INE03K307223 | 11.50% | Satin Finserv Ltd.

11.50%

YTM

₹9,924.54

Minimum investment

Quarterly

Payout

12 Jan 2029

Maturity

10.50%

Coupon Rate

₹10,000

Face Value

Currently subscribed100 Units available

0% Sold

11.50% / +100 bpsYTM vs coupon

yield above stated coupon

98.929 / 99.2454Clean / 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 Ltd
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

₹9,924.54Principal Invested

₹2,364.66Interest earned

₹12,364.66Final 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	₹264.66	--
12 Apr 2027	₹258.9	--
12 Jul 2027	₹261.78	--
12 Oct 2027	₹264.66	--
12 Jan 2028	₹263.93	--
12 Apr 2028	₹261.07	--
12 Jul 2028	₹261.07	--
12 Oct 2028	₹263.93	--

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.

[ICRA]A-/Stable1.05x security coverAUM 759 Cr36.1% CRAR

A-/ StableMar 2026

Rating rationale summary

ICRA A-/Stable factors in SCNL parentage, adequate capitalisation and AUM growth, offset by moderate scale, asset quality and subdued earnings.

Summary points

SCNL parentage supports profile.
Adequate capitalisation at 36.1% CRAR.
AUM grew to Rs. 759 Cr in Dec-25.
Asset quality and earnings remain monitorable.

Rating history timeline

Aug 2024

Long-term ratings remained A-/Stable.

Sep 2025

NCD programme carried A-/Stable rating.

Mar 2026

ICRA assigned and reaffirmed A-/Stable.

Outlook implications

Stable outlook assumes SFL sustains adequate capitalisation while expanding AUM and improving profitability, with continued parent support from SCNL.

Implications for investors

A-/Stable supports a moderate credit-risk view for timely servicing, backed by parent support and adequate capitalisation.
1.05x receivables security adds structural protection, subject to eligible asset maintenance and enforcement.
Investors should track GNPA, credit costs, funding diversity and SCNL support.

Watch for: GNPA, credit costs, RoMA, parent support, funding diversity and SEB/wholesale book seasoning.

Rating Drivers

SCNL support

36.1% CRAR

Moderate AUM scale

GNPA at 4.7%

Subdued RoMA

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

MSME-focused NBFC backed by Satin Creditcare parentage

NBFC MSME Secured NCD A- Rating SCNL SubsidiaryICRA cites parent support, adequate capitalisation and AUM growth, with asset quality and earnings as monitorables.

Invest

Units

Trade & Settlement

Settlement date

23 Oct 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

₹9,924.54

Investment amount

₹9,924.54

Total Interest

₹2,364.66

Total Receivable

₹12,364.66

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Satin Finserv Ltd.