INE389Z07096 | Profectus Capital Pvt. Ltd.

10.40%

YTM

₹98,778.97

Minimum investment

Monthly

Payout

19 Jan 2028

Maturity

9.00%

Coupon Rate

₹1,00,000

Face Value

Currently subscribed10 Units available

0% Sold

10.40% / +140 bpsYTM vs coupon

yield above stated coupon

98.705 / 98.779Clean / dirty price

Excluding / including accrued interest

About the Issuer

Profectus Capital Private Limited is an RBI-registered, systemically important non-deposit taking NBFC focused on secured MSME lending to enterprises with limited access to formal finance.

Debenture trustee: Beacon Trusteeship Ltd
Issuance date: 19 Jan 2026

Why this bond?

IND A+/Positive issue rating from India Ratings.
9.00% fixed monthly coupon for 24 months.
1.10x cover over identified loan receivables.
UGRO parent linkage supports the credit view.

Monthly Interest PayoutPrincipal Paid at Maturity

₹98,778.97Principal Invested

₹13,536.97Interest earned

₹1,13,536.97Final Payout

Interest Payout Schedule

Interest payout schedule for selected units, with payout date, interest amount, and principal amount.
Payout Date	Interest (₹)	Principal (₹)
19 Aug 2026	₹764.38	--
19 Sep 2026	₹764.38	--
19 Oct 2026	₹739.73	--
19 Nov 2026	₹764.38	--
19 Dec 2026	₹739.73	--
19 Jan 2027	₹764.38	--
19 Feb 2027	₹764.38	--
19 Mar 2027	₹690.41	--

Key Strengths

UGRO Parentage

UGRO acquired 100% of PCPL, and Ind-Ra factors full consolidation with UGRO into the rating.

Capital Buffer

CARE reported CAR of 37.44% and Tier-1 CAR of 37.09% as on Sep 30, 2025.

Diversified AUM

Portfolio spans MSME LAP, school funding, equipment funding, supply chain and other lending.

Funding Access

CARE cites about 40 lending institutions across banks, NBFCs, SFBs, NCDs and PTCs.

Adequate Liquidity

CARE reports no negative cumulative mismatch up to 5 years even after 90% collection stress.

Key Risks

Book Seasoning

Longer-tenor loans mean asset quality across a full economic cycle remains to be established.

Asset Quality

GNPA increased to 2.01% and NNPA to 1.24% as on Sep 30, 2025.

Profitability

ROTA moderated to 0.61% annualised in H1FY26 from 0.78% in FY25.

Integration Risk

Integration of underwriting, collections and funding strategy with UGRO remains critical.

MSME Sensitivity

Borrower cash flows are vulnerable to economic shocks, which can raise credit costs.

IND A+/PositiveCARE A+ | StableAUM 3226.56 CrCAR 37.44%

A+/ StableIND A+/Positive

Rating rationale summary

Ind-Ra rates the issue IND A+/Positive, reflecting UGRO linkage, secured MSME franchise, capital buffers and diversified funding, offset by seasoning and profitability risks.

Summary points

Issue rating: IND A+/Positive from India Ratings.
CARE upgraded PCPL NCDs to CARE A+ | Stable.
UGRO acquired 100% of PCPL on Dec 8, 2025.
AUM was 3226.56 Cr at Sep 30, 2025.

Rating history timeline

CARE A- | Stable

CARE rating history shows CARE A- | Stable in FY23.

CARE A | Stable

CARE rating history shows upgrade to CARE A | Stable in FY24.

CARE A| RWD

CARE placed ratings on Watch with Developing Implications in 2025.

IND A+/Positive

India Ratings assigned issue and bank loan ratings on Dec 17, 2025.

Outlook implications

Positive issue outlook follows UGRO's outlook under Ind-Ra; CARE's Stable outlook expects parent support, healthy capitalisation and improving asset quality/profitability.

Implications for investors

The rating supports investment-grade credit quality, but investors should monitor integration with UGRO, asset quality seasoning, profitability and leverage over the 24-month tenor.

Rating Drivers

UGRO acquired 100% of PCPL and Ind-R fully consolidates PCPL with UGRO

CAR 37.44% and Tier-1 CAR 37.09% at 09/30/25 are above regulatory nor

GNPA increased to 2.01% and NNPA to 1.24% at Sep 30, 2025.

ROTA moderated to 0.61% annualised in H1FY26 from 0.78% in FY25.

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