{"id":13295,"date":"2026-04-27T05:34:41","date_gmt":"2026-04-27T05:34:41","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=13295"},"modified":"2026-04-27T05:34:41","modified_gmt":"2026-04-27T05:34:41","slug":"muthoot-fincorp-limited-ncd-ipo-3","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo-3\/","title":{"rendered":"Muthoot Fincorp Limited NCD IPO"},"content":{"rendered":"<p><b>Summary:<\/b><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: Coupon ranges from 8.51% to 9.25% 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<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 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo-3\/#Muthoot_Fincorp_Limited_NCD_IPO_Issue_Overview\" >Muthoot Fincorp Limited NCD IPO: Issue Overview<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo-3\/#Muthoot_Fincorp_NCD_Interest_Rates_and_Effective_Yields\" >Muthoot Fincorp NCD Interest Rates and Effective Yields:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo-3\/#Understanding_the_Allocation_Ratio\" >Understanding the Allocation Ratio:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo-3\/#How_to_Invest_in_Muthoot_Fincorp_NCD_IPO_via_GoldenPi\" >How to Invest in Muthoot Fincorp NCD IPO via GoldenPi ?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo-3\/#Financial_Overview_of_Muthoot_Fincorp_Limited\" >Financial Overview of Muthoot Fincorp Limited:<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo-3\/#Snapshot_stating_the_Revenue_Expenses_PAT_and_Net-worth_In_crores\" >Snapshot stating the Revenue, Expenses, PAT and Net-worth (In crores):<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo-3\/#Cash_Flow_Analysis_In_crore\" >Cash Flow Analysis (In crore):<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo-3\/#Ratio_Analysis\" >Ratio Analysis:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo-3\/#Should_You_Invest_Pros_and_Cons_of_Muthoot_Fincorp_NCD\" >Should You Invest? Pros and Cons of Muthoot Fincorp NCD<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo-3\/#Pros\" >Pros:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo-3\/#Cons\" >Cons:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo-3\/#Must_Check_To_get_better_returns_than_Bank_FDs_invest_in_NCD-IPOs_online\" >Must Check: To get better returns than Bank FDs, invest in NCD-IPOs online.<\/a><\/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-3\/#About_Muthoot_Fincorp_Limited\" >About Muthoot Fincorp Limited:<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo-3\/#Strengths\" >Strengths:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo-3\/#Weakness\" >Weakness:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-fincorp-limited-ncd-ipo-3\/#Invest_Now_Invest_in_Bond_IPO_online_in_just_5_minutes\" >Invest Now: Invest in Bond IPO online in just 5 minutes<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Muthoot_Fincorp_Limited_NCD_IPO_Issue_Overview\"><\/span><b>Muthoot Fincorp Limited NCD IPO: Issue Overview<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Muthoot Fincorp Limited is issuing Secured, Redeemable Non-Convertible Debentures (NCDs). This issue is a strategic opportunity for investors looking for fixed-income assets with a high degree of safety.<\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Credit Rating:<\/b><span style=\"font-weight: 400;\"> AA-\/Positive (CRISIL) and AA\/Stable (BWR)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Yield Range:<\/b><span style=\"font-weight: 400;\"> 8.84% to 9.25% p.a.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Tenures:<\/b><span style=\"font-weight: 400;\"> 24, 36, 60, and 120 months.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Nature:<\/b><span style=\"font-weight: 400;\"> Secured and Redeemable.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>High Yield\u00a0|\u00a0CRISIL AA-\/Positive &amp; BWR AA\/Stable Rated | Minimum Investment: 10k Only<\/b><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\" wp-image-13306 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27051321\/Bond-Overview-copy-1-256x300.png\" alt=\"\" width=\"583\" height=\"683\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27051321\/Bond-Overview-copy-1-256x300.png 256w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27051321\/Bond-Overview-copy-1-873x1024.png 873w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27051321\/Bond-Overview-copy-1-768x901.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27051321\/Bond-Overview-copy-1-1310x1536.png 1310w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27051321\/Bond-Overview-copy-1.png 1487w\" sizes=\"(max-width: 583px) 100vw, 583px\" \/><\/p>\n<h2><\/h2>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Muthoot_Fincorp_NCD_Interest_Rates_and_Effective_Yields\"><\/span><strong>Muthoot Fincorp NCD Interest Rates and Effective Yields:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The NCDs are being issued in twelve different series to cater to different investor needs, ranging from short-term liquidity to long-term wealth compounding<\/span><\/p>\n<p><img decoding=\"async\" class=\" wp-image-13297 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27044702\/Issue-Stucture-300x165.png\" alt=\"Muthoot Fincorp Ltd NCD IPO\" width=\"740\" height=\"407\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27044702\/Issue-Stucture-300x165.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27044702\/Issue-Stucture-1024x564.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27044702\/Issue-Stucture-768x423.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27044702\/Issue-Stucture.png 1098w\" sizes=\"(max-width: 740px) 100vw, 740px\" \/><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Understanding_the_Allocation_Ratio\"><\/span><strong>Understanding the Allocation Ratio:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\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. Once the IPO subscription closes, applications will be divided into different categories.<\/span><\/p>\n<p><img decoding=\"async\" class=\" wp-image-13298 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27044812\/Allocation-Ratio-1-300x178.png\" alt=\"Muthoot Fincorp Ltd NCD IPO\" width=\"704\" height=\"418\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27044812\/Allocation-Ratio-1-300x178.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27044812\/Allocation-Ratio-1-1024x607.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27044812\/Allocation-Ratio-1-768x455.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27044812\/Allocation-Ratio-1-1536x910.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27044812\/Allocation-Ratio-1.png 1922w\" sizes=\"(max-width: 704px) 100vw, 704px\" \/><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Invest_in_Muthoot_Fincorp_NCD_IPO_via_GoldenPi\"><\/span><strong>How to Invest in Muthoot Fincorp NCD IPO via GoldenPi ?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Investing in Bond IPOs is now seamless. Follow these easy steps:<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Log in to <\/span><a href=\"https:\/\/goldenpi.com\/\"><span style=\"font-weight: 400;\">GoldenPi<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Look for the Search option and type Muthoot Fincorp<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Select Muthoot Fincorp NCD IPO\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Choose your series and apply via UPI.<\/span><\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\" wp-image-13299 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27045020\/Investment-Process-1-300x120.png\" alt=\"Muthoot Fincorp Ltd NCD IPO\" width=\"638\" height=\"255\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27045020\/Investment-Process-1-300x120.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27045020\/Investment-Process-1-768x306.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27045020\/Investment-Process-1.png 906w\" sizes=\"(max-width: 638px) 100vw, 638px\" \/><\/p>\n<h2><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Financial_Overview_of_Muthoot_Fincorp_Limited\"><\/span><b>Financial Overview <\/b><b>of Muthoot Fincorp Limited:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A deep dive into the company\u2019s balance sheet reveals a consistent growth trajectory in revenue and net worth.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Snapshot_stating_the_Revenue_Expenses_PAT_and_Net-worth_In_crores\"><\/span><strong>Snapshot stating the Revenue, Expenses, PAT and Net-worth (In crores):<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img decoding=\"async\" class=\" wp-image-13300 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27045145\/Finacials-300x181.png\" alt=\"Muthoot Fincorp Ltd NCD IPO\" width=\"703\" height=\"424\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27045145\/Finacials-300x181.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27045145\/Finacials-1024x619.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27045145\/Finacials-768x464.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27045145\/Finacials-1536x929.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27045145\/Finacials.png 1778w\" sizes=\"(max-width: 703px) 100vw, 703px\" \/><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Cash_Flow_Analysis_In_crore\"><\/span><b>Cash Flow Analysis (In crore)<\/b><b>:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\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<p><img decoding=\"async\" class=\" wp-image-13301 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27045336\/Cashflow-1-300x164.png\" alt=\"Muthoot Fincorp Ltd NCD IPO\" width=\"693\" height=\"379\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27045336\/Cashflow-1-300x164.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27045336\/Cashflow-1-1024x559.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27045336\/Cashflow-1-768x420.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27045336\/Cashflow-1-1536x839.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27045336\/Cashflow-1.png 1854w\" sizes=\"(max-width: 693px) 100vw, 693px\" \/><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Ratio_Analysis\"><\/span><b>Ratio Analysis:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img decoding=\"async\" class=\" wp-image-13302 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27045446\/Ratio-analysis-table%402x-300x186.png\" alt=\"Muthoot Fincorp Ltd NCD IPO- Ratio Analysis \" width=\"695\" height=\"431\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27045446\/Ratio-analysis-table%402x-300x186.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27045446\/Ratio-analysis-table%402x-1024x636.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27045446\/Ratio-analysis-table%402x-768x477.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27045446\/Ratio-analysis-table%402x-1536x954.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27045446\/Ratio-analysis-table%402x.png 1800w\" sizes=\"(max-width: 695px) 100vw, 695px\" \/><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Should_You_Invest_Pros_and_Cons_of_Muthoot_Fincorp_NCD\"><\/span><b>Should You Invest? Pros and Cons of Muthoot Fincorp NCD<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Pros\"><\/span><b>Pros:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><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.<\/span><span style=\"font-weight: 400;\">\n<p><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Secured NCDs<\/b><b>:<\/b> <span style=\"font-weight: 400;\">Senior secured NCDs provide safety in comparison to unsecured NCDs.\n<p><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><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 style=\"font-weight: 400;\" aria-level=\"1\"><b>Competitive yields<\/b><span style=\"font-weight: 400;\">: up to 9.25% vs bank FDs.\u200b\n<p><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><b>Wide tenor and payout options: <\/b><span>Monthly to Cumulative<\/span><\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Cons\"><\/span><b>Cons:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Exposure to Gold Loan Volatility:<\/b><span style=\"font-weight: 400;\"> A large portion (approx. 88%) of business depends on gold loan pricing and demand cycles. Any adverse movement in collateral value could impact collections.<\/span><span style=\"font-weight: 400;\">\n<p><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Interest Rate Risk:<\/b><span style=\"font-weight: 400;\"> More pronounced in longer tenors (60-72 months).<br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<b><\/b><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><b>Structural Subordination and Security Dilution:<\/b> <span>These NCDs are \u201c<\/span><b>subservient&#8221;<\/b><span> meaning if the company fails, major secured creditors (like Banks) get paid first and you only get what\u2019s left over; additionally, you must share those remaining <\/span><b>assets equally with all other NCD holders (Pari-Passu)<\/b><span>, which reduces your individual chance of being fully repaid in case company defaults.<\/span><\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Must_Check_To_get_better_returns_than_Bank_FDs_invest_in_NCD-IPOs_online\"><\/span><span style=\"font-weight: 400;\"><strong>Must Check:<\/strong> <\/span><a href=\"https:\/\/goldenpi.com\/bond-better-return-fds\"><b>To get better returns than Bank FDs, invest in NCD-IPOs online.<\/b><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<h2><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><\/h2>\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 <\/span><b>primarily<\/b><span style=\"font-weight: 400;\"> offers small-ticket<\/span><b> \u201cgold loans\u201d against household gold jewellery<\/b><span style=\"font-weight: 400;\">, a segment where it has over two decades of experience.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Muthoot Fincorp Ltd, the flagship entity of the diversified<\/span><b> Muthoot Pappachan Group <\/b><span style=\"font-weight: 400;\">(also known as <\/span><b>Muthoot Blue Group<\/b><span style=\"font-weight: 400;\">), 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 3,781 branches (31st March, 2026) across 25 states and union territories, with key presence in Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, and Maharashtra.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\"><br \/>\n<\/span><b><br \/>\n<\/b><b><\/b><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"Strengths\"><\/span><b>Strengths:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\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 aria-level=\"1\"><b>Predominantly secured retail portfolio:<\/b> Approx. <span style=\"font-weight: 400;\">97% of AUM is secured, with <strong>approx.<\/strong> 88% backed by gold jewellery and ~9% through mortgages (home loans and LAP), supporting a low-risk, small-ticket retail lending model with strong collateral cover and high recoverability.<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>Adequate Capitalisation: <\/b><span style=\"font-weight: 400;\">Net worth stood at \u20b95,825 Cr as of 9M FY26, supported by strong internal accruals. Gearing is moderate at 6.20x, while a healthy CRAR of 18.17% (<\/span><b>vs. RBI minimum requirement of 15%<\/b><span style=\"font-weight: 400;\">) provides adequate buffers to support growth and maintain financial stability.\n<p><\/span><\/li>\n<li aria-level=\"1\"><b>AUM Growth: <\/b><span style=\"font-weight: 400;\">AUM rose to \u20b949,268 Cr as of 9M FY26 (vs \u20b932,055 Cr in FY25 &amp; \u20b921,955 Cr in FY24).<\/span> <span style=\"font-weight: 400;\">The efficiency at the branch level also saw a significant boost, with AUM\/branch increasing to \u20b96.97 Cr in FY25 (vs \u20b94.74 Cr in FY22).\n<p><\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>Improving profitability profile: <\/b><span style=\"font-weight: 400;\">PAT increased to\u00a0 \u20b91057 Cr in 9M FY26 (vs\u00a0 \u20b9787 Cr in FY25 &amp; \u20b9563 Cr in FY24), with Return on Managed Assets (RoMA) improving to\u00a0 2.9% in 9M FY26 (vs 2.3% in FY25 &amp; 2.1% in FY24), driven by strong core gold loan performance.<\/span><span style=\"font-weight: 400;\">\n<p><\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\"><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>Healthy Asset Quality : <\/b><span style=\"font-weight: 400;\">GNPA improved to 1.34% (9M FY26) vs 1.98% (FY25), reflecting strong collection efficiency and low delinquencies in the gold loan book.<\/span><span style=\"font-weight: 400;\">\n<p><\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Diversified\u00a0 funding profile: <\/b><span style=\"font-weight: 400;\">Funding is well diversified, with access to a wide network of PSU Banks (SBI, PNB, BoB) and private banks (HDFC, Axis, IndusInd, Federal), alongside capital market instruments (NCDs, ECBs, Subdebt, CP), supporting funding stability and refinancing flexibility.<\/span><span style=\"font-weight: 400;\">\n<p><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Strong liquidity:<\/b><span style=\"font-weight: 400;\"> As of Dec 2025, Muthoot Fincorp had liquidity of \u20b93,166 Cr (\u20b92,321 Cr cash &amp; equivalents + \u20b9845 Cr undrawn CC\/WCDL), with positive ALM gaps in the up to 1-year bucket, comfortably covering near-term debt repayments of \u20b92,686 Cr over the next three months.<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Weakness\"><\/span><b>Weakness:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Regional Concentration Risk: <\/b><span style=\"font-weight: 400;\">Around 55% of business comes from just five states (Karnataka, Tamil Nadu, Telangana, Andhra Pradesh, and Maharashtra). This makes the company vulnerable to local economic issues, though this is an improvement from 70% in 2019.\n<p><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><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 (RBI\u2019s LTV ratio) or sharp volatility in gold prices.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"list-style-type: none;\"><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Invest_Now_Invest_in_Bond_IPO_online_in_just_5_minutes\"><\/span><strong>Invest Now: <\/strong><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><\/h3>\n<p><span style=\"font-weight: 400;\"><strong>Source:<\/strong> Tranche III Prospectus April 21, 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 27\/04\/2026 based on information available on Tranche III Prospectus April 21, 2026<\/span><span style=\"font-weight: 400;\">.<\/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 have no influence on the investment\/sale decisions of any investors.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary: Muthoot Fincorp Limited is issuing the Non-Convertible Debentures. These NCDs are AA-\/Positive rated by CRISIL and AA\/Stable by Brickwork Ratings. The&hellip;<\/p>\n","protected":false},"author":12,"featured_media":13304,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[113],"tags":[],"class_list":["post-13295","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>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-3\/\" \/>\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-3\/\" \/>\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=\"2026-04-27T05:34:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/04\/27050948\/Blog-Banner-1.png\" \/>\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\/png\" \/>\n<meta name=\"author\" content=\"Abhijit Roy, CEO &amp; 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