Motilal Oswal Financial posts clean NCD record, retains AA rating
Motilal Oswal Financial Services Ltd – FY 2025‑26 NCD Annual Disclosure
Overview
Motilal Oswal Financial Services Limited (Motilal Oswal) submitted its annual disclosure on Non‑Convertible Debentures (NCDs) for the financial year 2025‑26, complying with SEBI Master Circular 2025‑13. The filing provides detailed information on eleven NCD series, their listing status, credit ratings, and servicing history.
1. Listing Details (as of 31 Mar 2026)
| # | ISIN | Issue Date | Listing Date | Qty Outstanding | Face Value (₹) | Issue Type | Exchange |
|---|---|---|---|---|---|---|---|
| 1 | INE338I07131 | 09‑May‑2024 | 13‑May‑2024 | 479,782 | 1,000 | Fresh | BSE & NSE |
| 2 | INE338I07156 | – | – | 250,217 | 1,000 | Fresh | BSE & NSE |
| 3 | INE338I07149 | – | – | 448,525 | 1,000 | Fresh | BSE & NSE |
| 4 | INE338I07099 | – | – | 273,362 | 1,000 | Fresh | BSE & NSE |
| 5 | INE338I07164 | – | – | 951,412 | 1,000 | Fresh | BSE & NSE |
| 6 | INE338I07107 | – | – | 819,765 | 1,000 | Fresh | BSE & NSE |
| 7 | INE338I07115 | – | – | 470,526 | 1,000 | Fresh | BSE & NSE |
| 8 | INE338I07123 | – | – | 2,269,680 | 1,000 | Fresh | BSE & NSE |
| 9 | INE338I07172 | 03‑Sep‑2024 | 05‑Sep‑2024 | 17,000 | 100,000 | Fresh | BSE |
| 10 | INE338I07180 | 06‑Aug‑2025 | 08‑Aug‑2025 | 50,000 | 100,000 | Fresh | BSE |
| 11 | INE338I07198 | 12‑Dec‑2025 | 16‑Dec‑2025 | 30,000 | 100,000 | Fresh | NSE |
All series are listed on either BSE, NSE, or both, ensuring marketability.
2. Credit Rating Snapshot
| ISIN | Rating Agency | Rating | Outlook | Action |
|---|---|---|---|---|
| INE338I07099 | CRISIL / India Ratings | AA | Positive | Reaffirm (03‑Sep‑2025) |
| INE338I07123 | CRISIL / ICRA | AA | Positive | Reaffirm (03‑Sep‑2025) |
| INE338I07172 | ICRA | AA+ | Stable | – (09‑Feb‑2026) |
| INE338I07180 | CRISIL | AA | Positive | Reaffirm (03‑Sep‑2025) |
| INE338I07198 | CRISIL | AA | Positive | Assigned (28‑Nov‑2025) |
Other series have no rating updates in the current filing.
3. Payment & Default History
- Interest/Redemption Payments: Already reported under SEBI Regulation 57; no arrears noted.
- Default Record: The company confirms no defaults or delays in servicing any NCDs during FY 2025‑26.
4. Investor Implications
- Strong Credit Profile: AA ratings with positive/stable outlooks suggest low credit risk.
- Liquidity: Listings on both BSE and NSE provide secondary‑market liquidity for investors.
- Stable Cash‑Flow: Absence of defaults indicates disciplined cash‑flow management.
- Rate Sensitivity: NCDs carry fixed coupons; rising market rates could affect relative attractiveness, but current yields remain competitive.
5. Outlook
Given the solid credit ratings, clean servicing record, and continued access to capital markets, the outlook for Motilal Oswal’s NCD programme is moderately positive. The company is well‑positioned to fund growth initiatives or refinance existing debt at favorable terms. Investors should monitor future rating actions and macro‑interest‑rate trends.
Prepared on 29 April 2026.
Original Source Document
View the original exchange filing or announcement.
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