Muthoot Fincorp NCD Tranche 1 February 2026 is a secured NCD public issue aggregating up to ₹600 crore under a ₹2,737.04 crore shelf, offering AA-/AA (Stable/Positive) rated debentures with effective yields up to 9.10% across 24-72 month tenors. As part of the established Muthoot Group gold loan NBFC, this tranche provides retail and HNI investors access to high fixed-income returns from a well-rated lender with nationwide presence.​

Muthoot Fincorp NCD IPO Overview

Muthoot Fincorp Ltd, incorporated in 1997, is a leading non-deposit-taking NBFC specialising in gold loans for personal and business needs, alongside foreign exchange services and wind energy generation. As of December 2025, it operates 3,757 branches across 25 states with 35.38 lakh loan accounts, employing 29,663 staff. The NCDs are secured, rated AA- (Positive) by CRISIL and AA (Stable) by Brickwork, indicating high safety and very low credit risk.​

Issue Timeline and Size

• Open date: February 3, 2026
• Close date: February 16, 2026
• Listing: BSE
• Tranche size: ₹600 crore (base ₹200 crore + oversubscription up to ₹400 crore).​
• Minimum investment: ₹10,000 (10 NCDs at ₹1,000 face value).​

Series and Yields

All series are secured NCDs with monthly, annual or cumulative options:​

Series	Tenor	Payout	Coupon p.a.	Effective Yield p.a.	Maturity Amount (₹1,000)
1	24M	Monthly	8.37%	8.70%	1,000
2	36M	Monthly	8.52%	8.85%	1,000
3	60M	Monthly	8.65%	9.00%	1,000
4	72M	Monthly	8.75%	9.10%	1,000
5	24M	Annual	8.70%	8.70%	1,000
6	36M	Annual	8.85%	8.84%	1,000
7	60M	Annual	9.00%	8.99%	1,000
8	72M	Annual	9.10%	9.10%	1,000
9	24M	Cumulative	NA	8.70%	1,181.57
10	36M	Cumulative	NA	8.85%	1,289.99
11	60M	Cumulative	NA	9.00%	1,538.99
12	72M	Cumulative	NA	9.10%	1,686.76

 

Ratings and Allocation

Ratings reflect high safety: CRISIL AA- (Positive), Brickwork AA (Stable).​

NCD Allocation:​

Category	%
Institutional	10%
Non-Institutional	20%
HNI	40%
Retail	30%

 

Financial Snapshot

Muthoot Fincorp maintains robust scale and profitability.​

Key Figures (₹ crore):

• Assets: ₹45,456 (Mar 2025) vs ₹38,704 (Mar 2024)
• Total Income: ₹8,511 (Mar 2025) vs ₹6,554 (Mar 2024)
• PAT: ₹608 (Mar 2025) vs ₹1,048 (Mar 2024)
• Net Worth: ₹6,363 (Mar 2025) vs ₹5,811 (Mar 2024).​

How to invest in the NCD IPO :-

Retail investors (up to ₹5 lakh) can apply via NSEgoBID and BSEDirect online platforms or through select intermediaries and brokers that support NCD IPO applications. The process generally includes:​

• Logging into Bondskart
• Entering bid details (series, quantity, price) and providing DP and bank/ASBA or UPI credentials.
• Approving the UPI mandate (for UPI‑based applications) to confirm the bid.​

The minimum investment is typically 10 NCDs (₹10,000), with subsequent orders in multiples of one NCD as per standard public NCD norms. Post‑closure, allotment status can be checked on BSE or the registrar’s website using PAN or Aadhaar details, and NCDs are credited to the demat account on allotment.​

Strengths of the NCD IPO :-

• Established Muthoot Group NBFC with 3,757 branches nationwide.​
• Secured NCDs with AA-/AA ratings (high safety).​
• Competitive yields up to 9.10% vs bank FDs.​
• Wide tenor and payout options (monthly to cumulative).​
• Strong asset quality in gold loans (35L+ accounts).​
• Diversified revenue (gold loans, FX, wind energy).​
• Healthy allocation for retail (30%) and HNI (40%).​

Risks

• Gold price volatility impacts loan portfolio value.​
• NBFC sector regulatory changes (RBI norms).​
• Interest rate risk on longer tenors (60-72M).​
• No early redemption except via secondary market/call option.​
• Credit concentration in gold loans.​
• Liquidity risk if secondary trading volumes low.​

FAQs

Q1. What are the Muthoot Fincorp NCD dates?
Opens February 3, 2026; closes February 16, 2026; lists on BSE.​

Q2. What is the minimum investment?
₹10,000 for 10 NCDs (face value ₹1,000 each).​

Q3. What yields are offered?
Effective yields range 8.70%-9.10% across 24-72 month secured tenors.​

Q4. Are the NCDs secured?
Yes, all series are secured, rated AA-/AA by CRISIL/Brickwork.​

Q5. How to apply online?
Via NSEgoBID/BSE Direct or brokers (Nuvama, Angel One) using ASBA/UPI for retail up to ₹5 lakh.​

Q6. What is the allocation?
10% institutional, 20% non‑institutional, 40% HNI, 30% retail.​

Q7. Can I exit early?
Listed on BSE for secondary trading; check for call options in offer document.​