496.58 crore as on March 31, 2026, and receivable from loan book (including interest) of ₹845.26 crore against the debt repayment obligation (including interest) of ₹782.77 crore for the next one year on a behavioural basis.

Liquidity position: Adequate As on March 31, 2026, the company held free cash and bank balances of ~Rs. 496 crore.

Liquidity position: Adequate As on February 28, 2026, the company held a free cash and bank balance of ~Rs. 373 crore (~Rs. 496 crore (provisional) as on March 31, 2026).

Rationale and key rating drivers Reaffirmation of ratings factors in Namdev Finvest Private Limited (NFPL’s) demonstrated ability to raise equity capital at regular intervals including recent equity infusion of ₹25 crore in FY25, leading to improved capitalisation structure.

The company has capitalisation with a tangible net-worth (TNW) base of ₹440 crore as on March 31, 2025, against ₹386 crore as on March 31, 2024, owing to both internal accruals and equity infusions at regular intervals.

Over the last few quarters the company has been maintaining cash and cash equivalents of ₹250 - ₹300 crore equivalent to three months of debt repayments which are parked in bank deposits.

NFPL reported cash and cash equivalent (unencumbered) of ₹326.03 crore as on June 30, 2025, and receivable from loan book (including interest) of 3 CARE Ratings Ltd.

Detailed description of key rating drivers: Key strengths Improving capitalisation profile In FY24, NFPL received capital infusion of ₹235 crore from promoters, promoter group, employees, existing and new PEs in form of equity and compulsory convertible preference shares (CCPS).

Press Release crore (21% of infusion made in the fiscal) and balance ₹186 crore (79% of infusion made in the fiscal) was invested by PEs, where, ₹125 crore came from MAJ Invest, ₹25 crore from British International Investment Development Finance Institution (BIIDFI), ₹11 crore from LC Nueva Investment Partners (LC Nueva), who are new investors for the company and existing investor, Incofin Investment Management (I ncofin) infused ₹25 crore.

NFPL is expecting another round of infusion of around ₹200 crore by end of FY25 or early FY26 , with this, CARE Ratings expects the gearing level to remain healthy in the medium term.

NFPL has received infusion of ₹56 crore by October 2023 in FY24.

CARE Ratings notes the company expects further capital infusion of around ₹125 crore in Q4FY24.

Since takeover by current promoters till October 2023, NFPL has received ₹124 crore infusion from promoters and PE investor.

In H1FY24, NFPL received capital infusion of ₹56 crore, in the form of equity, CCPS and partially paid preference shares (PPPS).

The company has cash and bank balance, including fixed deposits without lien marked of ₹103 crore, liquid investments of ₹13 crore as on September 30, 2023, against debt obligations of ₹78 crore over the next three months.

The company has received capital infusion of ₹55 crore in FY22 (refers to the period April 1 to March 31), out of which ₹50 crore is infused by Incofin India Progress Fund.

The company has cash and bank balance, including fixed deposits (FD), of ₹154 crore as on March 31, 2023.

The company has received capital infusion of ₹55 crore in FY22 (refers to the period April 1 to March 31), out of which ₹50 crore is infused by Incofin India Progress Fund.

The company has cash and bank balance, including fixed deposits (FD), of ₹283 crore and unutilised cash credit of ₹15 crore as on March 31, 2022, against debt obligations of ₹180 crore over the next 12 months.

The company has received capital infusion of ₹55 crore in FY22 (refers to the period April 1 to March 31), out of which ₹50 crore is infused by Incofin India Progress Fund.

The company has cash and bank balance, including fixed deposits (FD), of ₹283 crore and unutilised cash credit of ₹15 crore as on March 31, 2022, against debt obligations of ₹180 crore over the next 12 months.

The company has received capital infusion of ₹55 crore in FY22 (refers to the period April 1 to March 1Complete definition s of the ratings assigned are available at www.careedge.in and other CARE Ratings Ltd.’s publications. 1 CARE Ratings Limited Press Release 31), out of which ₹50 crore is infused by Incofin India Progress Fund.

The company has cash and bank balance, including fixed deposits (FD), of ₹283 crore and unutilised cash credit of ₹15 crore as on March 31, 2022, against debt obligations of ₹180 crore over the next 12 months. 2 CARE Ratings Limited Press Release Analytical approach: Standalone Applicable criteria Policy on Default Recognition Financial Ratios – Financial Sector Criteria on Assigning ‘Outlook’ or 'Credit Watch’ to Credit Ratings Rating Methodology - Non Banking Finance Companies (NBFCs) About the company NFPL, registered under the Companies Act, 1956 and the Companies Act, 2013, is a non-depos

In March 2022, the compa ny, received another round of capital infusion from Incofin Investment of Rs. 15 crore.

Till date, promoters have infused funds of Rs. 40 crore.

Improvement in leverage with adequate capitalisation The reported capital adequacy ratio (CAR) of NFPL stood at comfortable level of 33.88% as on December 31, 2021 improved from 26.16% as on March 31, 2021, mainly on account of fund infusion of Rs.35 crore from Incofin Investment via its India Progress Fund.

It has also received fund infusion of Rs.6.46 crore in the form of equity from the promoter group in H1FY22.

The company had free cash and bank balance of Rs. 122 crore (including Fixed deposits of Rs. 66 crore) as on December 31, 2021, and current investments of Rs. 24 crore (Mutual fund and equity investments) against debt obligations of Rs 132 crore over the next 12 months.

Furthermore, NFPL has around Rs. 13 crore of sanctioned but unutilised working capital facility which provides additional cushion to its liquidity.

One Hundred Crore Only) Details of instruments/facilities in Annexure-1 Detailed Rationale & Key Rating Drivers The rating assigned to Non convertible debentures of Namdev Finvest Private Limited (NFPL) takes into account improved net worth and gearing levels of the company following fund infusion of Rs.35.00 crore by Private Equity (PE) investor in September 2021 with visibility of further capital infusion over the next few months.

Till date, promoters have infused funds of Rs.40 crore.

Improvement in leverage with adequate capitalisation The reported capital adequacy ratio (CAR) of NFPL stood at comfor table level of 38.49% a s on September 30, 2021 (26.16% as on March 31, 2021) mainly on account of fund infusion of Rs.35 crore from Incofin Investment Management via its India Progress Fund.

It has also received fund infusion of Rs.6.46 crore in the form of equity from the promoter group in H1FY22.

The company had free cash and bank balance of Rs.91.15 crore (including Fixed deposits of Rs.58.06 crore) as on November 30, 2021, and current investments of Rs.14 crore (Mutual fund and equity investments).

Furthermore, NFPL has around Rs.8.25 crore of sanctioned working capital facility which provides additional cushion to its liquidity.

Three hundred and Eighty crore only) Details of facilities in Annexure -1 Detailed Rationale & Key Rating Drivers The revision in the rating of Namdev Finvest Private Limited (NFPL) takes into account improvement in net worth and gearing levels of the company following fund infusion of Rs.35.00 crore by Private Equity (PE) investor in Se ptember 2021 with visibility of further capital infusion over the next few months.

Till date, promoters have infused funds of Rs.40 crore.

Thus, reporting moderate profitability with ROTA of 3-3.5% Improvement in leverage with adequate capitalisation The reported capital adequacy ratio (CAR) of NFPL stood at comfortable level of 38.49% as on September 30, 2021 (26.16% as on March 31, 2021) mainly on account of fund infusion of of Rs. 35 crore from Incofin Investment Management via its India Progress Fund.

It has also received fund infusion of Rs.6.46 crore in the form of equity from the p romoter group in H1FY22. 2 CARE Ratings Limited Press Release Liquidity Position - Adequate The Asset Liability Management (ALM) profile of NFPL was comfortable as on September 30, 2021 with no cumulative negative mismatches in any of the time buckets.

The company had free cash and bank balance of Rs.73 crore as on September 30, 2021 and current investments of Rs. 5 crore.

Furthermore, NFPL has around Rs.8.25 crore of sanctioned working capital facility which provides additional cushion to its liquidity.

Till date the promoters have infused funds of Rs.34 crore.

It has also received fund infusion of Rs.11.85 crore in theform of equit y.

The company ha s free cash and bank balance of Rs. 41.12 crore as on March 31, 2021, and current investme nts of Rs. 4.00 crore.

Promoters and their relatives have infused funds of Rs.8.40 crore in NFPL during FY20 including Rs.2.14 crore through Compulsory Convertible Preference Shares (CCPS) that are compulsorily rd convertible into equity at the end of 3 year from deemed date of allotment.

Further, the average working capital limit utilization stood at 33.59% during last 12 months ended Ma y 31, 2020 which provides additional cushion to its liquidity.

Further, the company had free cash and bank balance of Rs.24.27 crore as on April 01, 2020 against the debt repayment of Rs.56.14 crore in FY21 covering around 5 months of repayments.

Going forward, NFPL is envisaging equity infusion of around Rs.14 crore during FY21 to support the expansion of the portfolio.

Over the years, promoters have also supported the operations of the company by way of fund infusion, marked by equity infusion of Rs.13.19 crore (FY19: Rs.9.04 crore) during the period of 4 years ended as on March 31, 2019.

The promoters have also envisaged equity infusion of around Rs.10 crore in FY20 from the proceeds received from sale of land.

Further, the average working capital limit utilization stood at 51.08% during last 12 months ended March 31, 2019 which provides additional cushion to its liquidity.

NFPL has repayments of Rs.32.81 crore due in next one year from March 31, 2019 against which NFPL has cash and cash equivalent of Rs.16.64 crore and undrawn sanctioned line of Rs.5.00 crore which provides around 8 months of liquidity coverage for its debt obligation.