Issuer study · Property and vehicle loans · single issuer
You own, or are being offered, a 12% to 12.75% bond from Best Capital Services, a Jaipur lender against small business property and vehicles. The bond pays interest every month and hands the principal back in pieces. This study explains how the company earns the money to pay it, who stands ahead of you, and what the rating agency says, then gives every listed bond its own card and a monthly routine for checking it. Each fact carries its source and date, with the company's own position beside it wherever one is on record.
Story written 23rd Oct 2026 · Bond cards and status checked 23rd Oct 2026 · Figures from Best Capital's offer documents, BSE filings, its annual report and Infomerics, dated where used
A ₹10,000 Best Capital bond does not keep its ₹10,000 face value. INE04UP07170, sold on 30th Mar 2026, repaid ₹833.33 on 30th Jun 2026 and another ₹833.33 on 30th Sep 2026, so a holder's demat statement shows a face value of ₹8,333.34 per bond. A bond that repays in pieces like this is amortising. Each month's coupon is worked out on what is still owed, so the coupons shrink as the principal comes back (chapter 12, weird bonds). Every listed bond on this page carries one rating, IVR BBB/Stable from Infomerics (section 5).2, 7, 11
Best Capital Services Limited (BCSL) is a non banking financial company (NBFC): a lender registered with the Reserve Bank of India (RBI) that does not take deposits. It was incorporated in Jaipur on 2nd May 1995. It raises money by selling non convertible debentures (NCDs), bonds that can never turn into shares. Each one is a loan to BCSL alone. Their ISINs, the 12 character codes printed on a demat statement, all start INE04UP.1, 4
At 30th Jun 2026 BCSL's loans came to ₹322.11 crore. ₹264.38 crore were loans to small businesses against property, which the documents call MSME loans; ₹57.73 crore were loans against cars and light and medium commercial vehicles. At 31st Dec 2025, the split was ₹200.58 crore and ₹72.92 crore.1, 4 The GID states that "99.9% exposure is fully secured".1
A loan against property (LAP) is a loan secured on a borrower's house, shop or land. If the borrower stops paying, the lender can take and sell the property to recover the loan. The loan to value (LTV) is the loan as a share of the property's value when the loan is made. At 30th Jun 2026, 38.25% of the book had been lent at 60% to 70% of the property's value and 20.24% at up to 50%; at 31st Dec 2025 those shares were 19.23% and 28.60%.1, 4 A vehicle loan works the same way, with the vehicle as security.
The borrowers are individuals and small businesses. At 30th Jun 2026 there were 5,726 MSME loans, against 4,332 at 31st Dec 2025. Loans of ₹5 lakh to ₹10 lakh made up 68.72% of the book, and no loan was above ₹30 lakh.4 The company lends through 30 branches listed at 30th Dec 2025, in Rajasthan, Gujarat, Delhi, Uttar Pradesh, Maharashtra, Telangana and Karnataka.1
Plate BC.1
What the company lends against
The loan book by product, ₹ crore, at 31st Dec 2025 and 30th Jun 2026, and where the loans were at 30th Jun 2026, from the GID and the KID of 8th Sep 2026
Rajasthan held 93.41% of the loans in FY21, about 71% in Sep 2024 and 67.80% at 31st Dec 2025, as Infomerics and the GID report them. At 30th Jun 2026 it held 71.05%, and Rajasthan and Gujarat together 84.35%. Vehicle loans were 17.92% of the book and 57.93% of its bad loans at that date.10, 1, 4
The KIDs allow only MSME loans against property, made at BCSL's own branches, into the pools that secure the listed bonds, and cap any one state at 40% of each pool.2, 3, 4
A loan becomes a non performing asset (NPA) once a payment is a set number of days past due. Gross NPA (GNPA) is the total of those loans; net NPA (NNPA) is what is left after the money set aside for losses. PAR 90, portfolio at risk, is the share of loans more than 90 days past due, whatever line the lender uses for NPA.
Infomerics' releases of 16th Dec 2021, 30th Dec 2022, 20th Mar 2024 and 14th Oct 2024 each state: "The company follows 180+ DPD NPA recognition norm". Under that rule GNPA was 0.50% at 31st Mar 2021, when 1.45% of the book was more than 90 days past due; 0.44% at 31st Mar 2022, against 1.25% past 90 days; and 0.36% to 0.37% at 31st Mar 2023, against 0.88%. The last figures those releases give with the 180 day line are for Dec 2023.10
RBI's scale based framework of 22nd Oct 2021 gave NBFCs of BCSL's size until 31st Mar 2026 to move from a 180 day line to 90 days, in steps.26 Infomerics' release of 15th Jan 2025 says that "with the change in NPA recognition policy, the ability of BCSL's to maintain healthy asset quality will remain a key rating monitorable". GNPA was 1.08% at 31st Mar 2025, 1.00% at 31st Mar 2026 and 1.02% at 30th Jun 2026.10, 1, 4
The KID of 8th Sep 2026 states: "90 DPD and above cases are considered as NPA". The FY26 accounts show no restructured loans under the COVID or MSME schemes.4, 5
Every bond on this page is a loan to one company, BCSL: a lender against small business property and vehicles, with most of its loans in Rajasthan. Its bad loan figures before FY25 used a 180 day line; from FY25 they move towards and then use 90 days.
Sections 2 and 3 follow the money: who owns and runs the company, and where the cash for a coupon comes from. Section 4 sets out who stands ahead of you. Sections 5 to 8 read the rating, the promises, the record, and what falls due when. Section 9 gives every listed bond its own card, section 10 is a monthly routine for a holder, and section 11 is the position on 23rd Oct 2026.
Arun Bagadia and Poonam Bagadia joined BCSL's board on 17th May 2011. Every Infomerics release describes the company as "taken over by present promoter in 2011". No document read names the owners from 1995 to 2011.1, 10 The promoters are the people who control a company. At 30th Jun 2026 Arun Bagadia held 40.03% and Poonam Bagadia 37.69%. He is the managing director and she is a whole time director.4
The GID gives Arun Bagadia's past position as "Worked in GMAC", the Indian car finance arm of General Motors. BCSL's website describes a retail car loan book of "INR 25 Crore", first written by GMAC and bought by Barclays in Dec 2009, that BCSL took over, and says GMAC's "final transfer of their remaining portfolio" went to "Mr. Arun Bagadia and Kogta Financial India Limited". From Jul 2012 to Sep 2015 BCSL acted as a recovery agent for Barclays Investments & Loans (India), according to a tax tribunal order (section 7).1, 20, 13
Plate BC.2
Who owns the company, and who shares its addresses
Shareholders at 30th Jun 2026 from the KID of 8th Sep 2026, and companies linked to Best Capital by directors, address or email in directory data read on 23rd Oct 2026
On 27th Feb 2024 Manan Cars Private Limited was allotted 31,03,450 shares at ₹29, ₹9 crore in all. It held 31,55,376 shares, 7.77%, at 30th Jun 2026. The KID of 23rd Mar 2026 lists "M/S Manan cars Pvt Ltd" in Poonam Bagadia's column as the "Other ventures of the promoter", and names it a Key Shareholder. Directory data shows Manan Cars with a paid up capital of ₹15 lakh, the email accounts@bestcapital.in, and directors Mohan Bagadia and Ram Vilas Sharma.1, 2, 4, 21
The FY26 accounts name Manan Cars as a related party with no transactions beyond its shareholding.4
Where the ₹9 crore came from, and who owns Manan Cars, is not stated in any document read; both are listed as questions in section 11.
On 31st Jul 2024 BCSL allotted 1,74,50,000 partly paid shares at ₹29 (₹10 face plus ₹19 premium): 70,00,000 each to Arun and Poonam Bagadia and 1,50,000 each to 23 other individuals. A partly paid share is one where the buyer pays part of the price at once and the rest when the company calls for it. The documents do not describe the 23 as employees; several appear on BCSL's staff chart or board. By 30th Jun 2026 these shares were ₹6 paid of ₹10 face, and paid up capital was ₹33.62 crore.1, 4 If the premium is called in the same proportion as the calls of 2024 and 2025, about ₹11.60 a share, about ₹20.2 crore in all, is still to be called: about ₹17.4 lakh for each holder of 1,50,000 shares (our estimate).
The shareholding pattern of 31st Dec 2025 puts all 4,05,96,967 shares under "Promoter & Promoter Group". The GID records no pledge of these shares.1
Directory data, which mirrors the Registrar of Companies and can lag it, links 5 more companies to BCSL. Manan Investments files with a bestcapital.in email that is also BCSL's own email on the Registrar's record, from 605 Luhadia Tower, BCSL's C-Scheme branch address. Youngtimes Media and RCJH Foundation are registered at 604 Luhadia Tower with bestcapital.in emails. Pooja Buildheights, struck off, was registered at 701 Luhadia Tower, BCSL's registered office. Best Tractors shares no address or email with BCSL; its directors are Arun and Poonam Bagadia.21, 1
The GID states that BCSL has no subsidiaries and that its related party loans and guarantees were nil. It names none of these 5 companies; it points to an annexure for other directorships, and that annexure holds only BCSL's own Registrar data.1, 4
BCSL had 6 directors at Sep 2026: Arun Bagadia, Poonam Bagadia, executive director Ashok Kumar Kurup, non executive director Vijayaraghavan Venkatesan, and 2 independent directors, Bajrang Lal Gupta and Narendra Kumar Sharma. Hemant Jangid, a non executive director, left on 21st Jan 2026. The chief financial officer is Rameshwar Prasad Jat and the company secretary is Kratika Agarwal. There is no chief executive; the managing director runs the company.1, 4, 5
Vijayaraghavan Venkatesan joined on 11th Jun 2025. Directory data lists him as a director of GMAC Financial Services India from 22nd Dec 2009. He was paid ₹8 lakh to 30th Sep 2025, ₹21.6 lakh from Oct to Dec 2025 and ₹24 lakh from Jan to Mar 2026, ₹53.6 lakh in FY26; independent directors were paid ₹37,500 a quarter.1, 2, 4, 21
Bajrang Lal Gupta joined BCSL's board on 1st Mar 2024 and, in directory data, the board of Dhara Motor Finance on 7th Mar 2024. Dhara held a registered charge of ₹1 crore on BCSL, created 30th Jun 2023 and satisfied 9th Aug 2024. How much was owed to Dhara in Mar 2024 is not disclosed.1, 21
No company statement on either point was found in the GID, the KIDs, the FY26 annual report or BSE filings to 23rd Oct 2026.
BCSL had 3 statutory auditors between Dec 2025 and May 2026: Shekhawat Jain and Company, Khilnani & Associates and Praveen Kumar & Co. The dates and reasons are in section 7.5
The Bagadia family has controlled BCSL since 2011, and every share is classed as promoter group. Manan Cars, the only outside company on the register, is listed in the KID as Poonam Bagadia's venture. Directory data links 5 more companies by directors, address or email; the offer documents do not name them.
A company owned this way pays its bondholders from what its loans earn and from what it can borrow or raise. That is the next section.
A lender earns interest on its loans and pays interest on its own borrowing. What is left pays staff, branches and losses; the rest is profit. Principal on a bond comes back from 3 places: borrowers repaying their loans, new borrowing, and new money from shareholders.
In FY26, the year to 31st Mar 2026, BCSL earned interest income of ₹70.12 crore and paid finance costs of ₹36.39 crore. Operating costs were ₹23.70 crore and credit costs ₹0.49 crore. Profit before tax was ₹15.12 crore and profit after tax ₹10.97 crore, against ₹4.70 crore in FY25. In the quarter to 30th Jun 2026 profit after tax was ₹4.01 crore.4, 5
The interest coverage ratio, earnings before interest divided by interest, was 1.46 to 1.48 times for FY26 and 1.43 times for the June 2026 quarter, as the company reports it.4, 5 Earnings covered the interest bill about 1.5 times; principal is repaid from loan collections and new borrowing.
Under the Ind AS accounting rules a lender sets aside an impairment allowance, money held back for losses it expects on its loans. When the allowance is raised, profit falls; when it is released, profit rises.
Plate BC.3
From finance companies to retail bonds
Borrowings by kind of lender, as a share of the total, at 31st Dec 2025 and 30th Jun 2026, from the lender tables in the GID and the KID of 8th Sep 2026 (shares our calculation)
The total impairment allowance was ₹2.88 crore at 30th Sep 2025, ₹2.35 crore at 31st Mar 2026 and ₹2.11 crore at 30th Jun 2026, while loans grew 18%. The June 2026 quarter carried a write back, a release of the allowance, of ₹24.09 lakh. In the audited FY26 statements, the RBI table that compares Ind AS staging with RBI's provisioning norms has headings and no amounts.1, 4, 5
For the quarter to 30th Jun 2026, tax was ₹10.74 lakh on profit before tax of ₹4.12 crore, 2.6%: current tax of ₹50.52 lakh less a deferred tax credit of ₹39.78 lakh. Revenue that quarter includes a line called "Accrued Interest Income" of ₹3,45,64,532, equal to the interest accrued but not received at 30th Jun 2026; the FY26 line of ₹3,40,23,656 equals the balance at 31st Mar 2026.4
The FY26 audit report is unmodified, with a key audit matter on expected credit losses. Whether the opening accrual is reversed within "Interest on loan at amortised cost" is not stated; it is a question in section 11.5
The disclosed NPA provisions were ₹0.30 crore against GNPA of ₹3.00 crore at 31st Mar 2026, and ₹0.33 crore against ₹3.27 crore at 30th Jun 2026, about 10%. The KID does not say whether these are Ind AS or RBI figures, and the Ind AS split of bad loans for 31st Mar 2026 is not disclosed. Infomerics' release of Feb 2026 states the "provision coverage ratio (PCR) ... low at ~10% (FY25: 15%)" at Dec 2025.4, 1
BCSL borrows from banks, from other NBFCs, through pass through certificates (PTCs), and through NCDs. A PTC deal, or securitisation, sells a pool of loans to a trust; the trust pays investors from what those borrowers repay, and BCSL keeps collecting on the loans as servicer.
Plate BC.4
The book grew; the loss allowance shrank
Loans and the total impairment allowance under Ind AS, ₹ crore, at 30th Sep 2025, 31st Mar 2026 and 30th Jun 2026, from the half yearly statements, the FY26 accounts and the KID of 8th Sep 2026
At 31st Dec 2025 NBFCs and financial institutions lent 44.4% of BCSL's ₹240.98 crore of borrowings, PTCs 22.1%, banks 19.6% and NCDs 12.7%. At 30th Jun 2026, NCDs were 36.5% of ₹286.12 crore, and NBFCs 32.7% (our shares from the lender tables). Individuals held every NCD line except INE04UP07139, about ₹96.9 crore or 93% of NCDs, against a net worth of ₹119.69 crore.1, 4 By 30th Sep 2026 listed NCDs stood at ₹203.65 crore, and on 17th Aug 2026 Infomerics rated a further ₹250 crore of proposed NCDs.8, 11
At 31st Dec 2025, the institutional NCDs paid 15.50% (Northern Arc) to 16.25% (Vernium Capital) a year. The retail lines sold from Mar 2026 pay 12.00% to 12.75%. Borrowing cost about 14.9% of average borrowings in FY25 and about 13.2% in FY26 (our calculation).1, 4
The KID shows positive cumulative gaps in every maturity bucket of the asset liability table at 30th Jun 2026, with ₹55.11 crore of cash and bank balances.4
Promoters and others put in about ₹15 crore to ₹16 crore of equity in each of FY23, FY24 and FY25, ₹12.65 crore in FY26 and ₹7.59 crore in the June 2026 quarter, largely through calls on partly paid shares.1, 4 Infomerics' release of 15th Jan 2025 said the promoters were "expected to infuse ~Rs 50 crores in FY25"; its release of 20th Feb 2026 gives about ₹31 crore over FY24 and FY25, and "further ~Rs 45 crore over FY26 to FY28".10
The KID for 07170 made it an event of default if the promoters did not put in ₹5 crore of equity by the end of June 2026. The KID of 8th Sep 2026 shows an allotment of equity in Jun 2026; the copy read is partly illegible.2, 4
BCSL earned ₹10.97 crore after tax in FY26, with interest covered about 1.5 times. Its loss allowance fell while its loans grew. Its borrowing moved in 6 months from NBFC lenders and PTCs towards NCDs held mostly by individuals, with promoter calls adding equity each year.
When several lenders lend to one company, the order in which they get paid matters. That is the next section.
The KID for 07170 secures the bond by a first ranking, exclusive charge over identified loans, at 1.15 times what is owed.2
A bond is secured when specific assets are set aside that holders can claim if the company does not pay. A hypothecation is a charge over assets that stay with the company; here the assets are BCSL's own loans to its borrowers, its receivables. Exclusive means no other lender shares that charge. A security cover of 1.15 times means ₹115 of loans set aside for every ₹100 owed on the bond. The order works like a queue at a counter that may run out of cash (chapter 12): secured lenders stand at the front for the assets charged to them, and unsecured lenders stand behind.
Behind each charged loan sits the borrower's property. The pools may hold only MSME loans against property that BCSL made at its own branches, not past due, not restructured, not to related parties, each at most 0.50% of net worth, with no state above 40% and no branch whose loans more than 90 days past due exceed 4% (5% in the June 2026 terms). If the cover falls short, BCSL must add loans within 3 business days or put up a fixed deposit as cash.2, 3
The security cover certificates filed on 30th May 2026 and 14th Aug 2026 show exclusively charged assets of ₹57.49 crore against ₹49.99 crore of listed debt at 31st Mar 2026, and ₹100.39 crore against ₹87.29 crore at 30th Jun 2026: 1.15 times on both dates (our calculation). The 1.40 and 1.42 printed on the certificates are total cover on book value. The KID of 8th Sep 2026 sets the cover for its 2 bonds at "at least 1.10 (one decimal one zero)".6, 4
BCSL's quarterly payment certificate for the June 2026 quarter states that the company "has duly paid all" its obligations on the listed NCDs. The certificates were signed by the statutory auditor, Praveen Kumar & Co.7, 6
Arun and Poonam Bagadia give an "unconditional and irrevocable personal guarantee" in favour of the debenture trustee on the listed bonds whose KIDs and term sheet were read. A personal guarantee lets holders, through the trustee, claim against the guarantors if the company does not pay. Whether the guarantee can be called before a default is declared is not stated in the documents read.2, 3, 4
BCSL's FY25 balance sheet, under the older Indian accounting rules, carried assets labelled "First Loss Default Guarantee (FLDG)" of ₹9.46 crore and "Short Term FLDG's" of ₹11.75 crore: ₹21.21 crore, about 26% of FY25 net worth. Under Ind AS these appear as fixed deposits under lien: ₹26.89 crore at 31st Mar 2025, ₹22.51 crore at 30th Sep 2025, ₹17.58 crore at 31st Mar 2026 and ₹14.77 crore at 30th Jun 2026. The largest at 31st Mar 2025 was ₹8.00 crore with Shine Star Build-Cap, which is also a BCSL lender with a registered charge; it was ₹2.00 crore at 30th Sep 2025.1, 4, 5
A deposit under lien is cash the company has placed with, or for, a lender, which that lender can take if it is not repaid. Reading the FY25 "FLDG" assets as such deposits for BCSL's own lenders is our reading of the later Ind AS presentation; the accounts do not say so in those words.
The GID and the KID of 8th Sep 2026 state contingent liabilities, including guarantees, as "NIL".1, 4
Banks, NBFC lenders and the institutional NCD holders hold charges on other pools of BCSL's loans, with margins of 100% to 120% of what they lend. Loans sold into PTC trusts belong to those trusts and are not available to BCSL's other lenders. Lenders holding lien deposits have that cash as well as their charge. Unsecured lenders, ₹1.76 crore from K.S. Capital Services at 30th Jun 2026, stand behind every secured lender.1, 4
Each listed bond has an exclusive claim on its own pool of property loans, set at 1.15 times what is owed (1.10 times for the Sep 2026 bonds), and the 2 certificates filed for 2026 show 1.15 times. The promoters guarantee the bonds personally. Other lenders hold charges on other loans, and some hold cash deposits besides.
How likely these promises are to be kept is what a rating agency tries to judge.
One agency rates BCSL: Infomerics Valuation and Rating, at IVR BBB/Stable on its NCDs and bank loans, reaffirmed on 17th Aug 2026 for ₹425.03 crore of borrowings.11
A credit rating is an agency's opinion of how likely a borrower is to pay interest and principal in full and on time (chapter 10, judging a company bond). Each step on the scale is a notch: BBB sits one notch above BBB−, which sits one above BB+. An outlook is the agency's view of the likely direction; Stable means no change is expected.
| Date | Action | Rated |
|---|---|---|
| 16th Dec 2021 | IVR BB+/Positive assigned, bank loans | ₹35 crore |
| 4th Oct 2022 | Raised to IVR BBB−/Stable | ₹50 crore |
| 30th Dec 2022, 17th Oct 2023 | Reaffirmed; enhanced in Oct 2023 | ₹50 crore, then ₹150 crore |
| 20th Mar 2024 | Raised to IVR BBB/Stable | ₹150 crore |
| 14th Oct 2024 to 13th May 2025 | Reaffirmed 4 times; commercial paper rated IVR A3+ from 12th Mar 2025 | ₹150 crore to ₹175 crore |
| 20th Feb 2026 | Reaffirmed; ₹107.03 crore of NCDs rated; commercial paper rating withdrawn, as none was issued | ₹175 crore |
| 12th May and 20th Jul 2026 | Reaffirmed; ₹68 crore of proposed NCDs rated in May | |
| 17th Aug 2026 | Reaffirmed; ₹250 crore of proposed NCDs rated | ₹425.03 crore |
Sources: Infomerics releases.10, 11 No downgrade, negative outlook, rating watch or Issuer Not Cooperating tag was found to 23rd Oct 2026. Each release states "Status of non-cooperation with previous CRA: None". No rating of BCSL by CRISIL, ICRA, CARE, India Ratings, Acuité or Brickwork was found.
Infomerics' releases describe a company "taken over by present promoter in 2011", growing its loans, with capital adequacy of 37.26% at 30th Jun 2026, gross NPA of 1.02%, and about 94% of the book paid on time in Jun 2026. They report Rajasthan's share of the loans each year, and the release of Feb 2026 gives provision coverage of about 10%.10, 11 The releases give no numbers for a downgrade: they name a substantial fall in loans or capital, or a significant worsening in asset quality, and the release of 17th Aug 2026 adds collection efficiency, the share of amounts due that borrowers pay.10, 11
A higher rating would follow sustained growth with asset quality, capital and profit held, in the same releases' summary.10
ICRA rates 7 PTC deals in which BCSL sold loans, at [ICRA]A(SO) or [ICRA]A+(SO), from Aug 2025. The (SO) marks a structured obligation: the rating is on that pool of loans and its protections, not on BCSL. ICRA's rationale of 23rd Oct 2026, for one pool, records 99.5% of amounts due collected and says a weakening of BCSL as servicer could put pressure on the rating.12
No company statement on the rating beyond the rating letters annexed to the KIDs was found.
Infomerics rates BCSL BBB with a Stable outlook, raised in steps from BB+ in 2021, and is the only agency rating the company. ICRA's higher ratings are on loan pools sold to trusts, not on BCSL's own bonds.
Some of the bonds tie their terms to this one rating. Those promises sit in the KIDs.
The KID of 8th Sep 2026 opens its risk factors with a statement about BCSL's own borrowing:
Promises written into a bond on top of paying on time are covenants (chapter 10). BCSL's bonds use 4 kinds. Financial tests set floors and caps on capital, bad loans and borrowing, measured each quarter. Events of default list situations that let holders treat the bond as in default even if no payment is missed. A step up raises the coupon when something goes wrong. Early redemption rights let holders, or the company, end the bond early. The debenture trustee, the SEBI registered firm that acts for all holders together, is Catalyst Trusteeship for every listed BCSL bond.2, 4
| Term | 07170, Mar 2026 | 07188, 07204, 07196, Jun 2026 | 07253, 07246, Sep 2026 |
|---|---|---|---|
| Security cover | 1.15 times | 1.15 times | 1.10 times |
| Gross NPA cap | 3% | 4% | 4% |
| PAR 90 cap | 2% | 4% | 4% |
| Net NPA cap | 2% | 3% | 3% |
| GNPA to tangible net worth | 10% | 15% | 15% |
| Collection efficiency floor | 90% | 85% | 85% |
| Capital adequacy floor | Above 25% | Above 25% | Above 25% |
| Debt to tangible net worth | Not in the KID | At most 3.5 times | At most 3.5 times |
| Rating event of default | 1 notch or more below BBB | 1 notch or more below BBB, or delisting | 1 notch or more below Infomerics BBB/Stable |
| Step up | 0.50% a year for each notch of downgrade | 0.50% for each notch | 0.50% for each notch |
| Early redemption by the company | On a Voluntary Redemption Event, not defined in the KID | On a downgrade to BBB− or below | On any downgrade below the current rating |
Sources: KID of 23rd Mar 2026, term sheet of Jun 2026, KID of 8th Sep 2026.2, 3, 4 Tangible net worth is net worth less intangible assets. No KID or term sheet was read for 07162, 07238, 07220 or 07212.
Between the KID of 23rd Mar 2026 and the term sheet of Jun 2026 the caps on bad loans were raised and the collection floor lowered; the security cover stayed at 1.15 times in June and was set at 1.10 times in the KID of 8th Sep 2026. The coupon was 12.50% on 07170; the June lines pay 12.00% to 12.75% and the September lines 12.00% to 12.25%.2, 3, 4
The 07170 KID also makes it an event of default if any PTC deal that BCSL originated or services is downgraded: "The occurrence of any downgrade in the rating in respect of any securitisation transactions entered into by the Company as an originator and/or any securitisation transactions where the Company is a servicer."2 That ties this bond to the ICRA pool ratings in section 5.
Plate BC.5
How much room the bond terms leave
Security cover on the 2 certificates filed for 2026 against the minimum in each KID; and 3 loan quality tests, the cap in the KID of 23rd Mar 2026, the cap from Jun 2026, and the company’s figure at 30th Jun 2026
At 30th Jun 2026: capital adequacy 36.95% in the company's Regulation 52(4) ratios, gross NPA 1.02%, net NPA 0.91%, gross NPA 2.7% of tangible net worth, debt 2.34 times tangible net worth and loans 2.70 times (our calculations from the KID). Collection efficiency is not disclosed; Infomerics gives about 94% of the book paid on time.4, 11
The quarterly payment certificate for the June 2026 quarter states that all dues were paid. No covenant compliance certificate is published; under the KIDs it goes to the trustee.7, 2
From Mar to Sep 2026 the caps on bad loans were raised, the collection floor was lowered and the security cover was set lower on the newest bonds. A downgrade raises the coupon on every listed line whose terms were read, and on the newest bonds also lets the company repay early. The 07170 KID uses 2 redemption terms it does not define.
Promises sit on paper. The record shows what has been filed and decided.
Each matter below opens to the same facts: what, when, the source, its status as the record shows it, and the company's position. Outcomes are given only as the record shows them. Nothing here is a finding of wrongdoing by any person or company.
Every payment certificate found shows the coupon paid on or before its date, and one principal payment of 30th Jun 2026 ₹1,25,000 short. The record also holds 3 statutory auditors in 6 months, a tax tribunal order and court matters that the offer documents list as "NIL", and an FIU-IND listing of 2018 that does not appear on its 2026 list.
The last part of the story is the calendar: when principal falls due.
Every listed BCSL bond repays its principal in instalments, most of them every 3 months. A lender of this kind relies on its borrowers' monthly repayments, and on new borrowing, to meet them (section 3).
| Month | Principal and interest, listed lines, ₹ crore | What makes it up |
|---|---|---|
| Nov 2026 | 2.08 | Coupons only |
| Dec 2026 | 10.93, plus about 2.69 on 07139 | First instalments on 07188; quarterly instalments on 07162 and 07170; 07139's quarterly payment |
| Jan 2027 | 4.48 | First instalment on 07238 (assumed) |
| Feb 2027 | 1.91 | Coupons only |
| Mar 2027 | 18.24, plus about 2.60 on 07139 | First instalment on 07253; instalments on 07162, 07170, 07188; 07139 repaid |
| Apr 2027 | 4.29 | Instalment on 07238 (assumed) |
| May 2027 | 1.71 | Coupons only |
| Jun 2027 | 18.18 | Instalments on 07162, 07170, 07188, 07253 |
| Jul 2027 | 4.04 | Instalment on 07238 (assumed) |
| Aug 2027 | 1.57 | Coupons only |
| Sep 2027 | 17.99 | 07188 repaid; instalments on 07162, 07170, 07253 |
| Oct 2027 | 3.86 | 07238 repaid (assumed) |
| Nov 2026 to Oct 2027 | about 94.6, including 07139 | ₹73.16 crore of principal and about ₹21.4 crore of interest |
Sources: KIDs, term sheet and the half yearly statement of ISINs of 12th Oct 2026; sums are our calculation.2, 3, 4, 8 The schedule for 07238, 07220 and 07212 is assumed to follow the June 2026 pattern, as no KID was read. The table leaves out bank and NBFC loans (₹136.26 crore at 30th Jun 2026), PTCs, the unlisted 07154 (about ₹6 crore, to Jan 2028) and the 114 month NCD (₹2.67 crore, to 2033).4
The last listed line, 07246, matures on 11th Sep 2029. 07253 is repaid by 11th Dec 2027, 07204 and 07220 by Sep and Oct 2028, 07162, 07170, 07196 and 07212 between Mar and Jul 2029.
The KID's maturity table at 30th Jun 2026 shows cumulative inflows above outflows in every bucket, while in the 3 to 6 month and 6 to 12 month buckets on their own outflows exceed inflows by about ₹6.2 crore and ₹1.0 crore (our reading of the KID's buckets).4
About ₹94.6 crore of listed bond principal and interest falls due from Nov 2026 to Oct 2027, with about ₹18 crore in each of Mar, Jun and Sep 2027.
That is the shared story. Your own bond's terms are on its card.
Find the ISIN from your demat statement in the first column, then open its card. Bonds sold together on the same terms share one card, with a small table for what differs. All are BCSL's own debt.
| ISIN | Coupon | Face at issue | Matures | BSE code | Card |
|---|---|---|---|---|---|
| INE04UP07162, 07170 | 12.50%, monthly | ₹10,000, repaid quarterly | Mar 2029 | 977657, 977700 | Mar 2026 lines |
| INE04UP07188, 07204, 07196 | 12.00%, 12.50%, 12.75%, monthly | ₹10,000, repaid in 4 pieces | Sep 2027, Sep 2028, Jun 2029 | 977932, 977933, 977934 | Jun 2026 lines |
| INE04UP07238, 07220, 07212 | 12.00%, 12.25%, 12.50%, monthly | ₹10,000 | Oct 2027, Oct 2028, Jul 2029 | 977994, 977995, 977996 | Jul 2026 lines |
| INE04UP07253, 07246 | 12.00%, 12.25%, monthly | ₹10,000, repaid in 4 and 8 pieces | Dec 2027, Sep 2029 | 978150, 978151 | Sep 2026 lines |
| INE04UP07139 | 15.50%, quarterly | ₹1 lakh, repaid in pieces | 27th Mar 2027 | 978129 | Institutional line |
| INE04UP07154 and others | Various | Various | Various | Unlisted | Unlisted and repaid |
Sources: BSE scrip master; Reg 51 allotment filings; KIDs; half yearly statement of ISINs.8, 2, 3, 4 Only 07170 is in our price database; prices for the others come from BSE's trade data.22
Each coupon is principal still owed × coupon rate × days in the period ÷ days in the year; the KIDs count 366 days for periods ending in 2028, a leap year (chapter 4, accrued interest and record dates).
Plate BC.6
Your ₹10,000 in 07170, month by month
12.50% INE04UP07170: principal still owed after each quarterly instalment, and each monthly coupon, 30th Mar 2026 to 30th Mar 2029, from the KID’s cash flow table (our calculation matches it)
₹10,000 in 07170 at 12.50% returns ₹2,034.69 of coupons over 3 years and the ₹10,000 in 12 pieces. A ₹10,000 bullet bond at the same rate for the same time would pay about ₹3,750; an amortising bond pays fewer rupees because less is owed each month, and the money returned early is the holder's to spend or reinvest (chapter 12).
₹10,000 lines
| ISIN | KID, allotted | Size | Pays on | Matures | Outstanding, 30th Sep 2026 |
|---|---|---|---|---|---|
| 07162 | No KID read; 18th Mar 2026 | ₹19.99 crore (Infomerics), ₹19.90 crore (ISIN statement) | 18th | 18th Mar 2029; 13th Mar 2029 in directory data | ₹16.65 crore |
| 07170 | 23rd Mar 2026; 30th Mar 2026 | ₹30 crore, 30,000 bonds | 30th; 28th or 29th in Feb | 30th Mar 2029 | ₹25 crore |
Your ₹10,000 in 07170
| Period | Coupons | One coupon | Coupons in the period | Principal back | Still owed after |
|---|---|---|---|---|---|
| 30th Mar 2026 to 30th Mar 2027 | 12 | ₹74.49 to ₹106.16 | ₹1,094.75 | ₹3,333.32 | ₹6,666.68 |
| 30th Mar 2027 to 30th Mar 2028 | 12 | ₹42.69 to ₹70.78 | ₹679.15 | ₹3,333.32 | ₹3,333.36 |
| 30th Mar 2028 to 30th Mar 2029 | 12 | ₹8.28 to ₹35.29 | ₹260.79 | ₹3,333.36 | Nil |
| Total from issue | 36 | ₹2,034.69 | ₹10,000 |
The KID gives ₹106.16 for the first coupon, 31 days on ₹10,000; ₹10,000 × 12.50% × 31 ÷ 365 gives ₹106.16. Every row of the KID's table matches the same sum except 30th Jul 2028, ₹25.62 by our sum against ₹25.61 in the KID, and the last instalment, which must be ₹833.37 for the 12 to add up to ₹10,000 (our calculation). By 30th Sep 2026 a holder from issue had received ₹2,270.54. Bought on BSE on 12th Oct 2026 at ₹8,175.60, the average of 22 bonds, the remaining flows give about 15.5% a year before tax (our calculation, XIRR on a 365 day year, price taken as including accrued interest, settlement the next working day). On 16th and 17th Sep 2026, 77 bonds traded at ₹9,100 to ₹9,195 after the record date of 15th Sep; the ₹930.65 paid on 30th Sep went to the sellers, and those buyers' remaining flows give about 5% a year (our calculation).2, 22
Sources: KID of 23rd Mar 2026, cover page, term sheet, cash flow table, Annexure VII; KID of 8th Sep 2026, top 10 table; payment certificates; trade data; platform pages.2, 4, 7, 8, 22, 23
| ISIN | Coupon | Principal back | Matures | Coupons from issue on ₹10,000 |
|---|---|---|---|---|
| 07188 | 12.00% | ₹2,500 on 30th Dec 2026, Mar, Jun and Sep 2027 | 30th Sep 2027 | 15, ₹1,050.43 |
| 07204 | 12.50% | ₹2,500 on 30th Dec 2027, Mar, Jun and Sep 2028 | 30th Sep 2028 | 27, ₹2,345.43 |
| 07196 | 12.75% | ₹2,500 on 30th Sep 2028, Dec 2028, Mar and Jun 2029 | 30th Jun 2029 | 36, ₹3,347.50 |
The first coupon on 07188, 30 days on ₹10,000 at 12%, is ₹98.63; the August coupon, 31 days, is ₹101.92, and ₹19,36,480 paid on 19,000 bonds in Aug 2026 matches it. All rows match the term sheet's schedule (our calculation). On BSE, 07196 traded at ₹9,616.04 for 3 bonds on 22nd Oct 2026 (about 15.6%) and 07204 at ₹9,750 for 2 bonds on 9th Oct 2026 (about 15.6%). 07188 traded at ₹7,080 and ₹7,100 for 21 and 11 bonds on 6th and 7th Oct 2026, 29% below face, with ₹2,500 due on 30th Dec 2026; in Sep 2026 its prints moved in steps of about 20% from day to day. SMEST showed 07204 at 12.30% and 07196 at 13.70% on 17th Oct 2026, with no price. Yields our calculation.22, 23
Sources: indicative term sheet of Jun 2026; Reg 51 filings of 1st Jul, 25th Jul and 3rd Aug 2026; payment certificates; trade data; platform pages.3, 8, 22, 23
Sources: Reg 51 filing of 25th Jul 2026; payment certificates; trade data.8, 22
| ISIN | Coupon | Principal back | Matures | Coupons from issue on ₹10,000 |
|---|---|---|---|---|
| 07253 | 12.00% | ₹2,500 on 11th Mar, Jun, Sep and Dec 2027 | 11th Dec 2027 | 15, ₹1,047.96 |
| 07246 | 12.25% | ₹1,250 every 3 months from 11th Dec 2027 | 11th Sep 2029 | 36, ₹2,601.65 |
The first coupon on 07253, 30 days at 12%, is ₹98.63; ₹29,58,904 due on 30,000 bonds on 11th Oct 2026 matches it. All rows match the KID's table (our calculation). Platforms on 17th Oct 2026: BondScanner showed 07246 at ₹9,947 and 13.50% (about 13.5% by our sum); GoldenPi ₹29,958.81 for 3 bonds and 13.25% (about 13.2%); Jiraaf showed 07253 "up to 13.40%" at a minimum of ₹9,996 (about 13.2%). On BSE, 07253 traded at ₹9,500 for 1 bond on 12th Oct and ₹6,081 for 1 bond on 19th Oct 2026, exactly 20% below the print before it; 07246 had no BSE trade by 23rd Oct 2026. Yields our calculation.23, 22
Sources: KID of 8th Sep 2026; Reg 51 filing of 11th Sep 2026; payment certificate; platform pages; trade data.4, 8, 22, 23
₹1 lakh line
Sources: GID borrowing table; KID of 8th Sep 2026; BSE filings.1, 4, 8
Unlisted and repaid
A holder cannot see inside the company, but the company must tell BSE certain things on fixed dates, and must send the trustee more. The routine below uses public pages and your own statements. It says what a normal month looks like and what counts as a change worth noting. A change worth noting is something to write down, read in full and ask about. It is not a signal to do anything with the bond.
| Bond | Coupon day | Record date | Principal months |
|---|---|---|---|
| 07162 | 18th | 3rd of the month | Mar, Jun, Sep, Dec |
| 07170, 07188, 07204, 07196 | 30th; 28th or 29th in Feb | 15th; 13th in Feb | 07170: Mar, Jun, Sep, Dec; the others on their tables |
| 07238, 07220, 07212 | 24th | 9th | Not disclosed |
| 07253, 07246 | 11th | 26th or 27th of the month before | Mar, Jun, Sep, Dec |
| 07139 | About the 28th of Mar, Jun, Sep, Dec | 7 days before | Each quarter |
Sources: KIDs, term sheet and the record date filing of 16th Oct 2026.2, 3, 4, 8 The record date is the day the registrar takes the list of holders; whoever holds the bond that day gets the next payment, interest and principal (chapter 4). A coupon or instalment on a holiday is paid the next working day. BCSL's equity is not listed, so all its filings sit under the debt scrip codes on bseindia.com.
Plate BC.7
A normal coupon month
One coupon cycle of 07170: the coupon of 30th Nov 2026, from the KID’s record date rule, the company’s record date filing and SEBI’s listing rules
Amounts per bond, before tax deducted at source (TDS), on each line's face value; principal in brackets. Our calculation from the KIDs and term sheet; 07238 to 07212 on the assumed schedule.2, 3, 4
| Month | 07162, 07170 | 07188, 07204, 07196 | 07238, 07220, 07212 | 07253, 07246 |
|---|---|---|---|---|
| Nov 2026 | ₹88.47 each | ₹101.92, ₹106.16, ₹108.29 | ₹101.92, ₹104.04, ₹106.16 | ₹101.92, ₹104.04 |
| Dec 2026 | ₹85.62 each (+₹833.33) | ₹98.63 (+₹2,500), ₹102.74, ₹104.79 | ₹98.63, ₹100.68, ₹102.74 | ₹98.63, ₹100.68 |
| Jan 2027 | ₹79.62 each | ₹76.44, ₹106.16, ₹108.29 | ₹101.92 (+₹2,500), ₹104.04, ₹106.16 | ₹101.92, ₹104.04 |
| Feb 2027 | ₹79.62, ₹74.49 | ₹71.51, ₹99.32, ₹101.30 | ₹76.44, ₹104.04, ₹106.16 | ₹101.92, ₹104.04 |
| Mar 2027 | ₹71.92, ₹77.05 (+₹833.33 each) | ₹73.97 (+₹2,500), ₹102.74, ₹104.79 | ₹69.04, ₹93.97, ₹95.89 | ₹92.05 (+₹2,500), ₹93.97 |
| Apr 2027 | ₹70.78 each | ₹50.96, ₹106.16, ₹108.29 | ₹76.44 (+₹2,500), ₹104.04, ₹106.16 | ₹76.44, ₹104.04 |
| May 2027 | ₹68.49 each | ₹49.32, ₹102.74, ₹104.79 | ₹49.32, ₹100.68, ₹102.74 | ₹73.97, ₹100.68 |
| Jun 2027 | ₹70.78 each (+₹833.33) | ₹50.96 (+₹2,500), ₹106.16, ₹108.29 | ₹50.96, ₹104.04, ₹106.16 | ₹76.44 (+₹2,500), ₹104.04 |
| Jul 2027 | ₹59.93 each | ₹24.66, ₹102.74, ₹104.79 | ₹49.32 (+₹2,500), ₹100.68, ₹102.74 | ₹49.32, ₹100.68 |
| Aug 2027 | ₹61.93 each | ₹25.48, ₹106.16, ₹108.29 | ₹25.48, ₹104.04, ₹106.16 | ₹50.96, ₹104.04 |
| Sep 2027 | ₹61.93 each (+₹833.33) | ₹25.48 (+₹2,500, repaid), ₹106.16, ₹108.29 | ₹25.48, ₹104.04, ₹106.16 | ₹50.96 (+₹2,500), ₹104.04 |
| Oct 2027 | ₹51.37 each | ₹102.74, ₹104.79 | ₹24.66 (+₹2,500, repaid), ₹100.68, ₹102.74 | ₹24.66, ₹100.68 |
| Step | Where to look | A normal month | A change worth noting |
|---|---|---|---|
| 1. The credit landed | Your bank statement and demat holding statement | The credit on or before the payment date for about face × coupon × days ÷ 365, less TDS; after a principal month, a lower face value per bond | No credit; a smaller credit than the sum gives; a later date; a face value that did not fall after an instalment, or fell without one |
| 2. The record date notice | bseindia.com, your bond's scrip code, Corporate Announcements | A Regulation 60 notice naming the ISIN, record date and payment date, before the record date | No notice; a date or scrip code that does not match your ISIN, or a correction |
| 3. The payment certificate | Same page, Regulation 57 | Within 1 working day: payment made "Yes", the date on or before the due date, principal paid equal to principal due | "No"; a later date; a reason for delay; principal paid below principal due |
| 4. Other announcements | Same page, the whole month | Allotments of new lines, record dates, results on time | A rating action, an auditor change, a director or key officer leaving, a delay on any borrowing, a holders' meeting, a change in security, a new line listed or a line left unlisted |
| 5. The rating agency | infomerics.com, search Best Capital; icra.in for the PTC pools | No new release, or a reaffirmation | A change of rating or outlook; a rating watch; an Issuer Not Cooperating tag; any PTC pool downgrade, which is an event of default under 07170 |
| 6. The trustee | catalysttrustee.com | Nothing new on BCSL | A notice of default or breach, a call for a holders' meeting or vote |
| 7. The traded price | BSE trade data for your scrip code; the platforms on your card | Trades on some days, near last month's range | A fall that takes the yield well outside the past 3 months' range, or trading stopping. Chapter 13 records that in past failures "The price fell before the rating." |
| 8. Your tax record | Form 26AS or the Annual Information Statement | TDS on each coupon shown against BCSL | TDS deducted but not shown |
| 9. Write one line | Your own log | Date checked; credit and date; notice and certificate dates; other filings; rating; trustee; price range | Anything from the right hand column, with the link |
Sources: SEBI's listing rules25; KIDs2, 4; chapter 13 (my bond stopped paying).
| Item | Where | Normal | Worth noting |
|---|---|---|---|
| Results with ratios | BSE, within 45 days of the quarter end (60 for the year) | Filed on time with gross NPA, capital adequacy, debt to equity and net worth under Regulation 52(4) | Late; a modified audit opinion; gross NPA near 4% or PAR 90 near 4%; capital adequacy near 25% |
| Security cover certificate | BSE, Regulation 54 | Exclusive charge assets at least 1.15 times listed debt (1.10 for 07253 and 07246) | Cover below the minimum; read the exclusive line, not the total cover on book value |
| Quarterly payment certificate | BSE, Regulation 57(5) | All interest and principal for the quarter shown paid | An amount paid below the amount due |
| Use of money raised | BSE, Regulation 52(7) | No deviation | A deviation reported |
| Loss allowance | Results | The allowance moving with loans and bad loans | Bad loans rising while the allowance falls |
| Document | When | Whom to ask |
|---|---|---|
| Monthly report on the loans in each pool | Within 30 days of month end (07170) | The trustee |
| Financial covenant certificate from a chartered accountant | Within 45 days of each quarter end (07170) | The trustee |
| Book debt certificate, maturity profile and borrowing profile | Within 45 days of each quarter end | The trustee |
| Debenture trust deeds and deeds of hypothecation, with the meaning of terms the 07170 KID leaves undefined | Signed after each issue | The trustee or the compliance officer |
Sources: KID of 23rd Mar 2026.2
Write it down with the date and the link. Read the filing in full. Check whether the trustee or Infomerics has said anything. Then ask the contacts in section 12, quoting your ISIN and the number of bonds you hold. If a complaint is not resolved, SEBI's SCORES system and BSE's investor services cell take investor complaints.
Each month: the credit and the face value, the record date notice, the payment certificate with principal paid against principal due, the other announcements, Infomerics and ICRA, the trustee, the price and your tax record. Each quarter: results, the cover certificate, the quarterly payment certificate and the loss allowance.
Those checks describe any month. The next section is one dated snapshot.
This section is the only part of the page tied to one date. It will be refreshed; the story above will not change unless the mechanism does.
Status on 23rd Oct 2026
On 23rd Oct 2026 every coupon certificate found showed payment on or before its date, the rating stood at IVR BBB/Stable, listed NCDs were ₹203.65 crore, and the June 2026 principal shortfall, the accrual question and the tax order were not explained on the public record.
The contacts below are the official ones printed in the KIDs and the rating release. Each can answer some questions and not others. The suggested questions are examples, drawn from the open questions above.
Every figure on this page is dated. This is where to find the current one.
| Figure | How often it changes | Where to find it |
|---|---|---|
| Rating and its rationale | On any action; at least once a year | infomerics.com; BCSL's BSE announcements |
| Coupons and instalments paid | Every month | BSE announcements under your scrip code, Regulation 57 |
| Amount outstanding on each ISIN | Every half year | The half yearly statement of ISINs on BSE |
| Security cover | Every quarter | The Regulation 54 certificate on BSE |
| Capital adequacy, gross NPA, debt to equity | Every quarter | The results filing and its Regulation 52(4) ratios |
| Traded price | Every trading day | BSE trade data; the platforms on your card |
| Top bondholders, litigation, auditor | With each new KID or GID | That document |
Method. Research as of 23rd Oct 2026. The primary record is BCSL's own offer documents (the GID of 5th Mar 2026 with its annexures, the draft KIDs of 23rd Mar 2026 and 8th Sep 2026, and the term sheet of Jun 2026), its FY26 annual report, its BSE filings under the debt scrip codes, Infomerics and ICRA releases, court and tribunal orders, and FIU-IND lists. Page numbers are PDF pages; some pages of the Sep 2026 KID are scans and were read as images. No KID was read for 07162, 07238, 07220 or 07212. Directory data (Tofler), the company's website and platform pages are reported sources and are labelled as such where used. Prices are BSE trades from our database and BSE's trade data; exchange and platform prices are treated as including accrued interest. Yields are our calculation: XIRR on a 365 day year on each bond's scheduled flows, with the price paid on the next working day and any payment whose record date has passed left out; trades of 1 to 3 bonds are reported as trades, not as market prices. Where the company, its auditor or the rating agency has stated a position on a finding, it is reported next to that finding. Nothing on this page is a finding of wrongdoing by any person or company.
Sources.