Pune, October 15, 2026: EarlySalary Services Private Limited, the non-banking financial company (NBFC) arm of Fibe and a wholly owned subsidiary of Social Worth Technologies Limited (SWTL), has received upgraded credit ratings from India Ratings and Research (Ind-Ra) and CRISIL Ratings.
India Ratings has raised the rating on EarlySalary Services’ non-convertible debentures to ‘IND A/Stable’ from ‘IND A-Positive’. CRISIL Ratings has assigned a ‘CRISIL A/Stable’ rating to the company’s long-term bank loan facilities of Rs. 700 crore and non-convertible debentures (NCDs) of Rs. 800 crore, while reaffirming its ‘CRISIL A1’ rating on Rs. 100 crore of commercial paper.
Improved asset quality and profitability
The rating agencies cited improvements in the group’s business scale, profitability, asset quality, and capitalisation metrics as reasons for the upgrades. India Ratings noted that asset quality improved due to tighter underwriting standards and stronger collection efficiency. CRISIL highlighted the group’s track record in raising equity, technology-enabled operations, and a diversified resource profile as strengths supporting the ratings.
Growth in assets and profits
According to the rating rationales, the group’s consolidated assets under management (AUM) reached ₹8,602.74 crore as of March 31, 2026, up from ₹5,267.86 crore a year earlier. Consolidated profit after tax rose to ₹257.47 crore in FY26 from ₹113.73 crore in FY25.
Management comments on ratings
Ashish Goyal, Chairperson, Executive Director and Group Chief Financial Officer of Fibe, said the rating actions reflect the group’s progress in building a financially resilient lending business. He added that the company remains focused on maintaining a strong capital base, diversifying funding sources, and strengthening underwriting and collections as it scales operations.
Company background
EarlySalary Services Private Limited operates as an NBFC and is a wholly owned subsidiary of Social Worth Technologies Limited. SWTL runs the group’s technology platform under the Fibe brand, offering unsecured personal loans and financing for education, healthcare, insurance premiums, and rooftop solar. As per the company, Fibe targets young, middle-income, and underserved Indian consumers with a range of digital lending products, including impact loans and digital fixed deposits.
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