Hari and company investments Madras Private Limited is a non-deposit taking NBFC registered with RBI. It provides debt finance through enterprise lending, co-lending, supply chain finance, securitisation/direct assignment and related retail products.
Debenture trustee
Beacon Trusteeship Limited
Issuance date
11 Sep 2026
Key terms
CARE A+; Stable rating for the proposed NCD programme.
Three fixed-coupon series with 14-32 month tenors.
1.05x cover over identified book debt receivables.
Quarterly coupons; BSE WDM listing proposed.
Returns & Cashflow
Units
1
Monthly Interest PayoutPrincipal Paid at Maturity
₹9,983.62Principal Invested
₹1,321.17Interest earned
₹11,321.17Final Payout
Interest Payout Schedule
Interest payout schedule for selected units, with payout date, interest amount, and principal amount.
Payout Date
Interest (₹)
Principal (₹)
11 Nov 2026
₹79.41
--
11 Dec 2026
₹76.85
--
11 Jan 2027
₹79.41
--
11 Feb 2027
₹79.41
--
11 Mar 2027
₹71.73
--
11 Apr 2027
₹79.41
--
11 May 2027
₹76.85
--
11 Jun 2027
₹79.41
--
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Financial Trend
YoY -0.0% ↓
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Issuer and structure highlights
Scale Growth
AUM rose from 5,836 Cr in FY23 to 9,302 Cr in FY25.
Capitalisation
CAR stayed above 20%; TNW was 2,079 Cr at FY25 and 2,122 Cr at Jun-2025.
Resource Mix
Over 45 lender relationships with banks forming 56% of borrowings at FY25.
Management Depth
Promoter and team have financial services experience; institutional investors back VCL.
Product Diversity
Enterprise, co-lending, supply chain, DA and other products across 300+ enterprises.
Key Risks
Asset Quality
Gross Stage 3 rose to 1.89% at FY25 and 2.49% at Jun-2025.
Unseasoned Book
Rapid AUM growth leaves a significant part of the loan book unseasoned.
Unsecured Share
Unsecured co-lending loans were 37% of AUM at FY25 and 34% at Jun-2025.
Concentration
Top 20 exposures excluding co-lending were 12% of AUM at Jun-2025.
HAC Transfer
NBFC business transfer to HAC is not expected to materially affect credit, but is monitorable.
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Summarised from the issuer's disclosures and the rating rationale. Read the full offer document and rating rationale before investing.
CARE A+ | StableAUM 9,301 CrCAR 21.02%GNPA 2.49%
A+/ StableCARE A+ | Stable
Rating rationale summary
CareEdge assigned/reaffirmed CARE A+ | Stable. The rating reflects AUM growth, earnings improvement, comfortable capitalisation, experienced management and diversified portfolio/resources, offset by limited track record, unseasoned book, enterprise concentration and unsecured loan share.
Summary points
CARE A+ | Stable rating for proposed NCDs.
AUM grew to 9,302 Cr at FY25 and 9,301 Cr at Jun-2025.
Capitalisation remains comfortable with FY25 CAR of 21.02%.
Asset quality and unsecured co-lending book remain monitorables.
Rating history timeline
CARE A | Stable
Earlier rating history shows CARE A | Stable in 2022.
CARE A | Positive
Rating history shows CARE A | Positive during 2022-23.
CARE A+ | Stable
Rating history shows CARE A+ | Stable from Dec-2023.
CARE A+ | Stable
Aug-2025 letter assigned CARE A+ | Stable to proposed NCDs.
Outlook implications
Stable outlook expects the NBFC business, post transfer to HAC after scheme completion, to continue AUM growth while maintaining profitability, asset quality and capitalisation.
Implications for investors
The rating supports investment-grade credit quality, while enterprise concentration, GNPA trajectory, gearing and restructuring progress should be monitored during the tenor.
Rating Drivers
AUM Growth
positive
AUM up to 9,302 Cr
Capital
positive
CAR 21.02% at FY25
Resource Mix
positive
Over 45 lenders
Asset Quality
negative
GNPA trigger above 2.5%
Unsecured Book
negative
37% AUM unsecured
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
Enterprise lending NBFC with 9,301 Cr AUM
Financial services Enterprise lending Supply chain financeCareEdge cites 300+ enterprise clients and 14 lakh+ retail clients through co-lending as on Jun 30, 2025.
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Invest
Selected investment units: 1
Trade & Settlement
Settlement date
16 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
₹9,983.62
Investment amount
₹9,983.62
Total Interest
₹1,321.17
Total Receivable
₹11,321.17
Regulatory Assurance Panel
Key Information Document
Rating Rationale
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