IIFL Finance Limited NCD February 2026
NCD Issue Opens on 17 February 2026
NCD Issue Closes on 4 March 2026
NCD Guidance is given at the bottom of the post
🕗 Last Update: 17 February 2026, 6.00 AM
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About the Company:
Established in 1995, IIFL Finance Limited is a diversified NBFC headquartered in Mumbai offering home loans, gold loans, MSME loans, business loans, loans against securities and microfinance products. The company operates through a network of 1,000+ branches across India and employs more than 10,500 people.
IIFL Finance primarily caters to retail borrowers and MSMEs with a focus on accessible credit solutions. The company has expanded globally with operations in Canada, the US, UK, Singapore, Hong Kong and UAE. Strategic backing from global investors like Fairfax Financial Holdings and General Atlantic adds credibility to its business model.
Get more details about the company @ https://www.iifl.com/
NCD Promoters:
Mr. Nirmal Bhanwarlal Jain and Mr. R. Venkatraman are the company promoters.
NCD Rating
| Rating Agency | Rating | Outlook | Safety Degree | Risk Degree |
|---|---|---|---|---|
| CRISIL Ratings Limited | AA | Stable | High Safety | Very Low Credit Risk |
| Brickwork Ratings India Pvt. Ltd. | AA+ | Stable | High Safety | Very Low Credit Risk |
IIFL Finance Limited NCD February 2026 Detail
| Particulars | Details |
|---|---|
| Security Name | IIFL Finance Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures |
| Issue Open | February 17, 2026 |
| Issue Close | March 4, 2026 |
| Issue Size (Base) | Rs 500.00 Crores |
| Issue Size (Oversubscription) | Rs 1,500.00 Crores |
| Tranche Issue Size | Rs 2,000.00 Crores |
| Shelf Issue Size | Rs 2,000.00 Crores |
| Tranche Number | 1 |
| Issue Price | Rs 1000 per NCD |
| Face Value | Rs 1000 per NCD |
| Minimum Lot Size | 10 NCD |
| Market Lot | 1 NCD |
| Listing At | BSE, NSE |
| Basis of Allotment | First Come First Serve |
| Debenture Trustee | Vardhman Trusteeship Pvt. Ltd. |
NCD Allocation Ratio
| Category | Allocation (%) | NCD Reserved |
|---|---|---|
| Institutional | 20.00% | 10,00,000 |
| Non-Institutional | 30.00% | 15,00,000 |
| HNI | 35.00% | 17,50,000 |
| Retail | 15.00% | 7,50,000 |
| Total | 100.00% | 50,00,000 |
NCD Coupon Rates & Interest Structure
| Â | Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | Series 6 | Series 7 | Series 8 | Series 9 |
|---|---|---|---|---|---|---|---|---|---|
| Frequency of Interest Payment | Monthly | Monthly | Monthly | Annual | Annual | Annual | Cumulative | Cumulative | Cumulative |
| Nature | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured |
| Tenor | 24 Months | 36 Months | 60 Months | 24 Months | 36 Months | 60 Months | 24 Months | 36 Months | 60 Months |
| Coupon (% per Annum) | 8.37% | 8.52% | 8.65% | 8.70% | 8.85% | 9.00% | NA | NA | NA |
| Effective Yield (% per Annum) | 8.70% | 8.85% | 9.00% | 8.69% | 8.84% | 8.99% | 8.70% | 8.85% | 9.00% |
| Amount on Maturity (Rs.) | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,181.00 | Rs 1,290.00 | Rs 1,539.00 |
Objects of the Issue
| Sr. No. | Objects |
|---|---|
| 1 | Onward lending, financing and refinancing of existing borrowings |
| 2 | General corporate purposes |
Financial Information (Restated Consolidated)
| Period Ended | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 55,372.41 | 62,421.16 | 53,001.32 | 45,910.18 |
| Revenue | 5,201.98 | 10,490.47 | 8,447.11 | 7,006.28 |
| Profit After Tax | 245.09 | 1,974.22 | 1,607.55 | 1,188.25 |
| Net Worth | 11,867.93 | 10,357.16 | 8,790.50 | 6,273.85 |
Amount in Rs. Crore
Address of the Company
IIFL Finance Limited
IIFL House, Sun Infotech Park,
Road No. 16V, Plot No. B-23, Thane Industrial Area,
Wagle Estate, Thane – 400604
NCD Lead Managers
Trust Investment Advisors Pvt. Ltd.
Nuvama Wealth Management Ltd.
IIFL Capital Services Ltd.
NCD Registrar
MUFG Intime India Pvt. Ltd.
IIFL Finance Limited NCD February 2026 – Review
by Paresh Gordhandas, CA & Research Analyst.
IIFL Finance Limited’s February 2026 Secured NCD issue offers interest rates ranging from 8.37% to 9.00% per annum with effective yields up to 9.00%. The AA/Stable and AA+/Stable ratings indicate a high degree of safety with relatively low credit risk compared to mid-tier NBFC NCDs. The company’s diversified lending portfolio, strong branch network and backing from global institutional investors provide stability, although regulatory and sector-specific risks remain key monitorables.
Chanakya View:
Compared to lower-rated NBFC NCDs, this issue offers slightly lower coupon rates but better credit quality. Suitable for conservative to moderate risk investors seeking steady income with relatively higher safety. Investors preferring cumulative options may consider longer-tenure series (36–60 months), while income-focused investors may opt for annual payout options.
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