Key Metrics of Satya Microcapital Limited
About Satya Microcapital Limited
Company details
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
WatchDowngraded by ICRA on 16 Sep 2026 (from BB)
WatchNegative outlook (ICRA)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 16 Sep 2026 | ICRA | Downgraded (from BB) | BB+(SO) | — | Negative | ₹26.3 Cr | View |
| 15 Sep 2026 | ICRA | Downgraded | B+ | — | Negative | ₹800 Cr | View |
| 30 Mar 2026 | ICRA | Watch | BBB+(SO) | — | — | — | View |
| 10 Feb 2021 | CARE | Other | — | — | — | ₹0 | View |
| 03 Feb 2021 | CARE | Reaffirmed | BBB- | — | Stable | ₹100 Cr | View |
| 07 Feb 2020 | CARE | Reaffirmed | BBB- | — | Stable | ₹50.0 Cr | View |
| 21 Jan 2019 | CARE | Reaffirmed | BBB- | — | Stable | ₹100 Cr | View |
| 12 Sep 2018 | CARE | Revised (from BB+) | BBB- | — | Stable | ₹100 Cr | View |
| 12 Feb 2018 | CARE | Assigned | BB+ | — | Stable | ₹100 Cr | View |
Credit strengths (ICRA, Sep 2026)
+ Substantial credit enhancement available in the structure
The rating factors in the build-up in the credit enhancement with the cash collateral (CC) fully covering the future PTC payouts for Vanguard pool.
Credit challenges
− Not applicable for Vanguard 2025 For Harbor 2025 Deterioration in pool performance
The pool has witnessed a deterioration in the collection efficiency in the past few months.
Could lead to an upgrade
As the ratings are under watch with negative implications, a rating upgrade is unlikely in the near term.
Could lead to a downgrade
Further weakening in the credit profile of servicer (Satya) would exert pressure on the rating. The rating could also be downgraded on non-adherence to the key terms of the transaction structure. For Harbor 2025
Agency-reported financials (ICRA, 16 Sep 2026)
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Total income | ₹1,271 Cr | ₹1,312 Cr | ₹799 Cr |
| PAT | ₹131 Cr | ₹25.00 Cr | ₹-,768.00 Cr |
| Total managed assets | ₹7,339 Cr | ₹6,775 Cr | ₹3,780 Cr |
| Gross NPA | 2.2% | 1.2% | 3.3% |
| CRAR | 22.2% | 22.7% | 15.1% |
| Revenue growth (YoY) | — | 3.2% | −39.1% |
| PAT margin | 10.3% | 1.9% | −96.1% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long Term Bank Facilities | Working capital & bank lines | — | ₹50.0 Cr | — | BBB- (Stable) | Reaffirmed | CARE |
| Total Bank Facilities | Working capital & bank lines | — | ₹50.0 Cr | — | — | Other | CARE |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE982X08059 | Oct | Subordinated debt | 14.75% | — | — | ₹30.0 Cr | B+ | Not stated |
| INE982X08067 | Mar | Subordinated debt | 15.15% | — | — | ₹30.0 Cr | B+ | Not stated |
| INE982X08083 | Jun | Subordinated debt | 15.25% | — | — | ₹25.0 Cr | B+ | Not stated |
| INE982X08034 | bonds/Debt Jul | Debentures & bonds | 14.27% | — | — | ₹10.0 Cr | — | Not stated |
| INE982X08042 | bonds/Debt Aug | Debentures & bonds | 14.27% | — | — | ₹15.0 Cr | — | Not stated |
| INE982X07457 | Bonds/NCD/LTD Aug | Debentures & bonds | 12.65% | — | — | ₹28.5 Cr | B+ | Not stated |
| INE982X07143 | Bonds/NCD/LTD Jul | Debentures & bonds | — | — | — | ₹16.1 Cr | B+ | Withdrawn |
| INE982X07218 | Bonds/NCD/LTD Jan | Debentures & bonds | 11.76% | — | — | ₹42.0 Cr | B+ | Withdrawn |
| INE982X07424 | Bonds/NCD/LTD Feb | Debentures & bonds | 12.00% | — | — | ₹50.0 Cr | B+ | Withdrawn |
| INE982X07234 | Bonds/NCD/LTD Mar | Debentures & bonds | — | — | — | ₹45.0 Cr | B+ | Withdrawn |
| INE982X07283 | Bonds/NCD/LTD May | Debentures & bonds | — | — | — | ₹37.5 Cr | B+ | Withdrawn |
| INE982X07416 | Bonds/NCD/LTD Feb | Debentures & bonds | 12.50% | — | — | ₹25.0 Cr | B+ | Withdrawn |
| INE982X07440 | Bonds/NCD/LTD Aug | Debentures & bonds | 10.40% | — | — | ₹50.0 Cr | B+ | Withdrawn |
CARE ratings on record (checked 01 Nov 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Term Loan | — | Withdrawn |
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 |
|---|---|---|---|---|
| crore) continues to remain PTC Series on A1b Vanguard | Securitisation (PTC) | BB+ ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| continues to remain PTC Series A2 on | Securitisation (PTC) | BB ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| PTC Series continues to A1b remain on Harbor | Securitisation (PTC) | BB ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| continues to PTC Series A2 | Securitisation (PTC) | BB- ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| debt Subordinated debt | Subordinated debt | BB ICRA | BB+1 notch lower than criteria | senior − 0 |
| Oct | Subordinated debt | B+ ICRA | BB+3 notches lower than criteria | senior − 0 |
| Mar | Subordinated debt | B+ ICRA | BB+3 notches lower than criteria | senior − 0 |
| Jun | Subordinated debt | B+ ICRA | BB+3 notches lower than criteria | senior − 0 |
| Harbor PTC Series A1a | Securitisation (PTC) | BBB+ ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | BB+(SO) · Structured obligation (internal) (ICRA, Sep 2026) |
| Next action stable or better (model) | 57% |
| 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: 24% chance the next rating action is stable or better
- Current rating BB+(SO) (below investment grade)
Rated limits by facility
Timeline
From the report
Liquidity position: Stretched On a standalone basis, SML had a free cash and bank balance of ~Rs. 127 crore as on June 30, 2026 (~Rs. 59 crore as on July 31, 2026; ~Rs. 35 crore as on August 31, 2026).
From the report
Press Release Satya MicroCapital Limited February 10, 2021 Ratings Amount Facilities/Instruments Ratings Rating Action (Rs. crore) - Long Term Bank Facilities (Proposed) - Withdrawn (reduced from 50.00) Total Bank Facilities 0.00 Details of instruments/facilities in Annexure-1 Detailed Rationale, Key Rating Drivers and Detailed description of the key rating drivers CARE has withdrawn the rating assigned to the Bank facilities of Satya Microcapital Limited (SML) with immediate effect, as per company’s request as it has not availed the bank facilities rated by us and there is no amount outstandi
From the report
The capitalization profile is supported by tangible net worth (excluding intangible assets and DTA) at Rs.239.76 crore as on Sep 30, 2020, which increased from Rs.167.16 crore as on March 31, 2020 on account of accrual of profits and capital infusion in the form of Compulsorily Convertible Preference Shares (CCPS) by Gojo & Company Inc. of Rs.68.25 crore in May 2020.
From the report
A total of Rs.78.79 crore was infused in FY20 in the form of equity and CCPS by the promoters.
From the report
Further, SML had cash and bank balance aggregating to Rs.155.31 cr as on Sep 30, 2020.
From the report
The company disbursed loans of Rs 98.4 crore from April to September 2020.
From the report
As on December 31, 2019, the company has cash and cash equivalents of around Rs.182 crore and over the next six months, scheduled inflows on the loan book are at Rs.256 crore and the company’s debt obligation outflows are around Rs.266 crore.
From the report
During Q1, FY19 SML had raised equity capital of Rs.12.3 crore through rights issue.
From the report
Subsequently, in July 2018, the company had raised equity capital of Rs.43 crore including Rs.37.40 cr from Japanese Investor, Gojo & Company and Rs.5.40 cr from existing investor Dia Vikas Capital, adjusted for which company’s adjusted gearing level declined to 4.1 times.
From the report
Yet to raise substantial capital base to fund planned loan book growth: SML had raised capital of Rs.14.24 crore till Sep’17.
From the report
Subsequently, in October 2017, the company had raised equity capital of Rs.11.5 cr from Dia Vikas Capital, which is likely to support company’s capitalization profile.
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.