Company Overview
Credila Financial Services Limited, formerly known as HDFC Credila Financial Services, is an India-focused non-deposit-taking NBFC specialising in education loans.
The company was incorporated in 2006 and has built a specialised lending franchise focused primarily on financing higher education in India and overseas.
Credila provides financing for:
- Tuition fees
- Living expenses
- Overseas education
- Domestic higher education
- Undergraduate and postgraduate courses
- MBA and MS programmes
- Professional and specialised courses
The company has funded more than 2.26 lakh students across 64 countries and 5,200+ institutes as of FY2026.
Official Website:
Credila Financial Services
From HDFC Credila to Credila
Credila was originally promoted by Anil Bohora and Ajay Bohora.
HDFC acquired the promoters’ stake in FY2020, making Credila a wholly owned HDFC subsidiary from December 2019.
In March 2024, EQT and ChrysCapital acquired control of Credila from HDFC Bank in a transaction reported at approximately ₹9,500 crore.
Following the transaction, the company was renamed Credila Financial Services Limited.
As of 31 March 2026, the shareholding was approximately:
| Shareholder | Holding |
|---|---|
| EQT | 64.0% |
| ChrysCapital entities | 16.0% |
| Shinhan Bank | 10.1% |
| HDFC Bank | 8.2% |
| HDFC Life Insurance | 1.8% |
This gives Credila a combination of private-equity sponsorship and strategic financial-sector shareholders.
Business Model
Credila follows a specialised education-financing model.
Unlike traditional diversified NBFCs, the company has developed expertise around the education-loan ecosystem.
Major customer segments
1. Overseas education
The largest part of Credila’s portfolio is linked to Indian students pursuing higher education overseas.
Major destinations include:
- United States
- United Kingdom
- Canada
- Australia
- Germany
- France
- Ireland
2. Domestic education
Credila has also expanded its domestic education financing business.
3. Course diversification
Although MS and MBA remain significant segments, Credila is increasingly financing:
- Undergraduate programmes
- Clinical research
- Pilot training
- Professional courses
- Other specialised education programmes
As of March 2026, MS accounted for approximately 62% of the portfolio and MBA approximately 11%.
Geographic Diversification
One of the most important changes in Credila’s business is its increasing diversification away from the US.
As of March 2026, the approximate portfolio mix was:
| Geography | Share of AUM |
|---|---|
| United States | 43% |
| United Kingdom | 26% |
| Canada | 9% |
| India | 6% |
| Other geographies | 16% |
The US share declined from approximately 55% in FY2025 to 43% in FY2026, while the UK increased from 17% to 26%.
This diversification has become increasingly important because of changes in US immigration and student-visa policies.
FY2026 Financial Performance
Credila delivered strong financial growth in FY2026 despite a slowdown in education-loan demand from some overseas markets.
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Total Income | ₹2,771 Cr | ₹4,726 Cr | ₹6,067 Cr |
| PAT | ₹529 Cr | ₹990 Cr | ₹1,317 Cr |
| Total Assets | ₹31,566 Cr | ₹48,194 Cr | ₹57,351 Cr |
| Gross Loan Book / AUM | ₹28,187 Cr | ₹41,710 Cr | ₹51,444 Cr |
| ROA | 2.2% | 2.5% | 2.5% |
| Gearing | 5.2x | 4.5x | 4.6x |
| Gross Stage 3 | 0.08% | 0.19% | 0.26% |
Source: CRISIL Ratings, July 2026.
Revenue Growth
Total income increased from ₹4,726 crore in FY2025 to ₹6,067 crore in FY2026, representing growth of approximately 28%.
Profit Growth
PAT increased from approximately ₹990 crore to ₹1,317 crore, representing approximately 33% growth.
This is notable because the company simultaneously increased its investment in technology and expanded its geographical footprint.
Loan Book Growth
Credila’s loan book has grown rapidly over the last few years.
- FY2024: ₹28,187 Cr
- FY2025: ₹41,710 Cr
- FY2026: ₹51,444 Cr
FY2026 growth moderated to approximately 23%, compared with approximately 48% in FY2025 and 84% in FY2024.
The slowdown was linked to:
- Lower US student-visa issuance
- Slower disbursements
- Management’s focus on maintaining asset quality
- Diversification into other countries
FY2026 Disbursements
Credila’s total disbursements declined approximately 7.4% to ₹14,169 crore in FY2026 from ₹15,309 crore in FY2025.
The decline was concentrated particularly in the US and Canada.
At the same time:
- UK disbursements grew approximately 32%
- Australia grew approximately 78%
- Germany and France grew approximately 28%
- Domestic disbursements grew approximately 21%
This indicates that Credila is attempting to compensate for weakness in its traditional US-focused business by expanding into alternative education destinations.
Q1 FY2027 Performance
The latest reported quarter provides an important update.
For the quarter ended June 2026:
| Particulars | Q1 FY2027 |
|---|---|
| Sales | ₹1,599.84 Cr |
| PBT | ₹454.31 Cr |
| PAT | ₹338.76 Cr |
| YoY PAT Growth | 13.39% |
| YoY Sales Growth | 14.63% |
Credila therefore continued to report double-digit growth in both revenue and profit during the first quarter of FY2027.
Asset Quality
Asset quality remains an important factor for evaluating an education-focused NBFC.
As of March 2026:
- Gross Stage 3 assets: 0.26%
- FY2025 Gross Stage 3: 0.19%
- FY2024 Gross Stage 3: 0.08%
- Credit cost: approximately 0.3%
- 90+ DPD on the EMI book: approximately 1.6%
CRISIL noted that asset quality remains under control, but the seasoning of the rapidly growing loan portfolio needs to be monitored because a large portion of the book remains under moratorium.
Approximately 72% of the overall AUM was under principal moratorium as of March 2026.
This is particularly relevant because education loans can have a long period between disbursement and the beginning of regular repayments.
Capital Position
Credila’s net worth increased to approximately ₹10,001 crore as of March 2026 from ₹8,694 crore in FY2025.
CRISIL reported a capital adequacy ratio of approximately 19.9%.
The company’s gearing stood at approximately 4.6x, with management and investors targeting a steady-state gearing level below 5x.
EQT and ChrysCapital have previously provided significant capital support, with approximately ₹4,704 crore of equity infusion between FY2024 and FY2025.
Credit Ratings
Credila currently has strong credit ratings.
CRISIL’s July 2026 rating action reaffirmed:
- CRISIL AA+ / Stable – long-term bank facilities and major debt instruments
- CRISIL A1+ – short-term instruments/commercial paper
- CRISIL AA / Stable – perpetual bonds
The ratings reflect Credila’s capitalisation, profitability, market position and expected support from EQT.
CRISIL’s company factsheet as of 22 September 2026 continues to show the company as an NBFC with strong ratings.
Competitive Position
Credila operates in a specialised segment of the NBFC market.
Its competitive advantages potentially include:
1. Specialised underwriting
Education lending requires understanding:
- University quality
- Course economics
- Employability
- Country risk
- Student profiles
- Co-borrower quality
- Future income potential
Credila has developed specialised underwriting capabilities in this segment.
2. Established education ecosystem
The company sources customers through:
- Education consultants
- DSAs
- Digital channels
- College partnerships
- Test-preparation centres
- Bank relationships
- Direct marketing
3. Brand recognition
The legacy HDFC Credila brand gave the business significant recognition in the education-loan market.
4. Large portfolio
With a loan book exceeding ₹51,000 crore, Credila operates at a substantially larger scale than most specialised education-financing NBFCs.
Growth Drivers
Overseas Education
Indian students continue to pursue higher education overseas, creating demand for education financing.
Geographic Diversification
The company is actively increasing exposure to the UK, Australia, Europe and domestic education markets.
Market Share
CRISIL estimates that Credila’s share of India’s education-loan market increased from approximately 7% in March 2019 to around 20% by December 2025.
Technology & Data Analytics
Credila has invested in:
- Data lake infrastructure
- Analytics
- Digital underwriting
- Technology platforms
- Cybersecurity
These investments can help improve underwriting and operating efficiency.
Key Risks
1. US Visa & Immigration Policy
This is currently one of the most important risks.
US portfolio exposure declined to approximately 43% of AUM in FY2026, but the US remains the company’s largest geographical market.
Lower student-visa issuance can reduce loan demand and disbursements.
2. Portfolio Seasoning
A significant portion of the portfolio remains under moratorium.
As these loans transition into repayment, asset quality will need to be monitored.
3. Interest Rate Risk
As an NBFC, Credila’s profitability depends partly on:
- Cost of borrowing
- Lending yields
- Net interest margins
- Funding mix
Its FY2026 NIM was approximately 3.9%.
4. High Leverage
The company operates with leverage, with gearing around 4.6x as of March 2026.
A sustained increase beyond targeted levels could affect financial flexibility.
5. Education-Market Concentration
Although Credila is diversifying geographically and by course, education finance remains its core business.
Changes in:
- Student migration
- Immigration policies
- University admissions
- Foreign exchange rates
- Employment prospects
- Country-specific regulations
can affect demand and credit performance.
IPO Status
Credila had initiated preparations for an IPO.
Its Updated Draft Red Herring Prospectus-I filed in June 2025 proposed:
- Fresh issue of up to ₹3,000 crore
- Offer for Sale of up to ₹2,000 crore
- Potential pre-IPO placement of up to ₹600 crore
- Proposed listing on NSE and BSE
The filing identified Kopvoorn B.V. as the promoter.
However, Credila did not proceed with the proposed ₹5,000-crore IPO in 2025.
As of September 2026, there is no confirmed IPO date or final IPO price band. Recent reporting indicates that the company continues to operate as an unlisted business while its IPO plans remain pending.
Therefore, investors considering Credila’s unlisted shares should not assume that an IPO is imminent.
Management
Managing Director & CEO: Arijit Sanyal
Company Secretary & Compliance Officer: Karishma Jhaveri
Credila’s management is supported by EQT and ChrysCapital as the principal institutional shareholders.
Investment Perspective
Credila provides exposure to a specialised financial-services segment: education financing.
The business has several notable characteristics:
₹51,444 Cr+ loan book
₹1,317 Cr FY2026 PAT
~20% estimated education-loan market share
2.26 lakh+ students financed
64 countries covered
Strong institutional ownership
CRISIL AA+/Stable rating
Growing geographical diversification
At the same time, the key points to monitor are:
US visa policy + portfolio seasoning + credit costs + cost of funds + leverage + IPO timing.
For an unlisted investor, the entry valuation is particularly important because Credila’s eventual IPO valuation, timing and liquidity cannot be assumed.
Company Snapshot
| Particular | Details |
|---|---|
| Company | Credila Financial Services Limited |
| Former Name | HDFC Credila Financial Services |
| CIN | U67190MH2006PLC159411 |
| Incorporated | 1 February 2006 |
| Industry | NBFC / Education Finance |
| Status | Unlisted Public Company |
| Headquarters | Mumbai |
| MD & CEO | Arijit Sanyal |
| Major Shareholder | EQT |
| FY2026 Total Income | ₹6,067 Cr |
| FY2026 PAT | ₹1,317 Cr |
| FY2026 Loan Book | ₹51,444 Cr |
| FY2026 Net Worth | ₹10,001 Cr |
| FY2026 ROA | 2.5% |
| FY2026 Gearing | 4.6x |
| Gross Stage 3 | 0.26% |
| Q1 FY2027 PAT | ₹338.76 Cr |
| Q1 FY2027 Sales | ₹1,599.84 Cr |
| IPO Status | Proposed / pending |
| Proposed Exchanges | NSE & BSE |
Important Links
Credila Official Website:
Credila Financial Services
Credila Investor Relations:
Credila Investor Relations
Credila Annual Report:
Credila Annual Report FY2025
Credila IPO / UDRHP-I:
Credila Updated DRHP-I – June 2025
SEBI Filing:
SEBI – Credila IPO Filing
CRISIL Rating Rationale:
CRISIL – Credila Financial Services Rating Rationale
CRISIL Company Factsheet:
CRISIL – Credila Company Factsheet
Disclaimer
This report is for informational and educational purposes only and should not be considered investment advice, an offer to buy or sell securities, or a guarantee of returns.
Unlisted securities involve higher risks including limited liquidity, limited price discovery, valuation uncertainty, transfer restrictions, lack of an established public market and uncertainty regarding IPO/listing timelines.
Financial figures and company information have been compiled from company disclosures, regulatory filings, CRISIL ratings and other publicly available sources. IPO plans, valuations, shareholding and financial performance may change. Investors should independently verify the latest company and regulatory disclosures before making any investment decision.
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