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Indore Municipal Corporation — Bonds & AA (ICRA) Rating

Corporate · Sovereign

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Methodology v1.0 Download Report (PDF) Watch
Agency Rating
AA (ICRA)
Most common current rating on senior bonds
3 of 3 rated · ICRA, 28 Jun 2026
Total Debt Outstanding
₹323 Cr
Across 4 instruments
Active Bonds
4
First Issue
29 Jun 2018
Latest Issue
20 Feb 2023
Maturity Range
2028 - 2032
Observation
4 active bonds tracked from this issuer.
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Coverage: High Data Quality: High Sources: NSE, BSE, SEBI, rating agencies
Issuer health card Nothing flagged on record
  • Current ratings ICRA AA
  • Rating range All current ratings are AA (ICRA 28 Jun 2026)
  • Rating direction, 12 months No rating actions on file
  • Watch / negative outlook None in 12 months
  • Issuer not cooperating No such actions in 12 months
  • Rating withdrawn, 12 months No withdrawal of this issuer's rating in 12 months
  • Newest agency rating Dated 28 Jun 2026
  • Payment record No payment disclosures since 17 Jul 2026
  • Defaults on record No bond marked defaulted
  • Traded in the last 30 days 3 of 4 active bonds had an exchange trade
  • Exchange filings, 90 days 0 filings on NSE/BSE

A checklist of published facts, not a rating or a view on credit quality. Ratings are the agencies' own; payment record covers NSE disclosures since 17 Jul 2026; "late" means paid more than 3 days after the due date (next-working-day payments are allowed). Rating range covers every current rating on the issuer's active bonds, with each agency's rating date. Rating actions count only when the agency's heading names this issuer, not pools or trusts it originated; a withdrawal is flagged only when the issuer's rating itself is withdrawn, not a single facility. Rating age uses the newest rating date on file and is flagged when older than 12 months. See methodology.

Alert me about Indore Municipal Corporation An email when a rating agency acts on this issuer (including any cut to default grade D) or a payment is disclosed late or short. Free, no account needed.
01 Issuer Overview
Sector
Sovereign
Issuer Type
Corporate
First Tracked Bond
29 Jun 2018
Start of this issuer's debt program timeline
  • 4 active bonds tracked from this issuer.
  • 4 of 4 tracked bonds with a stated security status are secured. (based on 4 bonds with a disclosed security status)

Operating in the Sovereign sector, Indore Municipal Corporation is classified as a corporate issuer. Bond coupons here span 8.25% - 8.75%, paid semi-annually. The maturity ladder spans 2028 - 2032.

Data sourced from NSDL, BSE, NSE, and registered credit rating agencies. Verify against the issuer's offer document before transacting.

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02 Debt Profile
Outstanding Bonds
4
Tracked by RetailBonds
Amount Tracked
₹323 Cr
Of bonds tracked by RetailBonds — not the issuer's total outstanding debt
Avg Coupon
8.38%
Range 8.25% - 8.75%
Avg Remaining Tenure
2.9 Yrs
Nearest maturity Feb 2028
Secured
100%
4 of 4 bonds with known status
Callable
1
Of 4 bonds
Avg Spread vs G-Sec
+142 bps
Credit premium, from 3 bonds with a current market yield

Maturity Profile

Active bonds maturing, by year. Bar height relative to the tallest year (2 bonds).

0 2028: 2 bonds, ₹201 Cr tracked, avg coupon 8.50% 2 bonds 2028 2030: 1 bond, ₹61 Cr tracked, avg coupon 8.25% 1 bond 2030 2032: 1 bond, ₹61 Cr tracked, avg coupon 8.25% 1 bond 2032

Security Type / Instrument Mix

  • NCD 4 bonds · 100% · ₹323 Cr tracked

Funding Evolution

■ Issued that year — Cumulative outstanding (tracked)
2018: ₹140 Cr issued 2018 2023: ₹183 Cr issued 2023 Cumulative: ₹140 Cr Cumulative: ₹323 Cr

Based on 4 of 4 active bonds with a known issue date and issue size.

03 Credit Profile
  • AA 4 bonds · 100%
AgencyRatingOutlookBonds
ICRA AA — 3
Brickwork AA NSDL record — 1

Recent Rating Actions

No rating action history available.

04 Outstanding Bonds View all bonds →
ISIN Bond Name Coupon Rating Maturity YTM Last Trade Details
INE00QS24043 Indore Municipal 8.25% Feb 2028 NCD 8.25% AA (ICRA) 2028-02-20 8.64% 2026-11-03
INE00QS07014 Indore Municipal 8.75% Jun 2028 NCD 8.75% AA (Brickwork, NSDL record 2018) 2028-06-29 — —
INE00QS24027 Indore Municipal 8.25% Feb 2030 NCD 8.25% AA (ICRA) 2030-02-20 8.57% 2026-11-05
INE00QS24035 Indore Municipal 8.25% Feb 2032 NCD 8.25% AA (ICRA) 2032-02-20 8.27% 2026-11-03
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YTM is the market yield from the latest BSE/NSE trade. It shows “—” when that trade is over 30 days old, the bond is under 30 days from maturity, it is a market-linked debenture, or the price failed our checks (hover the dash for the reason). A coupon is never shown as a yield.

05 Market Activity

Last 30 days, across all outstanding bonds from this issuer.

BSE Traded Value (Last 30 Days)
—
Number of Trades (Last 30 Days)
19
Avg. Yield (Last 30 Days)
8.5%
06 Regulatory Filings

No regulatory filings captured yet for this issuer.

07 Methodology & Data Coverage
DatasetCountFreshness
Credit Ratings (current) 4 2026-06-28
Rating Actions History 0 —
Secondary-Market Trades 160 2026-11-05
Reg52(4) Payment Disclosures 0 —

Methodology version 1.0. See full methodology for sources and limitations.

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Frequently Asked Questions
How many active bonds does Indore Municipal Corporation have?

Indore Municipal Corporation currently has 4 active bonds with coupons of 8.25% - 8.75%, maturities spanning 2028 - 2032.

What is Indore Municipal Corporation's credit rating?

The most common current rating on Indore Municipal Corporation's senior bonds is AA (ICRA). Ratings on file come from ICRA.

Are Indore Municipal Corporation's bonds secured?

Of the 4 bonds with a disclosed security status, 4 are secured (100%) and 0 are unsecured.

When do Indore Municipal Corporation's bonds mature?

Indore Municipal Corporation's active bonds mature between 2028 - 2032; the nearest matures in Feb 2028; the average tenure is 2.9 Yrs.

What is the average coupon on Indore Municipal Corporation's bonds?

The average coupon across Indore Municipal Corporation's 4 active bonds is 8.38%.

Disclaimer: This page aggregates publicly available data about Indore Municipal Corporation for informational purposes only. Ratings shown are the opinion of the issuing rating agency and are not buy/sell recommendations. RetailBonds.in does not issue its own ratings or investment advice. Verify all data against the issuer’s offer document before transacting.