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The rating of an issuer company reflects its past growth and performance. The rating increases when the company consistently performs well and decreases when it is not performing well.
The rating agency for this Bond is CARE Ratings.
朕天下娛樂城
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Asirvad Micro Finance Mar '28
?99,389.45YTM
9.75%Tenure left
21 monthsInterest payout
MonthlyPrincipal payout
MaturityBond details
Minimum investment?99,389.45
Date of maturity30 Mar 2028
ISININE516Q07473
Bond typeSenior Secured
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About
Asirvad Microfinance Limited is a non-banking financial company-microfinance institution (NBFC-MFI) established in 2007. The company operates as a majority-owned subsidiary of Manappuram Finance Limited, which holds a 98.3% equity stake in the entity as of June 30, 2025. As of September 30, 2025, Asirvad operates a network of 1,776 branches across 454 districts in 26 states and Union Territories, serving individuals primarily through the joint-liability group (JLG) mechanism. While traditionally focused on microfinance lending, the company has recently been expanding its portfolio into secured lending segments, specifically lending against gold jewellery.;
Pros and Cons
Pros
Cons
The company benefits from central financial, operational, and managerial support from its parent, Manappuram Finance Limited, which recently infused ?500 crore of equity capital to back its operations.
It maintains a comfortable capitalization profile, with a standalone net worth of ?1,578 crore as of September 30, 2025, and a capital adequacy ratio of 21.37%, which is well above the regulatory requirement of 15%.
Financial flexibility is enhanced by a large equity funding commitment via definitive group-level agreements with Bain Capital, ensuring that ?2,741 crore will be distributed among subsidiaries including Asirvad.
The group is successfully de-risking its asset profile by leveraging its existing branch network to scale its secured gold loan portfolio, which increased from 11% of AUM in March 2025 to 21% of AUM by September 2025.
The company features a strong liquidity profile backed by robust cash collections and liquid investments that provide a 1.1 times coverage ratio against its total estimated cash outflows.
Other details
Clean price?99,588.90
Dirty price?99,389.40
Current yield9.14%
Security cover1.10X of POS
Issue size1.00Cr
Original bond tenure24 months
TrusteeCatalyst Trusteeship Limited (Formerly GDA Trusteeship Limited)
Mode of issueNCD
Listed onNSE
Listing date30 Mar 2026
Maturity date30 Mar 2028
Coupon rate9.10%
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