How Kinara Capital Lost Its Mojo

Once a rising star in India’s non-banking finance company (NBFC) space, Kinara Capital has suffered a blow. For the first time in the last 10 years, the company recorded a loss in the fiscal year 2024-25 (FY25) due to rise in bad loans, increase in credit cost and decline in AUM. 

Last month, credit rating agencies India Ratings and Care Ratings downgraded their respective ratings for Kinara Capital, citing concerns over its financial stability.

As per India Ratings, the Bengaluru-based NBFC faced challenges in recovering unsecured loans…