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The rating agency for this Bond is ICRA.
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Muthoot Mcred Ltd. Aug '29
₹9,777.80YTM
10.50%Tenure left
35 monthsInterest payout
MonthlyPrincipal payout
BulletBond details
Minimum investment₹9,777.80
Date of maturity07 Aug 2029
ISININE101Q07CB5
Bond typeSenior
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About
Muthoot MCred Limited (MMCL), formerly known as Muthoottu Mini Financiers Limited, is the flagship company of the Muthoottu Group and was established in 1998. The company is wholly owned by its promoters and promoter-held entities, benefiting from the group's long-standing operational track record of over six decades in the gold loan industry. MMCL primarily focuses on small-ticket, high-yielding gold loans—which account for 94.6% of its portfolio—while maintaining a small presence in microfinance (5.3%). As of March 2026, the company manages a loan portfolio of Rs. 6,625.1 crore across a pan-India network of 994 branches in 12 states and Union Territories.;
Pros and Cons
Pros
Cons
The company benefits from a long-standing group operational track record of over six decades in the gold loan business and a strong brand presence supported by an experienced senior leadership team.
MMCL maintains comfortable asset quality metrics, with gross stage 3 assets at 0.6% and overall 90+ days past due at 0.6% as of March 2026.
The earnings profile has steadily improved, with profit after tax increasing to Rs. 176.9 crore in FY2026 (PAT/AMA of 2.8%) from Rs. 94.2 crore in FY2025, supported by declining operating expense ratios.
The company maintains an adequate capitalization profile, supported by internal accruals and capital raises from promoter entities in the form of CCPS totaling Rs. 190.4 crore in FY2026 and Rs. 73.8 crore in Q1 FY2027.
Historical credit losses in the core gold loan portfolio remain limited due to liquid security cover, mark-to-market mechanisms, and auction recoveries ranging between 95% and 105% over the past four years.
Other details
Clean price₹9,813.47
Dirty price₹9,777.80
Current yield10.50%
Security cover--
Issue size134.53Cr
Original bond tenure36 months
TrusteeMitcon Trusteeship Services Ltd
Mode of issueNCD
Listed onNSE
Listing date07 Aug 2026
Coupon rate9.30%
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