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Muthoot Mercantile NCD (Muthoot Mercantile NCD June 2026) Details, Time Table and Interest Rate
Muthoot Mercantile NCD June 2026 Coupon Rates (Payout Details)
| Series | Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | Series 6 | Series 7 |
|---|---|---|---|---|---|---|---|
| Interest Payment (Frequency) | 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% | N/A | 10.75% | N/A | 11.00% | N/A | N/A |
| Effective Yield (% per Annum) | 11.02% | 10.94% | 11.30% | 11.36% | 11.57% | 11.60% | 12.07% |
| Amount on Maturity (In ₹) | ₹1,000.00 | ₹1,120.55 | ₹1,000.00 | ₹1,240.00 | ₹1,000.00 | ₹1,390.00 | ₹2,000.00 |
Muthoot Mercantile Financials (Restated)
Annual Performance (31 Mar 25 vs 31 Mar 24)
Muthoot Mercantile Financials (Restated)'s Assets increased by 25.1%, Revenue increased by 26.3%, Profit After Tax increased by 15.7% compared to the previous financial year.
Assets
▲ 25.1%
(198.75)
Revenue
▲ 26.3%
(34.65)
Profit After Tax
▲ 15.7%
(3.81)
Previous Financial Year Growth (31 Mar 24 vs 31 Mar 23)
Comparing 31 Mar 24 with 31 Mar 23, Assets increased by 30.6%, Revenue increased by 39.2%, Profit After Tax increased by 33.5%.
Assets (Prev Yr)
▲ 30.6%
(185.54)
Revenue (Prev Yr)
▲ 39.2%
(37.11)
Profit After Tax (Prev Yr)
▲ 33.5%
(6.09)
2-Year Performance Change (31 Mar 23 To 31 Mar 25)
Between 31 Mar 25 and 31 Mar 23, Assets increased by 63.4%, Revenue increased by 75.8%, Profit After Tax increased by 54.4%.
Assets (2-Yr Change)
▲ 63.4%
(384.29)
Revenue (2-Yr Change)
▲ 75.8%
(71.76)
Profit After Tax (2-Yr Change)
▲ 54.4%
(9.9)
| 31 Mar 25 In Cr. | 31 Mar 24 In Cr. | 31 Mar 23 In Cr. | |
|---|---|---|---|
| Assets | 990.8 | 792.05 | 606.51 |
| Revenue | 166.43 | 131.78 | 94.67 |
| Profit After Tax | 28.09 | 24.28 | 18.19 |
About Muthoot Mercantile
Muthoot Mercantile Limited (MML) is the flagship company of the Muthoot Ninan Group, a leading Non-Banking Financial Company (NBFC) founded in 1939 by the late M. Ninan Muthoot and incorporated as a Public Limited Company in 1997. The company was registered with the Reserve Bank of India (RBI) as an NBFC in 2002 and is promoted by Shri. M. Mathew and his son Shri. Richi Mathew.
Fund Utilisation
The company raises funds through issuing Non-Convertible Secured Redeemable Debentures (NCDs) and Subordinate Debts (SDs), which are completely utilised for gold loans with no diversification, ensuring complete security for investors.
Muthoot Mercantile June 2026 NCD Issue Review
The NCDs have a face value of ₹1,000 each and have been rated “Crisil BBB+/Stable” by Crisil Ratings. This rating indicates that the instruments are considered to have a moderate degree of safety with respect to the timely servicing of financial obligations and to carry moderate credit risk. Here is an analysis of the strengths and weaknesses of this Muthoot Mercantile May 2026 NCD Issue:
Strength of Muthoot Mercantile June 2026 NCD
- Long Operating History and Strong Promoters:The company is a flagship entity of the Muthoot Ninan Group, which has a heritage in the trading business dating back to 1925 and the gold loan business since 1939. The promoters, Mathew Mathaininan and Richi Mathew, bring extensive expertise with over 60 years and 20 years of experience in the lending and gold loan businesses, respectively.
- Comfortable Profitability and Growth: Muthoot Mercantile Limited has shown a strong earnings profile. Its Assets Under Management (AUM) grew significantly from ₹50,738.79 lakhs in March 2023 to ₹1,17,784.68 lakhs by December 2025. Profit After Tax (PAT) has also steadily increased, reaching ₹28.1 crores in FY25 and ₹37.3 crores in the first nine months of FY26. The company enjoys high Net Interest Margins (NIM) of over 21%
- Adequate Capitalisation: The company’s capital position is healthy, with a Capital Adequacy Ratio (CAR) of 20.69% as of 31 December 2025, which remains well above the minimum regulatory requirements.
Weaknesses of Muthoot Mercantile June 2026 NCD
- Moderate Credit Rating: The “Crisil BBB+/Stable” rating is investment grade but falls into the moderate safety category. It lacks the high safety net associated with “AA” or “AAA” rated instruments, meaning investors take on a higher degree of credit risk for the yields offered.
- High Geographical Concentration: Despite branch expansion, a significant portion of Muthoot Mercantile Limited portfolio remains concentrated in a few states. As of December 2025, approximately 59.18% of its loan portfolio was concentrated in Kerala, Maharashtra, and Odisha.Its top three states (Odisha, Maharashtra, and Delhi) account for 67% of AUM.
- Vulnerability to Gold Prices: Because the core business is lending against physical gold collateral, a sustained drop in global gold prices could severely reduce the value of the underlying collateral, limit new loan disbursals, and lead to unrecoverable losses if borrowers default.
Company Promoters
Mathew Mathaininan and Richi Mathew are the company promoters.
Muthoot Mercantile NCD June 2026 Object of Issue
| S.No | Objects | Amount (in ₹, Cr) |
|---|---|---|
| 1 | For the purpose of onward lending, financing and for repayment/ prepayment of principal and interest of borrowings of the Company | 111.59 |
| 2 | General Corporate Purposes | 37.20 |
| Total: | 148.79 | |