Key Metrics of Progfin Private Limited
About Progfin Private Limited
Company details
- Registered office
- 76, 1st Floor, Okhla Industrial Estate, New Delhi, In-dl, 110020
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.
Sign in to continue See plans & pricingFiling compliance
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 |
|---|---|---|---|---|---|---|---|
| 26 Oct 2026 | ICRA | Assigned | — | A1 | — | ₹99.8 Cr | View |
| 06 Oct 2026 | ICRA | Assigned | A+(SO) | — | — | ₹49.1 Cr | View |
| 06 Oct 2026 | ICRA | Reaffirmed | BBB+ | A2 | Stable | ₹1,655 Cr | View |
| 28 Sep 2026 | ICRA | Assigned | A+(SO) | — | — | ₹99.6 Cr | View |
| 31 Aug 2026 | ICRA | Assigned | A+(SO) | — | — | ₹63.6 Cr | View |
| 17 Aug 2026 | ICRA | Withdrawn | — | A1+ | — | — | View |
| 05 Aug 2026 | ICRA | Confirmed | A+(SO) | — | — | ₹103 Cr | View |
| 31 Jul 2026 | ICRA | Confirmed | A+(SO) | — | — | ₹34.5 Cr | View |
| 29 Jun 2026 | ICRA | Withdrawn | — | A1+ | — | — | View |
| 25 May 2026 | ICRA | Confirmed | — | A1+ | — | ₹37.9 Cr | View |
| 25 May 2026 | ICRA | Confirmed | — | A1+ | — | ₹46.0 Cr | View |
| 22 Apr 2026 | ICRA | Confirmed | — | A1+ | — | ₹24.3 Cr | View |
| 31 Mar 2026 | ICRA | Assigned | A+(SO) | — | — | ₹34.5 Cr | View |
| 30 Mar 2026 | ICRA | Assigned | A+(SO) | — | — | ₹103 Cr | View |
| 23 Mar 2026 | ICRA | Confirmed | — | A1+ | — | ₹50.0 Cr | View |
| 23 Mar 2026 | ICRA | Confirmed | — | A1 | — | ₹69.9 Cr | View |
| 09 Mar 2026 | ICRA | Assigned | — | A1+ | — | ₹46.0 Cr | View |
Credit strengths (ICRA, Oct 2026)
+ Granular pool supported by presence of credit enhancement
The current pool is granular and basis the eligibility criteria the follow-on pools are also expected to be granular with no obligor to have an aggregate outstanding in the pool greater than 4% of the pool principal, thereby reducing the exposure to any single borrower.
Credit challenges
− Moderate pool selection criteria
A potential concern pertaining to a replenishing structure is the uncertainty regarding the exact composition of the additional receivables.
− Risks associated with lending business
The performance of both the initial and the follow-on pools 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
Since the principal amortisation would begin on the crystallisation of the final pool, the rating is unlikely to be upgraded till the final pool is crystallised. The rating could be upgraded basis the healthy collections observed in the f inal crystallised pool, leading to the build-up of the credit enhancement cover over the rated .
Could lead to a downgrade
The rating could be downgraded on the occurrence of a trigger event, non-adherence to the key transaction terms and deterioration in the performance of the follow-on pools such that the delinquencies during the amortisation period are higher than expected. Weakening in the credit profile of the servicer (Progfin) could also exert pressure on the rating . www.icra .in Sensitivity Label : Public Page |3
Agency-reported financials (ICRA, 06 Oct 2026)
| Metric | FY2025 | FY2026 | Q1 FY2027 |
|---|---|---|---|
| Total income | ₹278 Cr | ₹382 Cr | ₹105 Cr |
| Profit after tax | ₹-6.00 Cr | ₹13.00 Cr | ₹4.00 Cr |
| Total managed assets | ₹2,130 Cr | ₹2,892 Cr | ₹2,472 Cr |
| Return on average managed assets | -0.3% | 0.5% | 0.6% |
| Managed gearing (times) | 1.80× | 2.70× | 2.10× |
| GNPA/Gross stage 3* | 1.1% | 1.5% | 2.3% |
| CRAR* | 40.3% | 30.3% | 34.6% |
| Revenue growth (YoY) | — | 37.4% | — |
| PAT margin | −2.2% | 3.4% | 3.8% |
Borrowings & rated debt
Rated limits over time
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Bravo Trust Series A1 PTC | Securitisation (PTCs) | ₹2,026 Cr | ₹99.8 Cr | −95.1% | A1 | Assigned | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | Jupiter Series A SN | Securitisation (PTCs) | 10.60% | 30 Mar 2026 | 29 Jun 2027 | ₹34.5 Cr | A+(SO) | Outstanding |
| INE0MYJ07112 | — | Debentures & bonds | — | — | — | ₹70.0 Cr | BBB+ | Not stated |
| INE0MYJ07120 | — | Debentures & bonds | — | — | — | ₹100 Cr | BBB+ | Not stated |
| INE0MYJ07138 | — | Debentures & bonds | — | — | — | ₹100 Cr | BBB+ | Not stated |
| INE0MYJ07146 | — | Debentures & bonds | — | — | — | ₹50.0 Cr | BBB+ | Not stated |
| INE0MYJ07161 | — | Debentures & bonds | — | — | — | ₹100 Cr | BBB+ | Not stated |
| INE0MYJ07179 | — | Debentures & bonds | — | — | — | ₹120 Cr | BBB+ | Not stated |
| INE0MYJ07187 | — | Debentures & bonds | — | — | — | ₹75.0 Cr | BBB+ | Not stated |
| INE0MYJ07195 | — | Debentures & bonds | — | — | — | ₹100 Cr | BBB+ | Not stated |
| INE0MYJ07203 | — | Debentures & bonds | 10.00% | — | — | ₹125 Cr | BBB+ | Not stated |
| INE0MYJ07211 | — | Debentures & bonds | 10.70% | — | — | ₹85.0 Cr | BBB+ | Not stated |
| — | Kimi Series A PTC + SO | Securitisation (PTCs) | 11.00% | 15 Oct 2025 | 24 Sep 2026 | ₹50.0 Cr | A1+ | Matured |
| — | Gabriel Series A PTC | Securitisation (PTCs) | 11.25% | 29 Sep 2025 | 24 Sep 2026 | ₹69.9 Cr | A1 | Matured |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 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 |
|---|---|---|---|---|
| Bravo Trust Series A1 PTC | Securitisation (PTC) | — ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| Meluha Trust PTC Series A1 | Securitisation (PTC) | A+ ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| PTC Series A1a | Securitisation (PTC) | A+ ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| Porthos Trust PTC Series A1b | Securitisation (PTC) | A ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| Sirocco Series A1 PTC | Securitisation (PTC) | A+ ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| Lotus Series A1 PTC | Securitisation (PTC) | A+ ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| Lotus Series A PTC | Securitisation (PTC) | A+ ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| Jupiter Series A1 SN | Securitisation (PTC) | A+ ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| Jupiter Series A SN | Securitisation (PTC) | A+ ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| Cerulean Series A1 PTC | Securitisation (PTC) | — ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| Tetrix Series A1 PTC | Securitisation (PTC) | — ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| Twix Series A1 PTC | Securitisation (PTC) | — ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| Kimi Series A1 PTC | Securitisation (PTC) | — ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| Kimi Series A PTC + SO | Securitisation (PTC) | A ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| Gabriel Series A1 PTC | Securitisation (PTC) | — ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| Gabriel Series A PTC | 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 · 17 Aug 2026 · Merger, amalgamation or liquidation |
| Next action stable or better (model) | 36% |
| 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: 30% chance the next rating action is stable or better
Rated limits by facility
Timeline
From the report
ICRA notes that the Group has raised sizeable capital of ~Rs. 800 crore since inception, which has helped it register healthy growth in its scale of operations.
From the report
The liquidity is further supported by unencumbered cash and investments of Rs. 112 crore (7.1% of its on-balance sheet borrowings) and undrawn bank lines of Rs. 55 crore as on June 30, 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.
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.