INE03K307223 | 11.80% | Satin Finserv Limited

11.80%

YTM

₹9,931.72

Minimum investment

Quarterly

Payout

12 Jan 2029

Maturity

10.50%

Coupon Rate

₹10,000

Face Value

Currently subscribed100 Units available

0% Sold

11.80% / +130 bpsYTM vs coupon

yield above stated coupon

98.4254 / 99.3172Clean / dirty price

Excluding / including accrued interest

About the Issuer

Satin Finserv Limited is an NBFC incorporated on 10/08/2018 and a wholly owned subsidiary of Satin Creditcare Network Limited. It lends to entrepreneurs, SMEs and individual businesses, with offerings including MSME loans and LAP, and had operations in 11 states as of 31/12/2025.

Debenture trustee: Catalyst Trusteeship Limited
Issuance date: 12 Oct 2026

Key terms

[ICRA]A-/Stable rating supports credit view.
10.25% fixed monthly coupon to Mar-2028.
1.05x exclusive receivables cover.
Parent SCNL support and 36.1% CRAR.

Quarterly Interest PayoutPrincipal Paid at Maturity

₹99,317.18Principal Invested

₹23,646.6Interest earned

₹1,23,646.6Final Payout

Interest Payout Schedule

Interest payout schedule for selected units, with payout date, interest amount, and principal amount.
Payout Date	Interest (₹)	Principal (₹)
12 Jan 2027	₹2,646.6	--
12 Apr 2027	₹2,589	--
12 Jul 2027	₹2,617.8	--
12 Oct 2027	₹2,646.6	--
12 Jan 2028	₹2,639.3	--
12 Apr 2028	₹2,610.7	--
12 Jul 2028	₹2,610.7	--
12 Oct 2028	₹2,639.3	--

Issuer and structure highlights

Parent Support

ICRA factors in SFL's position as a wholly owned subsidiary of Satin Creditcare Network Limited.

Capitalisation

CRAR stood at 36.1% as of Dec-25, above the 20% covenant threshold in the KID.

AUM Growth

AUM rose to 759 Cr as of Dec-25 from 547 Cr as of Mar-25, reflecting high annualised growth.

Security Cover

The NCD is secured by a first-ranking exclusive charge with 1.05x receivables cover.

Liquidity

ICRA describes liquidity as adequate, with 105 Cr free on-book liquidity as of Dec-25.

Key Risks

Moderate Scale

ICRA notes SFL's scale remains moderate despite recent AUM growth.

Asset Quality

GNPA remained elevated at 4.7% as of Dec-25, with borrower vulnerability to income shocks.

Subdued Earnings

PAT was 3.1 Cr in 9M FY2026, with profitability constrained by elevated credit costs.

Wholesale Exposure

The SEB and wholesale books are newer and require seasoning, monitoring and funding support.

Funding Diversity

ICRA says SFL needs to diversify funding relationships to support growth plans.

Summarised from the issuer's disclosures and the rating rationale. Read the full offer document and rating rationale before investing.

Parent support from SCNLCRAR of 29.6%High AUM growth

A-

LOW CREDIT RISKICRA A-

Rating agencyICRA

Senior Secured

Rating as of 10 Nov 2026

The Credit risk-o-meter is based on evaluation of the credit risk of the issuer and does not constitute investment advice or a recommendation to invest. Investments in debt securities are also subject to market and liquidity risks.

Rating rationale summary

The rating factors in SFL's position as a wholly-owned subsidiary of SCNL, its adequate capitalisation, and regular equity infusions, constrained by a moderate scale of operations and asset quality.

Summary points

[ICRA]A- (Stable) rating reaffirmed and assigned
Wholly-owned subsidiary of SCNL
Adequate CRAR of 29.6% as of March 31, 2026

Rating history timeline

Jan 2024

Assigned [ICRA]A- (Stable) rating

Dec 2024

Rating reaffirmed as [ICRA]A- (Stable)

Sep 2025

Rating reaffirmed as [ICRA]A- (Stable)

Jun 2026

Rating reaffirmed and assigned for enhanced amount

Outlook implications

The Stable outlook reflects ICRA's opinion that SFL will maintain a steady credit profile, backed by adequate capitalisation and continued financial and operational support from its parent company.

Implications for investors

The Stable outlook reflects the expectation that SFL will maintain a steady credit profile and adequate capitalisation while expanding operations.
Concentrated nature of the newly launched Sustainable & Emerging Businesses vertical exposes the portfolio to lumpy deterioration in asset quality.

Watch for: Ability to maintain adequate asset quality and improve profitability amidst high operational costs.

Rating Drivers

Support & guidance from SCNL

Adequate capitalisation & CRAR

Moderate asset quality and GNPAs

Subdued due to elevated costs

How this issuer compares to peers

Benchmark yield, balance-sheet strength, and risk indicators against similar issuers to make the credit case easier to validate.

Where it stands out

Strong Parentage and Capitalisation

NBFC. MSME Loans Parentage SupportBenefits from board-level guidance, regular capital infusions, and a shared brand name with its parent company, Satin Creditcare Network Limited.

Invest

Units

Trade & Settlement

Settlement date

12 Nov 2026

Orders placed after 4 PM will be executed on the next business day. Weekends and exchange holidays are skipped.

Totals (For Selected Units)

Price per Unit

₹9,931.72

Investment amount

₹99,317.18

Total Interest

₹23,646.6

Total Receivable

₹1,23,646.6

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Satin Finserv Limited