INE0BUS07CK0 | 11.30% | Indel Money Limited

11.30%

YTM

₹9,867.14

Minimum investment

Monthly

Payout

17 Apr 2028

Maturity

10.00%

Coupon Rate

₹10,000

Face Value

Currently subscribed10 Units available

0% Sold

11.30% / +130 bpsYTM vs coupon

yield above stated coupon

98.8358 / 98.6714Clean / dirty price

Excluding / including accrued interest

About the Issuer

Indel Money Limited is an RBI-registered NBFC mainly providing loans against gold jewellery, particularly in tier 2 and tier 3 cities. India Ratings states the company had 366 branches and AUM of INR 34,770 million as of December 2025.

Debenture trustee: Catalyst Trusteeship Limited (Formerly GDA Trusteeship Limited)
Issuance date: 17 Mar 2026

Why this bond?

IND A-/Stable rating from India Ratings.
9.75% fixed monthly coupon until Mar-2028.
1.10x cover over gold-loan receivables.
Gold loans form about 95% of rated AUM.

Monthly Interest PayoutPrincipal Paid at Maturity

₹9,867.14Principal Invested

₹1,667.55Interest earned

₹11,667.55Final Payout

Interest Payout Schedule

Interest payout schedule for selected units, with payout date, interest amount, and principal amount.
Payout Date	Interest (₹)	Principal (₹)
17 Sep 2026	₹84.93	--
17 Oct 2026	₹82.19	--
17 Nov 2026	₹84.93	--
17 Dec 2026	₹82.19	--
17 Jan 2027	₹84.93	--
17 Feb 2027	₹84.93	--
17 Mar 2027	₹76.71	--
17 Apr 2027	₹84.93	--

Key Strengths

Gold Loan Franchise

Approximately 95% of AUM is in gold loans, with AUM exceeding INR 30,000 million.

Branch Scale

Rating rationale cites 366 branches and rising AUM per branch in 9MFY26.

Asset Quality

GNPA and NNPA were 1.5% and 1.31% at 9MFY26 according to Ind-Ra.

Capital Support

Promoters infused equity regularly and net worth rose to INR 4,990 million in 9MFY26.

Liquidity Buffer

Ind-Ra notes adequate liquidity and cumulative surplus across ALM buckets.

Key Risks

Funding Mix

Ind-Ra flags funding diversification and reduction in borrowing cost as pending monitorables.

Gold Price Risk

Recovery depends on LTV buffers, timely auctions and gold collateral values.

Leverage Watch

Negative sensitivity includes leverage exceeding 6.0x on a sustained basis.

State Concentration

KID covenant restricts any one state to 50% of gross loan portfolio originations.

Security Maintenance

Issuer must maintain 1.10x cover; shortfall requires additional eligible assets.

IND A-/StableAdequate liquidity95% gold-loan AUMFunding mix monitored

A-/ Stable15 May 2026

Rating rationale summary

Ind-Ra rates the NCD IND A-/Stable, supported by gold-loan growth, profitability, asset quality and capital buffers.

Summary points

AUM surpassed INR 30,000 million.
GNPA stood at 1.5% at 9MFY26.
Capital buffers remained adequate.
Funding profile remains a constraint.

Rating history timeline

5 Mar 2026

Historical rating shown as IND A-/Stable.

7 Apr 2026

NCD rating remained IND A-/Stable in rating rationale.

15 May 2026

Rating letter assigned INR2,000m NCD and affirmed INR3,000m NCD.

Outlook implications

Stable outlook is backed by growth, profitability, asset quality and capital buffers, with funding diversification still important for future resilience.

Implications for investors

The Stable outlook indicates Ind-Ra expects continued growth and adequate internal accruals, while funding diversification remains monitorable.
Gold-loan collateral, regulatory LTV caps and daily LTV monitoring help limit credit loss, but gold-price volatility can still affect recovery timing.
A downgrade below the current instrument or company rating triggers 0.50% coupon step-up per notch under the KID.

Rating Drivers

CRAR and equity support

AUM over INR30,000m

GNPA 1.5% at 9MFY26

PAT rose in 9MFY26

Cost and mix monitored

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

Gold-loan focused NBFC with growing AUM and stable asset quality

Gold loan NBFC A-rated NCD Tier 2/3 lending Secured retail creditInd-Ra highlights AUM above INR 30,000 million, 366 branches, GNPA at 1.5% and adequate liquidity.

Invest

Units

Trade & Settlement

Settlement date

11 Aug 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

₹9,867.14

Investment amount

₹9,867.14

Total Interest

₹1,667.55

Total Receivable

₹11,667.55

Regulatory Assurance Panel

Blogs

Stay informed with the latest articles, news, and resources across finance, fixed income and investing.

Indel Money Limited