Satin Creditcare Network Limited — Credit Ratings, 01-07-2025: Credit Rating

Infomerics has assigned a rating of IVR A/Stable to Satin Creditcare Network Limited’s proposed Non-Convertible Debentures (NCDs) of Rs 750 crore. The rating reflects Satin’s comfortable capitalisation with a capital adequacy ratio of 25.85% and tangible net worth of around Rs 2,843 crore (standalone), supported by consistent promoter capital infusion and steady AUM growth (~7% standalone, ~8% consolidated). Despite moderation in profitability due to elevated credit costs and average asset quality (GNPA of 3.7% standalone), the company maintains a diversified resource base and strong liquidity of Rs 1,375 crore. The stable outlook signals expected steady AUM growth and profit resilience amid industry headwinds, supporting stable borrowing costs and investor confidence.