Aye Finance Limited (AYE) — Announcement

📢 Key Event
India Ratings upgrades Aye Finance's credit ratings to IND A+/Stable

🔄 What Changed
Debt/equity improved to 2.03x; tangible net worth rose to INR 24.75 billion; gross NPAs at 4.77% in FY26

💡 Investor Takeaway
The upgrade signals improved financial resilience but does not eliminate asset quality or leverage risks for shareholders.

⚠️ Risks
Elevated credit costs from volatile hypothecation portfolio and rising gross NPAs (4.77% in FY26)

India Ratings upgraded Aye Finance's NCDs, CP, and bank loans to IND A+/Stable from IND A/Stable on June 23, 2026, citing stronger capitalisation from a recent IPO, diversified mortgage-heavy loan portfolio, improved profitability, and better funding mix. The upgrade reflects tangible net worth of INR 24.75 billion, debt/equity of 2.03x, and INR 7.6 billion unencumbered cash, though elevated credit costs and 4.77% gross NPAs in FY26 remain concerns.

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