Rating
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The rating agency for this Bond is ACUITE.
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Keertana Finserv Ltd. Dec '28
YTM
12.10%Tenure left
26 monthsInterest payout
MonthlyPrincipal payout
Principal AmortizatiBond details
Minimum investment₹10,029.61
Date of maturity16 Dec 2028
ISININE0NES07352
Bond typeSenior Secured
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About
Keertana Finserv Limited (formerly Keertana Finserv Private Limited) is a Hyderabad-based NBFC that was incorporated in 1996 as Rajshree Tracom Pvt Ltd and received its RBI license in 2001. The current promoter, Ms. Padmaja Reddy, acquired the company in March 2022, subsequently purchasing a ~Rs. 205 crore gold loan and micro-enterprise portfolio from Spandana Mutual Benefit Trust (SMBT) & Spandana Rural and Urban Development Organization (SRUDO). Renamed Keertana Finserv Limited in April 2022, the company provides secured and responsible lending solutions catering primarily to retail customers and MSMEs in rural and semi-urban areas. As of March 31, 2026, the company operates a network of 474 branches across 6 states and manages an Assets Under Management (AUM) portfolio of Rs. 4,023.97 crore, with gold loans constituting ~94% of the book.;
Pros and Cons
Pros
Cons
Acuité Ratings assigned a long-term credit rating of 'ACUITE A-/Stable' to the company's proposed Rs. 300 crore Non-Convertible Debentures (NCDs).
The company benefits from a highly experienced promoter and management team, led by Ms. Padmaja Gangireddy, who previously founded and scaled Spandana Sphoorty Financial Limited.
Operations demonstrated significant scale-up, with AUM growing at a CAGR of over 80% in the past three financial years, reaching Rs. 4,023.97 crore as of March 31, 2026, driven by FY2026 disbursements of Rs. 15,092 crore.
Asset quality metrics remain healthy and stable, with Gross NPA at 0.99% and Net NPA at 0.50% as of March 31, 2026, supported by an on-time portfolio collection rate of 95.45%.
The company maintains a strong net worth of Rs. 863.25 crore as of March 31, 2026, backed by promoter capital infusions totaling Rs. 644 crore since inception, keeping CRAR comfortable at 23.85%.
Other details
Clean price₹10,039.23
Dirty price₹10,029.61
Current yield12.10%
Security cover--
Issue size-153.96Cr
Original bond tenure26 months
TrusteeMitcon Trusteeship Services Ltd
Mode of issueNCD
Listed onNSE
Listing date18 Sep 2026
Coupon rate11.70%
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