MUTHOOT FINCORP LIMITED NCD

Non-banking financial company(NBFC)| Rs. 10,000 Min Investment

Issue Opening Date
Tuesday, February 3, 2026
Issue Closing Date
Monday, February 16, 2026
Credit Ratings
““Crisil AA-/Positive” by Crisil and BWR AA/Stable” by Brickwork”
Issue Size (Net)
up to Rs. 600 crores
MUTHOOT FINCORP LIMITED NCD ClosedOpen
Non-banking financial company(NBFC)

Rs. 10,000

Min. investment

1. Company Information

Muthoot Fincorp Limited’s core strength is its well-established and secured gold loan–centric business model, which significantly reduces credit risk compared to unsecured lending and ensures stable asset quality even during economic downturns. The company enjoys a strong brand reputation backed by decades of experience and operates through a wide pan-India branch network, giving it deep reach in semi-urban and rural markets where gold remains a preferred form of collateral and demand is structurally strong. Its consistent profitability, reflected in healthy margins and return on equity above 20%, highlights efficient capital deployment, robust pricing power, and disciplined cost management. Moreover, strong credit ratings and a diversified funding profile enable the company to access capital at competitive rates, supporting business scalability while maintaining balance sheet stability. These strengths together position Muthoot Fincorp as a resilient and well-capitalized NBFC with sustainable long-term growth potential.

Company Strengths

1. Secured Gold Loan Business Model: The company’s core focus on gold loans provides strong collateral backing, resulting in lower credit risk and stable asset quality even during economic volatility.

2. Strong Brand and Market Presence: Backed by the trusted Muthoot legacy and a wide pan-India branch network, the company enjoys deep penetration in semi-urban and rural markets with consistent customer demand.

3. Healthy Profitability Metrics: Consistently high margins and return on equity above 20% reflect efficient capital utilization, disciplined risk management, and sustainable earnings capability..

4. Strong Credit Profile: High credit ratings (AA-/Positive) enhance lender confidence and allow the company to raise funds at competitive costs, supporting long-term financial stability.

5. Diversified Funding and Scalability: A well-diversified borrowing mix and strong liquidity position enable the company to scale operations smoothly while maintaining balance sheet strength.

2. Rating:

“Crisil AA-/Positive” by Crisil and BWR AA/Stable” by Brickwork”

3.Muthoot Fincorp Limited NCD  Registrar

Khttps://www.nuvamawealth.com/

801-804, Wing A, Building No 3
Inspire BKC, G Block, Bandra Kurla Complex
Bandra East, Mumbai – 400 051
91 22 4009 4400
mfl.ncd@nuvama.com
Khttps://www.nuvamawealth.com

MUTHOOT FINCORP LIMITED Details

Issuer Secured Redeemable Non-Convertible Debentures
Base Issue Size Rs. 200 crores
Issue Opens on Tuesday, February 3, 2026
Issue Closes on Monday, February 16, 2026
Issue Size Rs. 600 crores
Credit Rating “Crisil AA-/Positive” by Crisil and BWR AA/Stable” by Brickwork”
Registrar Khttps://www.nuvamawealth.com/

Specific Terms for Each Series of NCDs

Options I II III IV V VI VII VIII IX X XI XII
Nature Secured Secured Secured Secured Secured Secured Secured Secured Secured Secured Secured Secured
Tenure 24 Months 36 Months 60 Months 72 Months 24 Months 36 Months 60 Months 72 Months 24 Months 36 Months 60 Months 72 Months
Frequency of Interest Payment Monthly Monthly Monthly Monthly Annual Annual Annual Annual Cumulative Cumulative Cumulative Cumulative
Minimum Application ₹ 10,000 (10 NCDs)
In multiples, of 1 NCD after minimum application
Face Value of NCDs (₹ /NCD) ₹ 1,000 (1 NCD)
Issue Price (₹ /NCD) ₹ 1,000 (1 NCD)
Mode of Interest Payment/Redemption Through various options available
Coupon (%) per annum 8.37% 8.52% 8.65% 8.75% 8.70% 8.85% 9.00% 9.10% NA NA NA NA
Coupon Type Fixed
Redemption Amount (₹ /NCD) ₹ 1,000 ₹ 1,000 ₹ 1,000 ₹ 1,000 ₹ 1,000 ₹ 1,000 ₹ 1,000 ₹ 1,000 ₹ 1,181.57 ₹ 1,289.99 ₹ 1,538.99 ₹ 1,686.76
Effective Yield (%) per annum 8.70% 8.85% 9.00% 9.10% 8.70% 8.84% 8.99% 9.10% 8.70% 8.85% 9.00% 9.10%
Put and Call Option NA
Nature of Indebtedness Secured

MUTHOOT FINCORP LIMITED Company Financials

Particulars
H1 FY26
FY 25
FY 24
Revenue from Operations
6,850.00
12,980.00
10,860.00
Total Income
7,120.00
13,420.00
11,240.00
EBITDA
4,050.00
7,650.00
6,250.00
EBITDA Margin (%)
59.10%
59.00%
57.50%
Profit After Tax
2080
3,980.00
3,210.00
Profit After Tax Margin (%)
30.40%
30.70%
29.60%
Return on Equity (%)
21.80%
23.40%
22.10%
Net Debt / Equity
3.6x
3.7x
3.8x
Net Debt / EBITDA
4.2x
4.1x
4.3x
Amount in Rs. Crore

Prospectus Document

Official Red Herring Prospectus (RHP)

For detailed company and issue information

Disclaimer: This report has been prepared by RR Equity Brokers Private Ltd. The information in this report is collected from various public sources. RR Equity Brokers is not responsible for any loss or damage that may result from using this information or from investment risks.

SEBI Registration No: NSE Cash: INB231219636 | SEBI Registration No: NSE Derivative: INF231219636 | SEBI Registration No: BSE Cash: INB011219632 | SEBI Registration No: MCX-SX: INE261219636 | SEBI Registration No: NSE Currency: INE231219636 | SEBI Registration No: USE: INE271219631 | SEBI Registration No: CDSL: IN-DP-CDSL-3242005 | NCDEX Membership No: 00635 | MCX Membership No: 28850 | NSEL Membership No: 10650 | RBI Registration No: NBFC: N-14.03215 | IRDA Registration Number : CB-066/03 | AMFI Registration No : ARN -0032| SEBI Registration No: Merchant Banker: INM000007508

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