Infra.Market's bonds: the company, the group and the promise

1What stands behind my bond?

The bonds here are amortising: the company hands back your principal in parts before the end, and every coupon after a part comes back is worked out on the smaller amount still owed. The rate stays the same. The rupees it pays shrink (chapter 12, weird bonds).

In 2026 3 companies in the Infra.Market group sold bonds with an 11% coupon paid every month and a face value of ₹10,000, the size a bond app sells. A 4th group company has bonds held by institutions only. Each bond is a loan to one of these 4 companies:^{1, 10, 34, 81}

Hella Infra Market Retail Private Limited (HIMRPL), a building materials trader. Its ISINs start INE0P6G.
Hella Infra Market Limited (HIML), the parent, which trades as Infra.Market. Its ISINs start INE06E5.
RDC Concrete (India) Limited (RDC), a ready mix concrete maker. Its ISINs start INE076I.
Hella Chemical Market Private Limited (Hella Chemical Market), a chemicals trader. Its ISINs start INE0P3M.

An ISIN is the 12 character code that names one security. It is printed on your demat statement, and its first 7 characters tell you which company owes you.

Sections 2 to 4 follow the money: what the group does, where the money for a coupon comes from, and who stands ahead of you if it runs short. Sections 5 to 8 read the opinions and the paper: the ratings, the promises, the record, and what falls due when. Section 9 gives every bond its own card. Section 10 is a monthly routine for a holder, and section 11 is the position on 20th Oct 2026.

Every bond on this page is a loan to one company in a group. What backs it, and who else has a claim on the same things, differs bond by bond. Your bond's card in section 9 sets it out.

The 4 companies share one parent, so the story starts with the group.

2What does the group do?

Acuité's rating release of 3rd Sep 2026 lists 46 companies under one parent: 19 held directly and 27 below them.²⁶ India Ratings' list of 19th Feb 2025 had 18.²¹ Most of the new names are tile makers that joined in 2025.²⁶

The business is building materials. India Ratings describes it as the supply of ready mix concrete (concrete mixed at a plant and delivered by truck), aggregates, fly ash, paints, construction chemicals, steel and cement. Some of it is made in the group's own plants, some by outside factories that make for it, and some is bought and sold on.¹⁵ In FY26, the year to 31st Mar 2026, concrete was 35.19% of group revenue, steel 21.06% and chemicals 6.09%, on Acuité's figures. Sales to businesses, not households, were 71.90%.²⁶

The parent and its founders

HIML was incorporated on 15th Jul 2016 as Bizarro Infra Limited and took its present name on 3rd May 2018.¹ Its founders are Aaditya Gajendra Sharda (DIN 07024283), its whole time director and chief operating officer, and Souvik Pulakesh Sengupta (DIN 07248395), its whole time director, chief executive from 11th Jul 2025 and chairman. A DIN is the number the government gives every company director. Both also sit on HIMRPL's board, Aaditya Sharda as its chief executive and Souvik Sengupta as its CFO.^{1, 52}

Promoters are the people and companies that control a company. Shalimar Paints' notice for its 2026 shareholder meeting names Bizarro Advisory Limited and Silverline Homes Private Limited as HIML's promoters, with the 2 founders as their ultimate owners.³⁹ Venture funds came in from 2019: Accel, Tiger Global and Nexus, among others.^{58, 59}

How the group was built

Most product lines arrived by buying companies. RDC Concrete was bought from True North in December 2021, at an enterprise value (shares plus debt) of about ₹730 crore.^{20, 23, 60} A first stake in Shalimar Paints, a listed paint maker, came in February 2022, and control on 11th Mar 2024.³⁵ Tile makers in Morbi joined in FY25 for ₹900 crore paid in HIML shares, and the Metro tile group in July 2025 for a reported ₹200 crore in shares.^{26, 64} A purchase of Strata Geosystems was announced in June 2023; Strata is on neither agency's later list of group companies.^{62, 21, 26}

The 4 companies with bonds

HIMRPL is 100% owned by HIML. It buys building materials and sells them on: 99.9% of its FY26 revenue of ₹1,542.37 crore was the sale of traded goods. It has no bank working capital lines.¹ Hella Chemical Market is also 100% owned and trades chemicals.³⁴ RDC makes ready mix concrete at about 140 plants. HIML held 96.44% of it on 31st Dec 2025, and its FY26 revenue of ₹2,818.85 crore was about 14% of the group's.^{10, 33, 28} HIML itself trades and distributes, and owns the rest. HIML owns 52.85% of Shalimar Paints, and all of that stake is pledged to lenders.³⁶

Plate IM.1

Who owns whom, and who guarantees whom

The parent, the 4 companies with bonds and the main guarantees, from offer documents and rating releases, 2025 to 2026

Inked boxes are the 4 companies that have issued bonds.

A bond from any of the 4 is that company's own debt. A guarantee from a sister company or the founders adds a second promise to pay, on the terms written in it (section 4).

The group trades and makes building materials through 46 companies under HIML. 4 of them have issued bonds: HIMRPL, HIML, RDC and Hella Chemical Market.

A coupon is paid out of cash, so the next question is where the cash comes from.

3Where does the money for my coupon come from?

HIMRPL's audited accounts for FY26 report a debt service cover of 0.45 times.¹ Debt service cover is the cash a business earns in a year, divided by the interest and principal it had to pay that year. At 1 time, the business earned exactly what fell due. Below 1 time, earnings alone did not cover the payments, and the rest came from somewhere else.

A company pays its bondholders in this order. It sells goods and keeps an operating profit, before interest and tax. Out of that it pays interest. Principal falls due in larger lumps, and is paid from 4 places: cash the business has built up, a new loan that repays the old one (refinancing), new money from shareholders (equity), or, inside a group, money from a sister company.

The company that owes you: HIMRPL as an example

In FY26 HIMRPL's revenue was ₹1,542.37 crore and its profit after tax ₹44.45 crore. Operating profit before depreciation, interest and tax (EBITDA) was ₹179.80 crore and finance cost ₹108.21 crore (EBITDA is our calculation from the accounts). Its debt service cover was 0.21 times in FY25 and 0.45 times in FY26; the FY24 figure was first reported as 0.77 times and restated to 0.25 times a year later.¹

At 31st Mar 2026 HIMRPL owed about ₹520 crore of "advance from customers" to group companies: ₹327.89 crore to HIML, ₹174.04 crore to Hella Chemical Market and ₹17.25 crore to Sociam Equipment, against ₹127.83 crore a year earlier. Its own equity was ₹50.40 crore.¹ An advance from a customer is money paid before the goods are delivered. FY26 operating cash flow of ₹354.09 crore included a ₹389.86 crore rise in other liabilities, mainly these advances.¹ Without that rise, operating cash flow would have been about minus ₹35.77 crore (our calculation).

The accounts label these balances trade advances, not loans, and state that related party transactions "were made on terms equivalent to those that prevail in arm's length transactions".¹

The group: what came in and what fell due

HIML does not publish group accounts. Its figures come from rating agency releases, which mark FY26 as provisional.²⁸ On Acuité's figures, FY26 revenue was ₹19,718.25 crore, the EBITDA margin 8.98% and profit after tax ₹308.56 crore.²⁸ Net cash accruals, the cash the business generates from its own earnings, were ₹801.17 crore. Scheduled debt repayments were ₹1,752.23 crore.²⁶

the obligations was serviced through debt refinancing of Rs 750.00 Cr. and equity raise of Rs 915.55 Cr. in FY26
Acuité Ratings, Hella Infra Market Retail, 3rd Sep 2026

Plate IM.2

Where the money came from in FY26

The group, ₹ crore, from Acuité on provisional accounts; then HIMRPL’s operating cash flow, ₹ crore, from its audited accounts

Own cash covered less than 50% of what fell due; the rest came from refinancing, new equity and, at HIMRPL, group advances.

Earlier years show the same pattern. India Ratings reported group operating cash flow after interest below zero in every year from FY20 to FY24 except FY23, and minus ₹720 crore in FY25, a year with reported profit of ₹220 crore. It put net debt at ₹4,370 crore at the end of FY25.^{21, 19} Equity made up the difference: Acuité counts ₹3,058 crore of equity raised from FY20 to FY25, not counting ₹900 crore of shares issued for the tile companies, then ₹915.55 crore in FY26 and ₹107 crore up to July 2026.²⁶

Among the rounds, a ₹1,050 crore round in January 2025 came before a planned listing, and a ₹732 crore round in September 2025 included ₹250 crore from Silverline Homes, a founder company.^{63, 65} HIML filed for a listing through SEBI's confidential route on 1st Oct 2025 and received SEBI's observations about 3 months later.^{66, 68} Borrowing rose alongside: a press report puts group borrowings at about ₹6,000 crore by FY25, against about ₹260 crore 4 years earlier, and a valuation report of 10th Apr 2026, as reported, put debt at ₹6,057 crore and cash at ₹1,028 crore on 28th Feb 2026.^{76, 74}

The next planned equity is a share swap. On 12th Aug 2026 Shalimar Paints' board approved issuing ₹10,439.91 crore of its shares to HIML's shareholders in exchange for 41.47% of HIML, plus a ₹1,000 crore sale of new shares to large institutions (a QIP), whose stated uses include repaying Shalimar's own bank debt and investing in subsidiaries or associates. Shalimar's shareholders approved both on 11th Sep 2026.^{37, 38, 40} Acuité describes the plan as "in lieu of the earlier plan of listing of HIML in stock exchanges", and as "subject to requisite approvals from the regulatory authorities".²⁶ A press report cites lawyers raising section 19 of the Companies Act, under which a subsidiary may not hold shares of its holding company.⁷⁵

Acuité, on management's information, expects group accruals of ₹980 crore to ₹1,105 crore a year in FY27 and FY28, against scheduled repayments of ₹613.29 crore to ₹1,021.33 crore a year, with the QIP and further refinancing to add to them. It also states that "debt repayment obligations are increasing substantially in FY29".²⁶ It attributes lower revenue in the quarter to June 2026 to a "geopolitical crisis majorly impacting the tiles business".²⁶

In FY26 the group's own cash covered ₹801.17 crore of the ₹1,752.23 crore of debt that fell due; refinancing and new equity paid the rest. At HIMRPL, advances from group companies were the largest source of cash.

If the cash runs short, a holder turns to what was set aside for the bond, and other lenders have things set aside too.

4Who stands ahead of me?

The offer document for HIMRPL's 11% bond promises 3.00 times security cover: assets meant to be worth 3 times what is owed. 1.50 times of it is a charge over specified HIMRPL assets. The other 1.50 times is a pledge of HIML shares held by the promoters. On top sit a guarantee from HIML and personal guarantees from both founders.²

A bond is secured when specific assets are set aside that holders can claim if the company does not pay. A charge (for stock and receivables, a hypothecation) gives the lender that claim while the assets stay with the company. It is exclusive when no other lender shares those assets, and pari passu when it is shared equally with others. A pledge hands shares to the lender, who can sell them on default. A guarantee is another company's or person's promise to pay if the borrower does not.

The order works like a queue at a counter that may run out of cash (chapter 12, weird bonds). Secured lenders stand at the front for the assets charged to them. Where 2 lenders share a charge, they share that place. A guarantor's own lenders stand ahead of you on the guarantor's assets.

What each family of bonds has

HIML's 11% bond, INE06E507579: 3.0 times cover, 2.0 times from a pledge of shares and 1.0 time from a hypothecation shared with HIML's existing lenders, whose consent HIML must obtain.⁸² RDC's 11% bond INE076I07061: an exclusive charge on plant, machinery and receivables of identified plants, and a pledge of 28,14,737 HIML shares held by Aaditya Sharda, each at 1 time, with personal guarantees from both founders and no guarantee from HIML.¹⁰ RDC's 07046 and 07053: a charge on a concrete plant, a pledge of HIML shares and a reserve account, with personal guarantees.^{33, 87} RDC's ₹1 lakh lines 07020 and 07038: pledges of shares of Robo Silicon, an RDC subsidiary, to 2 times cover, with guarantees from HIML, Robo Silicon and both founders.^{11, 12} Hella Chemical Market's programme carries a guarantee from HIML.³⁴

Who else holds the same kinds of security

Pledges of HIML shares held by the promoters back at least 6 group borrowings: HIMRPL's 16% NCDs (5% of HIML's shares), its 14.65% NCDs (up to 2.5 times), its 11% retail bond (1.5 times), and RDC's 3 lines of 2026.^{1, 2, 10, 33} A press report adds HIML's ₹1,250 crore NCD programme with Ascertis Credit to that list.⁶⁹ HIML's 52.85% of Shalimar Paints is pledged to the holders of HIMRPL's 16% NCDs.^{36, 1} RDC's shareholders approved, on 30th Jan 2026, a pledge of 92.15% of RDC's shares to the investors in HIML's ₹1,250 crore programme, and RDC guaranteed that programme on 3rd Feb 2026.^{10, 14} That guarantee is about 4.8 times RDC's FY26 net worth of ₹258.76 crore (our calculation).³³

Directory data that mirrors the Registrar of Companies, and can lag it, shows charges with face values of about ₹5,721 crore registered on HIML's assets across 26 lenders and trustees, and about ₹675 crore on RDC's. A charge value is the size of the facility it secured, not the debt still owed.⁹¹ Charges adding up to ₹989 crore were registered for Catalyst Trusteeship on 3 founder companies in 2022 and 2023; how much is still open is not known.⁵² Mint reported in April 2026 that the founders borrowed through Silverline Homes against pledged HIML shares to put money into the company.⁷¹

Plate IM.3

Who else has a claim on the same things

What backs each group borrowing, grouped by the asset or shares charged or pledged, from offer documents, 2025 to 2026, and directory data

Several lenders hold pledges over the same kinds of shares; a charge value is a facility size, not debt owed.

How a guarantee is counted

A guarantee is only as quick as its wording. A pre default invocation clause sets out how, and how early, the guarantor is called to pay, before the borrower misses a date. India Ratings notes that HIML's guarantee of RDC's NCDs has no such clause and no defined payment mechanism, so it does not count it as support for the rating.¹⁶

No company statement on the pledges or the founder company charges was found in the GID, KIDs, BSE filings or press to 20th Oct 2026. No company comment was published with the Mint report.⁷¹

Each family of bonds has its own security, but most lean on the same 2 things: pledges of HIML shares held by the founders, and guarantees from HIML and the founders. Other lenders hold pledges over the same kinds of shares, and charges over the guarantor's assets.

How likely the promises are to be kept is what rating agencies try to judge, and the 2 agencies rating this group read it very differently.

5What do the rating agencies say?

On 1st Oct 2026 India Ratings rated HIML's ₹585 crore of named NCDs IND B+/Negative (ISSUER NOT COOPERATING).¹⁵ Acuité's rating of the same company, from 3rd Sep 2026, is ACUITE A−, on Rating Watch with Developing Implications.²⁸ The 2 sit 7 notches apart.

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. From A− down, the steps run BBB+, BBB, BBB−, BB+, BB, BB− and B+: 7 notches. An outlook is the agency's view of the likely direction. A Rating Watch is a flag that an event may change the rating soon; "Developing Implications" means it could go either way.

Issuer Not Cooperating (INC) is a tag an agency adds when the company has not given it the information it needs to review the rating. The rating then rests on the best information the agency has. The tag describes the flow of information; it is not by itself a default.

Every rating on record

Company or bond	India Ratings	Acuité	Other agencies
HIML	IND B+/Negative (ISSUER NOT COOPERATING) on ₹585 crore of named NCDs, 1st Oct 2026	ACUITE A−, Rating Watch with Developing Implications, 3rd Sep 2026	None found from CRISIL, ICRA or CARE
HIML 11% bond INE06E507579	Not named	Not named by ISIN in the 3rd Sep 2026 release; the KID cites ACUITE A−/Stable of 24th Mar 2026	None found
HIMRPL, including its 11% bond INE0P6G07194	No rating found	ACUITE A−, Rating Watch with Developing Implications, 3rd Sep 2026	None found
RDC	IND B+/Negative and IND A4 (ISSUER NOT COOPERATING), 1st Oct 2026, on 07020, 07038 and bank loans	ACUITE A− on 07020, 07038 and 07061; ACUITE A on 07046 and 07053; all on Rating Watch with Developing Implications, 3rd Sep 2026	None found
Hella Chemical Market, ₹700 crore programme	No rating found	ACUITE A−/Stable, reaffirmed 24th Mar 2026	None found
Shalimar Paints, bank lines	None	None	CARE BB+/Negative, 3rd Jun 2026
Robo Silicon, a guarantor of RDC 07020 and 07038	None	None	CARE BBB−/Stable, 9th Apr 2025

Sources: India Ratings^{15, 16, 88}; Acuité^{26, 28, 33, 34, 82}; CARE^{35, 90}. No rating action by either agency after 1st Oct 2026 was found to 20th Oct 2026.⁸⁸ The bond platforms checked showed the Acuité rating only.^{51, 87}

Why 2 agencies differ

Agencies rate different things on different information. Each says what it relies on.

India Ratings says it lacks what it needs. Its 1st Oct 2026 release lists what HIML did not send: "Monthly no default statements since March 2026"; operational and financial performance since FY26; the liquidity position, including working capital, use of limits and cash flow; capital spending and its funding; and net debt with an updated repayment schedule.¹⁵ A no default statement is a short monthly letter in which a rated company tells its agency it has paid every debt on time. It has asked for related party data since June 2025.^{18, 17} Its own words: "Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings."¹⁵

Acuité credits the group's "reputed institutional investors" and its "demonstrated ability to mobilize resources through equity raising and debt refinancing".^{26, 28} It placed the watch on 3rd Sep 2026 over the Shalimar share swap and QIP. Its triggers for a cut include "Delay in receipt of QIP proceeds leading to deterioration in financial risk profile with Debt/ EBITDA increasing over 3.5 times". Its first text dated the QIP to September 2027 and December 2027; an erratum of 29th Sep 2026 changed that to September 2026 and December 2026.^{26, 27}

No company statement on either agency's actions was found in BSE filings or press to 20th Oct 2026.

How each agency got here

India Ratings first rated RDC A− in June 2019 and HIML A− in May 2021. It raised HIML to A in December 2021, and moved to a Negative outlook after the 2022 income tax search. It cut HIML to A− in February 2024, to BBB+ in May 2025, to BB+ with the INC tag on 22nd Sep 2025, and to B+ on 1st Oct 2026. RDC followed on the same dates from May 2025.^{15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25}

Acuité rated HIML's bank lines BBB− in April 2020, rated HIML A in June 2021, and on 7th Sep 2022 cut it to BBB+ and withdrew the rating at the company's request. It assigned A− afresh on 29th May 2025 and rated RDC A− from 14th Jul 2025. All its ratings in the group went on watch on 3rd Sep 2026.^{28, 30, 31, 32, 33}

Plate IM.4

Every rating, by agency

Long term ratings of HIML and RDC, Jan 2019 to 20th Oct 2026, from each agency’s published actions

The thick line is India Ratings, dashed once it added the Issuer Not Cooperating tag; the thin line is Acuité, broken where it withdrew.

India Ratings rates HIML and RDC B+ with an Issuer Not Cooperating tag, saying it lacks information. Acuité rates the group A− on watch, citing its investors and its record of raising money. Neither rating is a default, and each describes what it rests on.

Ratings are opinions. The bond's own paper holds the promises, and some of those promises are tied to the ratings.

6What did the company promise?

HIMRPL's offer document for its 11% bond contains this promise, due by a fixed date:

Promises like this are covenants: conditions written into a bond, on top of paying on time (chapter 10). The group's bonds use 4 kinds. Money tests cap debt against earnings or net worth, measured each quarter. Rating step ups raise the coupon if a rating falls. Events of default list situations that let holders treat the bond as in default, even with no payment missed. Information duties list what the company must send the trustee and the holders. A debenture trustee is the SEBI registered firm that acts for all holders together, keeps the security and checks the covenants. For every bond read for this page it is Catalyst Trusteeship.^{2, 10, 11, 82}

The pattern, family by family

Bond family	Money tests	Rating step up	Rating event of default
HIMRPL 11% 07194	Debt at most 2.0 times tangible net worth; net debt below 3.5 times EBITDA; trailing profit above zero; all liabilities below 3.0 times tangible net worth, all on HIML's group numbers; HIMRPL's own debt service cover at least 1.30 times each quarter from Sep 2026	0.75% a notch below A−, on the lowest rating of any agency	Rating suspended or cut to BBB or lower; any INC remark must be kept off the rating
HIML 11% 07579	The same 4 tests on HIML's group numbers	0.75% a notch below A−; plus 0.25% from 12th Apr 2027 if HIML lacks its lenders' consent for the shared charge	Rating suspended or cut below BBB
RDC 11% 07061	Profit above ₹20 crore a year; tangible net worth at least ₹180 crore; debt at most 3 times equity; debt service cover at least 0.80 times in FY27, then 1 time; HIML and the group to own at least 80% of RDC. A breach adds 2%	0.50% a notch below Acuité A−	Cut to BBB+ or lower by any agency makes the bonds repayable early
RDC 11% 07046, 07053	A minimum rating of "A with stable outlook"; the KIDs were not read	0.50% a notch below Acuité A, as platforms show it	Not read
RDC 07020, 07038	RDC net debt at most 3 times net worth; HIML net debt at most 3.5 times EBITDA from Mar 2026; tested on 30th Sep and 31st Mar	0.50% a notch below A−, on the lowest rating	INC remark, or BBB, is an event of default; repayable within 30 days of a trustee demand if rated BBB or lower
Hella Chemical Market	Security cover 1.25 times; EBITDA above zero; 3 months' interest kept free; HIML net debt at most 3.5 times EBITDA; debt service cover above 1.1 times, as Acuité prints them	Not found	Not found

Sources: HIMRPL KID²; HIML KID⁸²; RDC KIDs^{10, 11}; Acuité^{33, 34}; India Ratings¹⁶; platform pages⁸⁷.

When the tag itself is written into a bond

India Ratings attached the INC tag to RDC on 22nd Sep 2025 and kept it on 1st Oct 2026.¹⁶ No waiver, default notice or early repayment demand appears among RDC's BSE filings.¹⁴ The coupons on both lines have been paid. RDC's ISIN statement for 30th Sep 2026 shows them at 12%, against 11% in the KIDs.¹² On a plain reading of the step up, 0.50% for each notch below A− on the lowest rating, B+ would give 14.5% (our reading). The trust deed, which the KID says prevails, would settle which applies; it is not public.¹¹

No company statement on the clause, the 12% coupon or any waiver was found.

HIMRPL's covenant needs its own debt service cover of at least 1.30 times each quarter from September 2026, worked on a forward basis. Its audited FY26 ratio, on a different formula, was 0.45 times.^{1, 2} The certificate for the quarter to 30th Sep 2026 goes to the trustee and the holders within 30 days; it is not published.²

The KIDs also promise documents that never reach the exchange: a quarterly covenant certificate, a monthly management report, the guarantors' net worth certificates. Section 10 lists them and who to ask.^{2, 82, 10, 11}

Acuité printed HIML's covenants with its lender Ascertis on 24th Mar 2026 and again on 3rd Sep 2026, with different limits. Total debt to EBITDA up to 31st Mar 2026 reads "below 3.4x" in March and "<3.75x" in September; the other limits moved the same way.^{29, 28} Neither release explains the change.

The group's bonds test debt against HIML's group earnings, raise the coupon when a rating falls, and in some cases treat a rating cut or an INC tag as a default. The RDC 07020 and 07038 clause has been met on its face since 22nd Sep 2025, and no use of it is on record.

Promises are on paper. The record shows what happened to them.

7What does the record show?

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.

Payments to bondholdersEvery listed coupon paid on its due date, 2023 to 2026Record: paid on time; one ₹879 credit 1 day late in 2025

What: HIMRPL paid its first coupon on 07194 on the due date, 17th Oct 2026.⁴ RDC's 81 interest certificates on BSE show no delay.¹⁴ On 31st Jul 2025, ₹879 of a ₹34,33,793 coupon on RDC's 07038 did not reach one holder because of wrong bank details, and was paid the next day.^{32, 14} RDC repaid its first bond, 07012, in full on 5th Apr 2025.¹² India Ratings records 11 HIML NCDs that matured from October 2025 to June 2026 as withdrawn from rating after being "paid in full", without no dues certificates from the trustees.¹⁵
Amounts: HIMRPL's certificate gives the issue size as ₹2,50,00,00,000 and the amount paid as ₹2,03,46,872, without saying whether that is before or after TDS (tax deducted at source). At the KID's ₹90.41 a bond, the gross coupon on ₹250 crore is ₹2,26,02,740; the amount paid is 90.02% of it, which fits about 10% TDS on most holders and does not fit ₹125 crore (our calculation).^{2, 4}
Source: BSE Regulation 57 certificates; Acuité, 11th Aug 2025; India Ratings, 1st Oct 2026.
Status: No default or delay on any borrowing in the 3 years to 30th Jun 2026, per HIMRPL's GID.¹
Company position: Acuité recorded RDC's explanation for 2025: "Absence of correct information on investor details", and that "sufficient funds were available in the account for debt servicing".³²

HIMRPL's auditors3 audit firms in 2026Record: resignation on 2nd Jul 2026; no reason published

What: Walker Chandiok & Co LLP audited HIMRPL's FY24 and FY25 accounts and resigned on 2nd Jul 2026. P. Somani & Co was appointed on 13th Aug 2026. Its FY26 report, signed on 4th Sep 2026, records that Walker Chandiok "had issued an unmodified opinion" on the same FY26 statements, which P. Somani then audited again. Its own opinion is unmodified, with one exception on audit trail logs in third party software. An unmodified opinion means the auditor found the accounts fairly presented.¹ The audit fee fell from ₹2.50 million to ₹1.00 million.¹
When: At the AGM of 30th Sep 2026, proceedings filed at 17:47 named P. Somani as auditor; revised proceedings filed at 18:19 named Sen and Ray, appointed for 5 years.^{7, 8, 9}
Source: GID PDF pp.37, 166, 168, 200; BSE filings of 30th Sep 2026.
Status: Walker Chandiok's resignation form with the Registrar (ADT-3), which would carry its stated reason, was not accessible. The firm remains the auditor of Shalimar Paints.⁸⁰
Company position: No reason for the resignation is given in the GID or any filing found.

Statements in HIMRPL's GID that differ from other filingsGID dated 4th Sep 2026Record: 6 differences; no correction found

Tax dues: Section 5.31(g) gives statutory dues default as "Nil" (PDF p.48), and section 5.17 shows ₹0.76 crore of FY26 TDS unpaid (p.42). The audit report's annexure on specific matters (CARO) lists ₹7 crore of TDS for FY2024-25, due on 7th Apr 2025, still unpaid on 31st Mar 2026 (p.170).¹
Contingent liabilities: ₹4.38 crore in section 5.3 (p.30); ₹4.38 million in note 45 of the audited accounts (p.200).¹
16% NCDs: One repayment on 30th Aug 2027, secured on 52.85% of Shalimar (p.39); in the audited note, 50% at the end of year 3 and 50% at the end of year 4, secured on 50.10% (p.186).¹
Auditor date: Section 5.10(a) names as "auditor ... as on 30 June 2026" a firm appointed on 13th Aug 2026 (p.37).¹
Officers: The current directors table lists 2 people who resigned on 18th Aug 2026; the GID shows the company secretary as "NA", and the KID 6 days later names Divyanshu Jha.^{1, 2}
Amount outstanding: The ISIN statement of 15th Oct 2026 shows ₹125 crore on 07194 at 30th Sep 2026, against ₹250 crore in the reissue and coupon filings.^{6, 3, 4}
Company position: No correction or explanation was found.

Tax deposits at HIMRPL and RDCAuditors' reports for FY26Record: late deposits reported by both auditors

What: HIMRPL: ₹7 crore of FY2024-25 TDS outstanding for more than 6 months at 31st Mar 2026.¹ RDC: its auditor, Walker Chandiok, reported that income tax, GST and professional tax "have not generally been regularly deposited" with "significant delays in a large number of cases", and no undisputed amount outstanding for more than 6 months at year end.¹⁴ RDC's GID shows ₹3.93 crore of TDS unpaid at 31st Dec 2025.¹⁰
Source: HIMRPL GID p.170; RDC FY26 annual report; RDC GID dated 30th Apr 2026.
Status: Whether HIMRPL's ₹7 crore has since been deposited is not in any filing found.
Company position: None found.

The 2022 income tax search23 premises searched from 9th Mar 2022Record: tax demands under appeal; no outcome public

What: The Central Board of Direct Taxes said evidence of bogus purchases, unaccounted cash spending and accommodation entries of over ₹400 crore "were confronted to the Directors of the group, who admitted under oath this modus operandi, disclosed additional income of more than Rs. 224 crore in various assessment years". Its release does not name the group; Acuité tied the ₹224 crore to HIML in September 2022. TechCrunch reported the search and said the company did not respond.^{45, 31, 61}
Effect on ratings: India Ratings put HIML on Rating Watch Negative on 28th Mar 2022; Acuité cut it to BBB+ on 7th Sep 2022, citing the search, and withdrew the rating.^{24, 31}
Status: HIML's tax demands for AY2019-20 to AY2022-23, about ₹140.9 crore, are under appeal; each founder has a personal appeal of about ₹2.05 crore.¹ No assessment, penalty or appeal outcome is public.
Company position: Management told India Ratings in March 2022 that about ₹220 crore of expenses were under scrutiny for GST mismatches, that "the purchases under question are genuine", and that the co-founders had agreed to pay any tax that arose. Management said no demand was raised on RDC.^{24, 20}

Court mattersSuppliers, a lender and a steel dispute, 2022 to 2026Record: 2 matters not listed in the GID

Against HIML: Chettinad Cement filed 2 cheque dishonour complaints (₹20 lakh and ₹30 lakh, Chief Judicial Magistrate, Ariyalur) naming HIML and both founders, over a security cheque for cement after payments stopped following an October 2025 invoice; status "Appearance of the parties". HIMRPL is not a party.¹ IIFL Finance brought an arbitration petition against HIML in the Bombay High Court; on 9th Mar 2026 HIML's counsel said 50% of the loan had been paid and offered to clear the rest. The outcome after 25th Mar 2026 was not found.⁴⁶
Against HIMRPL: Supplier insolvency petitions in 2026: TITA Sanitaryware (₹1.28 crore, at final arguments; HIMRPL pleads a prior dispute over quality) and Vardhman Appliances (₹2.34 crore, "Settled. Petition to be withdrawn").¹
Group company: The Supreme Court dismissed HIM Metal's appeal against Pushkaraj Ispat on 17th Jul 2026, leaving in place an arbitral award upheld by the Bombay High Court.⁴⁷ A Haryana pollution board complaint names HIML and both founders over a third party concrete plant; HIML seeks discharge.¹ The Telangana High Court dismissed HIML's petitions over bank guarantees for a buyer on 26th Oct 2022; HIML's ₹23.77 crore civil suit on the same matter is at arguments.^{48, 1}
Status: The IIFL and Pushkaraj matters are not listed in the GID's litigation annexure, which states no size threshold and lists group cases as small as ₹1.4 lakh.¹ IBBI shows no insolvency record for HIML, HIMRPL or Shalimar.⁴⁹
Company position: HIML and HIMRPL are mostly the ones bringing cases: HIMRPL lists about 1,030 criminal complaints, mostly over customers' bounced cheques, and HIML about 200.¹

Boards and officersChanges at HIMRPL, RDC and HIML in 2026Record: no reasons given for the HIMRPL changes

HIMRPL: Both founders left the board on 21st May 2026 and returned as additional directors on 18th Aug 2026; 2 HIML executives held the seats between. The AGM of 30th Sep 2026 made them non executive directors. Directors take no pay or sitting fees from HIMRPL.^{1, 9}
RDC: Both independent directors resigned in March 2026 and 2 new directors joined on 28th Apr 2026. The CFO resigned on 4th Apr 2026 and was reappointed on 28th May 2026. Souvik Sengupta resigned as a director on 9th Jul 2026 "due to other commitments"; he remains a personal guarantor of RDC's 2026 bonds.^{14, 10}
HIML: Directory sites no longer list the investor nominees on HIML's board; that rests on directory data and needs the Registrar's own record.⁵²
Company position: RDC's filing gives Souvik Sengupta's reason as quoted. No reasons were found for the HIMRPL changes.

HIMRPL's payroll filingsEmployees covered by provident fund filingsRecord: 863 in FY25, 341 in FY26

What: Employees covered by HIMRPL's provident fund filings: 847 (FY24), 863 (FY25), 341 (FY26) and 66 in April to June 2026.¹ Employees listing Infra.Market on LinkedIn: 2,223 in June 2025 and 1,848 on 20th Oct 2026.⁵⁵ Anonymous reviews dated September and October 2026, which are unverified allegations, report delayed salaries.⁵⁷
Status: The June 2026 figure covers one quarter, so it is not a like for like comparison with a full year. Group headcount from a primary source is not available.
Company position: The GID does not explain the fall. In FY25 HIMRPL recovered ₹57.31 crore of employee cost from HIML, which shows staff shared across companies.¹

How the company describes itselfWebsite, 2019 to 2026Record: plant counts described 2 ways

What: On 5th May 2025 the homepage referred to "250+ own plants". On 6th Oct 2025 it described "283+ manufacturing facilities (comprising 163 owned and 120 third-party manufacturing facilities (that are exclusive to us))".⁵³ A news item titled "India's Most Profitable Unicorn Infra.Market" was on the site in August 2025; group profit after tax was 1.19% of revenue in FY25 and 1.56% in FY26.^{53, 28}
Company position: The About Us page counts "owned and third-party manufacturing units that are exclusive" toward its milestones.⁵⁴

What reaches the exchangeBSE filings for the listed bonds, to 20th Oct 2026Record: some events not filed on BSE

HIML 07579: No BSE announcement of any kind under scrip 978313 from 1st Aug to 20th Oct 2026: no allotment, record date notice or ISIN statement.⁸⁴
HIMRPL 07194: No allotment filing for the first ₹125 crore tranche; the first filing under scrip 978169 is the record date notice of 28th Sep 2026.⁸⁴
RDC: None of RDC's rating actions since May 2025 is filed on BSE; no allotment filing was found for 07053.^{14, 84}
Company position: None found.

Every listed coupon in the group has been paid on time. The record also shows an auditor's resignation without a stated reason, figures in HIMRPL's GID that differ from its audited accounts, late tax deposits at 2 companies, and events not filed on the exchange.

The last part of the story is the calendar: when principal falls due.

8What falls due, and when?

A bullet bond repays all its principal on one date. An amortising bond repays it in parts. Either way, a company that cannot repay from its own cash must refinance or raise equity before the date (section 3). Lining up every bond's dates shows when that need is largest.

The bonds identified for this page fall due from November 2026. HIMRPL's privately placed 14.50% and 14.65% lines end between November 2026 and June 2027, and the balance of its 16% lines by 30th Aug 2027. Investor puts on RDC's 07020 and 07038 fall in March and April 2027. Hella Chemical Market's ₹221 crore matures in February and March 2028, and ₹520 crore of HIML NCDs from April to June 2028. RDC's 11% lines start repaying in May 2028, and the HIMRPL and HIML 11% lines in September and October 2028.^{1, 11, 12, 15, 28, 34, 82, 83}

From February to June 2028, about ₹958.5 crore of identified bond principal falls due, if RDC's holders do not use their puts (our calculation). Acuité states that "debt repayment obligations are increasing substantially in FY29", the year from April 2028.²⁶

Plate IM.5

What falls due, quarter by quarter

Identified group bond principal, ₹ crore, Oct 2026 to Mar 2029, in the quarter of each line’s final date. Bank loans, leases and most of HIML’s Ascertis programme are left out

The densely hatched bars are the 11% retail lines of ₹10,000 face.

The plate leaves out bank loans, leases, the rest of HIML's ₹1,250 crore Ascertis programme, a USD 150 million facility from Mars Growth Capital, and the size of HIML's 11% bond, which has not been published.^{26, 78, 82}

The group's identified bond principal is spread from late 2026, with the largest quarter from April to June 2028. The 11% retail lines repay from May 2028 to April 2029, after most of the group's other identified bonds.

That is the shared story. Your own bond's terms are on its card.

9Find your bond

Find the ISIN from your demat statement in the first column, then open its card. Bonds from the same company with the same coupon, face value, security and guarantees share one card, with a small table for the dates and sizes that differ.

ISIN	Issuer	Coupon	Face	Matures	Card
INE0P6G07194	HIMRPL	11%, monthly	₹10,000	17th Mar 2029; parts from Sep 2028	HIMRPL 11%
INE06E507579	HIML	11%, monthly	₹10,000	12th Apr 2029; parts from Oct 2028	HIML
INE076I07046, 07053, 07061	RDC	11%, monthly	₹10,000	Nov 2028 to Feb 2029; parts from May 2028	RDC 11%
INE076I07020, 07038	RDC	11% in the KIDs, 12% in RDC's statement; monthly	₹1 lakh	Mar and Apr 2028; puts in 2027	RDC ₹1 lakh
INE0P6G07046, 07053, 07103, 07111, 07160, 07178, 07186	HIMRPL	14.50% to 16%	₹1 lakh and ₹10 lakh	Nov 2026 to Aug 2027	HIMRPL private
Other INE06E5 ISINs, about 20	HIML	11% to 14.65%	₹1 lakh to ₹1 crore	Dec 2026 to 2028 and later	HIML
INE0P3M07025, 07033, 07041	Hella Chemical Market	11.80%	Not found	Feb and Mar 2028	Hella Chemical
INE076I07012	RDC	11.25%, monthly	₹1 lakh	Repaid 5th Apr 2025	Repaid

Sources: HIMRPL GID and KID^{1, 2}; HIML KID⁸²; RDC ISIN statement and KIDs^{10, 11, 12}; Acuité³⁴; BSE scrip data⁸⁴.

The 4 retail lines of ₹10,000 share one shape. The company pays 11% a year on what it still owes, each month, and hands the ₹10,000 back in parts near the end. Each coupon is principal still owed × 11% × days in the period ÷ days in the year, on the actual day count; a year with a 29th Feb counts 366 days (chapter 4, accrued interest and record dates).

Plate IM.6

Your ₹10,000, month by month

HIMRPL 11% INE0P6G07194: principal still owed, and each monthly coupon, Sep 2026 to Mar 2029

Worked example

An amortising ₹10,000 bond pays about ₹2,500 of coupons over 30 months, not about ₹2,750, because part of the principal comes back 6 months before the end. Money returned early is yours to reinvest.

Retail lines, ₹10,000 face

HIMRPL 11% monthly · INE0P6G07194₹10,000 face · amortising from Sep 2028 · matures 17th Mar 2029 · securedLast coupon: 17th Oct 2026, paid on the due date (Reg 57 filing of 19th Oct 2026)

Codes: ISIN INE0P6G07194. BSE scrip code 978169, "11HIMRPL29", on BSE's debt segment. Not listed on NSE.⁸⁴
Issuer: Hella Infra Market Retail Private Limited, Thane, a building materials trader. HIML holds 8,22,574 of its 8,22,580 shares; 6 people hold 1 share each as HIML's nominees.¹ Plate IM.1.
Terms: 11% a year, paid on the 17th of each month, on the actual day count. Record date 15 days before each payment. A coupon on a non business day is paid the next business day; a repayment, the business day before. First ₹125 crore allotted on 17th Sep 2026 on BSE's bidding platform, then ₹125 crore more reissued under the same ISIN on 29th Sep 2026 with ₹36.1644 of accrued interest a bond: ₹250 crore in all.^{2, 3} Minimum application at issue ₹1 crore; merchant banker Finaax Capital Advisors; no arranger.² No call or put.² Purpose, per Acuité: refinancing HIMRPL's debt falling due from FY28.²⁶

Your ₹10,000

Period	Coupons	One coupon	Coupons in the period	Principal back at the end	Still owed after
17th Sep 2026 to 17th Sep 2028	24	₹84.38 to ₹93.42	₹2,200.70	₹3,000	₹7,000
17th Sep 2028 to 17th Dec 2028	3	₹63.11 to ₹65.22	₹191.44	₹3,000	₹4,000
17th Dec 2028 to 17th Mar 2029	3	₹33.75 to ₹37.37	₹108.49	₹4,000	Nil
Total from issue	30		₹2,500.63	₹10,000

The KID gives ₹90.41 for the first month; ₹10,000 × 11% × 30 ÷ 365 gives ₹90.41. Its figures to October 2027 (₹93.42, ₹90.41 and ₹84.38 for 31, 30 and 28 day months) match the same sum.² Bought on BSE on 19th Oct 2026 at the average price of ₹9,240.48, plus ₹6.03 of accrued interest for 2 days, the remaining flows (₹2,410.22 of coupons and ₹10,000 of principal) give a yield of about 16.2% a year (our calculation, XIRR on a 365 day year). Each coupon is rounded to the paisa, as paid.

Security: 3.00 times cover: 1.50 times by a first ranking exclusive hypothecation over specified HIMRPL assets, and 1.50 times by a first exclusive pledge of HIML shares held by the promoters.² The charge must be registered within 30 days of creation; it was not yet in directory data in October 2026.^{2, 91} No security cover certificate for this ISIN had been filed on BSE by 20th Oct 2026.⁸⁴
Guarantees: An unconditional and irrevocable corporate guarantee from HIML, and personal guarantees from Souvik Sengupta and Aaditya Sharda.² Whether the HIML guarantee has a pre default invocation clause was not established from the documents read.
Who ranks ahead: No one on the specified HIMRPL assets, which are charged exclusively to this bond. HIMRPL's 14.50% lines hold a shared charge on other HIMRPL assets.¹ On HIML's guarantee, HIML's own secured lenders come first on the assets charged to them.⁹¹ HIMRPL also owes about ₹520 crore of trade advances to group companies, which are unsecured.¹
Ratings: Acuité: ACUITE A−, Rating Watch with Developing Implications, 3rd Sep 2026; this ₹250 crore issue is named in the release.²⁶ India Ratings: no rating on this bond or on HIMRPL.¹⁵ CRISIL, ICRA, CARE: none found.
Trustee: Catalyst Trusteeship Limited, compliancectl-mumbai@ctltrustee.com; Umesh Salvi, Managing Director, 022 4922 0555.² Whether its website publishes this issue's covenant status was not checked.
Covenants: 4 money tests on HIML's group numbers and HIMRPL's own debt service cover of at least 1.30 times (section 6). Coupon steps up 0.75% for each notch the bond or HIMRPL falls below A−, on the lowest rating. A rating suspended or cut to BBB or lower is an event of default, and an INC remark must be kept off the rating.² HIML was to put ₹150 crore into HIMRPL by 30th Sep 2026 (covenant (h)).²
Top bondholders: First tranche of 17th Sep 2026: not disclosed; no allotment filing exists on BSE. Reissue of 29th Sep 2026: Regency Fincorp, Pace Financial Tresor, Eshiruss Financial Consultants, Infixin Technologies and Prisma Global; the amount each took is not disclosed.^{3, 84} No top 10 holders table covers this ISIN; HIMRPL's latest, at 30th Jun 2026, predates it.¹
Where it trades: BSE. It traded in every session from 22nd Sep to 16th Oct 2026: 18 sessions, 3,518 bonds, at a volume weighted price of about ₹9,226. On 19th Oct 2026, 469 bonds traded at an average of ₹9,240.48, in a range of ₹9,166.05 to ₹9,289: about 15.9% to 16.7%. The first close, ₹9,349 on 22nd Sep 2026, was about 15.4% (yields our calculation).⁵⁰ BondScanner showed about ₹9,430 and 15% on 16th Oct 2026.⁵¹
Payment record: One coupon due so far: 17th Oct 2026, record date 2nd Oct 2026 (filed 28th Sep), paid 17th Oct 2026 (filed 19th Oct).^{4, 5}
Contacts: Divyanshu Jha, Company Secretary and Compliance Officer, divyanshu.jha@infra.market, +91 79873 53462; cs@infra.market. Registrar: Bigshare Services, info@bigshareonline.com. Trustee as above.²

Sources: KID dated 10th Sep 2026, items 11, 16, 17, 40, 51 and 53, section 9 and Annexures 1 and 2; GID dated 4th Sep 2026; BSE filings of 28th Sep, 29th Sep, 15th Oct and 19th Oct 2026; Acuité, 3rd Sep 2026; BSE trade data.^{1, 2, 3, 4, 5, 6, 26, 50}

HIML 11% monthly · INE06E507579, and HIML's other NCDs₹10,000 face · amortising from Oct 2028 · matures 12th Apr 2029 · securedFirst coupon due 12th Nov 2026 (record date 28th Oct 2026)

Codes: ISIN INE06E507579. BSE scrip code 978313, "11HIML29". Not listed on NSE. HIML's other NCDs, about 20 ISINs, are unlisted.^{84, 82}
Issuer: Hella Infra Market Limited, Thane, the parent of the group. It does not publish group accounts.^{1, 28} Plate IM.1.
Terms: 11% a year, paid on the 12th of each month; the KID prints each record date, 15 days before.⁸² Deemed allotment 12th Oct 2026, for a base of ₹50 crore plus up to ₹75 crore more; the amount raised has not been published. Minimum application 1 bond of ₹10,000.⁸² Principal, per the KID's cash flow table: ₹3,000 on 12th Oct 2028, ₹3,000 on 12th Jan 2029, ₹4,000 on 12th Apr 2029. The term sheet instead says "the last date of each month" in months 24, 27 and 30, which would mean 31st Oct 2028, 31st Jan 2029 and 30th Apr 2029.⁸² No call or put.⁸²
Other HIML NCDs: ₹1,701.67 crore outstanding at 30th Sep 2026, up from ₹1,590.90 crore at 30th Jun 2026.^{82, 81} They include the 12% lines of the Ascertis programme (07504, 07512, 07520 and 07553, ₹960 crore together), the amortising 12% 07447 (₹56.67 crore, final 8th Aug 2027), 14.65% lines of ₹15 crore each maturing 1st Dec 2026 and 1st Jan 2027, and an 11% line of ₹10 crore maturing 13th Sep 2027.⁸² India Ratings rates ₹585 crore of named HIML NCDs.¹⁵

Your ₹10,000, on the KID's cash flow table

Period	Coupons	One coupon	Coupons in the period	Principal back at the end	Still owed after
12th Oct 2026 to 12th Oct 2028	24	₹84.38 to ₹93.42	₹2,200.45	₹3,000	₹7,000
12th Oct 2028 to 12th Jan 2029	3	₹63.11 to ₹65.40	₹193.73	₹3,000	₹4,000
12th Jan 2029 to 12th Apr 2029	3	₹33.75 to ₹37.37	₹108.49	₹4,000	Nil
Total from issue	30		₹2,502.67	₹10,000

The KID gives ₹93.42 for the first coupon, 12th Nov 2026, a 31 day month; the same sum gives ₹93.42 (our calculation). If principal falls on the month ends in the term sheet instead, a few coupons change by small amounts. No BSE trade by 19th Oct 2026, so no market yield; at Groww's displayed price of ₹9,269 on 16th Oct 2026, which Groww labels a dirty price (including accrued interest), the KID's flows give about 15.9% (our calculation).^{50, 51}

Security: 3.0 times cover: 2.0 times from a pledge of shares and 1.0 time from a hypothecation shared equally (pari passu) with HIML's existing lenders. HIML must get those lenders' consents within 90 days, by 10th Jan 2027, and their no objection within 6 months; if it has not by 12th Apr 2027, the coupon rises 0.25% until it does.⁸²
Guarantees: Not established from the documents read for this page.
Who ranks ahead: HIML's existing lenders share the hypothecated assets. Directory data shows charges of about ₹5,721 crore registered on HIML's assets across 26 lenders and trustees; a charge value is the size of the facility, not the debt owed.⁹¹ Ascertis funds held 56.41% of HIML's NCDs at 30th Sep 2026, backed by RDC's guarantee and pledges of RDC shares (section 4).^{82, 10}
Ratings: Acuité: the KID cites ACUITE A−/Stable of 24th Mar 2026; Acuité put HIML on Rating Watch with Developing Implications on 3rd Sep 2026, and this ISIN is not named in that release.^{82, 28} India Ratings: HIML's other NCDs at IND B+/Negative (ISSUER NOT COOPERATING), 1st Oct 2026; this ISIN is not named.¹⁵ The step up looks at the rating "in respect of the Debentures and/or the Company", on the lowest agency; whether India Ratings' action counts has not been tested (our reading).⁸²
Trustee: Catalyst Trusteeship Limited, compliancectl-mumbai@ctltrustee.com.⁸²
Covenants: The same 4 money tests on HIML's group numbers as HIMRPL's bond; certificate within 30 days of each quarter to the trustee and holders; audited accounts to the trustee within 180 days of the year end. Coupon steps up 0.75% a notch below A−. A rating suspended or cut below BBB is an event of default.⁸²
Top bondholders: Of this ISIN: not disclosed. BSE shows no announcement under 978313 to 20th Oct 2026, so no allotment filing.⁸⁴ Of all HIML NCDs at 30th Sep 2026, from the KID (amounts our calculation):⁸²

Holder	Kind	Share of HIML NCDs	About
Ascertis Credit India Fund IV, Scheme F	Fund	31.35%	₹533.5 crore
Ascertis Credit India Fund IV, Scheme C	Fund	16.25%	₹276.5 crore
Ascertis Credit Select Short Term Income Fund I, Scheme I	Fund	8.81%	₹149.9 crore
S K Finance Limited	Company	5.28%	₹89.8 crore
Piramal Finance Limited	Company	3.33%	₹56.7 crore
Yubi Markets Private Limited	Company	2.02%	₹34.4 crore
JRS Pharma and Gujarat Microwax Pvt Ltd	Company	1.88%	₹32.0 crore
Edelweiss Life Insurance Company Limited	Company	1.47%	₹25.0 crore
Captain Steel India Limited	Company	1.23%	₹20.9 crore
Innoven Capital India Fund	Fund	0.88%	₹15.0 crore
Innoven Capital India Fund II	Fund	0.88%	₹15.0 crore

Where it trades: BSE scrip 978313: no trade recorded to 19th Oct 2026.⁵⁰ Platforms on 16th Oct 2026: Groww ₹9,269 and 16%; Aspero ₹9,269 to ₹9,277 and "up to 16%"; BondScanner about ₹9,280 and 16%; SMEST ₹9,407, shown as "A by ACUITE".⁵¹
Payment record: No coupon due yet on this ISIN. For other HIML NCDs, India Ratings records 11 that matured from October 2025 to June 2026 as "paid in full".¹⁵
Contacts: Pinal Patel, Compliance Officer, cs@infra.market; HIML, finance@infra.market, +91 22 4567 4369. Registrar: Bigshare Services. Trustee: Catalyst Trusteeship.^{82, 2}

Sources: HIML KID dated 6th Oct 2026, cover, items 9, 17, 30, 34 to 39, 41, 47, 51 to 54, section 9 and Annexures 1, 2 and 10; HIML GID dated 30th Sep 2026; India Ratings, 1st Oct 2026; Acuité, 3rd Sep 2026; BSE scrip data; platform pages.^{81, 82, 15, 28, 50, 51, 84}

RDC Concrete 11% monthly · INE076I07046, 07053, 07061₹10,000 face · amortising from May 2028 · last maturity 12th Feb 2029 · securedLast coupons: 8th, 12th and 13th Oct 2026, paid on the due dates

Codes: See the table below. Not listed on NSE.⁸⁴
Issuer: RDC Concrete (India) Limited, a ready mix concrete maker with about 140 plants. Incorporated in New Delhi on 20th Apr 1993 as Unitech Prefab Limited; renamed on 4th Feb 2005. HIML held 96.44% on 31st Dec 2025.^{10, 33} Plate IM.1.
Terms: 11% a year, monthly, on the actual day count; record date 15 days before each payment (for 07053, NSDL prints the 23rd of the month before).^{10, 83} The KIDs for 07046 and 07053 were not read; their terms come from NSDL, Acuité and platform pages.^{83, 33, 87} RDC's ISIN statement prints the first principal date of each line as its maturity.¹² 07061's KID shows the final date as the redemption date in one place and the 30/30/40 schedule in another, and its printed coupon column is shifted by one row; payments follow the day count.^{10, 13}

ISIN and BSE scrip	Allotted and size	Pays on	Principal back	Acuité
INE076I07046; 977784, "11RDCL28"	13th May 2026; ₹75 crore	13th	50% on 13th May 2028, 50% on 13th Nov 2028	A, on watch
INE076I07053; 977854, "11RDCL2028"	8th Jun 2026 (₹35 crore) and 24th Jun 2026 (₹15 crore)	8th	50% on 8th Jun 2028, 50% on 8th Dec 2028	A, on watch
INE076I07061; 978055, "11RCL29"	12th Aug 2026 (₹50 crore) and 2nd Sep 2026 (₹25 crore at ₹9,966.85)	12th	₹3,000 on 12th Aug 2028, ₹3,000 on 12th Nov 2028, ₹4,000 on 12th Feb 2029	A−, on watch

Your ₹10,000 in 07061

Period	Coupons	One coupon	Coupons in the period	Principal back at the end	Still owed after
12th Aug 2026 to 12th Aug 2028	24	₹84.38 to ₹93.42	₹2,200.95	₹3,000	₹7,000
12th Aug 2028 to 12th Nov 2028	3	₹63.11 to ₹65.22	₹193.55	₹3,000	₹4,000
12th Nov 2028 to 12th Feb 2029	3	₹36.07 to ₹37.37	₹110.81	₹4,000	Nil
Total from issue	30		₹2,505.31	₹10,000

The KID gives ₹93.42 for 12th Nov 2026; the same sum gives ₹93.42. The October 2026 coupon was paid at ₹81.54 a bond after TDS, which fits ₹90.41 gross less TDS for most holders (our calculation).^{10, 13} On 19th Oct 2026, 13 bonds traded at an average of ₹9,359.07; with ₹21.10 of accrued interest for 7 days, the remaining flows give about 15.6% (our calculation). For 07046 and 07053, 50% of the principal comes back 24 months after issue and 50% 6 months later: ₹2,478.18 and ₹2,476.43 of coupons from issue (our calculation on NSDL's schedule).⁸³

Security: 07061: a first ranking exclusive charge on plant, machinery and receivables of identified plants, 1 time at distressed value, and a pledge of 28,14,737 HIML shares (0.33% of HIML) held by Aaditya Sharda, 1 time. The pledge may be released before an HIML listing and replaced by interim security.¹⁰ 07046 and 07053: a first exclusive charge on a concrete plant, 0.67 times at distressed value; a pledge of HIML shares valued at ₹266.4548 each, 1.0 time; a reserve account holding 12.6% of the issue; and an escrow account filled 5 days before each payment.^{33, 87} RDC files its security cover certificate with its quarterly results under scrip 976497; the August 2026 certificate was issued by P. Somani & Co.¹⁴
Guarantees: Personal guarantees from Souvik Sengupta and Aaditya Sharda on all 3. No HIML corporate guarantee on 07061.^{10, 33} India Ratings says HIML gives RDC's borrowings a guarantee that applies only after default, with no pre default invocation clause.^{16, 20}
Who ranks ahead: RDC's banks on the assets charged to them: directory data shows about ₹675 crore of charges registered on RDC.⁹¹ RDC has guaranteed HIML's ₹1,250 crore NCD programme, and 92.15% of RDC's shares were approved for pledge to its investors.^{10, 14}
Ratings: Acuité: as in the table, Rating Watch with Developing Implications from 3rd Sep 2026; each ISIN named.³³ India Ratings: does not rate these 3; it rates RDC IND B+/Negative (ISSUER NOT COOPERATING).¹⁶ Acuité's rating has been on watch, not Stable, since 3rd Sep 2026; whether that meets 07046 and 07053's covenant of "A with stable outlook" is not stated in any filing found.^{33, 10}
Trustee: Catalyst Trusteeship Limited for 07061; not read for 07046 and 07053.¹⁰
Covenants: See section 6. 07061: a covenant certificate within 45 days of each quarter to the trustee, with copies for holders; a rating change reported to the trustee within 24 hours; a cut to BBB+ or lower by any agency makes the bonds repayable early.¹⁰
Put or call: None on 07061; not read for 07046 and 07053.¹⁰
Top bondholders: 07046, 13th May 2026: The Kangra Central Co-operative Bank ₹50 crore, Asvanta Financial Consultants ₹25 crore. 07061, 12th Aug 2026: Vedika Credit Capital ₹40 crore, Motilal Oswal Financial Services ₹10 crore; reissue of 1st Sep 2026: Eshiruss Financial Consultants ₹10 crore, Vedika Credit Capital ₹10 crore, Infixin Technologies ₹5 crore. 07053: no allotment filing found. No top 10 holders table covers these lines; RDC's latest is dated 31st Dec 2025.^{14, 10}
Where it trades: 07061: 26 sessions on BSE from 31st Aug to 15th Oct 2026, 515 bonds; median yield about 14.7% on the correct schedule; low ₹9,000 on 12th Oct 2026 (54 bonds), about 18% (our calculation).⁵⁰ Aspero showed 13.50% and SMEST 12.79%; Groww had buying turned off.⁸⁷ 07053 traded at ₹9,715 to ₹9,890 from 17th Jun to 25th Aug 2026, up to 128 bonds a day; then at ₹6,301.01 on 7th Sep 2026 (20 bonds), about 44% on NSDL's schedule (our calculation). 07046 traded at ₹6,100 on 26th Aug 2026 (11 bonds), about 48% (our calculation). Both last printed ₹5,000 on 9th Oct 2026, 1 bond each; trades of 1 bond are not used as prices here.⁸⁶
Payment record: Every coupon paid on its due date. Latest certificates: 07053 on 8th Oct, 07061 on 12th Oct (₹61,15,661 after TDS) and 07046 on 13th Oct 2026.^{13, 14}
Contacts: Teeshula Pravin Kale, Company Secretary, RDC Concrete (India) Limited. Registrar: KFin Technologies. Trustee: Catalyst Trusteeship. Merchant banker for 07061: Horizon Management.^{10, 14}

Sources: RDC GID dated 30th Apr 2026 and KID for 07061; RDC ISIN statement of 13th Oct 2026; RDC's BSE filings; Acuité, 1st Jun and 3rd Sep 2026; NSDL India Bond Info; BSE trade data; platform pages.^{10, 12, 13, 14, 33, 50, 83, 86, 87}

₹1 lakh and institutional lines

RDC Concrete ₹1 lakh lines · INE076I07020, 07038₹1 lakh face · monthly coupon · investor puts in Mar and Apr 2027 · mature Mar and Apr 2028 · securedLast coupon: 30th Sep 2026, paid; put notice window opens 12th Dec 2026 (07020)

Codes: See the table below. RDC files most company wide notices under 976497.⁸⁴
Issuer: RDC Concrete (India) Limited, as in the card above.
Terms: 11% a year in the KIDs, paid on the last day of each month; record date 15 days before.^{11, 83} RDC's ISIN statements give the coupon as "11% (Step up rate 12%)" on 4th Oct 2025, 11% on 10th Apr 2026 and 12% on 13th Oct 2026.^{12, 14} Bullet repayment at maturity, with an investor put at par. Arranger: Aspero.¹¹

ISIN	BSE scrip	Allotted	Size	Put date	Matures
INE076I07020	976497, "11RDCCL28"	12th Mar 2025	₹26 crore (2,600 bonds)	12th Mar 2027	12th Mar 2028
INE076I07038	976600, "11RDCCIL28"	2nd Apr 2025	₹39 crore (3,900 bonds)	2nd Apr 2027	2nd Apr 2028

Your ₹1 lakh, from November 2026

Path	Coupons at 11% (KID)	At 12% (our calculation)	Principal	Paid on
07020, put used	₹3,978.09 in 5 payments	₹4,339.73	₹1,00,000	12th Mar 2027
07020, held to maturity	About ₹14,977 in 17 payments	Not calculated	₹1,00,000	12th Mar 2028
07038, put used	₹4,610.97 in 5 payments	₹5,030.14	₹1,00,000	2nd Apr 2027
07038, held to maturity	About ₹15,611 in 18 payments	Not calculated	₹1,00,000	2nd Apr 2028

The KIDs print the put day payments: ₹361.64 plus ₹1,00,000 on 12th Mar 2027 for 07020, and ₹994.52 plus ₹1,00,000 on 2nd Apr 2027 for 07038; the same sums give both.¹¹ For the year that holds 29th Feb 2028 the KIDs count 366 days (₹901.64 and ₹931.69 for 30 and 31 day months), and the totals to maturity use that rule (our calculation). No yield is worked out here, because the documents read do not settle whether 11% or 12% applies.

Security: Exclusive pledges of shares of Robo Silicon, an RDC subsidiary: 98,49,230 shares for 07020 and 76,87,728 for 07038, topped up with shares of Ultrafine, another subsidiary, to 2 times cover; security cheques and a demand promissory note.^{10, 11}
Guarantees: Corporate guarantees from HIML and Robo Silicon; personal guarantees from both founders.¹¹ CARE rates Robo Silicon BBB−/Stable (9th Apr 2025).⁹⁰ India Ratings says HIML's guarantee of RDC's NCDs has no pre default invocation clause.¹⁶
Who ranks ahead: Robo Silicon's and RDC's own lenders on their assets; directory data shows a ₹60.1 crore HDFC Bank charge on Robo Silicon.⁹¹ RDC's shares are approved for pledge to HIML's lenders (section 4).¹⁰
Ratings: India Ratings: IND B+/Negative (ISSUER NOT COOPERATING), 1st Oct 2026, on these ISINs.¹⁶ Acuité: ACUITE A−, Rating Watch with Developing Implications, 3rd Sep 2026.³³
Trustee: Catalyst Trusteeship Limited.¹¹
Covenants: See section 6, including the INC event of default in clause 7(a). Repayable within 30 days of a trustee demand made for a majority of holders if rated BBB or lower, if a money test is breached, or if security is not perfected. Covenant certificate within 45 days of each quarter; tests on 30th Sep and 31st Mar. A quarterly report to the trustee with an updated list of holders.^{11, 16}
Put: At par on 12th Mar 2027 (07020) and 2nd Apr 2027 (07038). The KIDs allow notice "on any date after 21 (twenty one) months from the Deemed Date of Allotment and up to 45 (forty five) Business Days prior to the Put Option Date". Counting weekdays and leaving out 26th Jan, the KID rule closes about 7th to 8th Jan 2027 for 07020 and 28th to 29th Jan 2027 for 07038 (our calculation). NSDL records the windows as closing on 26th Jan 2027 and 16th Feb 2027.^{11, 83} The 2 readings differ by about 3 weeks; the trustee can say in writing which date applies.
Top bondholders: At 31st Dec 2025, covering both lines: Aspero Markets ₹20.42 crore (31.42%), Essae Solutions ₹7.00 crore (10.77%), Ampa Home Build ₹3.00 crore (4.62%), Essae Suhagraja ₹2.51 crore (3.86%), and 6 individuals with ₹0.40 crore to ₹2.00 crore each.¹⁰ At 31st Mar 2025, covering 07012 and 07020: Pace Financial Investment Adviser 20.00%, MAS Financial Services 13.33%, RS Global Infotech LLP 5.33%, Opus Softtech Solutions 2.67%, Raghuvanshi Investment 2.67%, and 5 individuals.¹¹
Where it trades: BSE. 07020 traded at ₹95,000 to ₹99,644 from February to August 2026, last ₹99,000 on 6th Aug 2026. 07038 traded at ₹98,000 to ₹99,000 in September and October; prints of ₹93,500 on 14th and 19th Oct 2026 were 1 bond each and are not used as prices here.⁸⁶ Aspero showed about 13.50% to the put on 20th Oct 2026, with a 12% coupon; Wint Wealth 13.44% and 13.45%.⁸⁷
Payment record: Coupons paid. On 31st Jul 2025, ₹879 did not reach one holder of 07038 because of wrong bank details and was paid the next day; a similar case occurred on 31st Jul 2026.^{32, 14}
Contacts: As in the card above; arranger Aspero.

Sources: RDC KIDs dated 12th Mar 2025 and 2nd Apr 2025; RDC GIDs of 5th Mar 2025 and 30th Apr 2026; RDC ISIN statements; India Ratings, 1st Oct 2026; Acuité, 3rd Sep 2026; NSDL India Bond Info; CARE on Robo Silicon; BSE trade data; platform pages.^{10, 11, 12, 14, 16, 33, 83, 86, 87, 90}

HIMRPL privately placed NCDs · 7 ISINs14.50% to 16% · ₹1 lakh and ₹10 lakh face · unlisted · held by funds and finance companiesNo default or delay to 30th Jun 2026, per the GID

Codes: No BSE or NSE code: these lines are not listed, so no exchange filings report their payments.⁸⁴
Issuer: HIMRPL, as in its 11% card.
Terms: ₹381.95 crore outstanding at 30th Jun 2026, before the 11% bond.¹

ISIN	Coupon	Outstanding, 30th Jun 2026	Repayment	Security beyond the guarantees
INE0P6G07046, 07053	16%	₹250.00 crore	GID: 30th Aug 2027. Audited note: 50% at the end of year 3 and 50% at the end of year 4	Pledge of HIML's Shalimar Paints shares (GID 52.85%, audited note 50.10%) and of 5% of HIML shares held by promoters
INE0P6G07103, 07111	14.50%	₹56.95 crore	Monthly; final 30th Nov 2026 and 31st Mar 2027	Shared (pari passu) charge on HIMRPL assets; investors may subscribe to equity of HIMRPL, HIML or RDC
INE0P6G07160, 07178	14.65%	₹60.00 crore	3 monthly instalments each from 31st Mar and 1st Apr 2027; GID finals 1st Jun and 30th May 2027	Pledge of HIML shares up to 2.5 times; RDC shares pledged behind Ascertis
INE0P6G07186	14.65%	₹15.00 crore	15th Apr 2027	As 07160
Total		₹381.95 crore	Plus ₹250 crore of 11% NCDs from Sep 2026	All rated ACUITE A−, on watch

Your ₹10,000: Not sold in ₹10,000 pieces: face values are ₹1 lakh and ₹10 lakh, and the lines are not listed.¹
Guarantees: HIML's corporate guarantee and both founders' personal guarantees on every line. HIML's guarantees for HIMRPL's lenders stood at ₹680 crore at 31st Mar 2026.¹
Who ranks ahead: The 16% holders rank first on the pledged Shalimar shares. On the 14.65% lines' RDC share pledge, Ascertis ranks ahead.^{1, 36}
Ratings: Acuité A− on watch, as the GID shows; India Ratings none found.^{1, 15}
Trustee: Not stated line by line in the documents read; charges on HIMRPL name Axis Trustee, Catalyst Trusteeship, Milestone and Vistra among others (directory data).⁹¹
Covenants: Not read line by line.
Put or call: Not found in the documents read.
Top bondholders: At 30th Jun 2026, from the GID (amounts our calculation; the 7 names add to 100%):¹

Holder	Kind	Share of HIMRPL NCDs	About	Likely line (our reading)
Kotak Private Credit Fund	Fund	52.36%	₹200.0 crore	16% 07046
Trifecta Venture Debt Fund III	Fund	14.91%	₹56.95 crore	14.50% 07103 and 07111
Infina Finance Private Limited	Company	13.09%	₹50.0 crore	16% 07053
Stride Ventures Debt Fund 3	Fund	7.85%	₹30.0 crore	14.65% 07160 or 07178
Stride Ventures Debt Fund 4	Fund	3.93%	₹15.0 crore	14.65% 07186
Alteria Capital Fund II, Scheme I	Fund	3.93%	₹15.0 crore	14.65% 07160 or 07178
Alteria Capital Fund III, Scheme A	Fund	3.93%	₹15.0 crore	14.65% 07160 or 07178

Where it trades: Unlisted; no exchange price.
Payment record: The GID reports no default or delay on any borrowing in the 3 years to 30th Jun 2026.¹ Whether the first 50% of the 16% NCDs, due in 2026 under the audited note, was paid or rescheduled is not in any public filing found.
Contacts: As for HIMRPL's 11% bond.

Sources: HIMRPL GID dated 4th Sep 2026, section 5.11, PDF pp.38 to 41, and audited FY26 note 18.1, p.186; Shalimar pledge disclosure; directory data.^{1, 36, 91}

Hella Chemical Market 11.80% · INE0P3M07025, 07033, 07041Unlisted · ₹221 crore · mature Feb and Mar 2028No public payment filings: the lines are unlisted

Codes: No BSE or NSE code.⁸⁴
Issuer: Hella Chemical Market Private Limited, Thane, a chemicals trader, 100% owned by HIML.³⁴ Plate IM.1.
Terms: 11.80%. INE0P3M07025: ₹85 crore, issued 12th Feb 2025, matures 12th Feb 2028. 07033: ₹75 crore, 28th Feb 2025 to 28th Feb 2028. 07041: ₹61 crore, 10th Mar 2025 to 10th Mar 2028. Part of a ₹700 crore programme. Coupon frequency, record dates and face value are not disclosed in any source read; no offer document was found.³⁴
Your ₹10,000: Not applicable: the lines are not offered in ₹10,000 pieces on any source read.
Security: A security cover of 1.25 times, as Acuité prints the covenants; what is charged was not found.³⁴
Guarantees: Acuité says its rating "factors the corporate guarantee extended by HIML".³⁴
Who ranks ahead: Directory data shows charges for Catalyst Trusteeship (₹300 crore) and Axis Trustee (₹175 crore) on the company.⁹¹
Ratings: Acuité: ACUITE A−/Stable, reaffirmed 24th Mar 2026. India Ratings, CRISIL, ICRA, CARE: none found.³⁴
Trustee: Not found.
Covenants: As Acuité prints them: security cover 1.25 times; EBITDA above zero; 3 months' interest kept free; HIML's net debt at most 3.5 times EBITDA from Sep 2025; debt service cover above 1.1 times.³⁴
Put or call: Not found.
Top bondholders: Not disclosed. Acuité lists "Lender's Name: Not Applicable".³⁴
Where it trades: Unlisted; no exchange price. Platforms were not checked.
Payment record: No public record; unlisted lines file nothing with an exchange.
Contacts: No offer document was found; HIML's contacts are in its card.

Sources: Acuité, Hella Chemical Market, 24th Mar 2026; directory data.^{34, 91}

Repaid

RDC Concrete 11.25% · INE076I07012₹1 lakh face · 18 monthly instalments · issued 6th Apr 2023Repaid in full on 5th Apr 2025

Codes: BSE scrip code 974766, "1125RCIL25", now shown as delisted.⁸⁴
Terms: ₹49 crore (4,900 bonds of ₹1 lakh), 11.25% paid monthly; principal in 18 monthly instalments of ₹5,555.55 from 6th Nov 2023.^{11, 83}
Security: A first ranking exclusive pledge of HIML shares held by a founder, at 200% cover.¹¹
Guarantees: HIML and both founders.¹¹
Ratings: India Ratings A−/Negative at its last review, withdrawn after repayment.²⁰
Top bondholders: At 31st Dec 2024 the largest was RS Global Infotech LLP with 8.16%; the rest were individuals and small companies.¹¹
Payment record: Paid on time, apart from bank detail failures in Jun 2023, Jul 2023, Nov 2023 and Jun 2024, each paid within about a day; repaid in full on 5th Apr 2025.^{14, 12}

Sources: RDC GID of 5th Mar 2025; NSDL India Bond Info; RDC's BSE filings; India Ratings, 4th Mar 2025.^{11, 12, 14, 20, 83}

Your card gives your dates. Section 10 turns them into a routine.

10What should I check every month?

A holder cannot see inside the company, but the company must tell the exchange 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.

Your bond's dates

Bond	Coupon day	Record date	Payment certificate due	BSE scrip code to open
HIMRPL 07194	17th	15 days before (the 2nd)	Within 1 working day of the payment	978169
HIML 07579	12th	15 days before, printed in the KID	Within 1 working day	978313
RDC 07061	12th	15 days before	Within 1 working day; RDC usually files the same day	978055, and 976497 for company wide filings
RDC 07046	13th	15 days before	Within 1 working day	977784, and 976497
RDC 07053	8th	The 23rd of the month before (NSDL)	Within 1 working day	977854, and 976497
RDC 07020, 07038	Last day of the month	15 days before	Within 1 working day	976497, 976600

Sources: KIDs^{2, 82, 10, 11}; NSDL⁸³; BSE scrip data⁸⁴; SEBI's listing rules for debt securities⁸⁵. The record date is the day the registrar takes the list of holders; whoever holds the bond that day gets the next coupon (chapter 4). BSE trades settle the next working day, so a purchase that settles after the record date does not carry that month's coupon.⁸⁴ Each issuer's BSE page has the address bseindia.com/stock-share-price/<name>/<security id>/<scrip code>/, for example HIMRPL 978169, RDC 976497 and RDC 978055; for HIML, search 978313 on bseindia.com. Open "Corp Announcements".⁸⁴

Plate IM.7

A normal month for a holder

One coupon cycle of HIMRPL 07194: the coupon of 17th Nov 2026, from the KID’s dates and SEBI’s listing rules

Each month: the notice, the record date, the credit, the certificate. A missing or late one is worth noting.

The next 12 months

Coupons per bond, before TDS. Record dates are in brackets. A payment date on a Saturday or Sunday (marked) moves to the next business day under the KIDs read for this page.^{2, 82, 10, 11, 83}

Month	Coupon per ₹10,000 bond	HIMRPL 07194	HIML 07579 and RDC 07061	RDC 07046	RDC 07053
Nov 2026	₹93.42	17th Nov (2nd Nov)	12th Nov (28th Oct)	13th Nov (29th Oct)	8th Nov, Sun (23rd Oct)
Dec 2026	₹90.41	17th Dec (2nd Dec)	12th Dec, Sat (27th Nov)	13th Dec, Sun (28th Nov)	8th Dec (23rd Nov)
Jan 2027	₹93.42	17th Jan, Sun (2nd Jan)	12th Jan (28th Dec)	13th Jan (29th Dec)	8th Jan (23rd Dec)
Feb 2027	₹93.42	17th Feb (2nd Feb)	12th Feb (28th Jan)	13th Feb, Sat (29th Jan)	8th Feb (23rd Jan)
Mar 2027	₹84.38	17th Mar (2nd Mar)	12th Mar (25th Feb)	13th Mar, Sat (26th Feb)	8th Mar (23rd Feb)
Apr 2027	₹93.42	17th Apr, Sat (2nd Apr)	12th Apr (28th Mar)	13th Apr (29th Mar)	8th Apr (23rd Mar)
May 2027	₹90.41	17th May (2nd May)	12th May (27th Apr)	13th May (28th Apr)	8th May, Sat (23rd Apr)
Jun 2027	₹93.42	17th Jun (2nd Jun)	12th Jun, Sat (28th May)	13th Jun, Sun (29th May)	8th Jun (23rd May)
Jul 2027	₹90.41	17th Jul, Sat (2nd Jul)	12th Jul (27th Jun)	13th Jul (28th Jun)	8th Jul (23rd Jun)
Aug 2027	₹93.42	17th Aug (2nd Aug)	12th Aug (28th Jul)	13th Aug (29th Jul)	8th Aug, Sun (23rd Jul)
Sep 2027	₹93.42	17th Sep (2nd Sep)	12th Sep, Sun (28th Aug)	13th Sep (29th Aug)	8th Sep (23rd Aug)
Oct 2027	₹90.41	17th Oct, Sun (2nd Oct)	12th Oct (27th Sep)	13th Oct (28th Sep)	8th Oct (23rd Sep)

All 5 lines pay the same amount in a given month, because each covers the same number of days. HIML's coupon would rise by 0.25% from 12th Apr 2027 if it has not received its lenders' no objection by then (section 6).⁸² RDC's ₹1 lakh lines pay on the last day of each month:

Month	Pays on	Record date	07020 and 07038 at 11% (KID)	At 12% (our calculation)
Nov 2026	30th Nov	15th Nov	₹904.11	₹986.30
Dec 2026	31st Dec	16th Dec	₹934.25	₹1,019.18
Jan 2027	31st Jan, Sun	16th Jan	₹934.25	₹1,019.18
Feb 2027	28th Feb, Sun	13th Feb	₹843.84	₹920.55
Mar 2027	12th Mar, 07020 put	25th Feb	₹361.64 plus ₹1,00,000	₹394.52 plus ₹1,00,000
Mar 2027	31st Mar, if not put	16th Mar	₹931.69 (07020), ₹934.25 (07038)	About ₹1,016 to ₹1,019
Apr 2027	2nd Apr, 07038 put	18th Mar	₹994.52 plus ₹1,00,000	₹1,084.93 plus ₹1,00,000

From April to October 2027 the KIDs give ₹901.64 for a 30 day month and ₹931.69 for a 31 day month, record date the 15th or 16th; 31st Jul 2027 is a Saturday and 31st Oct 2027 a Sunday.^{11, 83}

07020 and 07038: the put deadlineThe KIDs let a holder give put notice "up to 45 (forty five) Business Days prior to the Put Option Date". Counted in weekdays, that closes about 7th to 8th Jan 2027 for 07020 and 28th to 29th Jan 2027 for 07038 (our calculation). NSDL records 26th Jan 2027 and 16th Feb 2027. The 2 readings differ by about 3 weeks. Catalyst Trusteeship can confirm in writing which date applies; a holder who gives notice keeps proof that it was delivered.^{11, 83}

Every month

Step	Where to look	A normal month	A change worth noting
1. The coupon landed	Your bank statement and demat holding statement	The credit arrives on the payment date, or the next working day, for about face × coupon × days ÷ 365, less TDS; the same number of bonds as before	No credit; a smaller credit than the sum gives; a later date; a change in face value per bond outside a scheduled instalment
2. The record date notice	BSE scrip page, Corp Announcements, "Regulation 60(2) Record Date"	Filed before the record date, naming the ISIN, record date and payment date; HIMRPL filed 4 days ahead in Sep 2026	No notice, or a payment date different from the KID
3. The payment certificate	Same page, "Reg. 57 (1)"	Within 1 working day: payment made "Yes", the actual date equal to the due date, and "NA" against reason for delay	"No"; a later date; a reason for delay; an amount that does not fit the size outstanding (section 7)
4. Other announcements	Same page, the whole month; for RDC also 976497; the parent's and sister issuers' pages	Board meetings, record dates, allotments, results on time	Any filing that touches the bond: a rating action, an auditor change or resignation, a director or key officer leaving, a default or delay on any borrowing, a meeting of holders, a change in security, a court order, a new reissue under the same ISIN
5. Each rating agency	Acuité's website, search each company; India Ratings releases for HIML and RDC; NSDL India Bond Info by ISIN	No new release, or a reaffirmation	A change of rating, outlook or watch; an INC tag; a withdrawal; a new agency; a rating that crosses a trigger in section 6 (A− for step ups; BBB+ for 07061; BBB for 07194, 07579, 07020 and 07038)
6. The trustee	catalysttrustee.com	Nothing new on the issuer	A notice of default or breach, a call for a holders' meeting or vote, an enforcement notice, a change of trustee
7. The traded price	The BSE page; the platforms named 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 against the issuer's TAN	TDS deducted but not shown
9. Write one line	Your own log	Date checked; coupon amount and date; record date and certificate dates; other filings; ratings; trustee; price range; notes	Anything from the right hand column, with the link

Sources: BSE filings^{4, 5, 84}; KIDs^{2, 82, 10, 11}; SEBI's listing rules⁸⁵; chapter 13 (my bond stopped paying). Ratings are more reliable at the agencies and NSDL than on BSE: RDC has not filed its rating actions since May 2025 there.¹⁴

Every quarter

Item	Where	Normal	Worth noting
Results with ratios	BSE, "Reg. 52 - Financial Result", within 45 days of the quarter end (60 for the year)	Filed on time, with debt to equity, debt service cover, interest cover, net worth and profit	Late or missing; an auditor's modified opinion; a going concern note; a ratio past a test in section 6
Security cover certificate	BSE, "Reg. 54", filed by the trustee; the KIDs allow 75 days (90 for the year end)	Cover at or above the KID level: 3.0 times for 07194 and 07579, 2 times for 07020 and 07038, 1 time each for the charge and pledge on 07061	Late; cover lower than promised; assets described differently; a charge shown as shared instead of exclusive
Use of the money raised	BSE, "Reg. 52 (7)", with results	Used as the KID said	A deviation
Covenant certificate	Goes to the trustee and, for 07194 and 07579, to the holders, within 30 days; RDC within 45 days, copies for holders	Every test met	A test not met, a waiver, or extra interest charged

Sources: KIDs^{2, 82, 10, 11}; RDC's filing dates¹⁴; SEBI's listing rules⁸⁵.

Every half year and every year

By 15th Apr and 15th Oct: the half yearly ISIN statement on BSE. Normal: every ISIN with an amount that matches the allotments and repayments. Worth noting: a different amount (HIMRPL's 15th Oct 2026 statement showed ₹125 crore against ₹250 crore), or no statement at all (HIML had filed none by 20th Oct 2026).^{6, 84}
75 days after each half year: the founders' net worth certificates as guarantors, to the trustee. Ask the trustee whether they arrived.^{2, 82, 10}
Each half year: the other group issuers' payment certificates and ISIN statements, to see whether their repayments were made.
Every year: audited results within 60 days of 31st Mar; the annual report and AGM, usually in September, with the auditor's name; each agency's yearly review; a new top 10 holders table whenever a new GID or KID is filed; RDC's large corporate disclosure by 30th Apr; the annual redemption status notice by the 2nd working day of April.^{2, 10, 14, 85}

Documents owed to holders that are not published

Document	Who gets it	When	Whom to ask
Covenant compliance certificate from a chartered accountant	07194 and 07579: the trustee and the holders; RDC: the trustee, with copies for holders	Within 30 days of each quarter (HIMRPL, HIML) or 45 days (RDC)	The trustee or the compliance officer
Monthly management report and statement of material cash outflows	07194: the trustee and the investors	Monthly	The trustee or the compliance officer
Monthly financial statements	HIMRPL and HIML: the trustee and holders	When the trustee asks	The trustee
Quarterly business update	HIMRPL and HIML: holders	Optional, within 30 days of the quarter	The company
Notice of new borrowing or new security	HIMRPL and HIML: the trustee and holders	Within 3 calendar days (HIMRPL) or 5 business days (HIML)	The trustee
Independent accountant's security cover certificate	HIMRPL and HIML: the trustee	Within 15 days of each quarter, from Sep 2026	The trustee
Guarantors' net worth certificates; valuation of secured assets	The trustee	Half yearly; yearly	The trustee
Evidence of the ₹150 crore infusion	07194: the trustee	By 30th Sep 2026	The trustee
Lender consents and no objection for the shared charge	07579: the trustee	10th Jan 2027 and 12th Apr 2027	The trustee
Monthly no default statement	The rating agency only	Monthly	Never published; when it stops, an agency may add the INC tag

Sources: HIMRPL KID Annexure 1; HIML KID Annexure 1; RDC KIDs; India Ratings, 1st Oct 2026.^{2, 82, 10, 11, 15}

When something is worth noting

Write it down with the date and the link. Read the filing in full. Check whether the trustee or the agency 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 record date notice, the payment certificate, the other announcements, each agency, the trustee, the price and your tax record. Each quarter: results, security cover and the covenant certificate, which the KIDs say holders can have.

Those checks describe any month. The next section is one dated snapshot.

11Status on 20th Oct 2026

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 20th Oct 2026

Ratings: India Ratings: IND B+/Negative (ISSUER NOT COOPERATING) on HIML's ₹585 crore of NCDs and on RDC, 1st Oct 2026. Acuité: A− (A on RDC 07046 and 07053), Rating Watch with Developing Implications, 3rd Sep 2026; Hella Chemical Market A−/Stable, 24th Mar 2026. No later action found.^{15, 16, 26, 28, 33, 34, 88}
Last coupons: HIMRPL 07194: paid 17th Oct 2026 (Reg 57 filing of 19th Oct). RDC 07053, 07061 and 07046: paid 8th, 12th and 13th Oct 2026. RDC 07020 and 07038: paid 30th Sep 2026. HIML 07579: first coupon due 12th Nov 2026, record date 28th Oct 2026.^{4, 13, 14, 82}
BSE prices: HIMRPL 07194: average ₹9,240.48 on 19th Oct 2026, about 16.2%. RDC 07061: ₹9,359.07 on 13 bonds, about 15.6%. HIML 07579: no trade (yields our calculation).⁵⁰
Amount outstanding: HIMRPL 07194: ₹250 crore in the reissue and coupon filings; ₹125 crore in the ISIN statement. RDC: ₹265 crore across 5 ISINs. HIML 07579: not published.^{3, 4, 6, 12}
₹150 crore promise: No filing, rating note or trustee note confirms or denies HIML's infusion into HIMRPL, due by 30th Sep 2026.⁸⁴
Shalimar swap and QIP: Approved by Shalimar's shareholders on 11th Sep 2026. Shalimar's NSE and BSE feeds from 11th Sep to 20th Oct 2026 show no in principle approval, competition filing, allotment or QIP. Acuité's corrected timing put the first ₹500 crore QIP tranche in September 2026.^{40, 42, 27}
Due next: The first covenant certificate for 07194, by 30th Oct 2026, to the trustee and holders. Half yearly results with ratios, by about 14th Nov 2026.^{2, 85}
Coverage: No news report on the group's bonds, India Ratings' 1st Oct 2026 action or HIMRPL's auditor changes was found; no TradingQnA thread.^{77, 79}
Asked: The questions below have not yet been sent to the company; the date asked and any reply will be recorded here.

Open questions on 20th Oct 2026

Did HIML put ₹150 crore into HIMRPL by 30th Sep 2026, and in what form? The trustee receives the evidence.
What does the covenant certificate for the quarter to 30th Sep 2026 show? It goes to the trustee and to holders of 07194.
Was the first 50% of HIMRPL's 16% NCDs repaid in 2026, or rescheduled? The half yearly results would show the balance.
Why did Walker Chandiok resign on 2nd Jul 2026? Its form ADT-3 with the Registrar carries a stated reason.
Has HIMRPL's ₹7 crore of FY2024-25 TDS been deposited?
Is the ₹2,03,46,872 paid on 17th Oct 2026 before or after TDS, and will the ISIN statement be corrected to ₹250 crore?
At what price did each tranche of 07194 clear, and who bought the first?
How much did HIML raise on 07579, who bought it, what guarantees back it, and which principal dates apply: the 12th, or the month ends?
Will India Ratings receive the information it listed, and when will Acuité resolve its watch?
When will Shalimar receive approvals and open the QIP, and how will the section 19 question be answered?
Have holders of RDC's 07020 and 07038 waived the INC event of default; what explains the 12% coupon; and which put deadline applies?
Does Acuité's watch meet the "A with stable outlook" covenant of 07046 and 07053?
What happened in IIFL Finance's petition against HIML after 25th Mar 2026?
Which charges on the founders' companies are still open? The Registrar's index of charges would show it.
Does the fall in HIMRPL's provident fund headcount reflect transfers to other group companies or a smaller workforce?
What came of the appeals from the 2022 search?

On 20th Oct 2026 every listed coupon had been paid on time, the 2 agencies sat 7 notches apart, and the ₹150 crore promise, the Shalimar QIP and the size of HIML's 11% bond were not yet on the public record.

12Who can I ask?

The contacts below are the official ones printed in the bonds' KIDs and in India Ratings' releases. Each can answer some questions and not others. The suggested questions are examples, drawn from the open questions above.

India Ratings and Research

Why them: India Ratings moved HIML and RDC to Issuer Not Cooperating. Its analysts can explain the published rationale; they cannot disclose confidential information about the issuer.
People: Siddharth Rego, Associate Director (primary analyst), +91 22 4035 6115. Shubham Kumar, Senior Analyst, +91 124 668 7248. Pradeep Singh, Analyst, +91 22 4035 6150. Ameya Bodkhe, Marketing Manager (media relations), +91 22 4035 6121.
Email: investor.grievances@indiaratings.co.in; infogrp@indiaratings.co.in
Address: Wockhardt Towers, 4th Floor, West Wing, Bandra Kurla Complex, Bandra East, Mumbai 400051
Questions: What information is outstanding from HIML and RDC, and since when? Has any of it arrived since 1st Oct 2026? Why is there no India Ratings rating on HIMRPL or its 11% bond?
Source: India Ratings press releases of 1st Oct 2026 for HIML (pressReleaseId 86007) and RDC (86008).^{15, 16}

Hella Infra Market Retail, the issuer

Why them: HIMRPL owes the interest and principal on its bonds. It can answer for its own payments, filings and covenant compliance; it cannot speak for the rating agencies or the trustee.
People: Divyanshu Jha, Company Secretary and Compliance Officer, +91 79873 53462, divyanshu.jha@infra.market. Souvik Sengupta, CFO, souvik.sengupta@infra.market.
Company: cs@infra.market, +91 22 4567 4369
Address: Registered office: 2nd Floor, Office No. 201, Olethia Business Spaces, Plot No A-184 and A-185, Road No 16Z, Opposite Ashar IT Park, Wagle Industrial Estate, Thane (West) 400604
HIML: The parent and guarantor: finance@infra.market, +91 22 4567 4369
Questions: When will the monthly no default statements and FY26 data be shared with India Ratings? Was the ₹150 crore infused by 30th Sep 2026, and in what form? Is the ₹2,03,46,872 paid on 17th Oct 2026 before or after TDS? Will the ISIN statement be corrected to ₹250 crore?
Source: KID dated 10th Sep 2026, cover page and p.15.²

HIML and RDC Concrete, the other listed issuers

Why them: Each owes the interest and principal on its own bonds and makes its own exchange filings.
HIML: Pinal Patel, Compliance Officer, cs@infra.market. Registrar: Bigshare Services.
RDC: Teeshula Pravin Kale, Company Secretary. Registrar: KFin Technologies.
Questions: HIML: how much was raised on 07579, and when will the allotment and record date notices be filed? RDC: which put deadline applies to 07020 and 07038, and has any waiver of the INC event of default been given?
Source: HIML KID dated 6th Oct 2026, cover; RDC KID for 07061, cover; RDC's BSE filings.^{82, 10, 14}

Catalyst Trusteeship Ltd, the debenture trustee

Why them: The trustee acts for bondholders and monitors covenants such as the ₹150 crore infusion. It can say what it has received from the company; it does not run the company or rate it.
People: Umesh Salvi, Managing Director, 022 4922 0555
Email: compliancectl-mumbai@ctltrustee.com
Address: Unit 901, 9th Floor, Tower B, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai 400013
Questions: Has the covenant certificate for the quarter to 30th Sep 2026 been received? Has evidence of the ₹150 crore infusion been received? Is the security, including the pledge of HIML shares, created and at the cover set in the KID? For RDC's 07020 and 07038, which put notice deadline applies?
Source: KID cover page.²

Acuité Ratings and Research

Why them: Acuité rates the bonds A− or A on watch. It can explain its published rationale; it cannot disclose confidential information about the issuer.
People: Mohit Jain, Chief Analytical Officer, Rating Operations, +91 99307 08000
Email: info@acuite.in
Address: 708 Lodha Supremus, Lodha iThink Techno Campus, Kanjurmarg (East), Mumbai 400042
Questions: What would resolve the Rating Watch, and by when? Has the first QIP tranche, dated September 2026 in the erratum, arrived? Why did the thresholds in HIML's covenant table change between March and September 2026?
Source: KID cover page.²

Bigshare Services, the registrar

Why them: The registrar keeps the list of bondholders and handles coupon credit and TDS queries. It cannot answer questions about the company's finances.
People: Rajesh Kumawat, +91 22 6263 8200
Email: info@bigshareonline.com
Questions: Was my coupon credited on the due date, and how much TDS was deducted? Which record date applied to it?
Source: KID cover page.²

If a complaint is not resolved

SEBI SCORES: scores.sebi.gov.in is SEBI's online system for investor complaints against listed companies and other regulated entities.
BSE: The BSE's investor services cell handles investor complaints against companies whose securities are listed on the exchange.

Where to find today's figures

Every figure on this page is dated. This is where to find the current one.

Figure	How often it changes	Where to find it
Ratings and their reports	On any rating action; at least once a year	Acuité's website (search the company); India Ratings' website; NSDL India Bond Info by ISIN
Coupons paid and record dates	Every month	The bond's BSE page, Corp Announcements
Amount outstanding on each ISIN	Every half year	The half yearly ISIN statement on BSE
Security cover	Every quarter	The "Reg. 54" filing on BSE
Results and ratios	Every quarter or half year	The "Reg. 52" filing on BSE
Traded price	Every trading day	The bond's BSE page; the platforms on its card
Top bondholders	When a new GID or KID is filed	That GID or KID
Group accounts	Every year	Rating agency releases; HIML publishes none
The Shalimar swap and QIP	At each step	Shalimar's announcements on NSE (SHALPAINTS) and BSE (509874)

Key takeaways

An amortising bond pays fewer rupees at the same rate. ₹10,000 in HIMRPL's 11% bond earns ₹2,500.63 of coupons over 30 months, not about ₹2,750, because part of the principal comes back early.
Each bond is the debt of one of 4 group companies; the first 7 characters of its ISIN say which.
In FY26 the group's own cash covered less than 50% of the debt that fell due; refinancing and new equity paid the rest. At HIMRPL, advances from group companies were the largest source of cash.
Most bonds lean on pledges of HIML shares held by the founders and on guarantees from HIML and the founders. Other lenders hold pledges over the same kinds of shares.
India Ratings rates HIML and RDC B+ with an Issuer Not Cooperating tag; Acuité rates the group A− on watch. INC describes missing information, not a default.
Covenants tie coupons, and in some bonds a default, to ratings. RDC 07020 and 07038's INC clause has been met on its face since 22nd Sep 2025, with no use of it on record.
Every listed coupon has been paid on time. The record also holds an auditor's resignation without a stated reason, figures that differ between HIMRPL's GID and its accounts, late tax deposits, and events not filed on the exchange.
The group's largest identified repayment quarter is April to June 2028. The 11% retail lines repay from May 2028 to April 2029.
A monthly check covers the record date notice, the payment certificate, the announcements, both agencies, the trustee, the price and your Form 26AS. Some documents owed to holders are not published; the trustee can be asked for them.

13Words used on this page

Amortising: Repaid in parts before maturity, so later coupons are paid on less.
CARO: The auditor's annexure on specific matters, such as unpaid tax.
Charge, hypothecation: A lender's claim on assets that stay with the company.
Coupon: The interest a bond pays, as a percentage of what is owed.
Covenant: A promise written into the bond, beyond paying on time.
Debenture trustee: The SEBI registered firm that acts for all holders and keeps the security.
Debt service cover: Cash earned in a year divided by the interest and principal due.
Event of default: A situation in the terms that lets holders treat the bond as in default.
Exclusive, pari passu: A charge held by one lender alone, or shared equally with others.
GID, KID: The offer documents: the General Information Document for the company, the Key Information Document for one issue.
Guarantee: Another company's or person's promise to pay if the borrower does not.
Issuer Not Cooperating: An agency's tag when the company has not given it the information it needs.
ISIN: The 12 character code for one security.
NCD: Non convertible debenture: a bond that can never turn into shares.
Notch: One step on the rating scale, such as A− to BBB+.
Pledge: Shares handed to a lender, which it can sell on default.
Put: The holder's right to ask for the face value back early, on a set date.
Rating Watch: A flag that a rating may change soon because of an event.
Record date: The day the list of holders for the next payment is taken.
Reg 57 certificate: A listed company's filing that it has paid what was due on its bonds.
Step up: A rise in the coupon written into the terms, usually on a rating cut.
TDS: Tax deducted at source from each coupon and deposited in your name.
Yield: The yearly return at a given price, if every payment arrives on schedule.

Method. Research as of 20th Oct 2026. The primary record is the issuers' own offer documents (HIMRPL's GID of 4th Sep 2026 and KID of 10th Sep 2026, HIML's GID of 30th Sep 2026 and KID of 6th Oct 2026, RDC's GIDs of 5th Mar 2025 and 30th Apr 2026 and KIDs of 2025 and 2026), the audited accounts printed in HIMRPL's GID, exchange filings with BSE and NSE, NSDL's bond records, rating agency releases, court orders and regulator records. GID page numbers are PDF pages. The audited accounts in HIMRPL's GID are scanned images and were read page by page. Rating agency figures marked provisional are as the agency printed them. Press reports, directory sites that mirror the Registrar of Companies (Tofler, Falcon, Zauba, TheCompanyCheck, InstaFinancials) and anonymous employee reviews are reported sources and are labelled as such where used; directory data are leads and can lag the Registrar. Prices are BSE trades; trades of 1 bond are not used as prices. Yields are our calculation: XIRR on a 365 day year on each bond's published cash flows, with the traded price plus accrued interest paid on the trade date, leaving out a coupon whose record date has passed. Ledgers round each coupon to the paisa and count 366 days in 2028. Where the company, its management or a 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.

Hella Infra Market Retail Pvt Ltd, General Information Document dated 4th Sep 2026, HIMRPL/NCDs/GID/2026-27/01, including audited financial statements for FY24, FY25 and FY26 (Annexure 2) and outstanding litigation (Annexure 10). Private placement document; page numbers are PDF pages.
Hella Infra Market Retail Pvt Ltd, Key Information Document dated 10th Sep 2026 for INE0P6G07194, HIMRPL/NCDs/KID/2026-27/01. Private placement document.
HIMRPL, Regulation 51 disclosure of reissue allotment, 29th Sep 2026. BSE
HIMRPL, Regulation 57 certificate of interest payment, 19th Oct 2026. BSE
HIMRPL, Regulation 60 record date intimation, 28th Sep 2026. BSE
HIMRPL, half yearly ISIN statement as on 30th Sep 2026, filed 15th Oct 2026. BSE
HIMRPL, AGM proceedings, 30th Sep 2026, filed 17:47. BSE
HIMRPL, revised AGM proceedings, 30th Sep 2026, filed 18:19. BSE
HIMRPL, Regulation 51 disclosure of AGM outcome and auditor appointment, 30th Sep 2026. BSE
RDC Concrete (India) Ltd, General Information Document dated 30th Apr 2026, RDC/Bonds/GID/2025-26/01, and Key Information Document for INE076I07061 (issue date 11th Aug 2026). Private placement documents.
RDC Concrete (India) Ltd, Key Information Documents for INE076I07020 (12th Mar 2025) and INE076I07038 (2nd Apr 2025), Annexure 9, Schedule VII, Events of Default, printed p.82; and General Information Document of 5th Mar 2025.
RDC Concrete, half yearly ISIN statement as on 30th Sep 2026, filed 13th Oct 2026. BSE
RDC Concrete, Regulation 57 certificate for INE076I07061, 12th Oct 2026. BSE; related filing BSE
RDC Concrete, BSE announcements for scrip codes 974766, 976497, 976600, 977784, 977854 and 978055, including Regulation 51 allotments, the EGM of 30th Jan 2026, director and CFO changes in 2026, the 1st Aug 2025 payment disclosure and the FY26 annual report.
India Ratings, press release 86007, Hella Infra Market's NCDs downgraded to IND B+/Negative (Issuer Not Cooperating), 1st Oct 2026. India Ratings
India Ratings, press release 86008, RDC Concrete, 1st Oct 2026. India Ratings
India Ratings, press release 81986, HIML, 20th Mar 2026. India Ratings
India Ratings, press release 79297, HIML, 22nd Sep 2025. India Ratings
India Ratings, press release 76670, HIML, 22nd May 2025. India Ratings
India Ratings, press release 75306, RDC Concrete, 4th Mar 2025. India Ratings
India Ratings, press release 75155, HIML, 20th Feb 2025, with the list of subsidiaries as on 19th Feb 2025. India Ratings
India Ratings, press releases 68553 (HIML) and 68554 (RDC), 21st Feb 2024. India Ratings
India Ratings, press release 59362, HIML, 29th Aug 2022. India Ratings
India Ratings, press release 57916, HIML, 28th Mar 2022. India Ratings
India Ratings, press release 57049, HIML, 23rd Dec 2021. India Ratings
Acuité Ratings, Hella Infra Market Retail Pvt Ltd, 3rd Sep 2026. Acuité
Acuité Ratings, erratum 42288, 29th Sep 2026. Acuité
Acuité Ratings, Hella Infra Market Ltd, 3rd Sep 2026. Acuité
Acuité Ratings, Hella Infra Market Ltd, 24th Mar 2026. Acuité
Acuité Ratings, Hella Infra Market Ltd, rating assignment of 29th May 2025.
Acuité Ratings, Hella Infra Market Pvt Ltd, 7th Sep 2022. Acuité
Acuité Ratings, RDC Concrete (India) Ltd, 11th Aug 2025 and 14th Jul 2025. Acuité
Acuité Ratings, RDC Concrete (India) Ltd, 1st Jun 2026 and 3rd Sep 2026. Acuité
Acuité Ratings, Hella Chemical Market Pvt Ltd, 24th Mar 2026. Acuité
CARE Ratings on Shalimar Paints, 3rd Jun 2026, filed with NSE. NSE
Disclosure of pledge of Shalimar Paints shares held by HIML, 11th Dec 2025. NSE
Shalimar Paints, board meeting outcome and Q1 FY27 results, 12th Aug 2026. NSE
Shalimar Paints, EGM notice, 19th Aug 2026. NSE
Shalimar Paints, corrigendum to the EGM notice, 3rd Sep 2026. NSE
Shalimar Paints, EGM voting results, 11th Sep 2026. NSE
Shalimar Paints, replies to NSE of 4th Aug 2026 and 6th Aug 2026. NSE, 4th Aug; NSE, 6th Aug
Shalimar Paints announcement feeds on NSE (SHALPAINTS) and BSE (509874), 11th Sep to 20th Oct 2026, read 20th Oct 2026.
Shalimar Paints, Regulation 30 disclosure of CFO resignation, 30th May 2026. NSE
Shalimar Paints, Regulation 30 disclosure, 2nd Jan 2026. NSE
Central Board of Direct Taxes, press release via PIB, 20th Mar 2022. PIB
Bombay High Court, IIFL Finance Ltd v Hella Infra Market Ltd and others, Commercial Arbitration Petition (L) 1429 of 2026, order of 9th Mar 2026. Indian Kanoon
Supreme Court, Hella Infra Market Metal Pvt Ltd v Pushkaraj Ispat (India) LLP, SLP (C) 23196 of 2026, 17th Jul 2026, Indian Kanoon; Bombay High Court judgment of 16th Apr 2026, Indian Kanoon
Telangana High Court, W.P. 21932 and 28909 of 2021, order of 26th Oct 2022. Indian Kanoon
Insolvency and Bankruptcy Board of India, corporate debtor records for HIML, HIMRPL, Shalimar Paints and Ketan Construction, read 20th Oct 2026. IBBI, HIML; IBBI, Ketan Construction
BSE trade data for scrips 978169, 978055 and 978313 from our own records and BSE quote data, 22nd Sep to 19th Oct 2026.
Bond platform pages seen 16th to 20th Oct 2026: BondScanner, 07194; BondScanner, 07579; Groww; SMEST; Aspero; Grip directory.
Registrar data mirrors, read October 2026: Tofler, HIML; Falcon, HIML; Tofler, Bizarro Advisory; Falcon, Bizarro Advisory; Tofler, Silverline Homes; TheCompanyCheck, HIML; Zauba, HIML; InstaFinancials.
infra.market homepage, Internet Archive captures of 13th May 2019, 5th May 2022, 5th May 2025, 6th Oct 2025 and 15th Sep 2026; news section index captured 13th Aug 2025.
Infra.Market, About Us page, read 20th Oct 2026. infra.market
Infra.Market LinkedIn company page, live on 20th Oct 2026 and Internet Archive captures from 12th Dec 2023. LinkedIn; capture of 10th Jun 2025
RDAP domain registration records, read 20th Oct 2026. infra.market
AmbitionBox, Infra.Market employee reviews, anonymous, read 20th Oct 2026. AmbitionBox
YourStory, seed round, August 2019. YourStory
TechCrunch, 25th Feb 2021 and 3rd Aug 2021. TechCrunch, Feb 2021; TechCrunch, Aug 2021
Inc42, RDC Concrete acquisition, September 2021. Inc42
TechCrunch, 20th Mar 2022. TechCrunch
Inc42, Strata Geosystems, June 2023. Inc42
YourStory, ₹1,050 crore pre IPO round, January 2025. YourStory
Venture Intelligence, Metro group acquisition, July 2025. Venture Intelligence
Entrackr, Series G, 18th Sep 2025. Entrackr
PTI via The Week, confidential IPO filing, 1st Oct 2025. The Week
Entrackr, FY25 results, 12th Jan 2026. Entrackr
Entrackr, SEBI observations on the IPO, January 2026. Entrackr
Entrackr, ₹1,250 crore NCD programme, 24th Feb 2026. Entrackr
The Morning Context, 3rd Mar 2026, read to the paywall. The Morning Context
Mint, 21st Apr 2026, read through a syndicated copy; the original URL was not found. Syndicated copy
Inc42, ₹500 crore pre IPO round, June 2026, as carried by Indian Infrastructure on 5th Jun 2026. Indian Infrastructure
Inc42, Shalimar deal terms, 13th Aug 2026. Inc42
Inc42, feature on the Shalimar route and the HIML valuation report, 14th Aug 2026. Inc42
Outlook Business, 14th Aug 2026. Outlook Business
The Ken, 19th Aug 2026, read to the paywall; Entrepreneur India founder profile, undated. The Ken; Entrepreneur India
ScanX news index for Shalimar Paints, read 20th Oct 2026, and web searches of 20th Oct 2026. ScanX
Liquidity, Mars Growth Capital release, 8th Sep 2025, and Inc42, 30th Jun 2025. Liquidity; Inc42
TradingQnA search, 20th Oct 2026. TradingQnA
Shalimar Paints, AGM notice with the FY26 annual report and board's report, 18th Aug 2026. NSE
Hella Infra Market Ltd, General Information Document dated 30th Sep 2026, HIML/NCDs/GID/2026-27/01, including NCDs outstanding (PDF p.62) and the top 10 NCD holders as on 30th Jun 2026 (PDF p.63). Private placement document.
Hella Infra Market Ltd, Key Information Document dated 6th Oct 2026 for INE06E507579, including the term sheet, record dates and cash flow table (pp.35 to 43), Annexures 1 and 2, the ISINs outstanding (PDF pp.209 to 211) and the top 10 NCD holders as on 30th Sep 2026 (PDF p.212). Private placement document.
NSDL India Bond Info, instrument, coupon and redemption records for INE076I07012, 07020, 07038, 07046, 07053 and 07061, read October 2026. NSDL
BSE scrip headers and announcement lists for 978169, 978313, 974766, 976497, 976600, 977784, 977854 and 978055, read 20th Oct 2026. BSE, 978169; BSE, 976497; BSE, 978055
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Chapter V, Regulations 50 to 62, on listed non convertible securities, as the KIDs repeat them; deadlines not printed in a KID are as generally applied.
BSE trade prints for RDC's 07020, 07038, 07046 and 07053 (scrips 976497, 976600, 977784 and 977854), from BSE price data saved October 2026.
Bond platform pages for RDC's lines, seen 20th Oct 2026: Aspero, SMEST, Groww, Wint Wealth, Jiraaf and Grip; SMEST and Jiraaf for the step up terms of 07046 and 07053.
India Ratings, issuer page for Hella Infra Market Ltd (issuer 9432), read 20th Oct 2026. India Ratings
CARE Ratings on Robo Silicon Pvt Ltd, 9th Apr 2025. CARE
Tofler company pages with registered charges for Hella Infra Market Ltd, Hella Infra Market Retail Pvt Ltd, Hella Chemical Market Pvt Ltd, RDC Concrete (India) Ltd and Robo Silicon Pvt Ltd, read 20th Oct 2026; directory data that mirrors the Registrar and can lag it. Tofler, HIML; Tofler, HIMRPL; Tofler, Hella Chemical Market; Tofler, RDC

Important. This page is general information about securities that are listed and traded. It is not investment advice, not a recommendation, and not an offer to buy or sell anything. We are not a SEBI registered investment adviser or research analyst. Figures are drawn from the issuers' own offer documents and audited accounts, from rating agency documents, from exchange filings, from court and regulator records and from a historical window of market data, and may be stale by the time you read this. Past interest payments do not guarantee future ones. Bonds carry the risk of losing some or all of the money invested, and a listed bond may not find a buyer when you want to sell. Reported sources, directory data and anonymous reviews are identified as such and have not been independently verified. Interest is taxable at your slab rate and tax is deducted at source. Read the issuers' offer documents in full and consult a SEBI registered investment adviser before making any decision. Nothing here is a recommendation to buy, sell or hold any bond.