Muthoot Mercantile NCD May 2026 Details & Guidance
Published: 28 May 2026 | 5.59 AM
Last Updated: 28 May 2026 | 4.30 PM
NCD Issue Opens on 29 May 2026
NCD Issue Closes on 11 June 2026
NCD Guidance is given at the bottom of the post
About the Company:
Founded in 1939, Muthoot Mercantile Limited is a well-established non-banking financial company engaged in gold loans, investments, health insurance, forex services and money transfer activities.
The company has a strong branch network across Kerala, Tamil Nadu, Maharashtra, Odisha, Delhi, Haryana, Madhya Pradesh, Punjab and Uttar Pradesh. Headquartered in Thiruvananthapuram, Kerala, the company has built a long operating history of over 84 years in the lending business with primary focus on small-ticket gold-backed lending.
Over the years, Muthoot Mercantile has gradually diversified its financial services operations while maintaining its core strength in gold loan financing.
Get more details about the company @ https://muthootenterprises.com/
NCD Promoter:
Mathew Mathaininan and Richi Mathew are the company promoters.
NCD Rating
The NCDs proposed to be issued under this Issue have been rated CRISIL BBB+/Stable by CRISIL Ratings Limited.
Muthoot Mercantile NCD May 2026 Detail
| Particular | Details |
|---|---|
| Issue Open | May 29, 2026 – June 11, 2026 |
| Security Name | Muthoot Mercantile Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 75.00 Crores |
| Issue Size (Oversubscription) | Rs 75.00 Crores |
| Overall Issue Size | Rs 150.00 Crores |
| Issue Price | Rs 1000 per NCD |
| Face Value | Rs 1000 each NCD |
| Minimum Lot size | 10 NCD |
| Market Lot | 1 NCD |
| Listing At | BSE |
| Credit Rating | CRISIL BBB+/Stable by CRISIL Ratings Limited |
| Tenor | 400 Days, 24 Months, 36 Months and 73 Months |
| Series | Series I to VII |
| Payment Frequency | Monthly and Cumulative |
| Basis of Allotment | First Come First Serve Basis |
| Debenture Trustee/s | Mitcon Credentia Trusteeship Services Ltd. |
NCD Allocation Ratio
| Category | NCD’s Allocated |
| Institutional | 10% |
| Non-Institutional | 40% |
| Retail | 50% |
Muthoot Mercantile Limited NCD Coupon Rates
| Particular | Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | Series 6 | Series 7 |
| Frequency of Interest Payment | Monthly | Cumulative | Monthly | Cumulative | Monthly | Cumulative | Cumulative |
| Nature | Secured | Secured | Secured | Secured | Secured | Secured | Secured |
| Tenor | 400 Days | 400 Days | 24 Months | 24 Months | 36 Months | 36 Months | 73 Months |
| Coupon (% per Annum) | 10.50% | NA | 10.75% | NA | 11.00% | NA | NA |
| Effective Yield (% per Annum) | 11.02% | 10.94% | 11.30% | 11.36% | 11.57% | 11.60% | 12.07% |
| Amount on Maturity (In Rs.) | Rs 1,000.00 | Rs 1,120.55 | Rs 1,000.00 | Rs 1,240.00 | Rs 1,000.00 | Rs 1,390.00 | Rs 2,000.00 |
Objects of the Issue
The Net Proceeds raised through the issue will be utilised for the following purposes:
- For onward lending, financing and repayment/prepayment of principal and interest of borrowings of the Company
- General corporate purposes
Muthoot Mercantile Limited Financial Information (Restated)
| Period Ended | 31 March 2025 | 31 March 2024 | 31 March 2023 |
| Assets | 990.80 | 792.05 | 606.51 |
| Revenue | 166.43 | 131.78 | 94.67 |
| Profit After Tax | 28.09 | 24.28 | 18.19 |
Amount in Rs Crore
Address of the Company
Muthoot Mercantile Limited
1st Floor, North Block, Muthoot Floors,
Opposite W&C Hospital, Thycaud,
Thiruvananthapuram, Kerala 695014
NCD Lead Managers
Vivro Financial Services Pvt. Ltd.
NCD Registrar
Kfin Technologies Ltd.
Muthoot Mercantile NCD May 2026 Subscription Status
| Category | Subscription |
| Retail | Yet to Open |
| Non-Institutional | Yet to Open |
| Institutional | Yet to Open |
| Today | Yet to Open |
Muthoot Mercantile NCD May 2026 Review:
- Muthoot Mercantile is an old and established NBFC with long operating track record in gold loan financing.
- The company has reported healthy growth in revenue and profitability during FY25.
- Coupon rates of up to 11% and effective yield up to 12.07% appear attractive compared to traditional fixed-income products.
- However, the NCD carries CRISIL BBB+/Stable rating, which indicates moderate degree of safety and relatively higher risk compared to AA category NCDs.
- Risk-taking investors seeking higher fixed income returns may consider limited exposure in this NCD issue.
👉 | IPO GMP | IPO Reviews | IPO Subscription | IPO Allotment
Â