INE0NES07303 | 11.60% | Keertana Finserv Limited

11.60%

YTM

₹10,123.13

Minimum investment

Monthly

Payout

10 May 2028

Maturity

12.00%

Coupon Rate

₹10,000

Face Value

Currently subscribed100 Units available

0% Sold

11.60% / -40 bpsYTM vs coupon

yield above stated coupon

101.0012 / 101.2314Clean / dirty price

Excluding / including accrued interest

About the Issuer

Keertana Finserv Limited is a new-generation, rural-focused financial institution committed to delivering inclusive credit solutions through innovative technology. It was established to bridge the credit gap for micro and small enterprises—segments often unserved by banks.

Debenture trustee: MITCON CREDENTIA TRUSTEESHIP SERVICES LIMITED
Issuance date: 10 Feb 2026

Key terms

Senior secured listed NCDs backed by security structure and trustee monitoring.
Investment carries an IND BBB+ Stable rating assigned by India Ratings.
Listed and transferable debentures offering transparency and liquidity benefits.
Issue size of up to ₹150 crore supports diversified funding requirements.

Monthly Interest PayoutPrincipal Paid Across Schedule

₹1,01,231.34Principal Invested

₹13,491.2Interest earned

₹1,13,491.2Final Payout

Interest Payout Schedule

Interest payout schedule for selected units, with payout date, interest amount, and principal amount.
Payout Date	Interest (₹)	Principal (₹)
10 Dec 2026	₹986.3	--
10 Jan 2027	₹1,019.2	--
10 Feb 2027	₹1,019.2	--
10 Mar 2027	₹920.5	--
10 Apr 2027	₹1,019.2	--
10 May 2027	₹986.3	--
10 Jun 2027	₹1,019.2	--
10 Jul 2027	₹986.3	--

Issuer and structure highlights

Scalable Franchise

Promoters have demonstrated a consistent track record of equity support, strengthening net worth and growth capacity.

Funding Diversity

Access to banks, financial institutions and capital markets has improved funding diversification and flexibility.

Industry Experience

The promoter brings extensive experience in retail lending and NBFC operations, supporting business expansion.

Key Risks

Profitability Pressure

Profitability remains sensitive to elevated credit costs, which may affect earnings and internal capital generation if sustained.

Geographic Expansion

Geographic diversification is increasing with scale, and execution across newer markets remains a key monitorable factor.

Growth Execution

Sustaining rapid portfolio growth while maintaining underwriting standards and asset quality remains important.

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

AUM grew significantly to Rs 4,023.97 Cr in FY26.Capital infusion of ~Rs 644 Cr led to a strong networth of Rs 863.25 Cr.

BBB+

MODERATE CREDIT RISKINDIA RATINGS BBB+

Rating agencyINDIA RATINGS

Senior Secured

Rating as of 14 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 the experienced promoters, significant growth in scale of operations, and healthy asset quality, constrained by geographical concentration and a moderate capital structure.

Summary points

Experienced promoter and management team
Significant growth in scale of operations
Healthy asset quality with GNPA at 0.99%

Rating history timeline

Aug 2026

Assigned rating to proposed NCDs

Sep 2026

Reaffirmed & assigned to new NCDs

Outlook implications

The Stable outlook reflects Acuite's belief that Keertana will maintain its operational and financial risk profile over the medium term supported by an experienced management team.

Implications for investors

The 'Stable' outlook indicates expectations of continued healthy asset quality and profitable portfolio growth, safeguarding investor interests over the medium term.

Watch for: Ability to grow the loan portfolio while improving profitability and maintaining leverage.

Rating Drivers

Extensive microfinance experience

AUM CAGR over 80% past 3 years

Healthy GNPA metrics maintained

High reliance on AP and Telangana

Gearing remains over 3 times

Invest

Units

Trade & Settlement

Settlement date

17 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

₹10,123.13

Investment amount

₹1,01,231.34

Total Interest

₹13,491.2

Total Receivable

₹1,13,491.2

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Keertana Finserv Limited