{"id":9654,"date":"2025-07-18T06:18:03","date_gmt":"2025-07-18T06:18:03","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=9654"},"modified":"2026-04-14T12:07:44","modified_gmt":"2026-04-14T12:07:44","slug":"muthoot-mercantile-limited-ncd-ipo-july-2025-should-you-invest","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo-july-2025-should-you-invest\/","title":{"rendered":"MUTHOOT MERCANTILE LIMITED NCD IPO \u2013 July 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-july-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-july-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-july-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-july-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-july-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-july-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-july-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-july-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-july-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-july-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-july-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-july-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-july-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-july-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-july-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-july-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;\"><a href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/muthoot-mercantile-limited-ncd-ipo-2\/\">Muthoot Mercantile Limited<\/a> is issuing the Non-Convertible Debentures. These NCDs are BBB\/Stable rated by India Ratings and Research. The NCDs are being issued in five series: coupon ranges from 9.5% to 10.25% p.a. and different tenures of 400 days, 36 months, and 73 months. The NCDs are senior secured and redeemable in nature. <\/span><\/p>\n<p><img decoding=\"async\" class=\"size-full wp-image-9655 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060357\/Screenshot-2025-07-18-113245.png\" alt=\"\" width=\"667\" height=\"791\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060357\/Screenshot-2025-07-18-113245.png 667w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060357\/Screenshot-2025-07-18-113245-253x300.png 253w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060357\/Screenshot-2025-07-18-113245-585x694.png 585w\" sizes=\"(max-width: 667px) 100vw, 667px\" \/><\/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-9656 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060502\/Picture1-1-1024x317.png\" alt=\"\" width=\"1024\" height=\"317\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060502\/Picture1-1-1024x317.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060502\/Picture1-1-300x93.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060502\/Picture1-1-768x238.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060502\/Picture1-1-1536x476.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060502\/Picture1-1-2048x634.png 2048w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060502\/Picture1-1-1170x362.png 1170w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060502\/Picture1-1-1920x595.png 1920w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060502\/Picture1-1-585x181.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=\" wp-image-9658 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060714\/vyh-1-1024x855.png\" alt=\"\" width=\"560\" height=\"468\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060714\/vyh-1-1024x855.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060714\/vyh-1-300x250.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060714\/vyh-1-768x641.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060714\/vyh-1-1170x976.png 1170w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060714\/vyh-1-585x488.png 585w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060714\/vyh-1.png 1535w\" sizes=\"(max-width: 560px) 100vw, 560px\" \/><\/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-9659 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060753\/Picture2-4-1024x729.png\" alt=\"\" width=\"1024\" height=\"729\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060753\/Picture2-4-1024x729.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060753\/Picture2-4-300x213.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060753\/Picture2-4-768x547.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060753\/Picture2-4-1536x1093.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060753\/Picture2-4-1170x833.png 1170w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060753\/Picture2-4-1920x1366.png 1920w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060753\/Picture2-4-585x416.png 585w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060753\/Picture2-4.png 1994w\" 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-9660 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060817\/Screenshot-2025-07-18-112637.png\" alt=\"\" width=\"802\" height=\"437\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060817\/Screenshot-2025-07-18-112637.png 802w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060817\/Screenshot-2025-07-18-112637-300x163.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060817\/Screenshot-2025-07-18-112637-768x418.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060817\/Screenshot-2025-07-18-112637-585x319.png 585w\" sizes=\"(max-width: 802px) 100vw, 802px\" \/><\/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-9661 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060835\/Table-Format-2.png\" alt=\"\" width=\"900\" height=\"427\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060835\/Table-Format-2.png 900w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060835\/Table-Format-2-300x142.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060835\/Table-Format-2-768x364.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/07\/18060835\/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 NCD 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 <a href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-securities\/what-is-a-coupon-rate\/\">coupon rate<\/a> is between 9.5% to 10.25% 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;\">High Gold Loan Concentration \u2013 Vulnerable to gold price volatility and regulatory changes in gold financing.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Limited Lender Diversification \u2013 Relies on only five major lenders, increasing refinancing risk.<\/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;\">Muthoot Mercantile Limited (MML) 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 <a href=\"https:\/\/goldenpi.com\/blog\/fixed-deposit\/sovereign-gold-bond-vs-fd\/\">gold.<\/a><\/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\"><span style=\"font-weight: 400;\">Robust Capital Base: Muthoot Mercantile Limited (MML) reported a strong capital adequacy ratio (CAR) of 25.4% in FY25, significantly higher than regulatory mandates, ensuring a solid risk cushion.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Controlled Asset Quality: Gross NPAs stood at 1% and net NPAs at 0.4% by FY25-end, up slightly from FY24 (0.3% and 0.15%). The increase was attributed to a temporary IT-related issue, now resolved.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Strong Parental Backing: As part of the Muthoot Pappachan Group, MML benefits from established brand credibility and operational synergies.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Stable Profitability: Despite a dip in net interest margin (NIM) to 10% (FY24: 11.2%) due to higher funding costs (11.4% vs. 10.7%), MML posted a PAT of \u20b9280.8 million in FY25, with an RoA of 3.14%.<\/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\"><span style=\"font-weight: 400;\">High Funding Concentration Risk: MML\u2019s funding structure remains heavily reliant on a limited number of sources. Bank borrowings declined to 30% of total funding in FY25 (vs. 35.4% in FY24 and 47.4% in FY23), while non-convertible debentures (NCDs) gained a larger share. Notably, the company depends on just five lenders, increasing refinancing risks.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Exposure to Gold-Linked Risks: Nearly 99.5% of MML\u2019s AUM is tied to gold loans, making it vulnerable to fluctuations in gold prices and potential regulatory shifts in gold financing policies.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Commodity &amp; Regulatory Vulnerabilities: The heavy dependence on gold loans exposes MML to commodity price volatility and changes in gold lending regulations, which could impact profitability and asset quality.<\/span><\/li>\n<\/ul>\n<h1><\/h1>\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>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\"><strong>Source-<\/strong> Prospectus July 12, 2025<\/span><\/p>\n<p><strong>Disclaimer- <\/strong><span style=\"font-weight: 400;\">The information is published as on date 07\/18\/2025 based on information available on Prospectus July 12, 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<p>&nbsp;<\/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":12070,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[113,152],"tags":[],"class_list":["post-9654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ncd-ipo","category-muthoot-finance"],"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 July 2025, should you invest? - GoldenPi | Blogs<\/title>\n<meta name=\"description\" content=\"MUTHOOT MERCANTILE LIMITED NCD IPO \u2013 July 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-july-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 July 2025, should you invest? 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