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Dar Credit & Capital Limited (DCCL)

📊 NSE: DCCL 🏢 Non Banking Financial Company (NBFC) 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

DCCL Allots Rs 15 Cr Senior Secured NCDs at 13% Coupon via Private Placement

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 10 Sep 2026, 12:39 PM

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.

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

💡 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.

CARE Reaffirms 'BBB-/Stable' Rating for 12 NCD Instruments of Dar Credit & Capital

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 19 Aug 2026, 12:37 PM

Dar Credit & Capital Limited has announced that CARE Ratings Limited has reaffirmed its credit rating of 'CARE BBB-' with a 'Stable' outlook for 12 of its Non-Convertible Debentures (NCD) series. The ratings were reaffirmed on August 13, 2026, and verified on August 14, 2026. The reaffirmation indicates stable creditworthiness and continuity in the NBFC's ongoing borrowing capacity across its listed debt instruments.

CARE Ratings reaffirmed credit rating of 'CARE BBB-' with a 'Stable' outlook
Covers 12 Non-Convertible Debenture (NCD) ISINs issued by the company
Credit rating action date recorded as 13-08-2026 and verified on 14-08-2026

💡 Track the company's funding costs, cost of debt on future NCD issuances, and AUM expansion in upcoming quarterly disclosures.

₹50 Crore NCD Issue: DCCL Assigned 'CARE BBB-; Stable' Credit Rating

🟢 POSITIVE ⭐ 9/10

REGULATORY 📅 14 Aug 2026, 03:38 PM

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.

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

💡 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.

CARE Ratings Withdraws Rating for Fully Redeemed Tulip Growth 12 2023 PTCs

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Aug 2026, 04:55 PM

Dar Credit & Capital Limited (DCCL) has announced the withdrawal of the credit rating for its Series A1 Pass-Through Certificates (PTCs) under the 'Tulip Growth 12 2023' transaction. CARE Ratings Limited issued the withdrawal letter on August 10, 2026, following the full redemption of the certificates. All contractual obligations and payouts to investors have been duly completed. This is a standard procedural action taken once a securitized debt instrument reaches the end of its lifecycle.

Credit rating for Series A1 PTCs of Tulip Growth 12 2023 has been withdrawn by CARE Ratings.
Withdrawal follows the full redemption of the instruments as of August 10, 2026.
The PTCs were backed by unsecured personal loan receivables originated by DCCL.
All contractual obligations and payouts to investors have been confirmed as completed.

💡 Investors should view this as a routine administrative update confirming the successful closure of a specific debt transaction. No further action is required, though tracking the company's future securitization volumes can provide insight into its liquidity management.

₹100 Crore Raised via NCD Issue on NSE EBP Platform

🟢 POSITIVE ⭐ 9/10

FUNDRAISE 📅 11 Aug 2026, 06:50 PM

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.

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

💡 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

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 10 Aug 2026, 05:21 PM

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.

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.

💡 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

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 07 Aug 2026, 11:33 AM

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.

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

💡 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.

CARE Reaffirms 'BBB-; Stable' Rating for ₹287 Crore Debt Facilities

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 03 Aug 2026, 03:00 PM

CARE Ratings has reaffirmed the credit rating for Dar Credit & Capital Limited's debt instruments at 'CARE BBB-; Stable'. The rating applies to ₹125 crore of Non-Convertible Debentures (across three tranches) and ₹162 crore of Long-Term Bank Facilities. This reaffirmation follows a review of the company's audited financial performance for FY26. A 'Stable' outlook indicates the agency's expectation that the company will maintain its credit profile in the medium term.

Reaffirmed 'CARE BBB-; Stable' rating for ₹125 crore in Non-Convertible Debentures
Reaffirmed 'CARE BBB-; Stable' rating for ₹162 crore in Long-Term Bank Facilities
Total debt facilities reviewed and reaffirmed amount to ₹287 crore
The rating action is based on the audited financial performance for the fiscal year ending March 2026

💡 Watch for any future rating upgrades which could signal improving asset quality or capital adequacy, potentially lowering the company's cost of funds.

Cessation of Independent Director Saswata Chaudhuri w.e.f. July 31, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 31 Jul 2026, 11:59 AM

Dar Credit & Capital Limited (DCCL) has announced that Mr. Saswata Chaudhuri has completed his two-year tenure as a Non-Executive Independent Director, effective July 31, 2026. The company has already planned for this transition, with Mr. Gautam Bhattacharya appointed as his successor starting August 1, 2026. This appointment was previously approved by shareholders at the 32nd Annual General Meeting. The move ensures the company maintains its required board composition without a vacancy period.

Completion of a 2-year consecutive term by Independent Director Saswata Chaudhuri
Cessation effective from the close of business hours on July 31, 2026
Successor Mr. Gautam Bhattacharya to take office on August 1, 2026
Transition previously approved by shareholders at the 32nd Annual General Meeting

💡 This is a routine administrative update; investors should simply note the maintenance of board independence through the immediate appointment of a successor.

₹10 Crore NCD Allotment at 12.90% Coupon for 24-Month Tenure

🟡 NEUTRAL ⭐ 5/10

FUNDRAISE 📅 31 Jul 2026, 11:38 AM

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.

₹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.

💡 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)

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 27 Jul 2026, 02:09 PM

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.

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.

💡 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.

View All DCCL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total operating income grew 26% YoY to INR 41.39 Cr in FY25. Segmental AUM contribution as of March 31, 2025: Personal loans to municipal employees (45%), Unsecured MSME/Micro loans (38%), and Secured MSME loans (17%). Retail portfolio grew 16% in FY25, while overall AUM growth slowed to 3.48% due to the replacement of Hiveloop clientele loans.

Geographic Revenue Split

Highly concentrated with 50% of the portfolio in West Bengal and 29% in Rajasthan as of March 31, 2025. The remaining 21% is spread across Gujarat, Madhya Pradesh, Chhattisgarh, Bihar, and Jharkhand.

Profitability Margins

ROMA improved significantly from 1.70% in FY24 to 2.90% in FY25, and further to an annualized 3.78% in H1FY26. Yield on advances increased from 19.38% in FY24 to 20.97% in FY25 (22.62% excluding Hiveloop impact) due to a higher-yield product mix.

EBITDA Margin

Not standard for NBFCs; however, PAT grew 91% YoY from INR 3.69 Cr in FY24 to INR 7.04 Cr in FY25. Interest coverage ratio improved from 1.30x to 1.46x in FY25 and reached 1.51x by Q1FY26.

Capital Expenditure

Not disclosed in absolute INR Cr; however, the company is investing in digital transformation including AI/ML-driven credit assessment and automated KYC systems to support its 36-branch network.

Credit Rating & Borrowing

Credit Rating: CARE BBB-; Stable (Reaffirmed August 2025/January 2026). Borrowing costs are approximately 12% for bank facilities and 14-15% for the investor/NCD sector.

⚙️ Operational Drivers

Raw Materials

Debt Capital (100% of lending resources), sourced through bank facilities and NCDs.

Import Sources

Domestic sources across India, primarily through banking channels and capital markets.

Key Suppliers

ICICI Bank, Bandhan Bank, and various NCD investors.

Capacity Expansion

Currently operates 36 branches across 7 states with a team of 250+ employees. Management intends to expand the branch network and employee base to drive business growth while maintaining stable opex ratios.

Raw Material Costs

Interest expense is the primary cost. IPO proceeds of INR 23.05 Cr in Q1FY26 provided zero-cost capital, which significantly improved net interest margins.

Manufacturing Efficiency

Operational efficiency improved in FY25 through stable opex costs despite geographical expansion into 35+ locations.

Logistics & Distribution

Distribution is handled through 36 physical branches and a digital loan origination system for seamless processing.

📈 Strategic Growth

Expected Growth Rate

20%

Growth Strategy

Growth will be achieved by deploying INR 23.05 Cr of IPO proceeds into the lending system, expanding the branch network beyond the current 36 locations, and implementing AI/ML-driven credit assessment for faster approvals. The company is also shifting from third-party (Hiveloop) clientele to self-originated retail loans.

Products & Services

Unsecured personal loans to municipal employees (cleaners, sweepers, peons), unsecured MSME micro-loans, and secured MSME financing backed by property mortgages.

Brand Portfolio

Dar Credit & Capital Limited (DCCL).

New Products/Services

No new product categories planned; focus remains on scaling existing municipal and MSME loan segments.

Market Expansion

Expanding financial access to underserved segments in rural and semi-urban areas across 7 existing states (Rajasthan, Gujarat, WB, MP, Chhattisgarh, Bihar, Jharkhand).

Market Share & Ranking

Small-sized NBFC with AUM of INR 200.75 Cr; positioned as a niche lender to low-income segments.

Strategic Alliances

Equibridgex Advisors (Investor relations/Advisory).

🌍 External Factors

Industry Trends

The NBFC sector is shifting toward digital-first lending and AI-based risk assessment. DCCL is positioning itself by automating KYC and loan origination to compete with larger MFIs.

Competitive Landscape

Competes with other NBFC-MFIs and small finance banks in the unsecured micro-lending space.

Competitive Moat

DCCL's moat is its 31-year legacy and specialized relationship-based lending to municipal employees, a niche segment with specific collection dynamics that are difficult for new entrants to replicate.

Macro Economic Sensitivity

Highly sensitive to the rural and semi-urban economy and the financial health of municipal bodies, as 45% of borrowers are municipal employees.

Consumer Behavior

Increasing demand for fast fund disbursement and financial accessibility in underserved rural areas.

Geopolitical Risks

Limited to domestic regional risks in West Bengal and Rajasthan.

⚖️ Regulatory & Governance

Industry Regulations

Regulated as a Base Layer NBFC by the RBI. Complies with MFI guardrails by not lending to customers with more than three existing lenders.

Taxation Policy Impact

Standard corporate tax rates apply; deferred tax assets stood at INR 0.58 Cr as of Sept 2025.

⚠️ Risk Analysis

Key Uncertainties

Asset quality in the recently originated MSME portfolio is a key monitorable due to rising delinquencies. GNPA above 3.00% would trigger a negative rating action.