{"id":12047,"date":"2026-02-25T12:39:15","date_gmt":"2026-02-25T12:39:15","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=12047"},"modified":"2026-02-25T12:39:15","modified_gmt":"2026-02-25T12:39:15","slug":"nashik-municipal-corporation-ncd-ipo","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/nashik-municipal-corporation-ncd-ipo\/","title":{"rendered":"NASHIK MUNICIPAL CORPORATION 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-4' ><li class='ez-toc-heading-level-4'><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-1\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/nashik-municipal-corporation-ncd-ipo\/#High_Yield_Crisil_AAStable_IND_AAStable_Rated_Minimum_Investment_10k_Only\" >High Yield | Crisil AA+\/Stable &amp; IND AA+\/Stable Rated | Minimum Investment: 10k Only<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/nashik-municipal-corporation-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\/nashik-municipal-corporation-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\/nashik-municipal-corporation-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\/nashik-municipal-corporation-ncd-ipo\/#Investment_Process_for_Nashik_Municipal_Corporation_NCD_IPO\" >Investment Process for Nashik Municipal Corporation 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\/nashik-municipal-corporation-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\/nashik-municipal-corporation-ncd-ipo\/#Snapshot_stating_the_Revenue_Expenses_and_PAT_In_Crores\" >Snapshot stating the Revenue, Expenses and PAT ( 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\/nashik-municipal-corporation-ncd-ipo\/#Cash_flow_for_last_few_years_In_Crores\" >Cash flow for last few years ( In Crores):<\/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\/nashik-municipal-corporation-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-10\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/nashik-municipal-corporation-ncd-ipo\/#_Pros\" >\u00a0Pros:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/nashik-municipal-corporation-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-12\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/nashik-municipal-corporation-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-13\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/nashik-municipal-corporation-ncd-ipo\/#About_Nashik_Municipal_Corporation\" >About Nashik Municipal Corporation:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/nashik-municipal-corporation-ncd-ipo\/#Strengths\" >Strengths:<\/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\/nashik-municipal-corporation-ncd-ipo\/#Weaknesses\" >Weaknesses:<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/nashik-municipal-corporation-ncd-ipo\/#Invest_in_Bond_IPO_online_in_just_5_minutes\" >Invest in Bond IPO online in just 5 minutes<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/nashik-municipal-corporation-ncd-ipo\/#Source-_Offer_Document_February_20_2026\" >Source- Offer Document February 20, 2026\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h4><span class=\"ez-toc-section\" id=\"High_Yield_Crisil_AAStable_IND_AAStable_Rated_Minimum_Investment_10k_Only\"><\/span><strong>High Yield | Crisil AA+\/Stable &amp; IND AA+\/Stable Rated | Minimum Investment: 10k Only<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"Bond_overview\"><\/span><strong>Bond overview:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Nashik Municipal Corporation<\/span> <span style=\"font-weight: 400;\">is offering unsecured, redeemable Non-Convertible Debentures (NCDs) that carry a provisional \u2018AA+\/Stable\u2019 credit rating from CRISIL and India Ratings and Research (IND). The issuance comprises eight STRPPs* with distinct tenors of 3,4,5,6,7,8,9 and 10 years, each having a face value of \u20b9125.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">*<\/span><span style=\"font-weight: 400;\">Separately Transferable and Redeemable Principal Parts (STRPPs)<\/span><span style=\"font-weight: 400;\"> are<\/span><span style=\"font-weight: 400;\"> a specialized bond structure where the principal amount of a single bond is split into multiple parts, each with its own maturity date and ability to be traded independently.<\/span><\/p>\n<p><img decoding=\"async\" class=\" wp-image-12059 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25065244\/Bond-Overview-Copy-262x300.png\" alt=\"Nashik Municipal Corporation NCD IPO\" width=\"798\" height=\"914\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25065244\/Bond-Overview-Copy-262x300.png 262w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25065244\/Bond-Overview-Copy-893x1024.png 893w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25065244\/Bond-Overview-Copy-768x881.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25065244\/Bond-Overview-Copy-1339x1536.png 1339w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25065244\/Bond-Overview-Copy.png 1544w\" sizes=\"(max-width: 798px) 100vw, 798px\" \/><\/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-12049 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25061651\/Issue-Structure-3-300x165.png\" alt=\"Nashik Municipal  Corporation NCD IPO\" width=\"1327\" height=\"730\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25061651\/Issue-Structure-3-300x165.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25061651\/Issue-Structure-3.png 1068w\" sizes=\"(max-width: 1327px) 100vw, 1327px\" \/><\/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 <\/span><span style=\"font-weight: 400;\">Nashik Municipal Corporation<\/span><span style=\"font-weight: 400;\"> NCD-IPO.<\/span><\/p>\n<p><img decoding=\"async\" class=\" wp-image-12050 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25061845\/Allocation-ratio-3-300x189.png\" alt=\"Nashik Municipal Corporation NCD IPO\" width=\"1309\" height=\"825\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25061845\/Allocation-ratio-3-300x189.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25061845\/Allocation-ratio-3-1024x645.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25061845\/Allocation-ratio-3-768x483.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25061845\/Allocation-ratio-3-1536x967.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25061845\/Allocation-ratio-3.png 1854w\" sizes=\"(max-width: 1309px) 100vw, 1309px\" \/><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Investment_Process_for_Nashik_Municipal_Corporation_NCD_IPO\"><\/span><b>Investment Process for<\/b><strong> Nashik Municipal Corporation<\/strong><b> 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 3 easy steps.<\/span><\/p>\n<p><img decoding=\"async\" class=\" wp-image-11500 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/16060509\/Screenshot-2025-10-17-211205-1-300x120.png\" alt=\"Nashik Municipal Corporation NCD IPO\" width=\"1291\" height=\"516\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/16060509\/Screenshot-2025-10-17-211205-1-300x120.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/16060509\/Screenshot-2025-10-17-211205-1-768x306.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/16060509\/Screenshot-2025-10-17-211205-1.png 906w\" sizes=\"(max-width: 1291px) 100vw, 1291px\" \/><\/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_Revenue_Expenses_and_PAT_In_Crores\"><\/span><b>Snapshot stating the Revenue, Expenses and PAT ( In Crores):<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><img decoding=\"async\" class=\" wp-image-12051 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25062302\/Financials-3-300x180.png\" alt=\"Nashik Municipal Corporation NCD IPO\" width=\"1304\" height=\"783\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25062302\/Financials-3-300x180.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25062302\/Financials-3-1024x615.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25062302\/Financials-3-768x461.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25062302\/Financials-3-1536x923.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25062302\/Financials-3.png 1653w\" sizes=\"(max-width: 1304px) 100vw, 1304px\" \/><\/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):<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><img decoding=\"async\" class=\" wp-image-12052 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25062502\/Cash-flow-copy-300x203.png\" alt=\"Nashik Municipal Corporation NCD IPO \" width=\"1313\" height=\"888\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25062502\/Cash-flow-copy-300x203.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25062502\/Cash-flow-copy-1024x693.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25062502\/Cash-flow-copy-768x520.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25062502\/Cash-flow-copy-1536x1040.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25062502\/Cash-flow-copy.png 1755w\" sizes=\"(max-width: 1313px) 100vw, 1313px\" \/><\/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=\"list-style-type: none;\">\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 style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">***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 of cash that are used to fund the company.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Issue_analysis\"><\/span><b>Issue analysis<\/b><span style=\"font-weight: 400;\">:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h5><span class=\"ez-toc-section\" id=\"_Pros\"><\/span><b>\u00a0<\/b><b>Pros:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Strong Credit Rating:<\/b><span style=\"font-weight: 400;\"> Rated AA+\/Stable by Crisil and India Ratings\u00a0 indicating high degree of safety and low credit risk\u200b.\n<p><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Attractive Coupon :<\/b> <span style=\"font-weight: 400;\">All STRPP (A,B,C,D,E,F,G &amp; H) carry an <\/span><b>8% coupon<\/b><span style=\"font-weight: 400;\">, competitive compared to FDs (5%-7.8%).\n<p><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Green Bond Incentives<\/b><span style=\"font-weight: 400;\">: Issuance under the <\/span><b>AMRUT 2.0 framework <\/b><span style=\"font-weight: 400;\">, with eligibility for central government incentives for green municipal bonds.\n<p><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Wide tenor : <\/b><span style=\"font-weight: 400;\">3,4,5,6,7,8,9 &amp; 10 Yrs providing flexibility to investors.\n<p><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Listing Benefit<\/b><span style=\"font-weight: 400;\">: Proposed to be listed on <\/span><b>NSE and BSE<\/b><span style=\"font-weight: 400;\">, improving liquidity for investors.\n<p><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Use of Proceeds<\/b><span>: Proceeds earmarked for sustainable infrastructure projects ( Water supply, waste processing, water treatment and Sanitation), aligning with ESG-focused investments.<\/span><\/li>\n<\/ul>\n<h5><span class=\"ez-toc-section\" id=\"Cons\"><\/span><b>Cons:<\/b><span style=\"font-weight: 400;\"><\/p>\n<p><\/span><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Municipal Risk Profile<\/b><span style=\"font-weight: 400;\">: Unlike corporate issuers, municipal corporations depend heavily on tax\/non-tax revenues and grants; delays or shortfalls in collection could affect servicing.\n<p><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Project Execution Risk<\/b><span style=\"font-weight: 400;\">: Funds are tied to multiple infrastructure projects; delays, cost overruns, or regulatory hurdles could impact repayment capacity.\n<p><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Interest Rate Risk<\/b><span style=\"font-weight: 400;\">: If interest rates rise significantly over 4-10 years, the fixed 8% coupon may become less attractive.\n<p><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Limited Investor Base<\/b><span style=\"font-weight: 400;\">: While open to retail, institutional appetite will largely drive liquidity and secondary market performance.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"To_get_better_returns_than_Bank_FDs_invest_in_NCD-IPOs_online\"><\/span><span style=\"font-weight: 400;\"><br \/>\n<\/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_Nashik_Municipal_Corporation\"><\/span><strong>About Nashik Municipal Corporation:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The Nashik Municipal Corporation (NMC), established on November 7, 1982, serves as the governing body for Nashik city in Maharashtra, India. Operating under the Bombay Provincial Municipal Corporation Act, 1949, the NMC is tasked with the administration and development of a 259.13 square kilometer area. Its key responsibilities encompass urban planning, infrastructure management, and providing essential civic services to its 1.49 million residents (based on the 2011 census). These services primarily include water supply, sewerage disposal, solid waste management, healthcare, and road maintenance.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Strengths\"><\/span><b>Strengths:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li aria-level=\"1\"><b>Strong Revenue Growth:<\/b><span style=\"font-weight: 400;\"> NMC has demonstrated consistent revenue growth, with income rising from \u20b92,025.45 crore in FY24 to \u20b92,312.91 crore in FY25. This increase is indicative of enhanced collections and improved operational efficiency.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Consistent Revenue Surplus:<\/b><span style=\"font-weight: 400;\"> NMC has maintained a healthy revenue surplus (\u20b9646.35 crore in FY25 vs 471.79 Crore in FY24), indicating strong operating performance and sound financial management.<\/span><span style=\"font-weight: 400;\">\n<p><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Healthy Cash Position:<\/b><span style=\"font-weight: 400;\"> Closing cash and bank balance stood at \u20b9915.17 crore in FY25 ( vs 868.11 crore in FY24 &amp; 732.53 crore in FY23), providing strong liquidity to fund infrastructure and development projects.\n<p><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Strong escrowed revenue-backed structure: <\/b><span style=\"font-weight: 400;\">Entire own-revenue collections (tax and non-tax) are escrowed with a clearly defined waterfall (<\/span><span style=\"font-weight: 400;\">money flows from one priority level down to the next)<\/span><span style=\"font-weight: 400;\">; escrow revenues increased to <\/span><b>\u20b9663.60 crore in FY25<\/b><span style=\"font-weight: 400;\"> (FY24: \u20b9448.50 Crore), providing adequate cover for debt servicing.\n<p><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Trustee-monitored payment discipline: <\/b><span style=\"font-weight: 400;\">All escrow, Interest payment A\/c (IPA) and <\/span><span style=\"font-weight: 400;\">Sinking Fund Account <\/span><b>(<\/b><span style=\"font-weight: 400;\">SFA) accounts are monitored by the debenture trustee, ensuring strong control on cash flows and timely servicing of bond obligations.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\"><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>Robust and well-defined debt servicing mechanism:<\/b><span style=\"font-weight: 400;\"> Structured payment mechanism with DSRA equivalent to one year of interest (in IPA) , SFA funded on priority basis; surplus withdrawal permitted only with trustee consent.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>Consistent operating surplus and low debt profile: <\/b><span style=\"font-weight: 400;\">Revenue surplus maintained over FY21-FY25 (<\/span>FY25 surplus: \u20b9687.90 Crore<span style=\"font-weight: 400;\">); NMC was <\/span><strong>debt-free for over five years<\/strong><span style=\"font-weight: 400;\"> prior to the current bond issuance, supporting strong DSCR comfort.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>Healthy own-revenue base with low reliance on grants: <\/b><span style=\"font-weight: 400;\">NMC relies primarily on its own revenues (property tax, water tax, fees, and user charges), showing limited dependence on government grants. Grant income was minimal, averaging ~3.3% from FY20 to FY25 (last 5 yrs), and fell to 1.76% in FY25.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>Superior liquidity position: <\/b><span style=\"font-weight: 400;\">Cash balances and unencumbered investments stood at \u20b91700.7 crore as of FY25; internal policy to maintain liquidity equivalent to three months of operating expenses; no principal repayment obligations in FY26-FY27.<\/span><\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Weaknesses\"><\/span><b>Weaknesses:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Moderate property tax collection efficiency: <\/b><span style=\"font-weight: 400;\">Overall property tax collection efficiency remained below 33% during FY21-FY25, impacted by rising arrears; current collection efficiency ranged 59-62%, though improvement initiatives are underway.<br \/>\n<\/span><b><br \/>\n<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>High dependence on assigned revenues (GST compensation): <\/b><span style=\"font-weight: 400;\">Assigned revenues averaged ~58% of total revenue (FY21-FY25), exposing cash flows to policy changes in inter-governmental transfers.<\/span><span style=\"font-weight: 400;\">\n<p><\/span><\/li>\n<li aria-level=\"1\"><b>Execution risk on capex and service upgrades: <\/b><span>Ongoing AMRUT-funded projects for water supply and sanitation need timely completion to translate into measurable service-level improvements.<\/span><\/li>\n<\/ul>\n<h1><span class=\"ez-toc-section\" id=\"Invest_in_Bond_IPO_online_in_just_5_minutes\"><\/span><span style=\"font-weight: 400;\"><br \/>\n<\/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><\/h1>\n<p>&nbsp;<\/p>\n<h5><span class=\"ez-toc-section\" id=\"Source-_Offer_Document_February_20_2026\"><\/span><b>Source-<\/b><span style=\"font-weight: 400;\"> Offer Document February 20, 2026\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><b>Disclaimer<\/b><span style=\"font-weight: 400;\"> &#8211; <\/span><span style=\"font-weight: 400;\">The information is published as on date<\/span> <span style=\"font-weight: 400;\">25\/02\/2026 based on information available on Offer document February 12, 2026. 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","protected":false},"excerpt":{"rendered":"<p>High Yield | Crisil AA+\/Stable &amp; IND AA+\/Stable Rated | Minimum Investment: 10k Only Bond overview: Nashik Municipal Corporation is offering unsecured,&hellip;<\/p>\n","protected":false},"author":12,"featured_media":12113,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[113],"tags":[],"class_list":["post-12047","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ncd-ipo"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NASHIK MUNICIPAL CORPORATION NCD IPO - GoldenPi | Blogs<\/title>\n<meta name=\"description\" content=\"NASHIK MUNICIPAL CORPORATION 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\/nashik-municipal-corporation-ncd-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NASHIK MUNICIPAL CORPORATION NCD IPO - GoldenPi | Blogs\" \/>\n<meta property=\"og:description\" content=\"NASHIK MUNICIPAL CORPORATION NCD IPO\" \/>\n<meta property=\"og:url\" content=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/nashik-municipal-corporation-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=\"2026-02-25T12:39:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/02\/25123412\/Blog-Banner.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1160\" \/>\n\t<meta property=\"og:image:height\" content=\"550\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Abhijit Roy, CEO &amp; 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