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The rating agency for this Bond is ICRA Limited.
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Keertana Finserv May '28
₹9,874.95YTM
13.80%Tenure left
21 monthsInterest payout
MonthlyPrincipal payout
StructuredBond details
Minimum investment₹9,874.95
Date of maturity10 May 2028
ISININE0NES07303
Bond typeSenior Secured
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About
Keertana Finserv Private Limited (Keertana) is a non-deposit taking Non-Banking Financial Company (NBFC) that was originally incorporated in February 1996 as Rajshree Tracom Pvt Ltd and received its NBFC license in 2001. The company remained dormant until it was acquired by the current promoters at the end of March 2022, following RBI approval for a change in management and control. It commenced active operations in April 2022 by taking over assets from Spandana Mutual Benefit Trust (SMBT) and Spandana Rural and Urban Development Organization (SRUDO). Promoted by Ms. Padmaja Gangireddy, the founder and former MD of Spandana Sphoorty Financial Limited, the company now primarily focuses on gold loans. As of March 2026, Keertana operates a network of 474 branches with overall assets under management (AUM) of Rs. 4,023.9 crore.;
Pros and Cons
Pros
Cons
Keertana has achieved a robust scale-up in its operations, with overall assets under management (AUM) growing by 71% to reach Rs. 4,023.9 crore as of March 2026, up from Rs. 2,348.5 crore in March 2025.
The core gold loan segment, which constitutes 94% of the AUM, demonstrates highly stable asset quality with 90+ days past due (dpd) remaining at nil over the last three years and minimal auction losses incurred in FY2026.
The company maintains an adequate capitalisation profile for its current scale, supported by regular promoter equity infusions, including Rs. 195.4 crore in FY2026 and over Rs. 643 crore cumulatively over the past four years.
The business benefits from the strong, long-standing retail lending experience of its promoter, Ms. Padmaja Gangireddy, who brings vast expertise in handling microfinance, gold loans, LAP, and MSME loans.
Keertana features an adequate liquidity position with no cumulative mismatches in its asset-liability maturity (ALM) profile, maintaining cash and cash equivalents of Rs. 270.2 crore as of March 2026 to comfortably cover its upcoming debt repayments.
Other details
Clean price₹9,874.95
Dirty price₹9,874.95
Current yield12.15%
Security cover1.10X of POS
Issue size1.00Cr
Original bond tenure27 months
TrusteeMitcon Trusteeship Services Limited
Mode of issueNCD
Listed onNSE
Listing date10 Feb 2026
Coupon rate12.00%
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