Courtesy: https://www.chittorgarh.com/
Review By Dilip Davda on August, 2026
• This is the 9th Debt issue from CCIL since December 2022.
• The last debt offer was in March 2026.
• IND BBB/Stable rating is considered to be an average grade indicating moderate risks.
• The company has maintained the coupon rates.
• Only well-informed/cash surplus/risk seekers may park moderate funds for long term.
ABOUT COMPANY:
Chemmanur Credits and Investments Ltd. (CCIL) is a non-deposit taking, non-banking financial company (base layer) registered with the RBI, primarily engaged in the gold loan sector lending money against the pledge of household gold jewellery (“Gold Loans”) in the state of Kerala, Tamil Nadu, Karnataka Andhra Pradesh and Maharashtra. It also provides Microfinance Loans, business and personal loans, money transfer services and distribution of third-party insurance products.
CCIL is a part of Boby Chemmanur Group which is engaged in diverse range of businesses and based in Kerala, India. The group has retail gold jewellery showrooms in USA and Middle East apart from those in India. The Boby Chemmanur Group has received BIS certification for purity of gold. Its schemes differ in relation to interest rate chargeable, amount advanced per gram of gold, tenure, amount of loan. Currently CCIL offers Gold Loans for tenure ranging up to 365 days. The schemes differ in relation to interest rate chargeable, amount advanced per gram of gold, tenure, amount of loan.
For the financial year ended on March 31, 2026, March 31, 2025 and March 31, 2024, the Company held 0.82 tonnes, 1.05 tonnes and 1.04 tonnes of gold jewellery respectively, as security for all Gold Loans.
As on June 30, 2026, it operated through 302 branches located across 6 states namely Kerala, Tamil Nadu, Karnataka, Maharashtra, Andhra Pradesh and Telangana managed through its registered office located at Thrissur, Kerala and the company employed 1268 persons in its business operations.
ISSUE DETAILS:
The company is coming out with its debt issue of 1500000 Secured, Redeemable, Non-convertible Debentures having a face value of Rs. 1000 each. This is the 9th debt offer from the company since December 2022. The company plans to mobilize Rs. 75.00 cr. as a base issue and green shoe option to retain Rs. 75.00 cr. oversubscription, thus making an overall issue size of Rs. 150.00 cr. The issue opens for subscription on August 04, 2026, and will close on or before August 17, 2026. The minimum application to be made is for 10 NCDs (i.e., Rs. 10000) and in multiple of 1 NCD (i.e., Rs. 1000) thereon, thereafter. Post allotment, NCDs will be listed on BSE. CCIL is spending Rs. 0.95 cr. for this debt issue process and from the net proceeds, it will utilize at least 75% for the purpose of onward lending, financing and repayment/prepayment of borrowings with interest, and maximum up to 25% for general corporate purposes.
The issue is solely lead managed by Vivro Financial Services Pvt. Ltd., and KFin Technologies Ltd. is the registrar of the issue. Mitcon Credentia Trusteeship Services Ltd. is the Debenture Trustee.
This debt offer has tenors of 400 days, 18 months, 24 months, 36 months, 61 months, and 72 months with coupon rates ranging from 10.25% to 12.00%. The interest payment frequency will be Monthly, or Cumulative as per the series opted by the investors. Though it offers lucrative coupon rates, average rating of BBB remains a concern.
The company has allocated 10% for Category I, 40% for Category II, and 50% for Category III.
ISSUE RATING:
This debt issue is rated IND BBB/Stable by India Ratings & Research Pvt. Ltd. This rating indicates that instruments with this rating are considered to have moderate degree of safety regarding timely servicing of financial obligations and carry moderate credit risk.
These ratings are not a recommendation to buy, sell or hold securities and investors should take their own decisions. These ratings are subjected to a periodic review during which it may be affirmed, changed, suspended, withdrawn, or placed on rating watch, based on one or more specific events.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last three fiscals, CCIL has posted a total income/net profit of Rs. 74.74 cr. / Rs. 9.24 cr. (FY21), Rs. 73.49 cr. / Rs. 2.66 cr. (FY22), and Rs. 83.21 cr. / Rs. 0.80 cr. (FY23), Rs. 106.15 cr. / Rs. 1.72 cr. (FY24), Rs. 141.74 cr. / Rs. 2.48 cr. (FY25), and Rs. 179.74 cr. / Rs. 20.07 cr. (FY26). Boosted bottom line for FY26 raise eyebrows, as it operates in a highly competitive segment.
As of March 31, 2026, March 31, 2025 and March 31, 2024, its microfinance AUM was Rs. 30.10 cr., Rs. 41.66 cr., and Rs. 53.73 cr. respectively, representing 3.91%, 7.00% and 10.91%, respectively, of its aggregate AUM as of such date.
Its debt equity ratio as of March 31, 2026, at 4.73 will stand enhanced to 5.80 post this issue, and net NPA stood at 0.65% against 1.18% as of March 31, 2025.
Conclusion / Investment Strategy
This is the 9th Debt issue from CCIL since December 2022. The last debt offer was in March 2026. IND BBB/Stable rating is considered to be an average grade indicating moderate risks. The company has maintained the coupon rates. Only well-informed/risk seeker/cash surplus investors may park moderate funds for long term.
Review By Dilip Davda on August, 2026
Review Author
DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. My reviews do not cover GMP market and operators game plans. Readers must consult a qualified financial advisor before making any actual investment decisions, based the on information published here. With entry barriers, SEBI wants only well-informed investors to participate in such offers. With crazy listings in the recent past, SME IPOs drew the attention of investors across the board and lead to seer madness. However, as SME issues have entry barriers and continued low preference from the broking community, any reader taking decisions based on any information published here does so entirely at their own risk. The above information is based on information available as of date coupled with market perceptions. The Author has no plans to invest in this offer.
About Dilip Davda
Dilip Davda is veteran journalist associated with stock market since 1978. He is contributing to print and electronic media on stock markets/insurance/finance since 1985.
Dilip Davda is a leading reviewer of public issues and NCDs in the primary stock market in India. The knowledge he gained over 3 decades while working in the stock market and a strong relationship with popular lead managers makes his reviews unique. His detailed fundamental and financial analysis of companies coming up with IPOs helps investors in the primary stock market. Dilip Davda has a special interest in analyzing the SME companies and writing reviews about their public issues. His reviews are regularly published online and in news papers.
(Dilip Davda -SEBI registered Research Analyst-Mumbai,
Registration no. INH000003127 (Perpetual)
Email id: dilip_davda@rediffmail.com ).
Courtesy: https://www.chittorgarh.com/
