INE296G07325 | 9.80% | Muthoot Capital Services Ltd.

9.80%

YTM

₹1,01,048.48

Minimum investment

Quarterly

Payout

30 Jun 2028

Maturity

9.25%

Coupon Rate

₹1,00,000

Face Value

Currently subscribed5 Units available

0% Sold

9.80% / +55 bpsYTM vs coupon

yield above stated coupon

99.6293 / 101.0485Clean / dirty price

Excluding / including accrued interest

About the Issuer

Muthoot Capital Services Limited is a deposit-taking, systemically important NBFC promoted by the Muthoot Pappachan Group, focused on automobile and vehicle finance products including two-wheeler and used-car loans.

Debenture trustee: Vardhman Trusteeship Private Limited
Issuance date: 30 Jun 2026

Why this bond?

CRISIL AA-/Stable secured NCD with 1.10x receivable cover.
9.25% fixed coupon with quarterly interest payments.
Vehicle-finance NBFC with 3,441 Cr AUM at FY26.
Part of Muthoot Pappachan Group with CRISIL-cited support.

Quarterly Interest PayoutPrincipal Paid at Maturity

₹1,01,048.48Principal Invested

₹18,512.67Interest earned

₹1,18,512.67Final Payout

Interest Payout Schedule

Interest payout schedule for selected units, with payout date, interest amount, and principal amount.
Payout Date	Interest (₹)	Principal (₹)
30 Sep 2026	₹2,331.51	--
31 Dec 2026	₹2,306.16	--
31 Mar 2027	₹2,280.82	--
30 Jun 2027	₹2,331.51	--
30 Sep 2027	₹2,331.51	--
31 Dec 2027	₹2,306.16	--
31 Mar 2028	₹2,299.86	--
30 Jun 2028	₹2,325.14	₹1,00,000
Total	₹18,512.67	₹1,00,000

CRISIL AA-/Stable1.10x security coverVehicle finance 98.44%Bullet redemption FY28

AA-/ StableCurrent NCD

Rating rationale summary

CRISIL assigned AA-/Stable to NCDs, supported by MPG linkages, adequate capital and vehicle-finance experience, offset by asset quality, earnings and geography risks.

Summary points

AA-/Stable rating assigned.
AUM grew 12.5% to 3,441 Cr.
GNPA was 6.96% at FY26.
CAR stood at 22.04%.

Rating history timeline

FY24 View

Earlier NCD ratings shown at A+/Stable.

Prior View

NCDs carried A+/Positive before AA- action.

Bank Facilities

Long-term facilities reaffirmed at AA-/Stable.

Current NCD

CRISIL AA-/Stable assigned to Rs. 200 Cr NCD.

Outlook implications

Stable outlook reflects CRISIL's expectation that MCSL will maintain adequate capitalisation and remain integral to MPG, benefiting from group linkages over the medium term.

Implications for investors

Investors get a highly rated secured NBFC exposure, but should monitor asset-quality recovery, earnings moderation, gearing and geographic concentration.

Watch for: Asset quality, credit costs, gearing above 7x, MPG rating view and southern-state concentration.

Rating Drivers

MPG support and linkages

CAR 22.04%, gearing 5.1x

Experienced vehicle team

GNPA at 6.96% in FY26

PAT moderated to 11 Cr

South exposure at 50%

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

Vehicle-finance NBFC backed by Muthoot Pappachan Group linkages

Vehicle finance Two-wheeler loans Secured NCDCRISIL cites MPG support, 3,441 Cr AUM, 22.04% CAR and 1.10x cover, while asset quality and geography remain watchpoints.

Invest

Units

Trade & Settlement

Settlement date

25 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

₹1,01,048.48

Investment amount

₹1,01,048.48

Total Interest

₹18,512.67

Total Receivable

₹1,18,512.67

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Muthoot Capital Services Ltd.