Regency Fincorp's bonds: the company, the owners and the promise

1What stands behind my bond?

Every listed Regency Fincorp bond is rated IVR BBB/Stable by Infomerics Valuation and Rating, the only agency that rates the company. BBB is one step above BBB−, the lowest grade still called investment grade (chapter 10, judging a company bond). 13 of the 14 listed bonds pay interest every month or every quarter, and 11 of them hand the principal back in pieces before maturity.^{10, 16}

Regency Fincorp Limited (RFL) is a non bank finance company (an NBFC: a lender registered with the RBI that does not take deposits). It was incorporated in Jalandhar on 29th Mar 1993, and its registered office is in Zirakpur, Punjab. Its shares trade on BSE as scrip 540175. Its bonds are non convertible debentures (NCDs), which never turn into shares. Every listed one has an ISIN, the 12 character code on your demat statement, starting INE964R07. Each is a loan to RFL alone; no other company stands behind them.^{1, 15}

What the company lends against

RFL began with 2 kinds of loan that have nothing pledged behind them. One was group loans to women, called joint liability group (JLG) loans, in which members of a group stand behind each other's repayments. The other was unsecured loans to small businesses. From FY25, the year to 31st Mar 2025, it moved toward loans to small businesses secured on property, which lenders call loans against property. The offer documents class these as MSME loans, made at 50% to 60% of the property's value.^{4, 10}

Secured loans were 17.75% of a ₹170.18 crore book at 31st Mar 2025, 61.05% of ₹261.23 crore at 31st Mar 2026 and 66.65% of ₹345.24 crore at 30th Jun 2026. At 30th Sep 2026 the book was ₹610.24 crore, of which the company said "over ₹400 crore" was secured. JLG loans were 10.73% of the book at Mar 2026 and 7.04% at Jun 2026; Infomerics records the JLG product as discontinued.^{10, 3, 4, 6}

The salary loans

In the quarter to 30th Jun 2026 RFL began lending to salaried people through a website called Cash My Salary. A second brand, JetFund, sits beside it on RFL's own website under the heading "Proud Products of Regency Fincorp". Both lend ₹5,000 to ₹1 lakh, repaid in one payment on payday, and both name RFL as the lender. RFL's investor material calls Cash My Salary "Regency's own app". Its website names Defkon Solutions Private Limited as the digital service provider for JetFund.^{25, 26, 27, 8}

A payday loan earns differently from a property loan. Interest is charged by the day, a processing fee is charged on each loan, and the money comes back in weeks, so the same rupee can be lent many times a year. Both sites show the arithmetic with the same example on their loan calculators.

Both calculators, read on 23rd Oct 2026, show ₹80,000 for 40 days at 1.25% a day with a 10% processing fee, for a "Total Repayment" of ₹1,28,000: ₹40,000 of interest and ₹8,000 of fee. Cash My Salary's daily rate runs from 0.5% to 1.5%, and JetFund's from 0.1% to 2%. On the sites' own example, ₹48,000 on ₹80,000 over 40 days works out to about 547% a year, simple, before GST on the fee (our calculation: 60% × 365 ÷ 40).^{25, 26}

The brands' interest rate policy states that charges are "exclusive of GST", that the annual percentage rate is "disclosed in sanction letter", and that "No charges are levied without explicit disclosure".²⁵

The company reported a digital loan book of about ₹23.4 crore at 30th Jun 2026. In the 6 months to 30th Sep 2026, it said, Cash My Salary "recorded disbursements of over ₹141 crore across more than 1 lakh loans". The ₹141 crore is money lent over the half year, not the book still owed at its end.^{7, 6}

Where the salary loans sit in the offer documents

Every KID, the key information document for one bond, splits the loan book into tables by sector and by size of loan.

The KID for 07143, with figures at 30th Jun 2026, shows "Retail NIL", "MFI 7.04%" and "MSME 92.96%" in its sector table. It puts 7.04% of the book in loans "up to Rs. 2 lakhs", the same share as the MFI line, and shows loans against property ("Mortgages") as NIL. The company's press release puts the digital loan book at about ₹23.4 crore at the same date. The KID tables do not show where that book is classified.^{4, 7}

The same press release says RFL cut its "unsecured loan exposure from 26% to 18%" in the quarter. The KID's table for 30th Jun 2026 shows unsecured loans at ₹115.14 crore, 33.35% of the book.^{7, 4}

No company statement reconciling these figures was found in the KIDs, results or press releases to 23rd Oct 2026.

Sections 2 to 4 follow the money: who owns and runs RFL, where the cash for a coupon comes from, and who stands ahead of you. 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 listed bond a card. Section 10 is a monthly routine, and section 11 is the position on 23rd Oct 2026.

Your bond is a loan to a Punjab lender whose book moved from unsecured group and business loans to loans secured on property, and which added salary loans priced by the day in 2026. The offer documents' tables and the company's press releases describe the mix differently.

A lender's choices are made by the people who own and run it, so the story turns to them.

2Who owns and runs the company?

RFL was incorporated as Regency Investments Private Limited and became a public company in 1994. It sold shares to the public in 1996 on the Delhi and Ludhiana exchanges. The RBI registered it as a non deposit taking NBFC on 27th Apr 1998, and its shares came to BSE on 8th Nov 2016. It later took the name Regency Fincorp Limited; its letters still carry "Formerly Known as: Regency Investments Limited".^{21, 1}

How control changed in 2017

On 14th Feb 2017 Rajiv Vashisht and Gaurav Kumar announced an open offer for up to 26% of the shares at ₹10 each, naming themselves "ACQUIRER 1" and "ACQUIRER 2". The old promoters held no shares and agreed to give up control, so there was no sale agreement. The RBI approved the change of control on 9th Jun 2017, and Gaurav Kumar became managing director on 13th Sep 2017. At 31st Mar 2018 the 2 held 3.25% each. From Jun 2018 Gaurav Kumar was the only promoter, with 6.60%.^{21, 22}

Promoters are the people and companies a listed company declares as its controlling owners. RFL's promoter group is Gaurav Kumar, Neha Abrol and 3 companies: Natures Heavens India, Regency Digitrade Investments and Annaya Management Consultancy.¹ Rajiv Vashisht held 16,79,430 shares, 2.09%, in the public category at Dec 2025, by the GID's list of top shareholders. He was not among the holders above 1% at 30th Jun 2026.^{1, 22}

How the holdings moved

The promoter group held 24.98% from Sep 2021, 17.47% at 31st Mar 2025, 23.75% at 31st Mar 2026 and about 21.4% at 30th Jun 2026 (our calculation from the shareholding pattern). No promoter shares were pledged in any quarter from Sep 2017 to Jun 2026. On 28th Sep 2026 Regency Digitrade bought 42,47,426 shares, 4.78%, off market, taking its own stake to 7.44%. The seller is not named, and the disclosure was filed on 9th Oct 2026.^{22, 23}

The largest single holder at 30th Jun 2026 was Dhull Trading Private Limited, with 7.53%. The GID of 12th Jan 2026 lists Sarfaraz Mallick, RFL's whole time director and CFO, among Dhull Trading's directors.^{22, 1}

A loan to a company run by the managing director's brother

Vani Commercials Limited, a listed NBFC (BSE 538918), states in its related party filings of 14th Nov 2025 and 22nd May 2026: "MR. GAURAV KUMAR, SIBLING OF MR. VISHAL ABROL IS THE MANAGING DIRECTOR OF REGENCY FINCORP". Vishal Abrol signs those filings as Vani's managing director. RFL lists Vani as "Director is relative of KMP", where KMP means key managerial personnel. RFL's loan to Vani stood at ₹8.04 crore at 30th Sep 2025 and ₹6.55 crore at 30th Sep 2026.^{18, 19, 5}

The 2 companies give different balances for the same loan: ₹8.04 crore (RFL) against ₹7.60 crore (Vani) at 30th Sep 2025, and ₹5.81 crore against ₹4.87 crore at 31st Mar 2026.^{19, 18, 5}

Both companies disclose the loan as a related party transaction. No statement reconciling the 2 balances was found to 23rd Oct 2026.

Warrants and who received them

A warrant is a right to buy a share later at a price fixed today. The holder pays part of the price at once and the rest when it converts the warrant into a share. RFL has raised much of its new capital this way.

On 28th Dec 2024 RFL allotted 4,33,12,272 warrants at ₹22, with 25% paid upfront, to about 126 holders. They included the promoters and Sarfaraz Mallick, then a non executive director, with 2,27,273. Holders converted between Feb 2025 and Jun 2026. The conversions of May and Jun 2026 brought in about ₹14.31 crore, at the ₹16.50 balance a warrant, and 24,16,669 warrants were not converted (our calculation).²³

On 16th Oct 2026 the board approved a preferential issue of about ₹312.15 crore at ₹50.50: 1,42,66,412 shares and 4,75,46,030 warrants, for a shareholders' vote on 11th Nov 2026. The warrant list names Gaurav Kumar and Neha Abrol with 35,64,356 each and Regency Digitrade with 39,60,396, as promoters. It names Sarfaraz Mallick with 87,12,871 warrants, about ₹44.0 crore at ₹50.50 (our calculation), and Boolean Ventura with 24,75,247, both in the public category. 2 of RFL's bond investors, LC Growth Debt Fund II and Sunrise Gilts and Securities, are named for 9,90,099 each. The share list names Max Bio biosciences, a lender to RFL (section 3), for 25,63,683.²³

SEBI's shareholding format reports directors' own holdings inside the public category, as RFL's pattern does for director Vishal Rai Sarin, so the label for Sarfaraz Mallick follows that format. Vani Commercials' filings name Vishal Abrol and his son Sparsh Abrol as shareholders of Boolean Ventura. The size of their stake is not disclosed, so whether Boolean falls within SEBI's promoter group test cannot be checked from the record.^{22, 18}

The board and the officers

The board of directors oversees the company. Independent directors are members with no stake or role in the business, there to bring an outside view. The KMP are the managing director, the chief financial officer (CFO) and the company secretary, who signs the company's filings.

On 23rd Oct 2026 the board was Gaurav Kumar (managing director), Sarfaraz Mallick (whole time director and CFO), Vishal Rai Sarin (non executive director) and 3 independent directors: Dolly Setia (from 28th Feb 2024), Sachin Garg (from 17th Feb 2026) and Sanjay Mittal (from 25th Mar 2026). Neha Abrol, a promoter and a whole time director from 2018 to 2022, is on the payroll as "Operational Head".^{20, 5}

Sunil Jindal, an independent director from 19th Mar 2021, ceased to be a director on 17th Feb 2026 under section 167(1)(b) of the Companies Act, which ends the term of a director absent from every board meeting for 12 months. The company's filing states that he "last attended the Board Meeting on 28th December, 2024" and that "A total of approximately 21 board meetings has been held in the last 12 months, but he has not attended a single meeting." The GID of 12th Jan 2026 listed him as a serving independent director.^{20, 1}

RFL's filing states that it recorded his absence in its corporate governance reports for each quarter from Jan 2025 to Dec 2025.²⁰

Kamal Kumar, an independent director from 10th Oct 2022, resigned on 11th Feb 2026, writing that he was stepping down "due to my zero contribution to company's progress for last some years". Saloni Shrivastav resigned on 25th Mar 2026, citing "pre-occupations and other assignments". Ashish Kamra, a whole time director from 3rd Oct 2024, resigned with effect from 18th Oct 2025, citing "personal commitments".²⁰

Sources: BSE filings on each appointment and resignation.²⁰

Each filing gives the person's stated reason, most often "personal reasons". From 17th Sep 2025 the company secretary also holds the post of internal auditor.²⁰

Gaurav Kumar has controlled RFL since 2017, through a promoter group that has held about 17% to 25% of the shares, and new capital has come largely through warrants. RFL lends to a company run by his brother. 6 people were appointed company secretary between Sep 2023 and Sep 2025, and 3 people held the CFO post between Dec 2024 and Mar 2025.

Owners put in the first layer of money. The rest is borrowed, and the coupon is paid from what the lending earns.

3Where does the money for my coupon come from?

A lender borrows at one rate and lends at a higher one. Interest and fees from borrowers pay the interest on its own debt, its staff and branches, and its losses on loans that are not repaid. What is left is profit, which adds to its own capital. Principal on a bond is repaid from loans coming back, from new borrowing or from new equity. A lender that grows fast lends out more than comes back, so it leans on new borrowing to repay old.

In FY26 RFL earned ₹32.41 crore of interest and paid ₹10.28 crore of finance costs; profit after tax was ₹13.42 crore. In the 6 months to 30th Sep 2026 total income was ₹49.87 crore and profit after tax ₹16.03 crore, by the company's press release.^{8, 6}

Growth and capital

The book grew from ₹261.23 crore at 31st Mar 2026 to ₹345.24 crore at 30th Jun 2026 and ₹610.24 crore at 30th Sep 2026. In the quarter to 30th Sep 2026 RFL lent out ₹363.71 crore, against ₹54.57 crore in the same quarter a year earlier.^{3, 4, 6}

A lender's cushion is measured by its capital adequacy ratio (CRAR): its own capital divided by its loans, weighted by risk. The higher the ratio, the more of the lender's own money absorbs losses before its lenders lose. The RBI requires at least 15% of an NBFC like RFL, and RFL's KIDs require 25%.

CRAR was 57.37% at 31st Mar 2026, 49.77% at 30th Jun 2026 and 28.55% at 30th Sep 2026. The last figure comes from the company's press release; the ratios filed with the results under Reg 52(4) do not include CRAR.^{8, 10, 6, 5}

The FY25 annual report counts share premium, statutory reserve and ₹17.21 crore of money received against warrants as Tier II capital, the second layer, for a CRAR of 64.35%. Without the warrant money it would be about 55.3% (our calculation), still far above the minimum.⁹

Where the borrowed money comes from

Borrowings were ₹155.75 crore at 31st Mar 2026 and ₹504.34 crore at 30th Sep 2026. Debt securities, almost all of them the NCDs on this page, rose from ₹55.93 crore to ₹386.80 crore, 77% of borrowing. The company states that it raised ₹405 crore through NCDs in the 6 months to 30th Sep 2026.^{8, 5, 6}

At 31st Mar 2026 the rest came from 2 places. Banks and finance companies lent ₹55.92 crore: overdrafts from Axis Bank, ICICI Bank and Yes Bank, a loan against property from Aditya Birla Finance, and term loans from smaller NBFCs. Other companies and people linked to RFL lent ₹43.90 crore as inter corporate deposits (ICDs), loans from one company to another, and as personal loans.^{3, 8}

The NCDs were sold first to institutions and distributors, each buying at least ₹1 crore: LC Capital India, LC Venture Debt Fund, RNB Corporate Services, Motilal Oswal Financial Services, Eshiruss Financial Consultants, Infixin Technologies, Sunrise Gilts and Securities, Aspero Markets, Gripvest, Wintwealth Debt Fund and others. 4 NBFCs also bought: MAS Financial Services, Best Capital Services, Mufin Green Finance and Manba Finance. Retail investors usually buy later, from these first holders or on BSE.^{16, 4}

Money from, and to, people linked to the company

At 30th Sep 2026 RFL owed ₹6.14 crore to Regency Digitrade and ₹4.56 crore to Annaya Management Consultancy, both promoter group companies. Gaurav Kumar lent RFL ₹2.77 crore in the half year and was repaid in full. At Dec 2025 the GID listed Max Bio biosciences, a shareholder outside the promoter group, as RFL's largest ICD lender, with ₹12.70 crore outstanding.^{5, 1}

Money also went the other way. At 30th Sep 2026 RFL's loan to Vani Commercials stood at ₹6.55 crore. Its loan to its own subsidiary, Regency Fin Technology Limited, set up on 9th Dec 2025, stood at ₹16.57 crore, up from ₹0.64 crore at 1st Apr 2026. What the subsidiary does for RFL's lending is not described in the filings read.^{5, 1}

The KIDs require that "all borrowings from Promoters and other Related Party shall remain subordinated to the Debentures", with the option to convert them into shares. The board approved converting loans into shares on 17th Sep 2025 and on 2nd Sep 2026, and Annaya, Regency Digitrade and Max Bio are all in the share list of the Oct 2026 issue.^{2, 23}

Money placed in securities

Investments, money placed in securities rather than lent, were ₹1.42 crore at 31st Mar 2026, ₹1.78 crore at 30th Jun 2026 and ₹27.32 crore at 30th Sep 2026. Hella Infra Market Retail's allotment filing of 29th Sep 2026 names "Regency Fincorp Limited" as one of 5 investors in a reissue of its 11% bond INE0P6G07194 (Infra.Market's bonds). The amount each investor took is not disclosed.^{8, 4, 5, 24}

RFL's own filings read for this page do not name its investments. The KIDs cap exposure to a single party or group at 10% of tangible net worth after 31st Mar 2026, about ₹18.9 crore (our calculation); the size of each holding is not public, so the test cannot be checked from the record.³

The company states that the Oct 2026 issue's money is earmarked for buying a digital lending platform (up to ₹125 crore) and a gold loan business (up to ₹75 crore), for MSME lending (about ₹65 crore) and for general purposes (about ₹47.15 crore).⁶

RFL pays its coupons from interest and fees on a book that grew 2.3 times in the 6 months to Sep 2026, funded mostly by NCDs. CRAR fell from 57.37% to 28.55% over the same 6 months. Money moves between RFL and companies linked to its promoters in both directions.

If collections ever fell short, the order of claims would decide who is paid first.

4Who stands ahead of me?

A secured bond carries a charge on named assets. If RFL defaulted, the debenture trustee, the SEBI registered firm that acts for all holders, could collect or sell those assets for them. RFL's bonds are secured by hypothecation: a charge on loans that stay on RFL's books, so the security is the money RFL's own borrowers owe it. Each series has its own pool of loans. Security cover is the pool's value divided by what the series owes; 1.25 times means ₹1.25 of loans for every ₹1 owed. The trustee for every listed series is Catalyst Trusteeship Limited.^{2, 3, 4}

The KIDs for 07069 and 07135 charge loans to borrowers with a credit bureau score of at least 650, or new to credit, that are "secured loans backed by charge on self-occupied residential property, or self-occupied commercial property or a vacant plot", at 1.25 times. The KID for 07143 charges "secured loans" with no payment overdue, at 1.35 times. Each KID requires a monthly list of the charged loans to go to the trustee.^{2, 3, 4}

How the pools widened

The allotment filings for the series sold from Sep 2026 describe broader pools. "0 DPD" means no payment overdue on the day the pool is counted.

Sources: allotment filings under Reg 30.¹⁶ A salary loan of a few weeks is repaid and replaced many times over the life of a bond, so a pool that holds such loans changes from month to month.

The statutory auditor, KNSG & Co LLP, certified cover on the charged loans at 1.25 times at 31st Mar 2026 and 1.27 times at 30th Jun 2026, counted across all series together. The certificates are not split by series, so whether each pool meets its own level, 1.25 or 1.35 times, is not shown.³²

Personal guarantees

07069 and 07135 carry personal guarantees from Gaurav Kumar, Neha Abrol and Sarfaraz Mallick, and 07143 from Gaurav Kumar and Sarfaraz Mallick. A personal guarantee makes the guarantor liable if RFL does not pay. Its worth depends on the guarantor's own assets, which the KIDs require to be certified to the trustee every 6 months; the certificates are not published.^{2, 3, 4}

Who else has a claim

At 31st Mar 2026 the bank overdrafts, ₹37.56 crore drawn against limits of ₹41.65 crore, were secured on RFL's fixed deposits. The loan from Aditya Birla Finance was secured on property, and the term loans from NBFCs on other pools of loans. A deposit pledged for an overdraft goes to that bank first.³

Loans from the promoters and related parties rank behind the bonds: the KIDs require that they "shall remain subordinated to the Debentures".² Holders of different series do not share pools. A holder of 07069 has no claim on the loans charged to 07184, and the other way round.

Each RFL bond has a charge on its own pool of RFL's loans, at 1.25 or 1.35 times what it owes. The first pools were loans backed by property; series sold from Sep 2026 may hold up to 50% unsecured loans, or 25% Cash My Salary loans. 3 series add personal guarantees.

The rating agency weighs these layers together in one opinion.

5What do the rating agencies say?

A credit rating is an agency's opinion of the chance that a borrower pays on time (chapter 10). Issuer Not Cooperating (INC) is a tag an agency adds when a company stops giving it information; it is an information tag, not a default. A rating can also be withdrawn, usually at the company's request once the rated loan is repaid or never drawn.

Sources: Infomerics press releases; CRISIL rating rationales.^{10, 11} India Ratings, ICRA, CARE, Acuité and Brickwork show no rating for RFL.

What each agency relied on

CRISIL in Dec 2021 called RFL's liquidity "Stretched" and its funding "highly dependent on funds from investors through ICDs". On 28th Feb 2023 it wrote that it had "failed to receive any information on either the financial performance or strategic intent" after letters of 21st and 25th Feb 2023. Its rationale of 10th Mar 2023 states that CRISIL "has withdrawn its rating on the bank facilities of regency on the request of the company".¹¹

Infomerics upgraded RFL on 21st Jul 2026 citing the shift to secured MSME loans, 61.05% of the book at Mar 2026. It lists "limited seasoning" among the weaknesses: the new loans have not yet been out long enough to show how they repay. It would lower the rating on weaker asset quality, an inability to raise capital or "any significant increase in leverage".¹⁰

Infomerics' releases of 18th Sep 2025 and 13th Jan 2026 record: "As per the management, RFL is actively pivoting its portfolio towards the secured portfolio with unsecured portfolio expected to decline to below Rs. 50 crore by the end of FY26 and completely rundown by December 2026." Unsecured loans were ₹101.76 crore at 31st Mar 2026 and ₹115.14 crore at 30th Jun 2026. The releases of Jul, Aug and Sep 2026 no longer carry that sentence and describe "small-ticket personal loans" and Cash My Salary instead.^{10, 3, 4}

The company's Oct 2026 press release describes its strategy as "two complementary engines: secured MSME lending for stability and digital lending for scale".⁶

The line on earlier ratings

Each Infomerics release has a field headed "Status of non-cooperation with previous CRA". It reads "Nil" in Nov 2022, "None" in May 2023, "NA" in Dec 2023, "None" in Jan 2025, Sep 2025 and Jan 2026, and "Not Applicable" in Jul, Aug and Sep 2026. CRISIL's record shows an INC rating from 28th Feb 2023 until its withdrawal on 10th Mar 2023. The GID of Jan 2026 names Infomerics and does not mention CRISIL.^{10, 11, 1}

The Nov 2022 entry was written before CRISIL's INC action. Whether a withdrawn INC rating must be entered in this field is a question of rating agency practice. No statement by RFL or Infomerics on it was found to 23rd Oct 2026.

One agency rates RFL's bonds, at IVR BBB/Stable since 21st Jul 2026. CRISIL rated RFL's bank loans from Dec 2021, tagged the rating Issuer Not Cooperating in Feb 2023 and withdrew it at RFL's request in Mar 2023.

A rating is an opinion. The bond's own paper holds the promises.

6What did the company promise?

Promises written into a bond on top of paying on time are covenants (chapter 10). RFL's KIDs use 4 kinds. Money tests set floors and caps on capital, bad loans, debt and cash. Rating terms raise the coupon if the rating falls. Events of default list situations that let holders treat the bond as in default, even with no payment missed. Early redemption clauses let holders ask for their money back early. The money tests are checked every quarter on RFL's own accounts, from 31st Mar 2026 for 07069 and 07135 and from 30th Jun 2026 for 07143. The statutory auditor certifies them to the trustee each quarter; the certificates are not published.^{2, 3, 4}

Capital

RFL reported CRAR of 28.55% at 30th Sep 2026, 3.55 above the 25% level in these clauses.⁶

Debt against net worth

RFL reported a debt to equity ratio of 2.66 at 30th Sep 2026: borrowings of ₹504.34 crore against net worth of ₹189.51 crore.^{5, 6} The KIDs' definition counts compulsorily convertible instruments in TNW. Compulsorily convertible debentures (CCDs) are debentures that must turn into shares. The KID for 07143 lists ₹14.90 crore of CCDs from Decentify Buildcon Private Limited outstanding in Jun 2026, and RFL's share capital did not change between 26th Jun and 30th Sep 2026, so they had not become shares by then.^{4, 5, 23}

On the reported balance sheet, the KID ratio works out to about 2.67 times (our calculation). If the CCDs were still outstanding at 30th Sep 2026 and counted in TNW, it would be about 2.40 times with them moved out of debt, or 2.48 times with them left in debt as well (our calculation). RFL has not disclosed whether the CCDs were still outstanding.^{5, 4}

No company statement on this test at 30th Sep 2026 was found in the results, the press release or other filings to 23rd Oct 2026. The auditor's quarterly covenant certificate goes to the trustee and is not published.^{5, 6}

When loans and debts fall due

Sources: ALM tables in the KIDs for 07135 (31st Mar 2026) and 07143 (30th Jun 2026), converted from ₹ lakh.^{3, 4} Figures in brackets are negative.

The Mar 2026 table shows a negative cumulative figure of ₹6.03 crore in the 6 to 12 month bucket. The same table spreads ₹429.01 crore of liabilities across its buckets against a liabilities total of ₹328.16 crore, so it does not add up; the negative figure in the last bucket equals the excess. The Jun 2026 table in the later KID is positive in every bucket.^{3, 4}

No company statement on the Mar 2026 table was found to 23rd Oct 2026.

How the terms changed from series to series

Sources: KIDs.^{2, 3, 4} A notch is one step on the rating scale, such as BBB to BBB−. Each event of default floor was set at the rating current at issue. A floor at BBB is stricter for the company than one at BBB−, since a smaller fall reaches it. The KIDs for the other 11 series were not read; their allotment filings state coupon, schedule, cover and the interest for a payment delay, but not these terms.¹⁶

07143 also gives one holder a role beside the trustee. Documents go to the "Debenture Trustee and Eshiruss Financial Consultants Private Limited"; a notice to cure a breach may come "by the Debenture Trustee and/or Eshiruss"; the monthly list of holders goes to Eshiruss; and RFL's due diligence is done "by agency appointed by Eshiruss". Eshiruss held ₹15 crore, 15.94%, of RFL's listed NCDs at 30th Jun 2026, by the KID's top holders table.⁴

The bonds test capital, bad loans, debt, cash and the timing of loans and debts every quarter, and tie the coupon to the rating. Only 07069 and 07135 let holders ask for early repayment if CRAR falls below 25%. Reported debt was 2.66 times net worth at 30th Sep 2026 against a 2.5 times cap whose own definition gives 2.40 to 2.67 times, depending on CCDs whose status RFL has not disclosed.

Promises are on paper. The record shows what happened.

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. Nothing here is a finding of wrongdoing by any person or company.

Every coupon and instalment with a filed certificate shows as paid on or before its due date. The record also holds a replaced auditor's report, capital below the RBI minimum in Mar 2023, a face value on BSE that RFL said was not updated after the Jun 2026 instalment, late filings that drew BSE queries, published daily loan rates, and figures that differ between documents.

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

8What falls due, and when?

An amortising bond repays its principal in pieces; a bullet bond repays it all on one date. RFL sells both. A lender of short loans repays its own debt from loans coming back, so the question each month is whether collections, new borrowing or new equity meet what falls due.

Our calculation from each listed series' schedule in its KID or allotment filing and the amounts outstanding at 23rd Oct 2026.^{2, 3, 4, 15, 16} Left out: the ₹40 crore of NCDs the board approved on 23rd Oct 2026, unlisted NCDs, and the ₹117.54 crore of other borrowings at 30th Sep 2026, whose schedule is not published.

₹91.12 crore falls due in Jan and Feb 2027 together, because 3 large instalments meet: ₹38 crore of 07101 on 23rd Jan 2027, ₹29.70 crore of 07127 on 12th Feb 2027 and ₹12 crore of 07135 on 19th Feb 2027 (our calculation). Infomerics put RFL's free cash at ₹13.33 crore at 31st Mar 2026, and RFL sold a new series every 2 to 3 weeks between Jun and Oct 2026.^{10, 16}

About ₹205 crore of listed NCD money, ₹156 crore of it principal, falls due in the 12 months to Oct 2027, with ₹91 crore in Jan and Feb 2027.

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 sold on the same pattern share one card, with a small table for what differs. 3 bonds have a KID on file and their own card; the rest are known from their allotment filings.

Sources: BSE scrip lists; allotment filings; KIDs; half yearly statement of ISINs.^{16, 2, 3, 4, 15} The 14 listed ISINs had about ₹482.65 crore outstanding at 23rd Oct 2026: ₹384.67 crore across 11 ISINs at 30th Sep 2026 by the ISIN statement, plus 3 series sold in Oct 2026, less 07085's instalment of 1st Oct (our calculation). Unlisted RFL NCDs sold to individuals in earlier years, with ISINs such as INE964R07044 and INE964R08117, are not covered here.

Each coupon is principal still owed × coupon rate × days in the period ÷ days in the year (chapter 4, accrued interest and record dates). RFL's schedules count 366 days for periods in a year that contains 29th Feb 2028. Coupons for series without a KID on file are our calculation on the rule their allotment filings use.

₹10,000 in 07069 returns ₹1,053.26 of coupons over 15 months and the ₹10,000 in 5 pieces. An amortising bond pays fewer rupees of interest than a bullet bond at the same rate, because less is owed each quarter; the money returned early is the holder's to spend or reinvest (chapter 12, weird bonds).

₹10,000 bonds with a KID on file

Bonds known from their allotment filings

₹1 lakh bonds sold to one holder

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

Coupons per bond before TDS, our calculation from the KIDs and allotment filings.^{2, 3, 4, 16} The record date is the day the registrar takes the list of holders; whoever holds the bond that day gets the next payment (chapter 4). Every RFL series sets it 15 days before the payment. A payment on a weekend or holiday moves to the next working day, and a final redemption on a holiday to the working day before. RFL files a Reg 60 notice of each record date on BSE.¹⁷

Every month

Sources: KIDs^{2, 3, 4}; BSE filings¹⁷; SEBI's listing rules³⁰; chapter 13 (my bond stopped paying).

Every quarter

Sources: KIDs^{2, 4}; BSE filings^{5, 32}; SEBI's listing rules³⁰.

Every half year and every year

• After 30th Sep and 31st Mar: the half yearly ISIN statement on BSE. Normal: every ISIN, with amounts that match the allotments and instalments. Worth noting: an amount or date that differs, or an ISIN missing.¹⁵
• Each half year: the guarantors' net worth certificates go to the trustee. Ask the trustee whether they arrived.²
• Every year: audited results within 60 days of 31st Mar; the annual report with the auditor's report and its annexure; the AGM; Infomerics' yearly review; a new top holders table whenever a new KID is filed.³⁰

Documents owed to the trustee that are not published

Sources: KIDs.^{2, 3, 4}

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 payment, the record date notice, the payment certificate, the face value on BSE, the other announcements, the agency, the trustee, the price and your tax record. Each quarter: results, the security cover certificate and the use of money statement.

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

11Status on 23rd 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.

Open questions on 23rd Oct 2026

• Were the ₹14.90 crore of CCDs from Decentify Buildcon still outstanding at 30th Sep 2026, and what Total Debt to Tangible Net Worth did the auditor certify to the trustee for that quarter?
• What was the CRAR at 30th Sep 2026 on the basis filed with the RBI, and what is the ratio after the NCDs sold in Oct 2026?
• Where do the Cash My Salary loans sit in the KID's sector and ticket size tables, and how do the 18% and 33.35% unsecured figures for Jun 2026 relate?
• What share of each series' pool is made up of Cash My Salary loans and unsecured loans, and is cover met series by series?
• Has BSE updated the face values of 07069 and 07085, and how were the trades between 11th Jun and 2nd Jul 2026 settled under the undertaking?
• How much of Hella Infra Market Retail's reissue did RFL buy, and what else is in the ₹27.32 crore of investments?
• What does the subsidiary, Regency Fin Technology, do, and on what terms did RFL lend it ₹16.57 crore?
• Why do RFL's and Vani Commercials' balances for the same loan differ?
• Why does the Mar 2026 ALM table allocate more liabilities than the total, and was the covenant on cumulative mismatches certified as met for that quarter?
• Which dates are right for 07168: 22nd Sep 2026 and 22nd Dec 2027, or 18th Sep 2026 and 18th Dec 2027?
• Can holders have the KIDs for the 11 series not on file?

On 23rd Oct 2026 every certificate filed showed payment on time, Infomerics rated RFL IVR BBB/Stable, CRAR was 28.55% and reported debt to equity 2.66. The CCDs' status, the make up of the pools and the share issue vote were not yet settled on the public record.

12Who can I ask?

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

Where to find today's figures

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

13Words used on this page

ALM statement

A table of a lender's loans and debts sorted by when they fall due.

Amortising

A bond that repays its principal in pieces before maturity.

BBB−

The lowest grade still called investment grade; BBB is one step above it.

Bullet

A bond that repays all its principal on one date.

CCD

Compulsorily convertible debenture: a debenture that must turn into shares.

Coupon

The interest a bond pays, as a percentage of face value.

Covenant

A promise written into the bond, beyond paying on time.

CRAR

A lender's capital divided by its risk weighted loans.

Debenture trustee

The SEBI registered firm that acts for all holders and keeps the security.

Event of default

A situation in the terms that lets holders treat the bond as in default.

GID, KID

The offer documents: the General Information Document for the company, the Key Information Document for one series.

Hypothecation

A charge on assets, here loans, that stay with the company.

ICD

Inter corporate deposit: a loan from another company.

Issuer Not Cooperating

A tag an agency adds when a company stops sharing information; not a default.

ISIN

The 12 character code for one security.

JLG loan

A loan to a member of a small group whose members stand behind each other.

KMP

Key managerial personnel: the managing director, CFO and company secretary.

NBFC

A finance company registered with the RBI that is not a bank.

NCD

Non convertible debenture: a bond that never turns into shares.

Notch

One step on the rating scale, such as BBB to BBB−.

Promoter

A person or company a listed company declares as its controlling owner.

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.

Security cover

The value of the assets set aside, divided by what the bond owes.

Step up

A rise in the coupon written into the terms, here on a rating cut.

Tangible net worth

The owners' money in the company less intangible assets and tax credits.

TDS

Tax deducted at source from each coupon and deposited in your name.

Warrant

A right to buy a share later at a price fixed today.

Yield

The yearly return at a given price, if every payment arrives on schedule.