August 16, 2025
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Muthoottu Mini Financiers NCD August 2025 Details & Review
| NCD At a glance | |
| NCD issue opens on | 18 August 2025 |
| NCD Issue closes on | 1 September 2025 |
| Min. Subscrition | Rs.10,000 |
| Credit Rating | A/Stable |
| Chanakya’s Verdict | Investors with moderate risk appetite looking for fixed income options may consider investing |
About the NCD issuer Company:
Muthootu Mini Financiers Limited is a non-deposit taking NBFC–ML, primarily engaged in providing gold loans against household jewellery across Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Haryana, Maharashtra, Gujarat, Uttar Pradesh, Goa, and the Union Territories of Puducherry and Delhi.
As of March 31, 2025, the company managed 6.13 lakh gold loan accounts with an outstanding of Rs.3,81,256.08 lakh, compared to 5.57 lakh accounts worth Rs.3,22,221.23 lakh in FY24. Gold loans constitute nearly 91% of its total loan portfolio, with customers mainly from rural and semi-urban areas.
By June 30, 2025, the company had expanded to 958 branches with 5,421 employees. Apart from gold loans, it also provides microfinance loans to women in joint liability groups, supporting small-scale businesses. Additionally, the company offers allied financial services such as depository participant facilities, money transfer services, insurance agency, PAN-related services, and travel bookings, strengthening its diversified presence in retail financial services.
NCD Promoter:
Nizzy Mathew and Mathew Muthoottu are the company’s promoters.
NCD Rating
The NCDs proposed to be issued under the Issue have been rated CARE A Stable (pronounced as Single A with Stable outlook) by CARE Ratings Limited (CARE Ratings).
Muthoottu Mini Financiers NCD August 2025 Detail
| Issue Open | August 18, 2025 – September 1, 2025 |
| Security Name | Muthoottu Mini Financiers Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 200.00 Crores |
| Issue Size (Oversubscription) | Rs 100.00 Crores |
| Overall Issue Size | Rs 300.00 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 |
| Basis of Allotment | First Come First Serve Basis |
| Debenture Trustee/s | Mitcon Credentia Trusteeship Services Ltd. |
| NCD’s Allocated (%) | |
| Institutional | 30.00% |
| Non-Institutional | 30.00% |
| HNI | 30.00% |
| Retail | 10.00% |
| Total | 100.00% |
Muthoottu Mini Financiers Limited NCD Coupon Rates
| Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | |
| Frequency of Interest Payment | Monthly | Monthly | Monthly | Monthly | Annual |
| Nature | Secured | Secured | Secured | Secured | Secured |
| Tenor | 18 Months | 24 Months | 36 Months | 60 Months | 60 Months |
| Coupon (% per Annum) | 9.00% | 9.25% | 9.75% | 10.25% | 10.50% |
| Effective Yield (% per Annum) | 9.38% | 9.65% | 10.19% | 10.74% | 10.49% |
| Amount on Maturity (In Rs.) | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 |
Objects of the Issue
The Company proposes to utilize the funds which are being raised through the Issue, after deducting the Issue-related expenses to the extent payable by the Company (“ Net Proceeds”), towards funding the following objects (collectively, referred to herein as the “ Objects”)
- For onward lending, financing, and for repayment/prepayment of principal and interest on borrowings of the Company; and
2. General corporate purposes
.
Muthoottu Mini Financiers Financial Snapshot (Restated)
| Period Ended | 31-Mar-25 | 31-Mar-24 |
| Assets | 4,959.87 | 4,315.57 |
| Total Income | 815.15 | 671.84 |
| Profit After Tax | 94.17 | 77.83 |
| Net Worth | 769.79 | 685.78 |
| Amount in Rs. Crore |
Address of the Company
Muthoottu Mini Financiers Limited
65/623-K,
Muthoottu Royal Towers,
Kaloor, Kochi, Kerala – 682017
NCD Lead Managers
Vivro Financial Services Pvt Ltd.
Tipsons Consultancy Services Pvt ltd.
NCD Registrar
Mufg Intime India Private Ltd
C 101, 247 Park, L.B.S.Marg,
Vikhroli (West), Mumbai – 400083
Muthoottu Mini Financiers NCD August 2025
Muthoottu Mini Financiers NCD August 2025 detailed Review
📑 Review
Muthootu Mini Financiers Limited, a non-deposit taking NBFC–ML, is primarily engaged in gold loans against household jewellery with a strong presence across South and West India. As of March 31, 2025, the company managed 6.13 lakh gold loan accounts with an outstanding portfolio of ₹3,81,256.08 lakh, accounting for nearly 91% of its total loans, mainly from rural and semi-urban customers.
The company’s branch network grew to 958 with 5,421 employees, reflecting its expanding reach. Alongside gold loans, it offers microfinance loans to women borrowers, plus allied services such as DP facilities, money transfers, insurance, PAN card services, and travel bookings.
Financially, it has maintained steady growth – total income rose from Rs.671.84 crore in FY24 to Rs.815.15 crore in FY25, while PAT improved to Rs. 94.17 crore. Net worth strengthened to Rs.769.79 crore, supported by rising assets of Rs.4,959.87 crore. Credit strength is backed by an ICRA rating of A–Stable, indicating adequate safety.
Overall, Muthootu Mini Financiers shows consistent growth in gold loan business with a stable credit profile, though heavy reliance on gold loans continues to be a concentration risk.
2.The NCDs proposed to be issued under the Issue have been rated CARE A Stable
3. The company has strong profitability.
4 The interest rates are attractive.
Investors with moderate risk appetite looking for fixed income options may consider investing
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Quicklinks
Muthootu Mini Financiers Limited is a non-deposit taking NBFC–ML primarily engaged in providing gold loans against household jewellery, with a wide presence in South and West India. It also offers microfinance loans to women borrowers and allied services such as money transfers, insurance, PAN card facilities, and travel bookings.
The company reported total income of Rs.815.15 crore in FY2025, up from Rs.671.84 crore in FY2024. Profit after tax also increased to ₹Rs.94.17 crore in FY2025 compared to Rs.77.83 crore in FY2024, showing steady growth.
The NCD issue has been rated ICRA A–Stable, which indicates adequate degree of safety regarding timely servicing of financial obligations.
The company’s loan book is heavily concentrated in gold loans, which may face risks from gold price volatility. Being a regional NBFC, it is also exposed to competition and funding cost pressures.
With an ICRA A–Stable rating, the NCDs are considered to have adequate safety, but investors should remember that NBFC NCDs carry higher risk compared to bank deposits. Investors with moderate risk appetite looking for fixed income options may consider investing
