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The rating of an issuer company reflects its past growth and performance. The rating increases when the company consistently performs well and decreases when it is not performing well.
The rating agency for this Bond is ICRA Limited.
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Keertana Finserv Oct '27
₹9,883.73YTM
13.70%Tenure left
14 monthsInterest payout
MonthlyPrincipal payout
StructuredBond details
Minimum investment₹9,883.73
Date of maturity24 Oct 2027
ISININE0NES07287
Bond typeSenior Secured
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About
Keertana Finserv Limited is a non-deposit-taking Non-Banking Financial Company (NBFC) that was originally incorporated in 1996 and acquired by its current promoter in March 2022. The company's business model was established through the acquisition of gold loan and MSME portfolios from Spandana-related entities. KFL provides a variety of financial products, including gold loans, joint liability group (JLG) loans, Loans Against Property (LAP), home loans, and unsecured loans. As of December 2025, the company operates through a network of 464 branches spread across six states.;
Pros and Cons
Pros
Cons
The company has demonstrated healthy growth, with Assets Under Management (AUM) increasing from INR 6.2 billion in FY23 to INR 33.92 billion in 9MFY26.
KFL is successfully transitioning its portfolio mix; the secured portion of the loan book rose to 96% in 9MFY26, up significantly from 49% at the end of FY24.
The promoter has an established track record of timely capital infusions, totaling INR 6.4 billion since inception, which supports continued growth momentum.
The promoter has over two decades of experience in the NBFC-MFI space and previously founded Spandana Sphoorty Financial Limited, providing deep insight into borrower behavior and lender relationships.
The company has a well-diversified funding mix with relationships across six banks, five small finance banks, and 35 NBFCs as of December 2025.
Other details
Clean price₹9,861.87
Dirty price₹9,883.73
Current yield11.55%
Security cover1.10X of POS
Issue size25.00L
Original bond tenure24 months
TrusteeMitcon Trusteeship Services Limited
Mode of issueNCD
Listed onNSE
Listing date24 Oct 2025
Coupon rate11.40%
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