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The rating agency for this Bond is CRISIL.
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Muthoot Microfin Limited Sep '28
₹10,024.11YTM
9.60%Tenure left
23 monthsInterest payout
MonthlyPrincipal payout
MaturityBond details
Minimum investment₹10,024.11
Date of maturity08 Sep 2028
ISININE046W07396
Bond typeSenior Secured
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About
Muthoot Microfin Limited (MML), a member of the Muthoot Pappachan Group (MPG), is a registered NBFC-MFI primarily engaged in providing microfinance loans to women through a joint-liability group (JLG) mechanism. Originating in 2010 as a division of Muthoot Fincorp Limited (MFL), the entity acquired Pancharatna Securities Ltd in 2011 and subsequently obtained its NBFC-MFI license from the RBI in March 2015. As of March 31, 2026, parent company MFL holds a 50.2% equity stake in MML. Operating across 19 states and union territories in India, MML manages an Assets Under Management (AUM) portfolio of Rs 14,006 crore and maintains a net worth of Rs 2,854 crore.;
Pros and Cons
Pros
Cons
MML benefits from strong financial, operational, and management support from its parent company, Muthoot Fincorp Limited (MFL), as well as a shared brand identity within the Muthoot Pappachan Group.
The company maintains an adequate capitalization profile, supported by a net worth of Rs 2,854 crore, a capital adequacy ratio of 23.9%, and a gearing level of 3.3 times as of March 31, 2026.
The entity features a well-diversified funding base spanning around 65 lenders across term loans (53%), securitization (22%), external commercial borrowings (14%), and non-convertible debentures (10%).
Asset quality metrics have demonstrated gradual recovery, with 90+ days past due improving to 5.3% and Gross NPAs declining to 3.9% as of March 31, 2026, backed by a provision coverage ratio of 71.5%.
Profitability rebounded strongly in fiscal 2026 to report a Profit After Tax of Rs 170 crore (RoMA of 1.1%), driven by an annualized RoMA of 1.7% in H2 FY26 and a significant reduction in credit costs to 3.0%.
Other details
Clean price₹10,006.37
Dirty price₹10,024.11
Current yield9.24%
Security cover1.00X of POS
Issue sizeNA
Original bond tenure24 months
TrusteeVardhman Trusteeship Private Limited
Mode of issueNCD
Listed onNSE
Listing date08 Sep 2026
Coupon rate9.25%
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