Courtesy: https://www.chittorgarh.com/
Review By Dilip Davda on August, 2026
• This is the maiden debt offer from the company.
• company is RBI registered NBFC providing financial services to its customers using latest technology.
• The company marked steady growth in its top and bottom lines for the reported periods.
• It is offering lucrative coupon rates.
• Only well informed investors may park moderate funds for long term, to get regular income.
ABOUT COMPANY:
Paisalo Digital Ltd. (PDL) is an RBI registered NBFC providing all financial services to its customers. It operates in a highly regulated industry and changes in he laws, rules, regulations applicable to it may adversely affect its business, financial conditions, results of operations and cash flows.
The company is operating with latest information technology in its business, and heavily relies on the system. As of March 31, 2026, the company operates across 22 states with a robust physical and semi-digital distribution infrastructure. It has 422 branches, 5299 touch points, 3381 distribution points, and 1496 customer service points. It employs 3076 personnel.
ISSUE DETAILS:
The company is coming out with its maiden debt issue of 3000000 Secured, Rated, Listed, Redeemable, Non-convertible Debentures having a face value of Rs. 1000 each. This is the 1st debt offer from the company. The company plans to mobilize Rs. 150.00 cr. as a base issue and green shoe option to retain Rs. 150.00 cr. oversubscription, thus making an overall issue size of Rs. 300.00 cr. The company has overall shelf limit of Rs. 900.00 cr.The issue has already opened for subscription on August 07, 2026, and will close on or before August 20, 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. 7.66 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 Tipsons Consultancy Services Pvt. Ltd., and Alankit Assignments Ltd. is the registrar of the issue. Axis Trustee Services Trusteeship Services Ltd. is the Debenture Trustee.
This debt offer has tenors of 18 months, 24 months, 36 months, and 60 months with coupon rates ranging from 9.00% to 10.47%. The interest payment frequency will be Monthly, or Annual as per the series opted by the investors. The company has allocated 25% for each category.
ISSUE RATING:
This debt issue has been rated “BWR AA/ Stable” for an amount of Rs. 1,50,000.00 lakhs by Brickwork Ratings India Private Limited vide its rating letters dated April 20, 2026, and press release for rating rationale dated April 20, 2026 and “IVR AA/Stable” for an amount of Rs. 205,900.00 lakhs by Infomerics Valuation and Rating Limited vide its rating letter dated May 5, 2026, and press release for rating rationale dated May 13, 2026.
The ratings given by Brickwork Ratings India Private Limited and Infomerics Valuation and Rating Limited remain valid as on the date of the Shelf Prospectus, this Tranche I Prospectus and shall remain valid as on the date of issue, allotment and listing of the NCDs on BSE Limited. Securities with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such securities carry very low credit risk. The ratings are not a recommendation to buy, sell or hold securities and investors should take their own decision. The ratings may be subject to revision or withdrawal at any time by the assigning rating agencies and each rating should be evaluated independently of any other rating. The rating agencies have a right to suspend or withdraw the ratings at any time on the basis of factors such as new information
FINANCIAL PERFORMANCE:
On the financial performance front, for the last three fiscals, PDL has posted a total income/net profit of Rs. 658.75 cr. / Rs. 178.97 cr. (FY24), Rs. 771.11 cr. / Rs. 200.12 cr. (FY25), and Rs. 943.70 cr. / Rs. 237.21 cr. (FY26). Boosted bottom lines for the reported periods raise eyebrows, as it operates in a highly competitive segment.
As of March 31, 2026, its debt equity ratio stood at 2.43 against 2.32 as of March 31, 2025. For the said period, its AUM stood Rs. 6100.90 cr. against 5232.85 cr. Its net NPA stood at 0.61% as of March 31, 2026, against 0.76% as of March 31, 2025. Its rural customer stood at 90.93% as of March 31, 2026, against 98.88% as of March 31, 2025.
Conclusion / Investment Strategy
This is the maiden debt offer from PDL. The company is RBI registered NBFC providing financial services to its customers using latest technology. It marked steady growth in its top and bottom lines for the reported periods. The company is offering lucrative coupon rates. Only well informed investors may park moderate funds for long term, to get regular income.
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/
