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Mangal Credit to Raise ₹30 Crore via Private Placement of NCDs at 11.75% Coupon
Mangal Credit and Fincorp Limited's Board has approved raising ₹30 crore through the issuance of secured, listed, and rated Non-Convertible Debentures (NCDs). The NCDs carry a coupon rate of 11.75% per annum with interest payable monthly and a bullet principal repayment after 30 months. The issue is structured as a private placement with a face value of ₹1 lakh per unit. This capital infusion is likely intended to support the company's lending operations and liquidity management.
Key Highlights
Board approved raising up to ₹30 crore through 3,000 Non-Convertible Debentures (NCDs)
The NCDs offer a coupon rate of 11.75% per annum with monthly interest payments
The instrument has a tenure of 30 months with a maturity date set for September 18, 2028
Secured by a first-ranking charge on receivables with a minimum security cover of 1.20x
Deemed date of allotment is scheduled for March 18, 2026, with listing on BSE Limited
💼 Action for Investors
Investors should monitor the company's ability to deploy this capital into high-yield assets to maintain healthy net interest margins given the 11.75% cost of debt. This fundraise is a positive sign of credit access for the NBFC to fuel its growth trajectory.
Mangal Credit Q3 FY26 Net Profit Rises 10% YoY to ₹3.83 Crore; Revenue Up 44%
Mangal Credit and Fincorp reported a strong 44.3% YoY growth in total revenue from operations, reaching ₹18.31 Crore for the quarter ended December 31, 2025. Net profit for the quarter increased by 10.2% YoY to ₹3.83 Crore, supported by higher interest income. However, the nine-month profit showed a slight decline to ₹9.83 Crore compared to ₹10.45 Crore in the previous year, primarily due to a significant jump in finance costs. The company also successfully raised ₹10 Crore through NCDs during the quarter to support its lending operations.
Key Highlights
Total Revenue from Operations grew 44.3% YoY to ₹1,830.88 Lakhs in Q3 FY26.
Net Profit for the quarter stood at ₹383.43 Lakhs, up from ₹347.87 Lakhs in the same period last year.
Finance costs surged to ₹655.26 Lakhs in Q3 FY26 compared to ₹475.60 Lakhs in Q3 FY25.
The company raised ₹10 Crore via NCDs, bringing total outstanding NCDs to ₹50 Crore.
Basic EPS for the quarter improved slightly to ₹1.82 from ₹1.78 YoY.
💼 Action for Investors
Investors should monitor the rising finance costs which are impacting margins despite strong top-line growth. The successful debt fundraise indicates liquidity for expansion, but the slight dip in 9-month cumulative profit warrants a cautious watch on operational efficiency.
CRISIL Assigns and Reaffirms 'BBB/Stable' Rating for Mangal Credit's Rs 500 Cr Facilities
CRISIL has assigned a 'BBB/Stable' rating to Mangal Credit and Fincorp's new Rs 50 crore NCDs and reaffirmed the same for its Rs 400 crore bank facilities. The company's Assets Under Management (AUM) grew to Rs 342.6 crore as of September 2025, supported by a comfortable networth of Rs 158 crore and a gearing of 1.7x. While profitability remains healthy with a PAT of Rs 6 crore for H1 FY26, the company faces geographical concentration with 89% of its portfolio in Maharashtra. Asset quality has shown improvement, with 90+ dpd declining to 1.3% from 2.6% in March 2024.
Key Highlights
CRISIL assigned 'BBB/Stable' rating to new Rs 50 Cr NCDs and reaffirmed ratings for Rs 450 Cr existing facilities.
AUM increased to Rs 342.6 Cr as of Sept 30, 2025, compared to Rs 294.6 Cr in March 2025.
Asset quality improved significantly with 90+ dpd at 1.3% in Sept 2025 versus 2.6% in March 2024.
Capital position is comfortable with a networth of Rs 158 Cr and a conservative gearing of 1.7 times.
Profit After Tax (PAT) for H1 FY26 stood at Rs 6.0 Cr with an annualized Return on Assets (RoA) of 3.0%.
💼 Action for Investors
Investors should view the rating reaffirmation as a sign of financial stability, but should monitor the company's progress in diversifying its loan book geographically. The improved asset quality and low gearing provide a good cushion for future growth in the NBFC segment.
Mangal Credit Receives CRISIL BBB/Stable Rating; Bank Loan Limit Doubled to ₹400 Crore
CRISIL Ratings has reaffirmed its 'CRISIL BBB/Stable' rating for Mangal Credit and Fincorp Limited's debt instruments. Significantly, the rated amount for bank loan facilities has been enhanced from ₹200 crore to ₹400 crore, doubling the company's rated borrowing capacity. The rating for ₹50 crore in Non-Convertible Debentures (NCDs) was also reaffirmed. This move indicates a stable credit profile and provides the NBFC with more room to raise capital for its lending operations.
Key Highlights
CRISIL reaffirmed 'CRISIL BBB/Stable' rating for both Bank Loan Facilities and NCDs.
Total rated Bank Loan Facilities increased from ₹200 Crore to ₹400 Crore.
Non-Convertible Debentures (NCDs) rating reaffirmed for a total of ₹50 Crore.
The 'Stable' outlook indicates expected maintenance of the credit profile over the medium term.
💼 Action for Investors
The enhancement in the rated bank loan limit is a positive sign for growth-oriented investors as it facilitates business expansion. Monitor the company's ability to maintain asset quality as it scales its loan book using this increased credit headroom.