A- | Acuite Ratings And Research Limited NCD Senior Secured Bond
Muthoot Mercantile Ltd.
ISIN: INE05F407EC8
11.20%
YTM
₹9,912.88
Minimum investment
Monthly
Payout
25 Mar 2029
Maturity
10.25%
Coupon Rate
₹10,000
Face Value
Currently subscribed100 Units available
0% Sold
11.20% / +95 bpsYTM vs coupon
yield above stated coupon
99.1007 / 99.1288Clean / 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
Mitcon Trusteeship Services Limited
Issuance date
25 Sep 2026
Key terms
8.80% fixed monthly coupon to Dec-2028.
1.00x receivables cover over secured obligations.
Large gold-loan NBFC with 3,747 branches.
Returns & Cashflow
Units
1
Monthly Interest PayoutPrincipal Paid at Maturity
₹9,912.88Principal Invested
₹2,474.05Interest earned
₹12,474.05Final Payout
Interest Payout Schedule
Interest payout schedule for selected units, with payout date, interest amount, and principal amount.
Payout Date
Interest (₹)
Principal (₹)
25 Nov 2026
₹87.05
--
25 Dec 2026
₹84.25
--
25 Jan 2027
₹87.05
--
25 Feb 2027
₹87.05
--
25 Mar 2027
₹78.63
--
25 Apr 2027
₹87.05
--
25 May 2027
₹84.25
--
25 Jun 2027
₹87.05
--
Sign up to view detailed payout schedule
Healthy — GNPAAsset quality
₹65,690 CrAUM
18.06%Capital adequacy
5.78xDebt/Equity
47,000Employees
Concentrated in South India (55%)Geographic
0.77%GNPA
₹7,908 CrNet worth
0.4%NNPA
₹1,640 CrPAT
Financial Trend
YoY +14.1% ↑
Sign up to view Issuer at a glance
Issuer and structure highlights
Established Market Position
Backed by promoters' extensive experience of over seven decades, MFL is among the top four gold loan NBFCs in India.
Healthy Asset Quality
Maintained healthy asset quality backed by strong collection efficiency and low credit costs, with GNPA at 0.77% in Q1 FY27.
Strong Liquidity
Consistently maintains positive ALM gaps with adequate unutilized bank lines and cash reserves.
Key Risks
Geographic Concentration
High geographical concentration persists with South India accounting for around 55% of the gold loan portfolio.
Gold Price Volatility
Inherent risk in the loan portfolio due to volatility in gold prices which could impact collateral value.
Gearing Risk
Adjusted gearing above current thresholds is a rating sensitivity factor
Sign up to view Strengths & Risk
Summarised from the issuer's disclosures and the rating rationale. Read the full offer document and rating rationale before investing.
The CRISIL AA/Stable and BWR AA+/Stable ratings reflect MFL's established market position in gold financing, adequate capitalisation buffers, strong liquidity, and healthy asset quality.
Summary points
Top four gold loan NBFC in India.
Adequate capitalisation and healthy asset quality.
High geographical concentration in South India.
Rating history timeline
Dec 2023
Reaffirmed at Crisil AA-/Stable
Dec 2024
Reaffirmed at Crisil AA-/Stable
Dec 2025
Upgraded to Crisil AA-/Positive
Sep 2026
Reaffirmed at Crisil AA/Stable
Outlook implications
The Stable outlook reflects the expectation that the company will sustain its market position in the gold loan business and maintain healthy asset quality and profitability over the medium term.
Implications for investors
Instruments with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations.
The debentures carry very low credit risk, offering stable income and principal protection for investors.
Watch for: Sharp decline in AUM impacting earnings, or deterioration in asset quality with GNPAs increasing above 5%.
Rating Drivers
Market Position
Positive
Established gold loan presence
Capitalisation
Positive
Adequate capital buffers
Asset Quality
Positive
Healthy collection efficiency
Concentration
Negative
High South India focus
Gold Prices
Monitored
Inherent volatility risk
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
Established Legacy and Scale in Gold Finance
Gold Loan NBFC Middle-Layer NBFCBacked by the Muthoot Pappachan Group, MFL manages an AUM of ₹65,690 crores with a network of 3,787 branches.
Sign up to view Credit Rating Intelligence
Invest
Selected investment units: 1
Trade & Settlement
Settlement date
26 Oct 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
₹9,912.88
Investment amount
₹9,912.88
Total Interest
₹2,474.05
Total Receivable
₹12,474.05
Regulatory Assurance Panel
Key Information Document
Sign up to view Regulatory Assurance Panel
Blogs
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Senior Secured Bond
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