INE0I5X07042 | 15.50% | Monedo Financial Services Private Limited

15.50%

YTM

₹9,951.39

Minimum investment

Monthly

Payout

01 Oct 2027

Maturity

14.40%

Coupon Rate

₹10,000

Face Value

Currently subscribed270 Units available

10% Sold

15.50% / +110 bpsYTM vs coupon

yield above stated coupon

99.9479 / 99.5139Clean / dirty price

Excluding / including accrued interest

About the Issuer

Monedo Financial Services Private Limited is an NBFC that commenced operations in 2017 and offers consumer, healthcare, SME and supply-chain finance through a branchless, partner-led model.

Debenture trustee: CATALYST TRUSTEESHIP LIMITED
Issuance date: 01 Jul 2026

Why this bond?

IND BBB-/Stable rated, secured senior NCD.
13.70% fixed coupon with monthly interest.
1.25x receivables cover plus personal guarantee.
Short-tenor NBFC book with nil GNPA/NNPA in FY26.

Monthly Interest PayoutPrincipal Paid Across Schedule

₹99,513.9Principal Invested

₹8,379.5Interest earned

₹1,08,379.5Final Payout

Interest Payout Schedule

Interest payout schedule for selected units, with payout date, interest amount, and principal amount.
Payout Date	Interest (₹)	Principal (₹)
01 Oct 2026	₹1,183.6	₹20,000
01 Nov 2026	₹978.4	--
01 Dec 2026	₹946.8	--
01 Jan 2027	₹978.4	₹20,000
01 Feb 2027	₹733.8	--
01 Mar 2027	₹662.8	--
01 Apr 2027	₹733.8	₹20,000
01 May 2027	₹473.4	--

Key Strengths

Scale Growth

AUM stood around INR4.34 billion at FY26, with operational expansion expected over the medium term.

Nil NPAs

Gross and net NPAs remained nil during FY25-FY26, supported by onboarding and short-tenor loans.

Profitability

MFSPL reported FY26 PBT of INR183.4 million and continued positive profitability trajectory.

Promoter Support

Promoter held around 91.2% stake and converted promoter debt into equity during FY26.

Security Cover

Issue has 1.25x receivable cover, personal guarantee and non-disposal undertaking support.

Key Risks

Anchor Concentration

Top 10 anchors formed around 47% of AUM at end-FY26, creating borrower concentration risk.

Funding Cost

Cost of funds remained elevated at about 18.3% in FY26, though management expects moderation.

Regional Concentration

Around 90% of loans are in Karnataka and Tamil Nadu, exposing the book to regional stress.

Leverage Watch

Rating sensitivity flags sustained leverage above 3.5x as a negative trigger.

Unsecured AUM

KID classifies the AUM as unsecured, even though the NCDs are secured by receivables and support.

IND BBB-/Stable1.25x receivable coverNil GNPA/NNPA FY2613.70% monthly coupon

BBB-/ StableCurrent NCD

Rating rationale summary

Ind-Ra assigned IND BBB-/Stable to proposed NCDs, reflecting growth, nil NPAs and profitability, offset by concentration and funding profile.

Summary points

IND BBB-/Stable rating assigned.
Nil GNPA/NNPA during FY25-FY26.
AUM around INR4.34 billion at FY26.
Top 10 anchors at 47% of AUM.

Rating history timeline

Oct 2025

Bank facilities earlier carried IND BBB-/Stable.

Bank Facilities

Existing bank loan facilities affirmed.

Current NCD

IND BBB-/Stable assigned for proposed NCDs.

Outlook implications

Stable outlook indicates Ind-Ra expects continued scale-up, asset quality and profitability, provided funding and concentration risks remain controlled.

Implications for investors

Investors get rated, secured NBFC exposure backed by receivable cover, but should monitor diversification, funding mix and leverage.

Watch for: Anchor/geography concentration, funding access, leverage and delinquency trends.

Rating Drivers

AUM rose to INR4.34bn

Nil GNPA/NNPA FY25-FY26

FY26 PBT at INR183.4mn

Adequate short-term surplus

Top 10 anchors at 47%

CoF about 18.3%

Invest

Units

Trade & Settlement

Settlement date

21 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

₹9,951.39

Investment amount

₹99,513.9

Total Interest

₹8,379.5

Total Receivable

₹1,08,379.5

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Monedo Financial Services Private Limited