Prachay Capital Ltd NCD February 2026 Details & Guidance
NCD Issue Opens on 26 February 2026
NCD Issue Closes on 12 March 2026
NCD Review/Guidance is given at the bottom of the post
About the Company:
Prachay Capital Limited (incorporated Feb 2017) is an RBI-registered non-deposit taking NBFC. It provides structured financial solutions primarily to real estate developers in the mid-to-large segment. Operations are currently concentrated in Pune, Maharashtra, with expansion plans into Hyderabad and Bhubaneswar. The company is part of the Prachay Group, which also includes Prachay Advisors (boutique investment banking).
NCD Quick Snapshot
| Particulars | Details |
|---|---|
| Issue Open | Thu, Feb 26, 2026 |
| Issue Close | Thu, Mar 12, 2026 |
| Security Name | Prachay Capital Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 50.00 Cr |
| Issue Size (Oversubscription) | Rs 50.00 Cr |
| Overall Issue Size | Rs 100.00 Cr |
| Issue Price | Rs 1000 per NCD |
| Face Value | Rs 1000 each NCD |
| Minimum Application | 10 NCD (Rs 10,000) |
| Market Lot | 1 NCD |
| Listing | BSE |
| Allotment | First Come First Serve (FCFS) |
| Debenture Trustee | Catalyst Trusteeship Ltd. |
| Lead Manager | Kreo Capital Pvt. Ltd. |
| Registrar | KFin Technologies Ltd. |
Promoter
| Particulars | Details |
|---|---|
| Promoter | Girish Murlidhar Lakhotiya |
NCD Rating
| S.No. | Rating Agency | Rating | Outlook | Safety Degree | Risk Degree |
|---|---|---|---|---|---|
| 1 | CRISIL Ratings Limited | BBB- | Stable | Moderate degree of safety | Moderate credit risk |
NCD Allocation
| Category | Allocation (%) |
|---|---|
| Institutional | 1.00% |
| Non-Institutional | 19.00% |
| HNI | 60.00% |
| Retail | 20.00% |
| Total | 100.00% |
Coupon / Yield Table (Monthly Interest)
| Particulars | Series 1 | Series 2 | Series 3 |
|---|---|---|---|
| Interest Payment | Monthly | Monthly | Monthly |
| Nature | Secured | Secured | Secured |
| Tenor | 36 Months | 48 Months | 60 Months |
| Coupon (% p.a.) | 12.50% | 12.75% | 13.00% |
| Effective Yield (% p.a.) | 13.24% | 13.52% | 13.80% |
| Amount on Maturity (Rs.) | 1,000.00 | 1,000.00 | 1,000.00 |
Objects of the Issue
| S.No. | Objects (Utilisation of Net Proceeds) |
|---|---|
| 1 | Onward lending |
| 2 | Investments in current/future AIF schemes managed by Prachay Investment Managers Pvt. Ltd. (for investments in unlisted privately placed corporate bonds) |
| 3 | Repayment / pre-payment (full/part) of certain outstanding borrowings |
| 4 | General corporate purposes |
Company Financials (Restated Consolidated)
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets (Rs Cr) | 371.60 | 313.20 | 233.93 |
| Total Income (Rs Cr) | 58.63 | 42.53 | 36.74 |
| Profit After Tax (Rs Cr) | 12.53 | 11.02 | 10.32 |
Company Contacts
| Entity | Details |
|---|---|
| Company | Prachay Capital Ltd. |
| Registered/Corporate Address | Office No 1401/1402, 14th Floor, Next Gen Avenue Wing B, CTS No 2850, S No.103, Bahiratwadi, Near ICC Tower, Senapati Bapat Rd, Model Colony, Pune 411016 |
| Company Phone | 02025532224 |
| Company Email | info@prachay.com |
| Debenture Trustee | Catalyst Trusteeship Ltd. |
| Lead Manager | Kreo Capital Pvt. Ltd. |
| Registrar | KFin Technologies Ltd. |
| Registrar Phone | 04067162222, 04079611000 |
| Registrar Email (Issue) | prachay.ncdipo@kfintech.com |
Prachay Capital Ltd NCD – February 2026 Review
Prachay Capital is engaged in investment-related financial services and lending, with focus on structured real estate financing. This issue offers high coupons (12.50%–13.00% monthly) but comes with a BBB- (Stable) rating, which indicates moderate credit risk versus higher-rated corporate debt. Financials show steady growth in assets, income and profit over the last three years, though the overall scale remains modest. Allocation is HNI-heavy (60%), which can support early subscription but does not reduce credit risk.
Chanakya View: Suitable only for well-informed investors who want higher monthly income and can accept moderate credit risk. Conservative investors should prefer higher-rated NCDs even if yields are lower.
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