{"id":9407,"date":"2025-04-01T05:38:04","date_gmt":"2025-04-01T05:38:04","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=9407"},"modified":"2026-04-14T12:34:33","modified_gmt":"2026-04-14T12:34:33","slug":"muthoot-mercantile-limited-ncd-ipo-march-2025-should-you-invest","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo-march-2025-should-you-invest\/","title":{"rendered":"MUTHOOT MERCANTILE LIMITED NCD IPO \u2013 March 2025, should you invest?"},"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-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo-march-2025-should-you-invest\/#High_Yield_BBBStable_Rated_Minimum_Investment_10k_Only\" >High Yield\u00a0|\u00a0BBB\/Stable Rated\u00a0|\u00a0Minimum Investment: 10k Only<\/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-mercantile-limited-ncd-ipo-march-2025-should-you-invest\/#Muthoot_Mercantile_Limited_NCD_IPO_Coupon_rates_and_effective_yield_for_each_of_the_series\" >Muthoot Mercantile Limited NCD IPO: Coupon rates and effective yield for each of the series\u00a0<\/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-mercantile-limited-ncd-ipo-march-2025-should-you-invest\/#Allocation_Ratio\" >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-mercantile-limited-ncd-ipo-march-2025-should-you-invest\/#Investment_Process_for_Muthoot_Mercantile_Limited_NCD_IPO\" >Investment Process for Muthoot Mercantile Limited NCD IPO<\/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-mercantile-limited-ncd-ipo-march-2025-should-you-invest\/#Financial_Overview\" >Financial Overview<\/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-6\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo-march-2025-should-you-invest\/#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-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo-march-2025-should-you-invest\/#Cash_flow_for_last_few_years_In_crores\" >Cash flow for last few years (In crores)<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo-march-2025-should-you-invest\/#Ratio_Analysis\" >Ratio Analysis<\/a><\/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-mercantile-limited-ncd-ipo-march-2025-should-you-invest\/#Issue_analysis\" >Issue analysis<\/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-10\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo-march-2025-should-you-invest\/#Pros\" >Pros\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo-march-2025-should-you-invest\/#Cons\" >Cons\u00a0<\/a><\/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\/muthoot-mercantile-limited-ncd-ipo-march-2025-should-you-invest\/#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><\/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-mercantile-limited-ncd-ipo-march-2025-should-you-invest\/#About_Muthoot_Mercantile_Limited\" >About Muthoot Mercantile Limited\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-mercantile-limited-ncd-ipo-march-2025-should-you-invest\/#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\/muthoot-mercantile-limited-ncd-ipo-march-2025-should-you-invest\/#Weakness\" >Weakness<\/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\/muthoot-mercantile-limited-ncd-ipo-march-2025-should-you-invest\/#Invest_in_Bond_IPO_online_in_just_5_minutes\" >Invest in Bond IPO online in just 5 minutes<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"High_Yield_BBBStable_Rated_Minimum_Investment_10k_Only\"><\/span><b>High Yield\u00a0|\u00a0BBB\/Stable Rated\u00a0|\u00a0Minimum Investment: 10k Only<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Muthoot Mercantile Limited is issuing the Non-Convertible Debentures. These NCDs are BBB\/Stable rated by India Ratings and Research. The NCDs are being issued in nine series: <a href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-securities\/what-is-a-coupon-rate\/\">coupon<\/a> ranges from 10.00% to 11.00% p.a. and different tenures of 400 days, 36 months, and 73 months. The NCDs are senior secured and redeemable in nature.\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\"size-full wp-image-9408 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01052720\/Screenshot-2025-04-01-102208.png\" alt=\"\" width=\"676\" height=\"797\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01052720\/Screenshot-2025-04-01-102208.png 676w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01052720\/Screenshot-2025-04-01-102208-254x300.png 254w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01052720\/Screenshot-2025-04-01-102208-585x690.png 585w\" sizes=\"(max-width: 676px) 100vw, 676px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Muthoot_Mercantile_Limited_NCD_IPO_Coupon_rates_and_effective_yield_for_each_of_the_series\"><\/span><b>Muthoot Mercantile Limited NCD IPO: <\/b><b>Coupon rates and effective yield for each of the series\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img decoding=\"async\" class=\"size-large wp-image-9409 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01052740\/Picture1-1024x283.png\" alt=\"\" width=\"1024\" height=\"283\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01052740\/Picture1-1024x283.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01052740\/Picture1-300x83.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01052740\/Picture1-768x212.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01052740\/Picture1-1536x424.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01052740\/Picture1-2048x565.png 2048w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01052740\/Picture1-1170x323.png 1170w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01052740\/Picture1-1920x530.png 1920w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01052740\/Picture1-585x161.png 585w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Allocation_Ratio\"><\/span><b>Allocation Ratio<\/b><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.\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 Mercantile Limited NCD-IPO.\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\"size-large wp-image-9410 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01052838\/Picture2-1024x790.png\" alt=\"\" width=\"1024\" height=\"790\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01052838\/Picture2-1024x790.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01052838\/Picture2-300x232.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01052838\/Picture2-768x593.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01052838\/Picture2-1536x1185.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01052838\/Picture2-1170x903.png 1170w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01052838\/Picture2-585x451.png 585w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01052838\/Picture2.png 1652w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Investment_Process_for_Muthoot_Mercantile_Limited_NCD_IPO\"><\/span><b>Investment Process for <\/b><b>Muthoot Mercantile Limited<\/b><b> NCD IPO<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">You can invest in IPOs via GoldenPi in these easy steps.\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\"size-full wp-image-9201 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/12\/17112823\/Investment-flow.png\" alt=\"\" width=\"576\" height=\"218\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/12\/17112823\/Investment-flow.png 576w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/12\/17112823\/Investment-flow-300x114.png 300w\" sizes=\"(max-width: 576px) 100vw, 576px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Financial_Overview\"><\/span><b>Financial Overview<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h4><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><\/h4>\n<p><img decoding=\"async\" class=\"size-large wp-image-9411 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01053118\/Picture3-1024x615.png\" alt=\"\" width=\"1024\" height=\"615\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01053118\/Picture3-1024x615.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01053118\/Picture3-300x180.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01053118\/Picture3-768x461.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01053118\/Picture3-1536x922.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01053118\/Picture3-1170x702.png 1170w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01053118\/Picture3-1920x1153.png 1920w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01053118\/Picture3-585x351.png 585w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01053118\/Picture3.png 1972w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h4><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><\/h4>\n<p><img decoding=\"async\" class=\"size-full wp-image-9412 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01053339\/Screenshot-2024-08-23-164716.png\" alt=\"\" width=\"855\" height=\"485\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01053339\/Screenshot-2024-08-23-164716.png 855w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01053339\/Screenshot-2024-08-23-164716-300x170.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01053339\/Screenshot-2024-08-23-164716-768x436.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01053339\/Screenshot-2024-08-23-164716-585x332.png 585w\" sizes=\"(max-width: 855px) 100vw, 855px\" \/><\/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\"><b><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><\/b><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Ratio_Analysis\"><\/span><b>Ratio Analysis<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img decoding=\"async\" class=\"size-full wp-image-9413 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01053435\/Table-Format-2.png\" alt=\"\" width=\"900\" height=\"427\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01053435\/Table-Format-2.png 900w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01053435\/Table-Format-2-300x142.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01053435\/Table-Format-2-768x364.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/04\/01053435\/Table-Format-2-585x278.png 585w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Issue_analysis\"><\/span><b>Issue analysis<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h4><span class=\"ez-toc-section\" id=\"Pros\"><\/span><b>Pros\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The <a href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/not-sure-if-a-bond-is-safe\/\">NCD<\/a> is BBB rated security with a stable outlook.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The coupon rate is between 10% to 10.75% which is much higher than FDs.<\/span><\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Cons\"><\/span><b>Cons\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Significant dilution in tangible net worth due to significant losses<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Deterioration in the asset quality<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2 style=\"text-align: center;\"><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><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"About_Muthoot_Mercantile_Limited\"><\/span><b>About <\/b><b>Muthoot Mercantile Limited\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo-july-2025-should-you-invest\/\">Muthoot Mercantile Limited (MML)<\/a> was established as a Public Limited Company in 1997 and obtained registration as a Non-Banking Finance Company from the Reserve Bank of India in 2002. As a prominent NBFC, Muthoot Mercantile Limited serves as the flagship entity of the Muthoot Ninan Group, founded by the late M. Ninan Muthoot in 1939. The company specializes in providing loans secured against gold.<\/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 style=\"font-weight: 400;\" aria-level=\"1\"><b>Strong Loan Book Growth:<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\"> AUM grew ~30% YoY, reaching <\/span><b>INR 7.3 billion<\/b><span style=\"font-weight: 400;\"> in <\/span><b>Q1FY25<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Expanding Branch Network:<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\"> Added <\/span><b>50+ branches in FY23-FY24<\/b><span style=\"font-weight: 400;\">, taking the total to <\/span><b>264 branches<\/b><span style=\"font-weight: 400;\"> by March 2024.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Geographical Diversification:<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\"> Reduced concentration in Kerala &amp; Tamil Nadu to <\/span><b>21% of the loan book in FY24<\/b><span style=\"font-weight: 400;\"> (vs. 99.8% in FY19); expanded into states like MP, Punjab, Maharashtra, UP, and others.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Improving Profitability:<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\"> Net interest margin improved to <\/span><b>12.15% in FY24<\/b><span style=\"font-weight: 400;\"> (vs. 10.73% in FY23).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Rising Productivity:<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\"> Assets under management per branch increased to <\/span><b>INR 26 million in FY24<\/b><span style=\"font-weight: 400;\"> (vs. INR 22.9 million in FY23).<\/span><\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Weakness\"><\/span><b>Weakness<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Discontinued Product Line:<\/b><b><br \/>\n<\/b>Small-ticket personal loans (~2\u20133% of portfolio) discontinued in FY25; portfolio winding down (INR 40 million in June 2024 vs. INR 164 million in March 2024).<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>High Operating Expenses:<\/b><b><br \/>\n<\/b>Still in the process of scaling operations; Opex pressure remains until full branch-level maturity is achieved.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Co-lending Model Execution Risk:<\/b><b><br \/>\n<\/b>Exploring co-lending opportunities, which may carry operational and credit risk if not managed prudently.<\/li>\n<\/ul>\n<h1 style=\"text-align: center;\"><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><\/h1>\n<p><span style=\"font-weight: 400;\"><strong>Source-<\/strong> Prospectus March 24, 2025<\/span><\/p>\n<p><strong>Disclaimer- <\/strong><span style=\"font-weight: 400;\">The information is published as on date 04\/01\/2025 based on information available on Prospectus March 24, 2025. The information may be subject to change in case of change in terms of prospectus or any other reason as the case maybe. 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","protected":false},"excerpt":{"rendered":"<p>High Yield\u00a0|\u00a0BBB\/Stable Rated\u00a0|\u00a0Minimum Investment: 10k Only \u00a0 Muthoot Mercantile Limited is issuing the Non-Convertible Debentures. These NCDs are BBB\/Stable rated by India&hellip;<\/p>\n","protected":false},"author":4,"featured_media":11868,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[113],"tags":[],"class_list":["post-9407","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 MERCANTILE LIMITED NCD IPO \u2013 March 2025, should you invest? - GoldenPi | Blogs<\/title>\n<meta name=\"description\" content=\"MUTHOOT MERCANTILE LIMITED NCD IPO \u2013 March 2025, should you invest?\" \/>\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-mercantile-limited-ncd-ipo-march-2025-should-you-invest\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MUTHOOT MERCANTILE LIMITED NCD IPO \u2013 March 2025, should you invest? 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