<ul data-eligibleForWebStory="true">Kinara Capital, once a rising star, faces challenges with bad loans and declining AUM.Credit rating agencies downgrade Kinara Capital, citing concerns over financial stability.Rise in bad loans leads to first-time loss in FY25, prompting need for fresh funds.Company faces challenges due to sector-specific stress, increased customer overleveraging, and industry-wide shifts.To improve financial stability, Kinara Capital seeks to raise funds and explore revenue channels.