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Latest filing: 2026-09-10 12:39
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DCCL Allots Rs 15 Cr Senior Secured NCDs at 13% Coupon via Private Placement
Dar Credit & Capital Limited approved the allotment of 1,500 senior, secured, rated NCDs of face value Rs 1,00,000 each, raising Rs 15 crore on a private placement basis. The issuance carries a 13% per annum coupon payable monthly, maturing on September 10, 2028 (24-month tenure). This fundraise is part of an overall Rs 50 crore limit approved by the Finance Management Committee on July 27, 2026, under which Rs 25 crore total has been approved for allotment. The Rs 15 crore borrowing represents approximately 7.5% of the company's Rs 200.75 crore AUM and exceeds its latest single-quarter revenue of Rs 13.28 crore.
Confidence: HIGH
What changedDCCL has issued Rs 15 crore worth of secured 2-year NCDs at 13% p.a. to private placement investors.
Why it mattersProvides necessary debt capital to expand loan disbursements against its Rs 200.75 crore AUM, though at a relatively high cost of debt (13% coupon).
Issue Size: Rs 15,00,00,000Coupon Rate: 13% p.a.Tenure: 24 monthsSecurity Cover: 110%Issue Size vs Q1 FY27 Revenue: ~113%
📅 Short termNSE debt segment listing of the NCDs and inflow of liquidity for immediate lending operations.
📈 Long termSupports DCCL's target to expand beyond 36 branches and grow AUM by 20%, but adds regular monthly cash outflow obligations at a 13% interest rate.
⚠ Risk flags
- High cost of borrowing at 13% coupon rate
- Default penalty incurs an additional 2% p.a. interest
- Hypothecation of loan receivables at 110% coverage
Key Highlights
Allotment of 1,500 senior, secured NCDs aggregating to Rs 15.00 crore at Rs 1,00,000 face value
Coupon fixed at 13% p.a. payable monthly, with a 24-month tenure maturing September 10, 2028
Secured by a first-ranking charge on receivables with a minimum asset cover of 1.10x (110%)
Issued under an aggregate FMC-approved borrowing ceiling of Rs 50.00 crore
👀 What to Watch
Track the deployment of funds into the lending book and monitor net interest margins to assess if portfolio yields (previously 20.97%) comfortably absorb the 13% borrowing cost.
₹50 Crore NCD Issue: DCCL Assigned 'CARE BBB-; Stable' Credit Rating
Dar Credit & Capital Limited (DCCL) has received a new credit rating from CARE Ratings for its proposed Non-Convertible Debenture (NCD) issue. The agency assigned a 'CARE BBB-; Stable' rating for a total amount of ₹50.00 crore. This rating indicates a moderate degree of safety regarding timely servicing of financial obligations and carries moderate credit risk. The company must launch the issue within six months (by February 2027) to maintain the validity of this initial rating.
Confidence: HIGH
What changedDCCL has obtained a formal investment-grade credit rating for a new ₹50 crore debt issuance, moving from unrated or previous statuses to a 'BBB-' profile.
Why it mattersSecuring an investment-grade rating is a critical prerequisite for raising institutional debt capital. A ₹50 crore fundraise is significant for an SME-listed company and will likely be used to expand its lending book or refinance existing high-cost debt.
Rated NCD Amount: ₹50.00 crAssigned Rating: CARE BBB-; StableRating Date: August 13, 2026Revalidation Period: 6 months
📅 Short termThe assignment of an investment-grade rating is a positive signal for the stock, reflecting third-party validation of the company's creditworthiness.
📈 Long termIf the ₹50 crore is successfully raised and deployed into high-yielding assets, it could significantly scale the company's balance sheet, though it will increase interest obligations.
⚠ Risk flags
- BBB- is the lowest investment-grade rating; any financial slippage could lead to a downgrade to 'junk' status
- Interest rate risk if the NCDs are issued at high fixed coupons
Key Highlights
CARE Ratings assigned a 'CARE BBB-; Stable' rating for proposed NCDs totaling ₹50.00 crore
The rating letter was issued on August 13, 2026, and disclosed to the exchange on August 14, 2026
The rating requires revalidation if the proposed issue is not made within six months
DCCL is currently listed on the NSE Emerge (SME) segment
The rating action covers 12 specific ISINs already associated with the company's debt segment
👀 What to Watch
Investors should monitor the upcoming NCD offer documents to identify the coupon rate and redemption terms, which will clarify the company's new cost of debt.
₹100 Crore Raised via NCD Issue on NSE EBP Platform
Dar Credit & Capital Limited (DCCL) has successfully raised ₹100 Crore through the issuance of Secured, Rated, Listed, Redeemable, Non-Convertible Debentures (NCDs). The fundraise was conducted via the NSE Electronic Book Provider (EBP) Platform on a private placement basis. The proceeds are earmarked for expanding the company's lending portfolio, specifically targeting MSME and financially underserved segments. This capital infusion is expected to enhance the company's financial flexibility and support its medium-to-long-term growth objectives.
Confidence: HIGH
What changedDCCL has secured a significant debt capital infusion of ₹100 Crore, transitioning from its previous capital position to one with enhanced liquidity for lending.
Why it mattersFor an NBFC, the ability to raise ₹100 Crore in debt reflects strong institutional/investor confidence and provides the necessary 'raw material' (capital) to grow its interest-earning assets in the MSME sector.
Total Fundraise Amount: ₹100 CroreInstrument Type: Secured, Rated, Listed, Redeemable NCDsAnnouncement Date: August 11, 2026Platform Used: NSE EBP Platform
📅 Short termThe successful fundraise is likely to be viewed positively by the market as it validates the company's creditworthiness and provides immediate liquidity.
📈 Long termThis capital supports a structural expansion of the loan book, potentially leading to higher AUM and interest income over the next several quarters.
⚠ Risk flags
- Credit risk associated with MSME and underserved segments
- Interest rate risk on the NCD obligations
- Execution risk in timely deployment of funds
Key Highlights
Successfully raised ₹100 Crore through Secured, Rated, Listed, Redeemable NCDs
Issuance completed via the NSE Electronic Book Provider (EBP) Platform on a private placement basis
Funds to be deployed for expanding credit access to MSME and underserved customer segments
Issuance complies with SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021
The transaction was executed in one or more tranches to strengthen the company's liability profile
👀 What to Watch
Investors should monitor the company's upcoming quarterly results to see how effectively this ₹100 Crore is deployed into the loan book and its impact on Net Interest Margins (NIMs).
₹2.05 Cr PAT in Q1 FY27: Dar Credit Reports 21% Revenue Growth but EPS Dilution
Dar Credit & Capital Limited (DCCL) reported a 20.9% YoY increase in revenue from operations to ₹13.28 cr for Q1 FY27. However, Profit After Tax (PAT) remained nearly flat YoY at ₹2.05 cr and saw a sharp sequential decline of 35.7% from ₹3.19 cr in Q4 FY26. Notably, Basic EPS dropped from ₹1.74 to ₹1.44 YoY despite flat profits, indicating equity dilution over the past year. The company maintained a security cover of 1.1x on its ₹14 cr listed debt.
Confidence: HIGH
What changedDCCL released its unaudited financial results for the quarter ended June 30, 2026, showing steady revenue growth but stagnant profitability and sequential margin compression.
Why it mattersAs a Base Layer NBFC, DCCL's ability to scale its loan book (currently ₹235 cr in book debts) while managing borrowing costs is critical; the current results show that rising operational and interest costs are eating into the benefits of higher revenue.
Revenue (Q1 FY27): ₹1,328.09 lakhsPAT (Q1 FY27): ₹205.04 lakhsYoY Revenue Growth: 20.9%QoQ PAT Growth: -35.7%Security Cover Ratio: 1.1xTotal Book Debts (Loans): ₹235.08 cr
📅 Short termThe stock may face pressure due to the significant sequential decline in PAT and the surge in operating expenses.
📈 Long termLimited structural change; the company is growing its top line but needs to demonstrate better cost control and operating leverage to improve bottom-line performance.
⚠ Risk flags
- Significant 90% YoY increase in other expenses
- Rising finance costs
- Sequential decline in profitability
- Apparent equity dilution impacting EPS
Key Highlights
Revenue from operations grew 20.9% YoY to ₹1,328.09 lakhs from ₹1,098.21 lakhs.
Net Profit (PAT) stood at ₹205.04 lakhs, representing a marginal 0.4% growth YoY but a 35.7% decline QoQ.
Finance costs increased 16.8% YoY to ₹575.59 lakhs, impacting overall margins.
Other expenses surged 90% YoY to ₹252.43 lakhs compared to ₹132.84 lakhs in Q1 FY26.
Maintained an exclusive security cover ratio of 1.1x for ₹14.00 crore of listed Non-Convertible Debt.
👀 What to Watch
Investors should monitor the sharp rise in 'Other Expenses' and 'Finance Costs' which are currently offsetting top-line growth. The drop in EPS despite flat YoY profits suggests equity dilution that needs to be tracked against future capital requirements.
₹15 Crore NCD Allotment by Dar Credit & Capital at 12.95%-13.05% Coupon
Dar Credit & Capital Limited (DCCL) has approved the allotment of 15,000 senior, secured, listed Non-Convertible Debentures (NCDs) totaling ₹15 crore on a private placement basis. The fundraise is split into two tranches: Series A (₹7.5 crore) with a 24-month tenure at 12.95% p.a., and Series B (₹7.5 crore) with a 30-month tenure at 13.05% p.a. This follows a previous allotment of ₹10 crore, indicating a total recent debt mobilization of ₹25 crore. The NCDs feature monthly interest payments and a security cover of 1.10x.
Confidence: HIGH
What changedThe company has successfully completed a ₹15 crore debt fundraise through NCDs, following a prior ₹10 crore allotment.
Why it mattersFor an NBFC, raising debt capital is a routine but essential activity to fuel loan book growth; however, the relatively high coupon rates reflect the current cost of capital for SME-listed financial entities.
Total Issue Size: ₹15,00,00,000Series A Coupon: 12.95% p.a.Series B Coupon: 13.05% p.a.Security Cover Ratio: 1.10xFace Value per NCD: ₹10,000
📅 Short termThe allotment is finalized and the NCDs will be listed on the NSE debt segment, which is a standard procedural step for the company.
📈 Long termThe company's ability to manage these high-interest liabilities while maintaining asset quality will be critical for long-term credit rating stability and profitability.
⚠ Risk flags
- High cost of borrowing (up to 13.05% p.a.)
- Significant default penalty of 5% p.a.
- Concentration risk in private placement debt
Key Highlights
Total allotment of 15,000 NCDs with a face value of ₹10,000 each, aggregating to ₹15,00,00,000
Series A coupon rate set at 12.95% p.a. for a 24-month tenure maturing on August 07, 2028
Series B coupon rate set at 13.05% p.a. for a 30-month tenure maturing on February 07, 2029
Security cover ratio of 1.10x (110%) maintained primarily through principal receivables
Default penalty of 5% p.a. over the applicable coupon rate in case of payment delays exceeding 3 business days
👀 What to Watch
Investors should monitor the company's quarterly Net Interest Margins (NIMs) to ensure that the high cost of debt (13%+) is being effectively offset by higher-yielding lending activities.
₹10 Crore NCD Allotment at 12.90% Coupon for 24-Month Tenure
Dar Credit & Capital Limited (DCCL) has successfully allotted 1,000 Senior, Secured, Listed NCDs on a private placement basis, raising a total of ₹10 crore. The instruments carry a high fixed coupon rate of 12.90% per annum, with interest payable monthly starting August 2026. The debt has a 24-month tenure, maturing on July 31, 2028, and is backed by a 1.10x security cover on identified receivables. This fundraise provides the company with immediate liquidity for its lending operations.
Confidence: HIGH
What changedDCCL has completed the allotment of a ₹10 crore debt tranche, formalizing the terms of this private placement.
Why it mattersFor a credit company, this represents a successful capital raise to fuel lending, though the 12.90% coupon indicates a relatively high cost of borrowing that must be offset by higher lending yields.
Total Issue Size: ₹10,00,00,000Coupon Rate: 12.90% p.a.Tenure: 24 monthsSecurity Cover: 1.10xFace Value per NCD: ₹1,00,000
📅 Short termThe market will likely view this as a routine liquidity-enhancing event for an NBFC, with focus shifting to the listing of these NCDs on the NSE.
📈 Long termThe company's ability to maintain a healthy spread over this 12.90% cost of funds will be critical for long-term profitability and credit rating stability.
⚠ Risk flags
- High cost of debt (12.90%)
- 2% penalty for payment defaults
- Asset-liability matching risk over the 24-month tenure
Key Highlights
₹10 crore total aggregate amount raised through 1,000 NCDs of ₹1,00,000 face value each.
12.90% fixed annual coupon rate with monthly interest payment cycles.
24-month tenure with a final maturity date set for July 31, 2028.
1.10x minimum security cover required to be maintained over the principal outstanding.
2% per annum default redemption premium rate applicable in case of payment delays exceeding due dates.
👀 What to Watch
Investors should monitor the company's quarterly interest coverage ratio and the quality of the underlying receivables used as security for this high-cost debt.
₹50 Crore Fundraise Approved via Non-Convertible Debentures (NCDs)
Dar Credit & Capital Limited (DCCL) has approved a fundraise of up to ₹50 crore through the issuance of rated, listed, secured, and redeemable Non-Convertible Debentures (NCDs). The issuance will be conducted on a private placement basis in one or more tranches. While the Finance Management Committee has cleared the limit, specific terms such as coupon rates, tenure, and security details will be determined at the time of actual allotment. This move follows a prior board delegation of powers granted on June 17, 2026.
Confidence: HIGH
What changedThe company's Finance Management Committee has formally approved the limit and structure for a ₹50 crore debt fundraise.
Why it mattersFor a credit-focused company, securing debt capital is a routine but essential activity to fund its lending operations and maintain liquidity.
Total Issue Size: Up to INR 50 croresBoard Delegation Date: June 17, 2026Meeting Conclusion Time: 02:05 p.m.
📅 Short termThe announcement is procedural; the market will likely wait for the actual allotment and interest rate details before reacting.
📈 Long termSuccessful deployment of these funds into the company's credit book could support interest income growth over the coming quarters.
⚠ Risk flags
- Interest rate risk if borrowing costs are high
- Execution risk in placing the debt with investors
Key Highlights
Approved fundraise of up to ₹50 crore via NCDs
Issuance to be conducted on a private placement basis to identified eligible investors
Board of Directors delegated powers to the Finance Management Committee on June 17, 2026
NCDs are proposed to be listed on the National Stock Exchange (NSE)
The committee meeting concluded within 15 minutes, from 01:50 p.m. to 02:05 p.m.
👀 What to Watch
Investors should monitor future disclosures regarding the specific coupon rates and tenure of the NCDs to assess the company's cost of borrowing and debt maturity profile.
