INE549K07IB5 | 9.00% | Muthoot Fincorp Limited

9.00%

YTM

₹1,001.38

Minimum investment

Monthly

Payout

25 Mar 2032

Maturity

8.75%

Coupon Rate

₹1,000

Face Value

Currently subscribed100 Units available

0% Sold

9.00% / +25 bpsYTM vs coupon

yield above stated coupon

100.4258 / 100.1381Clean / dirty price

Excluding / including accrued interest

About the Issuer

Muthoot Fincorp Limited is an RBI-registered NBFC-ML and part of the Muthoot Pappachan Group. It is a prominent gold-loan lender with 3,747 branches across 25 states/UTs as of 30/06/2025, and also offers MSME, salaried, money transfer, forex, insurance and mutual fund distribution services.

Debenture trustee: Vardhman Trusteeship Private Limited
Issuance date: 25 Mar 2026

Why this bond?

8.80% fixed monthly coupon to Dec-2028.
1.00x receivables cover over secured obligations.
Large gold-loan NBFC with 3,747 branches.

Monthly Interest PayoutPrincipal Paid at Maturity

₹1,00,138.13Principal Invested

₹48,672Interest earned

₹1,48,672Final 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	₹719	--
01 Nov 2026	₹743	--
01 Dec 2026	₹719	--
01 Jan 2027	₹743	--
01 Feb 2027	₹743	--
01 Mar 2027	₹671	--
01 Apr 2027	₹743	--
01 May 2027	₹719	--

Key Strengths

Market Position

MFL is part of MPG, identified by CRISIL as the second-largest NBFC gold-finance player.

Gold Loan Scale

Gold loans are the largest group segment and MFL's core portfolio remains sizeable.

Branch Reach

3,747 branches across 25 states/UTs provide deep physical distribution.

Asset Quality

CRISIL cites healthy asset quality in the gold-loan book, with GNPA around 1.5% at Jun-25.

Liquidity

CRISIL assessed liquidity as strong, with positive ALM gaps up to one year.

Capitalisation

Standalone CRAR and Tier I ratios remain above the issue covenant and RBI minimum.

Key Risks

Regional Focus

South India still accounts for a high share of branches and the gold-loan portfolio.

Non-Gold Books

CRISIL monitors asset quality and seasoning risks in microfinance and other non-gold segments.

Gearing Risk

Adjusted gearing above current thresholds is a rating sensitivity factor.

Security Recovery

Recovery depends on value and timely sale of hypothecated property after enforcement.

Bullet Maturity

Principal repayment is concentrated on the final maturity date in Dec-2028.

Regulatory Items

RBI imposed a small monetary penalty in Sep-25, which the company says was remitted.

CRISIL AA Rating1.00x security coverManaged assets 42,923 Cr3,747 branches

AA-

Rating rationale summary

CRISIL AA Rating reflects strong gold-loan market position, improving capitalisation and earnings, offset by concentration and non-gold risks.

Summary points

MPG is second-largest NBFC gold-finance player.
Liquidity assessed as strong by CRISIL.
South India concentration remains a weakness.

Outlook implications

Positive outlook reflects expected improvement in business risk profile, supported by gold-loan market position, AUM growth, profitability and non-gold asset quality.

Implications for investors

Positive outlook indicates CRISIL expects business risk profile to improve, supported by gold-loan position, AUM growth and better profitability and asset quality in non-gold portfolios.
Monthly coupon and bullet principal at Dec-2028 require monitoring of liquidity and ALM coverage through the tenor.

Watch for: Non-gold asset quality, South concentration, gearing above 8x, RoMA below 2%, liquidity and ALM.

Rating Drivers

2nd gold-fin player

Gold AUM Rs. 32196 Cr

CRAR 18.68%

GNPA 1.5% Jun-25

Rs. 2138 Cr liquidity

South share 56%

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

Large gold-loan NBFC with national branch reach and positive CRISIL outlook.

Gold Loan NBFC Secured NCD AA Rating Monthly CouponCRISIL cites established gold-finance position, strong liquidity and improving earnings while monitoring concentration and non-gold portfolio risks.

Invest

Units

Trade & Settlement

Settlement date

20 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

₹1,001.38

Investment amount

₹1,00,138.13

Total Interest

₹48,672

Total Receivable

₹1,48,672

Regulatory Assurance Panel

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Muthoot Fincorp Limited