Muthoot MCred Limited is a non-deposit-taking NBFC primarily engaged in gold loan financing, with a smaller presence in microfinance and loan against property lending. As of Sep-2025, gold loans constituted 93.2% of its loan portfolio.
Debenture trustee
MITCON Credentia Trusteeship Services Limited
Issuance date
07 Aug 2026
Key terms
Long operating track record in gold loan business
Comfortable asset quality with low delinquencies
Adequate capitalization supporting growth plans
Improving profitability and operating efficiency
Returns & Cashflow
Units
10
Monthly Interest PayoutPrincipal Paid at Maturity
₹98,690.18Principal Invested
₹26,269.8Interest earned
₹1,26,269.8Final Payout
Interest Payout Schedule
Interest payout schedule for selected units, with payout date, interest amount, and principal amount.
Payout Date
Interest (₹)
Principal (₹)
10 Nov 2026
₹789.9
--
10 Dec 2026
₹764.4
--
10 Jan 2027
₹789.9
--
10 Feb 2027
₹789.9
--
10 Mar 2027
₹713.4
--
10 Apr 2027
₹789.9
--
10 May 2027
₹764.4
--
10 Jun 2027
₹789.9
--
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₹4,773 CrAUM
₹3,814.91 CrSecured Loan Book
₹61.77 CrPAT
0.47%NNPA
₹812.05 CrNet worth
Financial Trend
YoY +15.2% ↑
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Issuer and structure highlights
Established Franchise
Long operating track record in the gold loan business with a sizeable presence and demonstrated ability to scale operations across market cycles.
Comfortable Asset Quality
Healthy asset quality indicators supported by the short-tenure, collateral-backed nature of gold loans and prudent risk management practices.
Strong Profitability
Improvement in earnings supported by business growth, operating efficiencies and the inherently high-yield nature of the gold loan segment.
Key Risks
Competitive Pressure
Gold loan lending remains highly competitive with participation from banks and large NBFCs, which may affect growth and margins.
Geographic Concentration
Portfolio remains heavily concentrated in South India, exposing the company to regional economic and operating risks.
Microfinance Performance
Deterioration in the microfinance portfolio could affect asset quality, although the segment currently forms a small share of total assets.
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Summarised from the issuer's disclosures and the rating rationale. Read the full offer document and rating rationale before investing.
Gold loans form 93.2% of portfolioGross Stage 3 at 0.8%CRAR at 19.7%Liquidity position: Adequate
AICRA Rating
Rating rationale summary
The rating reflects MMCL's established gold loan franchise, comfortable asset quality, adequate capitalization and liquidity, balanced against competitive pressures and geographic concentration.
Summary points
Established franchise in gold loan business
Comfortable asset quality and recovery profile
Adequate capitalization and liquidity
Geographic concentration remains a constraint
Outlook implications
Stable outlook reflects expectations of sustained growth, comfortable asset quality, adequate capitalization and liquidity, supported by the company's established position in the gold loan segment
Implications for investors
Strong collateral-backed gold loan portfolio, comfortable asset quality and adequate liquidity support credit strength, though investors should monitor competitive intensity, geographic concentration and performance of the microfinance segment.