INE101Q07CB5 | 10.65% | Muthoot Mcred Ltd.

10.65%

YTM

₹9,813.41

Minimum investment

Monthly

Payout

07 Aug 2029

Maturity

9.30%

Coupon Rate

₹10,000

Face Value

Currently subscribed50 Units available

0% Sold

10.65% / +135 bpsYTM vs coupon

yield above stated coupon

97.7774 / 98.1341Clean / dirty price

Excluding / including accrued interest

About the Issuer

Muthoot MCred Limited is a non-deposit-taking NBFC primarily engaged in gold loan financing, with a smaller presence in microfinance and loan against property lending. As of Sep-2025, gold loans constituted 93.2% of its loan portfolio.

Debenture trustee: Mitcon Trusteeship Services Ltd
Issuance date: 07 Aug 2026

Why this bond?

Long operating track record in gold loan business
Comfortable asset quality with low delinquencies
Adequate capitalization supporting growth plans
Improving profitability and operating efficiency

Monthly Interest PayoutPrincipal Paid at Maturity

₹9,813.41Principal Invested

₹2,790.05Interest earned

₹12,790.05Final Payout

Interest Payout Schedule

Interest payout schedule for selected units, with payout date, interest amount, and principal amount.
Payout Date	Interest (₹)	Principal (₹)
10 Sep 2026	₹86.63	--
10 Oct 2026	₹76.44	--
10 Nov 2026	₹78.99	--
10 Dec 2026	₹76.44	--
10 Jan 2027	₹78.99	--
10 Feb 2027	₹78.99	--
10 Mar 2027	₹71.34	--
10 Apr 2027	₹78.99	--

Key Strengths

Established Franchise

Long operating track record in the gold loan business with a sizeable presence and demonstrated ability to scale operations across market cycles.

Comfortable Asset Quality

Healthy asset quality indicators supported by the short-tenure, collateral-backed nature of gold loans and prudent risk management practices.

Strong Profitability

Improvement in earnings supported by business growth, operating efficiencies and the inherently high-yield nature of the gold loan segment.

Key Risks

Competitive Pressure

Gold loan lending remains highly competitive with participation from banks and large NBFCs, which may affect growth and margins.

Geographic Concentration

Portfolio remains heavily concentrated in South India, exposing the company to regional economic and operating risks.

Microfinance Performance

Deterioration in the microfinance portfolio could affect asset quality, although the segment currently forms a small share of total assets.

Gold loans form 93.2% of portfolioGross Stage 3 at 0.8%CRAR at 19.7%Liquidity position: Adequate

AICRA Rating

Rating rationale summary

The rating reflects MMCL's established gold loan franchise, comfortable asset quality, adequate capitalization and liquidity, balanced against competitive pressures and geographic concentration.

Summary points

Established franchise in gold loan business
Comfortable asset quality and recovery profile
Adequate capitalization and liquidity
Geographic concentration remains a constraint

Outlook implications

Stable outlook reflects expectations of sustained growth, comfortable asset quality, adequate capitalization and liquidity, supported by the company's established position in the gold loan segment

Implications for investors

Strong collateral-backed gold loan portfolio, comfortable asset quality and adequate liquidity support credit strength, though investors should monitor competitive intensity, geographic concentration and performance of the microfinance segment.

Watch for: Asset quality trends, gearing levels, earnings profile and geographic diversification progress.

Rating Drivers

Established presence in gold loans

Low delinquencies and losses

Capital supports business growth

Intense competition in gold loans

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

₹9,813.41

Investment amount

₹9,813.41

Total Interest

₹2,790.05

Total Receivable

₹12,790.05

Regulatory Assurance Panel

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Muthoot Mcred Ltd.