Mirae Asset Financial Services gets long-term credit rating upgrade from CRISIL up by two notches to AA+/Stable

Mirae Asset Financial Services (India) Pvt. Ltd. (MAFS) has received a two-notch upgrade in its long-term credit rating from CRISIL Ratings, moving from ‘AA- / Stable’ to ‘AA+ / Stable’. The short-term rating has been reaffirmed at ‘A1+’, the highest level of safety for short-term debt instruments.
The rating action factors the strong parentage of Mirae Asset Capital Korea (MACK) and increased strategic importance of MAFS' to the parent company. The rating action continues to be driven by the healthy capitalization and the experienced management team of the Indian NBFC subsidiary.
The financial risk profile of Mirae Asset Financial Services (India) is supported by its healthy capitalisation metrics, backed by equity infusion by the parent. The company turned profitable in fiscal 2023 and has remained profitable since, according to the CRISIL statement explaining the rationale for the rating.
MAFS reported a 121% increase in net profit for the year ending March 2025, backed by growth in its lending portfolio and operational efficiency. The company’s loan book expanded by 79.1% in FY25, led by a diversified mix of secured and unsecured loans.
Commenting on the rating upgrade, Mirae Asset Financial Services (India), CEO, Krishna Kanhaiya said, “This rating upgrade is a strong validation of our transparent approach, robust governance, strategic execution, and disciplined risk management framework. It strengthens our ability to access capital efficiently, enabling us to build a long-term, sustainable business while continuing to deliver value to our customers.”
Established in 2020, Mirae Asset Financial Services (India) commenced its lending business with loan against securities in July 2022 and subsequently expanded into unsecured lending with personal loans and corporate lending.
As of March 2025, LAS accounts for 82% of the portfolio, personal loans for 17%, with the balance in corporate loans. Across LAS and corporate segments, the company's lending book has remained sound with zero NPAs, the CRISIL statement said.
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