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- Security Cover
- The value of assets backing the bond per ₹1 of principal owed (e.g. 1.5X = ₹1.5 of cover for every ₹1). A higher cover means more protection for investors.
- Yield to Maturity (YTM)
- Yield to Maturity (YTM) refers to a bond's expected rate of return if held until maturity.
- Coupon Rate
- Coupons are usually fixed interest rates on face value payable monthly, quarterly, yearly or at maturity.
- Nature of Instrument
- Backed by assets which can be liquidated to repay lenders in case of default
- Credit Rating
- An independent agency’s assessment of the issuer’s ability to repay on time. Higher ratings (e.g. AAA) indicate lower credit risk; lower ratings carry higher risk and usually higher yields.
NCD Type
Listed
Credit Rating Agency
CARE Ratings
Coupon Rate
11.25% p.a
Security Cover
1.10X of POS
Date of Rating
—
Debenture Trustee
Catalyst Trusteeship Limited (Formerly GDA Trusteeship Limited)
Min. Investment
₹62,252.44
Face Value
₹1,00,000.00
Issue Size
₹150 Cr
ISIN
INE572J07778
Nature of Instrument
Senior Secured
Issue Date
17 Dec, 2025
Maturity Date
17 Dec, 2027
Put Date
—
Call Date
—
Coupon Type
Fixed
Interest Payment Frequency
Monthly
Principal Payment Frequency
Quarterly
Payout Summary
Payout Frequency
Monthly
Number of Payouts
—
Total Principal
₹62,500.00
Total Interest
₹4,684.91
Total Payout
₹67,184.91
See the full installment-by-installment schedule under View Detailed Payouts in the Investment Summary.
Spandana Sphoorty Financial Limited is a leading rural-focused Non-Banking Financial Company – Microfinance Institution (NBFC-MFI) with a geographically diversified presence across India. Incorporated on 10 March 2003, the company primarily provides income-generation loans under the Joint Liability Group (JLG) model, catering predominantly to women from low-income households in rural areas. Leveraging its extensive experience in the microfinance sector, it has developed a deep understanding of the financial needs of underserved communities and delivers credit through a client-centric, relationship-driven operating model supported by regular field interactions. Registered as a Non-Banking Financial Company (NBFC) with the Reserve Bank of India (RBI) in 2004 and subsequently classified as an NBFC-MFI in 2015, the company remains committed to promoting financial inclusion and improving the socio-economic well-being of low-income households. Through sustainable access to finance, it supports livelihood generation, financial independence, and enhanced self-esteem while maintaining a strong presence across rural India.
Incorporated: 10-03-2003 Visit Website
- Spandana Sphoorty Financial is one of India's leading rural-focused NBFC-MFIs, delivering financial inclusion through a diversified pan-India branch network. Provides income-generation loans primarily to women borrowers under the Joint Liability Group (JLG) model, empowering underserved rural households.
- In September 2026, the company successfully converted partly paid-up shares into fully paid-up equity shares with ₹194.41 crore neing infused, strengthening the company’s capital structure and supporting future growth.
- Managed an Assets Under Management (AUM) of ₹4,420 crore and a loan book supported by total assets of ₹6,176.91 crore as of FY'26.
- Maintained a strong capital adequacy ratio (CRAR) of 29.76% and low Net NPA of 0.64%, reflecting a well-capitalised balance sheet and healthy asset quality.
- Company has in-principle approval to re-evaluate the structural terms of merging its 100% wholly-owned subsidiary, Criss Financial Limited, back into the parent entity.
- Company has undergone major developments across corporate restructuring, asset cleanup, leadership transitions, and capital adjustments during last 12 months.
Mr. Venkatesh Krishnan
Managing Director and Chief Executive Officer
Mr. Venkatesh Krishnan is a highly accomplished Chartered Accountant with over 34 years of experience in financial services across leading institutions and diverse functions. He brings deep expertise in financial inclusion and rural banking. Previously, he headed the Microfinance division at HDFC Bank (retail and wholesale) from 2018, driving transformative initiatives such as low-cost branches, undergraduate hiring programs, and a unified technology platform. He played a pivotal role in expanding Self-Help Group business, earning HDFC Bank the ‘Best Private Bank’ award by MoRD in FY22 and FY23. His deep sector expertise is further highlighted by his tenure as MD/CEO of IFMR Rural Channels and his role on the Board of MFIN currently. His career also includes leadership roles as Head of Branch Banking at HSBC and Chief Distribution Officer at L&T Insurance, where he gained extensive experience across assets, liabilities, and NBFC setup.
Mr. Ashish Damani
President and Chief Financial Officer
Mr. Damani, brings over 25 years of extensive experience in the microfinance industry. He joined Spandana in 2022 as President and Chief Financial Officer, where he has played a pivotal role in raising nearly Rs 20,000 crore in funding and executing several key strategic transactions. Before joining Spandana, Mr. Damani served as the Chief Financial Officer at Bharat Financial Inclusion Ltd. (BFIL), a subsidiary of IndusInd Bank Ltd. Over his two-decade tenure at BFIL, he progressed through various leadership roles, gaining deep expertise in the microfinance sector. He was instrumental in steering the organization through multiple industry disruptions and played a leading role in managing a borrowing program of approximately Rs 12,000 crore prior to BFIL’s merger with IndusInd Bank. Mr. Damani holds an Advanced General Management Program (AGMP) qualification from IIM Ahmedabad and a Post Graduate Diploma in Business Administration (PGDBA) from Symbiosis, Pune.
Mr. G. Parthasarathy
Chief Risk Officer
Mr. G. Parthasarathy is a seasoned financial services executive with over 26 years of experience spanning Risk Management, Internal Audit, Legal, Credit & Policy, Collections, Business Operations, and Sales. Previously, he was the Chief Risk Officer at Belstar Microfinance Limited, where he led Risk, Legal, Internal Audit, and Compliance functions nationwide. He built comprehensive frameworks and governance structures, aligning risk practices with strategic goals, and led a team of 300+ professionals. His earlier roles include senior leadership positions at Madura Microfinance, BEBB India, Muthoot Fincorp, HDFC Bank, and GE Money, where he developed robust risk systems and collaborated with KPMG on enterprise-wide frameworks. He holds degrees in Law (LL.B.), Marketing (MBA), and Mathematics (B.Sc.), and is pursuing FRM certification, with additional certifications in Six Sigma (White Belt) and IRDA. Recognized for his contributions with awards and scholarships, Mr. Parthasarathy is known for his governance-driven approach, strategic alignment of risk, and leadership excellence.
Mr. Ganesh KV
Chief Operating Officer
Mr. Ganesh KV is a seasoned financial services professional with over three decades of experience spanning microfinance, retail banking, rural markets, and large-scale distribution. He has held senior leadership roles at Chaitanya India Fin Credit Private Limited, Dvara KGFS, HDFC Bank and ICICI Bank. In his last employment with Chaitanya, he served as President & Head – Internal Audit, where he led the automation of audit processes and strengthened governance & compliance frameworks. Prior to this, as President – Operations, he oversaw business expansion, product development, pilot initiatives, and multi-state operational management. His earlier employments includes leadership roles with prominent consumer and distribution companies such as Parle Agro, GM Pens (Reynolds), PepsiCo, Asian Paints, and Eureka Forbes. Mr. Ganesh holds a degree in Physics, Mathematics & Electronics.
FY'26
| Revenue | ₹942.2 Cr |
| Profit After Tax | ₹-624.05 Cr |
| PAT Margin | -66.23% |
| Net Worth | ₹2,193.75 Cr |
| Total Assets | ₹6,176.91 Cr |
| Return on Equity | -30.8% |
| Assets Under Management | ₹4,420 Cr |
| Borrowings | ₹3,824.25 Cr |
| Cash & Bank Balances | ₹1,213.78 Cr |
| NIM | 9.1% |
| CRAR | 29.76% |
| Net NPA (%) | 0.64% |
- Rating Rationale Download ↓
- Information Memorandum Download ↓
- Annual Reports Download ↓
- Payouts Download ↓
Total Issue Size
₹150 CrCompany Financials (FY'26)
Frequently Asked Questions
Corporate Bonds are debt instruments issued by public and private corporations. These bonds are issued to raise capital for various business needs such as constructing new facilities, purchasing equipment or expanding operations. When you buy a Corporate Bond in India, you lend money to the issuing company. In return, the company commits to repaying the principal amount at a predetermined maturity date and pays interest until that date.
Fixed Interest Payments
Corporate Bonds have a fixed coupon rate/interest rate. The issuer of Corporate Bonds offers regular interest payments, providing a steady income stream for investors.Principal Repayment
At maturity, bondholders receive the principal amount. This principal repayment provides the return of the initial investment.Maturity Periods
Corporate Bonds come with various maturity periods. They can range from short-term (less than five years) to long-term (up to 30 years or more), offering flexibility based on your investment goals.Yield
Yield measures the return on a bond investment. It helps you compare different company bonds. Unlike the bond's fixed coupon rate, the yield fluctuates with changes in bond prices due to varying interest rates.Secondary Market Trading
Listed Corporate Bonds in India provide liquidity as they can be bought or sold on the secondary market before their maturity date. This flexibility allows you to adjust the investment strategy based on market conditions or liquidity needs.Credit Ratings
Corporate Bonds in India are assigned credit ratings by agencies such as ICRA, CRISIL, CARE, etc. based on the issuer's creditworthiness. Higher credit ratings indicate lower credit risk and vice versa. You can also compare them with Treasury Bills for safer options. For related reading, see types of government securities.
Attractive Interest Rates
Corporate Bonds typically offer attractive interest rates, facilitating a potentially higher yield.Potential for Capital Appreciation
While bonds are primarily designed to provide fixed income, listed Corporate Bonds in India may also offer potential capital appreciation. You may have the opportunity to sell your Corporate Bonds at a price higher than the purchase price in the secondary market.Diversification of Investment Portfolio
Including Corporate Bonds in an investment portfolio can enhance diversification and may help reduce overall portfolio risk. Corporate Bonds often have different risk-return profiles compared to stocks. They provide a balanced approach when it comes to portfolio management.Predictable Income Stream
Corporate Bonds issued by reputable companies with high credit ratings may offer a relatively safe investment option. They provide a predictable income stream and the assurance of principal repayment at maturity, mitigating the risk of capital loss.
Corporate Bonds are significantly influenced by changes in interest rates. When interest rates fall, the value of existing Corporate Bonds rises. Conversely, when interest rates rise, the value of Corporate Bonds tends to decrease. Because of this inverse relationship new bonds issued at higher interest rates make existing bonds with lower rates less attractive, thus decreasing their market value. Therefore, selling a bond before it matures can result in a price different from the initial purchase price, depending on the prevailing interest rates.
The degree of price volatility is generally higher for bonds with longer maturities. However, if you hold a bond until its maturity date, these price fluctuations become less of a concern as you will receive the bond's par or face value at maturity while reinvestment risk remains.
Wide Range of High-Quality Investments
Altifi provides access to a diverse array of Corporate Bonds in India from high-quality companies. Our platform allows you to explore various opportunities in the debt market. Learn more in our guide on Investing in Bonds: Types, Features and Benefits.Seamless Investment Process
Through Altifi, you can easily and securely invest in Corporate Bonds in India. Our platform supports quick registration and KYC verification process with multiple payment modes to make the investment process convenient and efficient. It simplifies your experience with a streamlined digital onboarding process, saving your valuable time.User-friendly Platform
Designed for Altifi's user convenience, our bond investment platform allows you to effortlessly explore, compare, and invest in various assets. With an intuitive interface that provides in-depth information on interest rates, maturity dates, and credit ratings, you can make informed decisions with confidence.Real-Time Portfolio Monitoring
Altifi offers tools to monitor the performance of your investment portfolio anytime, ensuring you stay informed and in control of your investments.Part of Northern Arc Group
Altifi, backed by Northern Arc, a top Indian NBFC, is a cutting-edge platform for fixed-income investments. We streamline bond buying through an intuitive interface, offering a variety of instruments. With real-time market data and expert insights, Altifi opens-up the bond market platform, enabling you to diversify and discover new investment opportunities. Northern Arc empowers investors by providing access to data-driven technology, deep sector expertise, and a democratized investment platform like Altifi.Impact Investing Opportunities
Altifi lets you align your investments with your values. You can invest in companies that are making a positive impact on underserved sections of society through our platform. Explore ethical investments like Sovereign Gold Bonds.
The types of Corporate Bonds include:
Fixed Rate Bonds
Fixed rate bonds offer fixed interest payments, known as coupon payments. The interest rate is determined at the time of issuance as a percentage of the bond's face value. These bonds can be considered if you are seeking sustained returns and prefer certainty in cash flows, as the interest payments remain constant throughout the bond's life.Floating Rate Bonds
Floating rate bonds have their interest rates tied to a benchmark rate, such as a government bond yield or MIBOR (Mumbai Interbank Offered Rate). As the benchmark rate changes, the interest rate on the bond adjusts accordingly.Convertible Bonds
Convertible bonds combine features of both debt securities and equities. You can get regular interest payments like regular bonds. However, you can convert the bond into a predetermined number of equity shares of the issuing company at a predetermined date or under specific conditions.Non-Convertible Debentures (NCDs)
NCDs cannot be converted into equity shares and remain purely debt instruments, providing fixed income without the prospect of equity ownership.Secured Bonds
Secured bonds are backed by the assets of the issuing company. In case the company defaults, bondholders have a claim on these assets. These bonds offer lower risk since they are protected by collateral, providing more security for your investments.Unsecured Bonds
Unsecured bonds are not backed by any collateral, which means bondholders do not have a claim on the company's assets if they fail to meet their obligations. These bonds carry relatively higher risk compared to secured bonds but may offer higher interest rates to compensate for the additional risk.Callable Bonds
Callable bonds give the issuing company the right to redeem the bond before its maturity date. This usually happens when interest rates fall, allowing the company to refinance the debt at a lower rate.Puttable Bonds
Puttable bonds give the investor the option to sell the bond back to the issuer before its maturity date, providing flexibility if market conditions change or the issuer's credit profile weakens. This feature offers additional protection by allowing early exit from the investments.
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#This percentage reflects the proportion of the portfolio available on the Platform.
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