Muthoot Fincorp NCD
Rates, tenures, credit rating and current status of the non-convertible debentures (NCDs) issued by Muthoot Fincorp Limited, updated at each new issue.
Muthoot Fincorp NCD issues on our tracker
| Issue | Dates | Yield (p.a.) | Tenure | Rating | Security | Issue size | Minimum |
|---|---|---|---|---|---|---|---|
| Muthoot Fincorp LtdTranche VSEBI filing: Tranche V prospectus ↗Secured by a subservient charge on loan receivables and current assets, which ranks behind the company’s existing secured lenders. | 8–22 Sep 2026 | 8.89–9.25% | 2 yrs – 6 yrs | Crisil AA/Stable; BWR AA+/Stable | Secured | ₹350 cr + ₹350 cr green shoe | ₹10,000 |
| Muthoot Fincorp LtdTranche IVSEBI filing: Tranche IV prospectus ↗Secured by a subservient charge on loan receivables and current assets, which ranks behind the company’s existing secured lenders. | 19 Jun – 3 Jul 2026 | 8.84–9.25% | 2 yrs – 6 yrs | Crisil AA/Stable; BWR AA/Stable | Secured | ₹200 cr + ₹400 cr green shoe | ₹10,000 |
| Muthoot Fincorp LtdTranche IIISEBI filing: Tranche III prospectus ↗Secured by a subservient charge on loan receivables and current assets, which ranks behind the company’s existing secured lenders. | 24 Apr – 8 May 2026 | 8.84–9.25% | 2 yrs – 6 yrs | Crisil AA-/Positive; BWR AA/Stable | Secured | ₹200 cr + ₹400 cr green shoe | ₹10,000 |
| Muthoot Fincorp LtdTranche IISEBI filing: Tranche II prospectus ↗Secured by a subservient charge on loan receivables and current assets, which ranks behind the company’s existing secured lenders. | 13–23 Mar 2026 | 8.69–9.10% | 2 yrs – 6 yrs | Crisil AA-/Positive; BWR AA/Stable | Secured | ₹200 cr + ₹400 cr green shoe | ₹10,000 |
| Muthoot Fincorp LtdTranche ISEBI filing: Tranche I prospectus ↗Secured by a subservient charge on loan receivables and current assets, which ranks behind the company’s existing secured lenders. | 3–16 Feb 2026Closed early on 10 Feb 2026 | 8.70–9.10% | 2 yrs – 6 yrs | Crisil AA-/Positive; BWR AA/Stable | Secured | ₹200 cr + ₹400 cr green shoe | ₹10,000 |
From each issue’s prospectus on SEBI. Open and closed are worked out from the dates. All upcoming NCD issues
Muthoot Fincorp Limited (MFL) is a non-deposit-taking, systemically important NBFC and the flagship company of the Kerala-based Muthoot Pappachan Group, popularly branded "Muthoot Blue" and led by chairman Thomas John Muthoot. Its core business is gold loans, supplemented by microfinance (through its listed subsidiary Muthoot Microfin), vehicle finance, housing finance and money-transfer services. As of 31 March 2026 the group reported consolidated assets under management of roughly Rs 78,281 crore (up about 52% year-on-year from Rs 51,535 crore), of which the gold-loan book was about Rs 50,738 crore, or roughly 65% of AUM. Muthoot Fincorp's overall standalone gross NPAs were low at about 1.03% as of March 2026, improved from 1.98% a year earlier.
Crucially, Muthoot Fincorp is a DIFFERENT company from Muthoot Finance Ltd. Muthoot Finance is the larger, stock-exchange-listed gold-loan NBFC run by "The Muthoot Group" (the M.G. George Muthoot branch of the family); Muthoot Fincorp belongs to the Muthoot Pappachan / Muthoot Blue branch and its own equity is unlisted. The two are constantly confused because both carry the Muthoot name and both issue retail NCDs, but they are separate businesses with separate balance sheets, managements and credit ratings. Because MFL's equity is unlisted, it raises retail debt capital through secured NCD public issues on the BSE, which it does several times a year, offering fixed-income yields above bank FDs in exchange for taking NBFC credit risk.
Credit rating: Crisil AA/Stable and Brickwork Ratings AA+/Stable on the September 2026 (Tranche V) NCDs. Brickwork's rating was AA/Stable for Tranche IV (June 2026); Crisil upgraded Muthoot Fincorp's long-term rating to AA/Stable from AA-/Positive on 9 Jun 2026. Verify the current rating on crisilratings.com before investing.
Latest issue - Tranche V (September 2026): key terms
| Parameter | Detail |
|---|---|
| Issue | Tranche V under the shelf prospectus dated 29 Jan 2026 (shelf limit Rs 3,000 cr) |
| Dates | Opened 8 Sep 2026; scheduled to close 22 Sep 2026 |
| Type | Secured, redeemable, non-convertible debentures (subservient charge on loan receivables and current assets) |
| Face value | Rs 1,000 per NCD |
| Minimum application | 10 NCDs (Rs 10,000) |
| Issue size | Rs 350 cr base + Rs 350 cr green shoe = up to Rs 700 cr |
| Coupon range | 8.56% - 9.25% p.a. |
| Effective yield | 8.89% - 9.25% p.a. |
| Tenures | 24 / 36 / 60 / 72 months |
| Credit rating | Crisil AA/Stable; Brickwork Ratings AA+/Stable |
| Listing | BSE |
| Lead manager | Nuvama Wealth Management Ltd |
| Registrar | Integrated Registry Management Services Pvt Ltd |
| Debenture trustee | Vardhman Trusteeship Pvt Ltd |
From the Tranche V prospectus filed with SEBI (3 Sep 2026). The charge is subservient: it ranks behind the company's existing secured lenders. An issue can close early if it fills up.
Tranche V (September 2026) - series-wise coupon & effective yield
| Series | Interest payment | Tenure | Coupon (% p.a.) | Effective yield (% p.a.) |
|---|---|---|---|---|
| 1 | Monthly | 24 months | 8.56% | 8.90% |
| 2 | Monthly | 36 months | 8.75% | 9.10% |
| 3 | Monthly | 60 months | 8.84% | 9.20% |
| 4 | Monthly | 72 months | 8.88% | 9.24% |
| 5 | Annual | 24 months | 8.90% | 8.89% |
| 6 | Annual | 36 months | 9.10% | 9.09% |
| 7 | Annual | 60 months | 9.20% | 9.19% |
| 8 | Annual | 72 months | 9.25% | 9.24% |
| 9 | Cumulative | 24 months | - | 8.90% |
| 10 | Cumulative | 36 months | - | 9.10% |
| 11 | Cumulative | 60 months | - | 9.20% |
| 12 | Cumulative | 72 months | - | 9.25% |
Same rates for every investor category. Cumulative series pay no periodic interest and redeem at a stepped-up maturity value. This is the issue coupon, not the secondary-market yield - check the live price on the BSE.
Tranche IV (June 2026): key terms
| Parameter | Detail |
|---|---|
| Issue | Tranche IV under MFL's FY26 shelf prospectus |
| Status | Closed (opened 19 Jun 2026, closed 3 Jul 2026) |
| Type | Secured, redeemable, non-convertible debentures |
| Face value | Rs 1,000 per NCD |
| Minimum application | 10 NCDs (Rs 10,000) |
| Issue size | Rs 200 cr base + Rs 400 cr oversubscription = up to Rs 600 cr |
| Coupon range | 8.51% - 9.25% p.a. |
| Effective yield | 8.84% - 9.25% p.a. |
| Tenures | 24 / 36 / 60 / 72 months |
| Credit rating | CRISIL AA/Stable; Brickwork Ratings AA/Stable |
| Listing | BSE |
| Registrar | Integrated Registry Management Services Pvt Ltd |
| Debenture trustee | Vardhman Trusteeship Pvt Ltd |
Terms of the closed Tranche IV, from its prospectus filed with SEBI (16 Jun 2026).
Tranche IV (June 2026) - series-wise coupon & effective yield
| Series | Interest payment | Tenure | Coupon (% p.a.) | Effective yield (% p.a.) |
|---|---|---|---|---|
| 1 | Monthly | 24 months | 8.51% | 8.84% |
| 2 | Monthly | 36 months | 8.65% | 8.99% |
| 3 | Monthly | 60 months | 8.79% | 9.15% |
| 4 | Monthly | 72 months | 8.88% | 9.24% |
| 5 | Annual | 24 months | 8.85% | 8.84% |
| 6 | Annual | 36 months | 9.00% | 8.99% |
| 7 | Annual | 60 months | 9.15% | 9.14% |
| 8 | Annual | 72 months | 9.25% | 9.24% |
| 9 | Cumulative | 24 months | - | 8.85% |
| 10 | Cumulative | 36 months | - | 9.00% |
| 11 | Cumulative | 60 months | - | 9.15% |
| 12 | Cumulative | 72 months | - | 9.25% |
Series as printed in the Tranche IV prospectus. Cumulative series pay no periodic interest and redeem at a stepped-up maturity value.
Recent Muthoot Fincorp NCD tranches (2026)
| Tranche | Issue period | Coupon range (p.a.) | Max effective yield | Status |
|---|---|---|---|---|
| Tranche I | 3-16 Feb 2026 (closed early on 10 Feb) | 8.37% - 9.10% | 9.10% | Closed / listed |
| Tranche II | 13-23 Mar 2026 | 8.37% - 9.10% | 9.10% | Closed / listed |
| Tranche III | 24 Apr - 8 May 2026 | 8.51% - 9.25% | 9.25% | Closed / listed |
| Tranche IV | 19 Jun - 3 Jul 2026 | 8.51% - 9.25% | 9.25% | Closed / listed |
| Tranche V | 8-22 Sep 2026 | 8.56% - 9.25% | 9.25% | Closed (scheduled 22 Sep 2026) |
MFL issues secured NCDs several times a year under successive shelf prospectuses. Coupons drift with market rates and the issuer's rating; higher tenures pay more.
How to apply or buy
- During a live public issue: apply online via ASBA/UPI through your stockbroker or bank. Most brokers (Zerodha, Groww, Angel One, ICICI Direct, HDFC Securities and others) list open NCDs under their 'IPO' or 'Bonds' section; pick the series, enter quantity (minimum 10 NCDs = Rs 10,000) and authorise the UPI/ASBA mandate. Retail NCDs are allotted first-come-first-served, so popular issues can close before the official end date.
- No Muthoot Fincorp issue is open as of 28 Sep 2026 (Tranche V was scheduled to close 22 Sep 2026). To buy the already-listed NCDs, use the secondary market: search the ISIN/scrip on the BSE through any demat account and place a limit order. Listed NCDs often trade thinly, so the live price and yield can differ from the issue coupon and large orders may move the price.
- Interest and maturity proceeds are paid directly to your registered bank account and the NCDs are held in your demat account. Coupon income is fully taxable at your income-tax slab rate; TDS can be deducted on it (the exemption for listed debentures ended in April 2023), and the income must be declared either way.
- To check allotment for a past issue, use the registrar (Integrated Registry Management Services) or the BSE website with your PAN, application number or demat details.
The risk
Muthoot Fincorp NCDs are secured against the company's receivables, but "secured" is not the same as "safe": these are corporate debentures, not bank deposits, and are NOT covered by DICGC deposit insurance. At CRISIL/Brickwork AA/Stable they are investment-grade but still a notch below the top AAA tier, and repayment depends entirely on MFL's continued financial health. Risks flagged by CRISIL (Jun 2026) include heavy geographic concentration in South India (~55% of the gold book), asset-quality stress in the non-gold segments (microfinance and vehicle finance) and elevated gearing of about 6.4x. The core gold-loan book is well-collateralised and MFL's overall standalone (company-wide) GNPA is low at ~1.03%, which supports the rating, but a sharp fall in gold prices or deterioration in the non-gold segments could pressure it. NBFC NCDs can and do default (for example the unrelated TruCap NCD default in 2025), so size any position accordingly, diversify across issuers, and do not treat the coupon as guaranteed.
Sources
- SEBI - Muthoot Fincorp Tranche V prospectus (3 Sep 2026): https://www.sebi.gov.in/filings/debt-offer-document/sep-2026/muthoot-fincorp-limited-tranche-v-prospectus_104295.html
- SEBI - Muthoot Fincorp Tranche IV prospectus (16 Jun 2026): https://www.sebi.gov.in/filings/debt-offer-document/jun-2026/tranche-iv-prospectus-muthoot-fincorp-limited_102422.html
- SEBI - Muthoot Fincorp Tranche III prospectus (21 Apr 2026): https://www.sebi.gov.in/filings/debt-offer-document/apr-2026/muthoot-fincorp-limited-tranche-iii-prospectus_101089.html
- SEBI - Muthoot Fincorp Tranche II prospectus (10 Mar 2026): https://www.sebi.gov.in/filings/debt-offer-document/mar-2026/muthoot-fincorp-limited-tranche-ii-prospectus_100733.html
- SEBI - Muthoot Fincorp Tranche I prospectus (29 Jan 2026): https://www.sebi.gov.in/filings/debt-offer-document/jan-2026/muthoot-fincorp-limited-tranche-i-prospectus_99385.html
- CRISIL Ratings - Muthoot Fincorp Limited rating rationale, 9 Jun 2026 (upgrade to CRISIL AA/Stable): https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/MuthootFincorpLimited_June%2009_%202026_RR_397959.html
- Chittorgarh - Muthoot Fincorp NCD Tranche IV June 2026 public issue detail: https://www.chittorgarh.com/bond/muthoot-fincorp-ncd-tranche-iv-june-2026/387/
- Groww - Muthoot Fincorp NCD Tranche IV June 2026 (dates, size, listing): https://groww.in/bonds/ipo/muthoot-fincorp-ncd-tranche-iv-june-2026
- IPO Watch - Muthoot Fincorp NCD Tranche IV June 2026 (series-wise coupons & yields): https://ipowatch.in/muthoot-fincorp-ncd-tranche-iv-june-2026/
- Business News This Week - Muthoot Fincorp Tranche IV, Rs 600 cr, 19 Jun-3 Jul 2026: https://businessnewsthisweek.com/business/muthoot-fincorp-limited-announces-ncd-tranche-iv-aims-to-raise-rs-60000-lakhs-subscription-open-from-june-19-to-july-3-2026/
- JM Financial Services - Muthoot Fincorp NCD Tranche II March 2026 (series table reference): https://www.jmfinancialservices.in/blogs-and-articles/muthoot-fincorp-ncd-tranche-ii-march-2026
- Muthoot Fincorp - Investors page (official): https://muthootfincorp.com/investors
- Wikipedia - Muthoot Pappachan Group (Muthoot Blue) vs The Muthoot Group distinction: https://en.wikipedia.org/wiki/Muthoot_Pappachan_Group
- BSE India (secondary-market price, allotment & listing verification): https://www.bseindia.com
NCDs are debt of a company and carry credit risk — you can lose money if the issuer defaults. This page is information, not investment advice; verify the current issue terms and credit rating before applying. Facts last verified September 2026.
All upcoming NCD issuesFrequently asked
What people ask about Muthoot Fincorp NCDs.
In the most recent issue (Tranche V, September 2026) coupons ranged from 8.56% to 9.25% per annum across 24, 36, 60 and 72-month tenures, and effective yields from 8.89% to 9.25%. The 72-month annual and cumulative series paid the most. Tranche IV in June paid a similar 8.84%-9.25%. Each new tranche carries fresh, market-linked rates.
It is relatively strong but not risk-free. The September 2026 NCDs are rated Crisil AA/Stable and Brickwork Ratings AA+/Stable - investment grade, a notch or two below the top AAA tier. They are secured, but by a subservient charge on loan receivables and current assets, which ranks behind the company's existing secured lenders. They are corporate debentures, not bank deposits: there is no DICGC deposit insurance and repayment depends on Muthoot Fincorp's financial health. The gold-loan book is well-collateralised and MFL's overall standalone GNPA is low at about 1.03%, but the group has asset-quality stress in microfinance and vehicle finance and elevated gearing, so treat these as higher-yield, higher-risk than an FD.
Check with the registrar, Integrated Registry Management Services, or on the BSE website using your PAN, application number or demat/client ID. Allotment follows a few working days after an issue closes, and the NCDs then appear in your demat holdings once they list on the BSE.
When an issue is open, apply online through your broker or bank using ASBA/UPI - select the series, enter at least 10 NCDs (Rs 10,000) and approve the mandate. No Muthoot Fincorp issue is open as of 28 Sep 2026, so to invest today you would buy the already-listed NCDs on the BSE secondary market through any demat account, checking the live price and yield before ordering.
They are from two different companies. Muthoot Fincorp Ltd is the unlisted flagship of the Muthoot Pappachan Group (Muthoot Blue); Muthoot Finance Ltd is the larger, stock-exchange-listed company of The Muthoot Group. Both issue retail NCDs and share the Muthoot name, but they have separate balance sheets, managements and credit ratings. Always confirm the exact issuer name and the ISIN before you apply, because their coupons and ratings differ.
Muthoot Fincorp issues NCDs several times a year - five tranches so far in 2026 (Feb, Mar, Apr, Jun and Sep). The latest, Tranche V, opened 8 Sep 2026, and no next date has been announced as of 28 Sep 2026. A new tranche needs a prospectus filed with SEBI a few days before it opens; our NCD tracker lists each one once it is filed.