Prachay Capital NCD
Rates, tenures, credit rating and current status of the non-convertible debentures (NCDs) issued by Prachay Capital Limited, updated at each new issue.
Prachay Capital NCD issues on our tracker
| Issue | Dates | Yield (p.a.) | Tenure | Rating | Security | Issue size | Minimum |
|---|---|---|---|---|---|---|---|
| Prachay Capital LtdPublic issueSEBI filing: prospectus ↗The company can call (repay early) every series at par after one year, so the longer tenures may not run to maturity. | 5–18 Jun 2026 | 12.96–13.52% | 3 yrs – 5 yrs | IVR BBB/Stable | Secured | ₹50 cr + ₹50 cr green shoe | ₹10,000 |
| Prachay Capital LtdPublic issueSEBI filing: prospectus ↗The company can call (repay early) every series at par after one year, so the longer tenures may not run to maturity. | 26 Feb – 12 Mar 2026 | 13.24–13.80% | 3 yrs – 5 yrs | Crisil BBB-/Stable | Secured | ₹50 cr + ₹50 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
Prachay Capital Limited is a Pune-based NBFC (non-deposit-taking investment and credit company, base layer) that lends to mid-sized businesses through private credit and corporate bonds, and raises money by selling what it calls high-yield fixed-income (HYFI) securities to investors. It was incorporated in 2017 as Pracaya Financial Services Private Limited and became a public company, Prachay Capital Limited, in 2024.
Its wholly owned subsidiary Prachay Securities Private Limited is a SEBI-registered debt-segment broker that acts as a lead broker for public NCD issues and runs Bondsmart, an online bond platform; the prospectus says one pilot trade had been done on it and buy/sell was not yet open to the public. Another subsidiary, Prachay Investment Managers Private Limited, manages a Category II AIF. On a consolidated basis Prachay reported profit after tax of ₹7.3 crore for the year to 31 March 2026, down from ₹12.5 crore, on assets under management of ₹453.5 crore, with no gross NPAs reported. These figures are from its May 2026 prospectus. It has run two public NCD issues in 2026 (February and June), both listed on the BSE.
Credit rating: IVR BBB/Stable from Infomerics on the June 2026 NCDs (rating letters dated 18 May 2026, rationale 19 May 2026); Infomerics describes it as a moderate degree of safety and moderate credit risk. The February 2026 issue was rated Crisil BBB-/Stable. Check the current rating on the agency's website before investing.
Latest issue - June 2026: key terms
| Parameter | Detail |
|---|---|
| Issue | Public issue of listed, rated, secured NCDs; prospectus filed with SEBI on 29 May 2026 |
| Dates | Opened 5 Jun 2026; scheduled to close 18 Jun 2026 |
| Type | Secured, redeemable, non-convertible debentures: a first-ranking pari passu charge on receivables, kept at a minimum security cover |
| Face value | ₹1,000 per NCD |
| Minimum application | 10 NCDs (₹10,000) |
| Issue size | ₹50 cr base + ₹50 cr green shoe = up to ₹100 cr |
| Coupon range | 12.25% - 12.75% p.a. (all series pay monthly) |
| Effective yield | 12.96% - 13.52% p.a. |
| Tenures | 36 / 48 / 60 months (maturing 22 Jun 2029, 2030 and 2031) |
| Call option | The company may redeem any series, in full or in part, at par plus accrued interest at any time after one year from allotment |
| Put option | None |
| Credit rating | IVR BBB/Stable (Infomerics) |
| Listing | BSE |
| Lead manager | SKI Capital Services Ltd |
| Registrar | KFin Technologies Ltd |
| Debenture trustee | Catalyst Trusteeship Ltd |
From the prospectus filed with SEBI on 29 May 2026. Its corrigendum (3 Jun 2026) replaced the prospectus's day-count illustrations for Series II and III; the coupons, dates and maturities shown here match it.
June 2026 issue - series-wise coupon & effective yield
| Series | Interest payment | Tenure | Coupon (% p.a.) | Effective yield (% p.a.) |
|---|---|---|---|---|
| I | Monthly | 36 months | 12.25% | 12.96% |
| II | Monthly | 48 months | 12.50% | 13.24% |
| III | Monthly | 60 months | 12.75% | 13.52% |
The effective yields assume the NCDs run to maturity. If the company calls a series after the first year, holders get their money back at par with accrued interest and stop earning the coupon from then.
How to apply or buy
- During a live public issue: apply online through your stockbroker or bank using ASBA or UPI. Brokers list open NCD issues under their IPO or bonds section; pick a series, enter at least 10 NCDs (₹10,000) and approve the mandate. Retail applications are allotted first come, first served, so an issue can close before its scheduled date.
- Between issues: NCDs from past issues are listed on the BSE and can be bought through a demat and trading account with access to the debt segment. Search by ISIN and place a limit order: trading is often thin, so the price and yield can differ from the issue terms.
- Interest and the maturity amount are paid to the bank account linked to your demat account. The interest is taxable income, and TDS may be deducted from it; the guide on how bonds are taxed, linked below, explains the rules.
- To check allotment for a past issue, use the registrar, KFin Technologies, or the BSE website, with your PAN or application number.
The risk
IVR BBB/Stable is near the bottom of investment grade, and the February 2026 issue was rated Crisil BBB-/Stable, the lowest investment-grade rating. Yields above 13% reflect that risk. These are a company's debentures, not bank deposits, so there is no DICGC deposit insurance and repayment depends on Prachay Capital's finances. The company is small (₹453.5 crore of assets under management and ₹7.3 crore of FY2026 profit, down from ₹12.5 crore), and it lends to mid-sized businesses that the prospectus describes as often underserved by traditional banking and debt capital markets. The call option works against holders: the company can repay at par after one year, most likely when it can borrow more cheaply, so the higher rates on the longer series may not last. Keep any position small, spread money across issuers, and do not treat the coupon as guaranteed.
Sources
- SEBI - Prachay Capital Ltd, prospectus (issue opening 2026-06): https://www.sebi.gov.in/filings/debt-offer-document/may-2026/prachay-capital-limited-prospectus_101755.html
- SEBI - Prachay Capital Ltd, corrigendum (issue opening 2026-06): https://www.sebi.gov.in/filings/debt-offer-document/jun-2026/prachay-capital-limited-corrigendum-to-prospectus_101993.html
- SEBI - Prachay Capital Ltd, prospectus (issue opening 2026-02): https://www.sebi.gov.in/filings/debt-offer-document/feb-2026/prachay-capital-limited-prospectus_99889.html
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 October 2026.
All upcoming NCD issuesFrequently asked
What people ask about Prachay Capital NCDs.
In the June 2026 issue, the three series paid monthly coupons of 12.25%, 12.50% and 12.75% a year for 36, 48 and 60 months, an effective yield of 12.96% to 13.52%. The February 2026 issue offered 13.24% to 13.80%. These yields assume the NCDs are not called early.
It carries high credit risk. The June 2026 NCDs are rated IVR BBB/Stable, which Infomerics describes as a moderate degree of safety and moderate credit risk; that is why the yields are above 12%. They are secured by a charge on receivables shared with other lenders, they are not bank deposits, and there is no DICGC insurance.
After one year from allotment the company may redeem any series early, fully or partly, at the ₹1,000 face value plus accrued interest. Holders cannot force early repayment. If a series is called, its interest stops and the money has to be reinvested, possibly at lower rates, so the 48 and 60-month rates are not locked in for the full term.
While an issue is open, apply through your broker or bank using ASBA or UPI: choose a series, enter at least 10 NCDs (₹10,000) and approve the mandate. Between issues you can buy listed Prachay Capital NCDs on the BSE through a demat account, checking the price and yield first, as trading can be thin.
Prachay Capital ran two public NCD issues in 2026, opening in February and June. No next date has been announced as of 19 Oct 2026. A new issue needs a prospectus filed with SEBI a few days before it opens, and our NCD tracker lists it once it is filed.