{"id":11648,"date":"2026-02-05T04:33:54","date_gmt":"2026-02-05T04:33:54","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=11648"},"modified":"2026-02-05T04:33:54","modified_gmt":"2026-02-05T04:33:54","slug":"muthoot-fincorp-limited-ncd-ipo","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo\/","title":{"rendered":"Muthoot Fincorp Limited NCD IPO"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo\/#High_Yield_CRISIL_AA-Positive_BWR_AAStable_Rated_Minimum_Investment_10K_Only\" >High Yield | CRISIL AA-\/Positive &amp; BWR AA\/Stable Rated | Minimum Investment: 10K Only<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo\/#Bond_overview\" >Bond overview:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo\/#Coupon_rates_and_effective_yield_for_each_of_the_series\" >Coupon rates and effective yield for each of the series:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo\/#Allocation_Ratio\" >Allocation Ratio:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo\/#Investment_Process_for_Muthoot_Fincorp_Limited_NCD_IPO\" >Investment Process for Muthoot Fincorp Limited NCD IPO:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo\/#Financial_Overview\" >Financial Overview:<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo\/#Snapshot_stating_the_Total_Income_Expenses_PAT_and_Net-worth_In_crores\" >Snapshot stating the Total Income , Expenses, PAT and Net-worth (In crores):<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo\/#Cash_flow_for_last_few_years_In_crores\" >Cash flow for last few years (In crores):\u00a0<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo\/#Ratio_Analysis\" >Ratio Analysis:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo\/#Issue_analysis\" >Issue analysis:<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo\/#Pros\" >Pros:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo\/#Cons\" >Cons:<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo\/#To_get_better_returns_than_Bank_FDs_invest_in_NCD-IPOs_online\" >To get better returns than Bank FDs, invest in NCD-IPOs online.\u00a0<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo\/#About_Muthoot_Fincorp_Limited\" >About Muthoot Fincorp Limited:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo\/#Key_Highlights\" >Key Highlights:<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo\/#Strengths\" >Strengths:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo\/#Weakness\" >Weakness:<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo\/#Invest_in_Bond_IPO_online_in_just_5_minutes\" >Invest in Bond IPO online in just 5 minutes<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"High_Yield_CRISIL_AA-Positive_BWR_AAStable_Rated_Minimum_Investment_10K_Only\"><\/span><strong>High Yield | CRISIL AA-\/Positive &amp; BWR AA\/Stable Rated | Minimum Investment: 10K Only<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h4><span class=\"ez-toc-section\" id=\"Bond_overview\"><\/span><b>Bond overview<\/b><b>:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Muthoot Fincorp Limited is issuing the Non-Convertible Debentures. These NCDs are AA-\/Positive rated by CRISIL and AA\/Stable by Brickwork Ratings. The NCDs are being issued in twelve series: yield ranges from 8.70% to 9.10% p.a. and different tenures of 24 Months, 36 Months, 60 Months &amp; 72 Months. The NCDs are secured and redeemable in nature.<\/span><\/p>\n<p><img decoding=\"async\" class=\"wp-image-11650 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04155006\/Bond-Overview-256x300.png\" alt=\"Muthoot Fincorp Ltd NCD IPO\" width=\"887\" height=\"1040\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04155006\/Bond-Overview-256x300.png 256w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04155006\/Bond-Overview-874x1024.png 874w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04155006\/Bond-Overview-768x900.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04155006\/Bond-Overview-1311x1536.png 1311w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04155006\/Bond-Overview.png 1532w\" sizes=\"(max-width: 887px) 100vw, 887px\" \/><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Coupon_rates_and_effective_yield_for_each_of_the_series\"><\/span><b>Coupon rates and effective yield for each of the series:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><img decoding=\"async\" class=\"wp-image-11654 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04155727\/Issue-Structure-300x130.png\" alt=\"Muthoot Fincorp Ltd NCD IPO\" width=\"889\" height=\"385\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04155727\/Issue-Structure-300x130.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04155727\/Issue-Structure-1024x445.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04155727\/Issue-Structure-768x334.png 768w\" sizes=\"(max-width: 889px) 100vw, 889px\" \/><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Allocation_Ratio\"><\/span><b>Allocation Ratio:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The allocation ratio is prepared based on norms laid down by SEBI. Before announcing the allocation ratio, the same has to be approved by SEBI.\u00a0 Once the IPO subscription closes, applications will be divided into different categories. The category-wise allocation ratio is always decided and declared during the launch of the particular IPO. Considering the Allocation Ratio, units will be assigned to applicants. Refer to the chart to know the application ratio for Muthoot Fincorp Ltd. NCD-IPO.<\/span><\/p>\n<p><img decoding=\"async\" class=\" wp-image-11655 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04160110\/Allocation-Ratio-300x178.png\" alt=\"Muthoot Fincorp Ltd NCD IPO\" width=\"877\" height=\"521\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04160110\/Allocation-Ratio-300x178.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04160110\/Allocation-Ratio-1024x607.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04160110\/Allocation-Ratio-768x455.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04160110\/Allocation-Ratio-1536x910.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04160110\/Allocation-Ratio.png 1922w\" sizes=\"(max-width: 877px) 100vw, 877px\" \/><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Investment_Process_for_Muthoot_Fincorp_Limited_NCD_IPO\"><\/span><b>Investment Process for Muthoot Fincorp Limited NCD IPO:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">You can invest in IPOs via GoldenPi in these easy steps.<\/span><\/p>\n<p><img decoding=\"async\" class=\" wp-image-11656 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04160420\/Investment-Process-300x120.png\" alt=\"Muthoot Fincorp Ltd - NCD IPO\" width=\"866\" height=\"346\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04160420\/Investment-Process-300x120.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04160420\/Investment-Process-768x306.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04160420\/Investment-Process.png 906w\" sizes=\"(max-width: 866px) 100vw, 866px\" \/><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Financial_Overview\"><\/span><b>Financial Overview:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h5><span class=\"ez-toc-section\" id=\"Snapshot_stating_the_Total_Income_Expenses_PAT_and_Net-worth_In_crores\"><\/span><b>Snapshot stating the Total Income , Expenses, PAT and Net-worth (In crores):<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><img decoding=\"async\" class=\" wp-image-11657 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04160641\/Financials-300x181.png\" alt=\"Muthoot Fincorp Ltd NCD IPO\" width=\"864\" height=\"521\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04160641\/Financials-300x181.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04160641\/Financials-1024x618.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04160641\/Financials-768x464.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04160641\/Financials-1536x928.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04160641\/Financials.png 1858w\" sizes=\"(max-width: 864px) 100vw, 864px\" \/><\/p>\n<p>&nbsp;<\/p>\n<h5><span class=\"ez-toc-section\" id=\"Cash_flow_for_last_few_years_In_crores\"><\/span><b>Cash flow for last few years (In crores):\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><img decoding=\"async\" class=\" wp-image-11658 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04160823\/Cashflow-300x164.png\" alt=\"Muthoot Fincorp Ltd NCD IPO\" width=\"921\" height=\"503\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04160823\/Cashflow-300x164.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04160823\/Cashflow-1024x559.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04160823\/Cashflow-768x420.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04160823\/Cashflow-1536x839.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04160823\/Cashflow.png 1854w\" sizes=\"(max-width: 921px) 100vw, 921px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Cash flow refers to the movement of cash in and out of the business at a specific point in time. It represents the net balance of the cash movement.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">*Cash flow from operating activities reflects the amount a company generates through its product of services.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">**Cash flow from investing activities reflects cash generated and spent relating to investing activities, like purchase of assets, sales of securities etc.<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">\u00a0 ***Cash flow from financing activities gives an insight into the financial stability of a company to its investors. It reflects <\/span><span style=\"font-weight: 400;\">the net flows\u00a0 \u00a0 of cash that are used to fund the company.<\/span><\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Ratio_Analysis\"><\/span><b>Ratio Analysis:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><img decoding=\"async\" class=\" wp-image-11660 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/05042843\/Ratio-Anlaysis-300x186.png\" alt=\"Muthoot Fincorp Ltd NCD IPO\" width=\"882\" height=\"547\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/05042843\/Ratio-Anlaysis-300x186.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/05042843\/Ratio-Anlaysis-1024x636.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/05042843\/Ratio-Anlaysis-768x477.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/05042843\/Ratio-Anlaysis-1536x953.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/05042843\/Ratio-Anlaysis.png 1801w\" sizes=\"(max-width: 882px) 100vw, 882px\" \/><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Issue_analysis\"><\/span><b>Issue analysis:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h5><span class=\"ez-toc-section\" id=\"Pros\"><\/span><b>Pros:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<ul>\n<li><b>Strong Credit Rating:<\/b><span style=\"font-weight: 400;\"> Rated CRISIL AA-\/Positive and BWR AA\/Stable, indicating high degree of safety and low credit risk\u200b.\n<p><\/span><\/li>\n<li><b>Secured NCDs<\/b><b>:<\/b> <span style=\"font-weight: 400;\">Backed by a subservient charge on loan receivables and current assets, offering security to debenture holders.\n<p><\/span><\/li>\n<li><b>Security Cover: <\/b><span style=\"font-weight: 400;\">The security cover required must be a minimum of 100% of the total of the outstanding principal balance of the NCDs and any accrued interest.\n<p><\/span><\/li>\n<li><b>Competitive yields<\/b><span style=\"font-weight: 400;\">: up to 9.10% vs bank FDs.\u200b\n<p><\/span><\/li>\n<li><b>Wide tenor and payout options: <\/b><span style=\"font-weight: 400;\">monthly to cumulative<br \/>\n<\/span><\/li>\n<li><b>Extensive Reach:<\/b><span style=\"font-weight: 400;\"> Over 3,736 branches across India ensures strong customer base and rural presence.<\/span><\/li>\n<\/ul>\n<h5><span class=\"ez-toc-section\" id=\"Cons\"><\/span><b>Cons:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<ul>\n<li><b>Exposure to Gold Loan Volatility:<\/b><span style=\"font-weight: 400;\"> A large portion (approx 87%) of business still depends on gold loan pricing and demand cycles.\n<p><\/span><\/li>\n<li><b>Asset Quality Pressure:<\/b><span style=\"font-weight: 400;\"> Any adverse movement in collateral value (especially gold) could impact collections.\n<p><\/span><\/li>\n<li><b>Interest Rate Risk:<\/b><span style=\"font-weight: 400;\"> More pronounced in longer tenors (60-72 months).<\/span><\/li>\n<\/ul>\n<h2><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"To_get_better_returns_than_Bank_FDs_invest_in_NCD-IPOs_online\"><\/span><a href=\"https:\/\/goldenpi.com\/bond-better-return-fds\"><b>To get better returns than Bank FDs, invest in NCD-IPOs online.\u00a0<\/b><\/a><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"About_Muthoot_Fincorp_Limited\"><\/span><b>About <\/b><b>Muthoot Fincorp Limited<\/b><b>:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Muthoot Fincorp Ltd. (MFL), incorporated in 1997 and registered with the RBI, is a Kerala-based, non-deposit taking NBFC. It primarily offers small-ticket gold loans against household gold jewellery, a segment where it has over two decades of experience. As of September 30, 2025, gold loans comprised approx 87% of its total loan book, reflecting a secured, retail-focused model.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Muthoot Fincorp Ltd, the flagship entity of the diversified Muthoot Pappachan Group (also known as Muthoot Blue Group), also provides secured and unsecured MSME lending. Beyond lending, the company offers mutual fund and insurance distribution, foreign exchange\/money transfer services, operates as a Category II Depository Participant of CDSL, and owns wind power assets in Tamil Nadu.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Its three subsidiaries are: Muthoot Housing Finance (affordable housing loans), Muthoot Microfin (micro credit to women entrepreneurs), and Muthoot Pappachan Technologies (IT services). MFL has a strong pan-India presence, operating approx 3,736 branches across 25 states and union territories, with key presence in Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, and Maharashtra.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Key_Highlights\"><\/span><b>Key Highlights:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h5><span class=\"ez-toc-section\" id=\"Strengths\"><\/span><b>Strengths:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<ul>\n<li><b>Experienced management &amp; strong promoter commitment: <\/b><span style=\"font-weight: 400;\">Promoters hold 99.86% equity stake, reflecting high confidence and long-term commitment; Muthoot Fincorp is part of the Muthoot Pappachan (Blue) Group with 138+ years legacy, backed by promoters\u2019 deep, multi-decade expertise in gold loan and retail lending.\n<p><\/span><\/li>\n<li><b>Predominantly secured retail portfolio: <\/b><span style=\"font-weight: 400;\">~96% of AUM is secured, with ~87% backed by gold jewellery and ~10% through mortgages (home loans and LAP), supporting a low-risk, small-ticket retail lending model with strong collateral cover and high recoverability.\n<p><\/span><\/li>\n<li><b>Adequate Capitalisation: <\/b><span style=\"font-weight: 400;\">Net worth stood at \u20b95,384 Cr as of Sept\u201925, supported by strong internal accruals. Gearing was moderate at 5.8x, while a healthy CRAR of 18.91% provides adequate buffers to support growth and maintain financial stability.\n<p><\/span><\/li>\n<li><b>Improving profitability profile: <\/b><span style=\"font-weight: 400;\">AUM per branch has improved to<\/span> <span style=\"font-weight: 400;\">\u20b96.97 Cr in FY25 from \u20b95.90 Cr in FY24. PAT increased to \u20b9787 Cr in FY25 from \u20b9563 Cr in FY24, with Return on Managed Assets (RoMA) improving to 2.3% (FY24: 2.1%), driven by strong core gold loan performance. Profitability remained stable in H1 FY26, with annualised RoMA of ~2.6%, supported by low credit costs and operating efficiency, reflecting resilient standalone earnings.\n<p><\/span><\/li>\n<li><b>Healthy Asset Quality : <\/b>Net-<span style=\"font-weight: 400;\">NPA (NNPA) improved to 0.76% as of Sept\u201925 from 1.28% in Mar\u201925, reflecting strong collection efficiency and low delinquencies in the gold loan book.\n<p><\/span><\/li>\n<li><b>Diversified\u00a0 funding profile: <\/b><span style=\"font-weight: 400;\">Funding is well diversified, with access to a wide network of PSU and private banks (including SBI, PNB, BoB, Axis bank, HDFC bank IndusInd, Federal Bank, among others), alongside capital market instruments (NCDs, ECBs, Subdebt, CP), supporting funding stability and refinancing flexibility.\n<p><\/span><\/li>\n<li><b>Strong liquidity:<\/b><span style=\"font-weight: 400;\"> As of Sep\u201925, Muthoot Fincorp had liquidity of \u20b93,063 Cr (\u20b92,457 Cr cash &amp; equivalents + \u20b9606 Cr undrawn CC\/WCDL), with positive ALM gaps in the up to 1-year bucket, comfortably covering near-term debt repayments of \u20b91,793 Cr over the next three months.<\/span><\/li>\n<\/ul>\n<h5><span class=\"ez-toc-section\" id=\"Weakness\"><\/span><b>Weakness:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<ul>\n<li><b>Geographical concentration risk: <\/b><span style=\"font-weight: 400;\">Despite a pan-India presence, ~56.3% of AUM is concentrated in five states &#8211; Karnataka (16.0%), Tamil Nadu (12.6%), Telangana (10.7%), Andhra Pradesh (8.6%) and Maharashtra (8.4%) &#8211; exposing the portfolio to regional economic and regulatory risks.<br \/>\n<\/span><\/li>\n<li><b>High reliance on the gold loan segment: <\/b><span style=\"font-weight: 400;\">While gold loans are a strength, high business concentration limits diversification benefits and makes earnings sensitive to regulatory changes or sharp volatility in gold prices.\n<p><\/span><\/li>\n<li><b>Asset quality pressure in microfinance segment: <\/b><span style=\"font-weight: 400;\">Microfinance GNPA increased, with 90+ dpd at 6.2% (June 2025) vs 5.6% (March 2025) and elevated credit costs (7.5% in FY25) vs (1.5% in FY24 &amp; 2.5% in FY23), driven by borrower overleveraging, elections, heat waves and localised collection challenges.\n<p><\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Invest_in_Bond_IPO_online_in_just_5_minutes\"><\/span><a href=\"https:\/\/goldenpi.com\/bond-ipo-online\"><b>Invest in Bond IPO online in just 5 minutes<\/b><\/a><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\"><strong><br \/>\nSource:<\/strong> Tranche I Prospectus Dated January 29, 2026<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><b>Disclaimer &#8211;<\/b> <span style=\"font-weight: 400;\">The information is published as on date 05\/02\/2026 based on information available on Tranche I Prospectus dated <\/span><span style=\"font-weight: 400;\">January 29, 2026.<\/span><span style=\"font-weight: 400;\"> The information may be subject to change in case of change in terms of prospectus or any other reason as the case may be. Contents which are exclusively for educational information\/knowledge sharing on capital market concepts and has no influence the investment\/sale decisions of any investors<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u00a0 \u00a0 \u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>High Yield | CRISIL AA-\/Positive &amp; BWR AA\/Stable Rated | Minimum Investment: 10K Only Bond overview: Muthoot Fincorp Limited is issuing the&hellip;<\/p>\n","protected":false},"author":12,"featured_media":11659,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[113,232,293],"tags":[],"class_list":["post-11648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ncd-ipo","category-corporate-bonds","category-bond-market-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Muthoot Fincorp Limited NCD IPO - GoldenPi | Blogs<\/title>\n<meta name=\"description\" content=\"Muthoot Fincorp Limited NCD IPO\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Muthoot Fincorp Limited NCD IPO - GoldenPi | Blogs\" \/>\n<meta property=\"og:description\" content=\"Muthoot Fincorp Limited NCD IPO\" \/>\n<meta property=\"og:url\" content=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo\/\" \/>\n<meta property=\"og:site_name\" content=\"GoldenPi | Blogs\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/goldenpitech\" \/>\n<meta property=\"article:published_time\" content=\"2026-02-05T04:33:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/04163313\/Blog-Banner%402x.png\" \/>\n\t<meta property=\"og:image:width\" content=\"2321\" \/>\n\t<meta property=\"og:image:height\" content=\"1101\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Abhijit Roy, CEO &amp; 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