Keertana Finserv Private Limited Bonds

As of Dec’25, Keertana is rated Ind-Ra BBB+(stable) and manages an AUM of ₹3392 Cr with a 96% secured collateral-backed portfolio.

Company Overview

Keertana Finserv is a systemically important NBFC focused on secured gold and MSME lending for underserved rural and semi-urban customers. Led by Ms. Padmaja Reddy, founder of Spandana Sphoorty Financial Limited, the company manages an AUM of ₹2,349 Cr across 402 branches in 6 states. As of Mar’25, Keertana reported PAT of ₹66 Cr, RoA of 3.3%, and GNPA of 0.77%, with an IND BBB+ / Stable rating from India Ratings. 

• Keertana is a non-deposit-taking, systemically important NBFC that focuses on gold loans and MSME loans targeting low-income and middle-income households in rural areas. 
• Keertana is promoted by Ms. Padmaja Reddy and her founding team members, who have a collective experience of 100+ years in the small business lending segment. Previously, Ms. Reddy founded Spandana Sphoorty Financial Limited in 1998, which has grown since then to become the second largest NBFC-MFI in the country.
• Keertana (formerly known as Rajshree Tracom Private Limited) was incorporated as a private limited company in 1996 in Calcutta. The company remained a closely held company for twenty years till it was acquired and renamed by Ms. Reddy in March 2022. Keertana acquired the gold loans business from Spandana Mutual Benefit Trust (SMBT) and the MSME business from Spandana Rural and Urban Development Organisation (SRUDO).
• As on 31st March 2025, Keertana had an AUM of INR 2349 Cr with a vast network of 402 branches across 6 states in South India, 2,60,000+ customers, and an average ticket size of INR 70,000. 
• Keertana had a strong operating performance across all metrics and generated a PAT of INR 66 Cr with an RoA of 3.3% as of Mar’25. Owing to the secured nature of its lending (secured by gold and property), Keertana had an excellent portfolio quality with GNPA of 0.77%.
• As of date, Keertana has been rated BBB+ stable by India Ratings.

Operating Sum

Keertana Finserv has built a diversified secured lending franchise with an AUM of ₹2,349 Cr supported by 402 branches across 6 states. The company reported PAT of ₹66 Cr and RoA of 3.30% as of Mar’25, while maintaining comfortable capitalization with net worth of ₹596 Cr and CRAR of 25.12%. Strong asset quality is reflected in low GNPA and NNPA of 0.77% and 0.38% respectively, supported by its secured collateral-backed portfolio. 

History of Keertana Finserv

Keertana Finserv is a private limited company formerly called Rajashree Tracoms. This NBFC got registered on 15th November 2021. It is a new generation company focused on being a rural financial institution, leveraging technology to enable credit to customers by making it convenient, affordable, and hassle-free. 

Padmaja Reddy, the founder, has 2 decades of experience in building Spandana Spoorthy Finance Limited and the team, with collectively 100+ years of experience in building businesses for small lending. They aim to meet the unmet credit requirements of emerging enterprise businesses. This segment is currently unserved or underserved by banks & NBFCs, as they want to serve low- and middle-income households.

They choose to serve in areas such as lending to microenterprises with both unsecured and secured lending options, as well as gold loans. With a vision to be the go-to financial institution for all those segments that are currently underserved, with a wide range of financial services and products to meet the clients' requirements.

With over 100+ branches in Telangana and Andhra Pradesh, their growth has been tremendous.

Board of Directors

Keertana Finserv is guided by an experienced board led by Managing Director Mrs. Padmaja Gangireddy, supported by professionals with extensive expertise across financial services, governance, and lending operations. The Board comprises executive and independent directors who provide strategic oversight, strengthen corporate governance standards, and support the company’s long-term growth and risk management framework.

Shareholdings

100% Wholly owned by promoters

Keertana Journey 

Keertana Finserv has demonstrated strong growth momentum since 2022 through strategic acquisitions, regular promoter-led capital infusions, and expanding lender partnerships. The company strengthened its institutional profile with investment-grade credit ratings and relationships with reputed financial institutions, including Kotak, IDFC, Yes Bank, and Oxyzo. Supported by disciplined execution and a secured lending model, Keertana crossed ₹1,500 Cr AUM by Mar '24 and continued to scale its franchise across South India.

Financials

Keertana Finserv has demonstrated strong financial growth over the last three years, with AUM increasing from ₹610 Cr in FY’23 to ₹2,349 Cr in FY’25. The company’s net worth strengthened to ₹596 Cr alongside healthy profitability and improving liquidity levels. Despite rapid scale-up, Keertana maintained comfortable capital adequacy above regulatory requirements and continued to report strong asset quality, with NNPA remaining below 0.40% as of FY '25. 

Key Strengths:

1. Comfortable Capitalization - As of Dec 31, 2025, Keertana’s net worth is ~ INR 770 Cr with a comfortable CRAR of 26%+.
2. Regular Equity Infusion by the Promoters - Promoters have demonstrated strong support and confidence in the company by regularly infusing equity (INR 150 Cr+ capital infusion in each of FY 23, FY 24, and FY 25). They have also recently infused INR 50 Cr in Jul '25 and INR 105 Cr in Nov '25.
3. Secured Gold Backed Lending - Loans backed by gold securities have been gradually increasing and account for 90%+ of the overall AUM as of Dec '25 

Weakness Factors:

1. Recent Growth - AUM has grown significantly over the past 2-3 years, with a high concentration (80%+) in Andhra Pradesh.
2. Key Management Risk - A large part of operations is managed by the promoters; hence, the business carries notable key person risk. 

Credit Rating

Keertana Finserv continues to maintain stable investment-grade credit ratings from leading rating agencies, including CRISIL, ICRA, and India Ratings. The company’s ratings reflect its comfortable capitalization profile, secured lending portfolio, improving scale, and continued promoter support. Keertana currently holds an IND BBB+/Stable from India Ratings, along with BBB/Stable ratings from CRISIL and ICRA across its bank facilities and NCD programs. 

Company Details

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