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The rating agency for this Bond is CARE Ratings.
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Mahaveer Finance Aug '29
₹9,992.45YTM
11.80%Tenure left
35 monthsInterest payout
QuarterlyPrincipal payout
AnnualBond details
Minimum investment₹9,992.45
Date of maturity11 Aug 2029
ISININE911L07162
Bond typeSecured
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About
Mahaveer Finance India Limited (MFIL) was incorporated in 1981 as an NBFC-Asset Finance Company (now classified as NBFC-Investment and Credit Company) and was taken over by the current management in 1987. Promoted by Executive Vice Chairman Mahaveerchand Dugar, the company's executive operations are managed by MD & CEO Deepak Dugar and Deputy MD & CFO Praveen Dugar. As of June 30, 2025, the institutional equity base includes Banyan Tree Capital (20.10%), First Bridge India Growth Fund (23.34%), and Elevation Capital (16%), alongside promoter holding (36%). Headquartered in Chennai, MFIL specializes in vehicle financing—primarily used commercial vehicles, passenger vehicles, and construction equipment—with average ticket sizes around ₹5 lakh, interest rates around 24%, and loan tenors of 24 to 60 months. As of March 31, 2026, MFIL operates 107 branches across Tamil Nadu, Andhra Pradesh, Telangana, Pondicherry, and Karnataka, managing an Assets Under Management (AUM) base of ₹1,323.96 crore.;
Pros and Cons
Pros
Cons
The company possesses a long operational track record of over three decades in vehicle financing, guided by promoters with over five decades of domain experience.
Operations demonstrate consistent scale growth, with AUM expanding by 31% to ₹1,323.96 crore in FY26 (CAGR of 25% between FY21 and FY26) alongside an expanded network of 107 branches.
Profitability metrics remain stable and healthy, as profit after tax grew to ₹29.33 crore in FY26 with Return on Average Total Assets (ROTA) improving to 2.43%, supported by operational cost efficiencies.
Capitalization is strong and well-supported by regular investor equity infusions, including ₹173.50 crore raised in Q1FY26, bringing tangible net worth to ₹416.69 crore, Capital Adequacy Ratio to 37.16%, and gearing down to 2.23 times.
The company is executing strategic geographic expansion into Western India, backed by an agreement to acquire the ₹300-crore loan portfolio of Automony Finance via a slump sale transaction.
Other details
Clean price₹9,944.23
Dirty price₹9,992.45
Current yield11.06%
Security cover1.10X of POS
Issue sizeNA
Original bond tenure36 months
TrusteeCatalyst Trusteeship Limited (Formerly GDA Trusteeship Limited)
Mode of issueNCD
Listed onNSE
Listing date11 Aug 2026
Coupon rate11.00%
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