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The rating agency for this Bond is India Ratings.
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Aye Finance Jul '28
₹99,869.97YTM
10.50%Tenure left
23 monthsInterest payout
MonthlyPrincipal payout
MaturityBond details
Minimum investment₹99,869.97
Date of maturity28 Jul 2028
ISININE501X07745
Bond typeSenior Secured
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About
Aye Finance Limited (formerly Aye Finance Private Limited) is a Non-Banking Financial Company (NBFC) that commenced operations in 2014, targeting the underpenetrated micro and small enterprise segment. The company employs a cluster-based credit underwriting approach to provide working capital and business expansion loans to micro-enterprises with annual turnovers ranging between INR 1 million and INR 10 million. Its product suite consists of hypothecation loans, mortgage loans, and quasi-mortgage loans. On February 16, 2026, Aye Finance listed on the BSE and NSE following an Initial Public Offering (IPO). As of FYE26, the company operates 571 branches across 21 states with an Assets Under Management (AUM) of INR 70.44 billion;
Pros and Cons
Pros
Cons
Strengthened Capitalisation Profile: The company significantly enhanced its capital base by raising INR 7.1 billion through its IPO in FY26, bringing its tangible net worth to INR 24.75 billion and maintaining a comfortable leverage ratio of 2.03x.
Increasing Portfolio Securitisation: Aye Finance has actively increased its secured portfolio mix to ~60% in FY26, driven by the expansion of its mortgage product where portfolio share nearly tripled compared to FY24.
Diversified Funding Base: The company maintains borrowing relationships with approximately 62 lenders/investors, reducing its reliance on NCDs to 21.3% of total debt while increasing the share of bank term loans and securitisations.
Robust IT Infrastructure and Digitised Processes: Operations are supported by an end-to-end paperless onboarding process, cluster-based cash flow assessment algorithms, and dedicated in-house collection teams.
Geographically Diversified Operations: The loan book is well-spread across 21 states, with the top three states (Bihar, Uttar Pradesh, and Rajasthan) accounting for less than 44% of total combined exposure.
Other details
Clean price₹99,496.00
Dirty price₹99,870.00
Current yield9.80%
Security cover1.05X of POS
Issue sizeNA
Original bond tenure23 months
TrusteeCatalyst Trusteeship Limited (Formerly GDA Trusteeship Limited)
Mode of issueNCD
Listed onNSE
Listing date29 Jul 2026
Coupon rate9.75%
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