Mahindra and Mahindra Financial Services Limited

Nbfc · Financial Services

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Methodology v1.0 Download Report (PDF)
Latest Rating
AAA (CRISIL)
Total Debt Outstanding
₹29,310 Cr
Across 40 instruments
Listed Bonds
40
First Issue
2017-07-24
Latest Issue
2026-06-18
Maturity Range
2026 - 2035
Observation
40 active bonds tracked from this issuer.
View details →
Coverage: High Data Quality: High Sources: NSE, BSE, SEBI, rating agencies
01 Issuer Overview
Sector
Financial Services
Issuer Type
Nbfc
First Tracked Bond
2017-07-24
Start of this issuer's debt program timeline
  • 40 active bonds tracked from this issuer.
  • 24 of 39 tracked bonds with a stated security status are secured. (based on 39 bonds with a disclosed security status)
  • Most recent rating action: other by CRISIL on 2026-08-14.

Operating in the financial services sector, Mahindra and Mahindra Financial Services Limited is classified as an NBFC. Bond coupons here span 7.05% - 9.50%, paid annual. The maturity ladder spans 2026 - 2035.

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
40
Tracked by RetailBonds
Amount Tracked
₹29,310 Cr
Of bonds tracked by RetailBonds — not the issuer's total outstanding debt (disclosed for 33 of 40 bonds)
Avg Coupon
8.16%
Range 7.05% - 9.50%
Avg Remaining Tenure
3.4 Yrs
Nearest maturity 2026-09
Secured
61%
24 of 39 bonds with known status
Callable
8
Of 40 bonds
Avg Spread vs G-Sec
+190 bps
Credit premium (indicative)

Maturity Profile

Active bonds maturing, by year. Bar height relative to the tallest year (12 bonds).

0 2026: 1 bond, ₹1,050 Cr tracked, avg coupon 7.99% 1 bond 2026 2027: 12 bonds, ₹7,313 Cr tracked, avg coupon 8.15% 12 bonds 2027 2028: 4 bonds, ₹4,000 Cr tracked, avg coupon 8.07% 4 bonds 2028 2029: 7 bonds, ₹9,612 Cr tracked, avg coupon 8.52% 7 bonds 2029 2030: 1 bond, ₹78 Cr tracked, avg coupon 7.75% 1 bond 2030 2031: 3 bonds, ₹1,033 Cr tracked, avg coupon 7.42% 3 bonds 2031 2032: 5 bonds, ₹3,024 Cr tracked, avg coupon 8.08% 5 bonds 2032 2033: 2 bonds, ₹1,000 Cr tracked, avg coupon 8.53% 2 bonds 2033 2034: 4 bonds, ₹1,700 Cr tracked, avg coupon 8.29% 4 bonds 2034 2035: 1 bond, ₹500 Cr tracked, avg coupon 8.30% 1 bond 2035

Security Type / Instrument Mix

  • NCD 40 bonds · 100% · ₹29,310 Cr tracked

Funding Evolution

■ Issued that year — Cumulative outstanding (tracked)
2017: ₹1,091 Cr issued 2017 2018: ₹1,000 Cr issued 2018 2019: ₹3,206 Cr issued 2019 2020: ₹78 Cr issued 2020 2021: ₹1,033 Cr issued 2021 2022: ₹3,486 Cr issued 2022 2023: ₹4,350 Cr issued 2023 2024: ₹7,093 Cr issued 2024 2025: ₹1,972 Cr issued 2025 2026: ₹6,000 Cr issued 2026 Cumulative: ₹1,091 Cr Cumulative: ₹2,091 Cr Cumulative: ₹5,297 Cr Cumulative: ₹5,375 Cr Cumulative: ₹6,408 Cr Cumulative: ₹9,894 Cr Cumulative: ₹14,244 Cr Cumulative: ₹21,337 Cr Cumulative: ₹23,310 Cr Cumulative: ₹29,310 Cr

Based on 33 of 40 active bonds with a known issue date and issue size — the rest are excluded, not assumed zero.

03 Credit Profile
  • AAA 33 bonds · 82%
  • Unrated 7 bonds · 18%
AgencyRatingOutlookBonds
CRISIL AAA 13
INDIA_RATINGS AAA 10
CARE AAA 9
BRICKWORK AAA 2
CRISIL AAA Stable 2
INDIA_RATINGS AAA Stable 2

Recent Rating Actions

2026-08-14 · CRISIL
Other
2026-06-26 · CRISIL
BB
Initial · Stable
04 Outstanding Bonds View all bonds →
ISIN Bond Name Coupon Rating Maturity YTM Last Trade
INE774D07VD3 MMFSL-7.99%-15-9-26-PVT 7.99% AAA (CRISIL) 2026-09-15 6.90% 2026-07-15
INE774D07SV1 9.20% SECURED RATED LISTED REDEEMABLE NON CONVERTIBLE DEBENTURES. LETTER OF ALLOTMENT. SERIES III  CATEGORY I & II. DATE OF MATURITY 18/01/2027 9.20% AAA (INDIA_RATINGS) 2027-01-18
INE774D07SW9 9.30% SECURED RATED LISTED REDEEMABLE NON CONVERTIBLE DEBENTURES. LETTER OF ALLOTMENT. SERIES III  CATEGORY III & IV. DATE OF MATURITY 18/01/2027 9.30% AAA (CARE) 2027-01-18 7.66% 2026-08-13
INE774D07VE1 MMFSL-8.25%-25-3-27-NCD 8.25% AAA (CRISIL) 2027-03-25 7.45% 2026-07-27
IN8774D07046 8.25% SECURED RATED LISTED REDEEMABLE NON CONVERTIBLE DEBENTRUE SERIES AA2024 DATE OF MATURITY 25/03/2027 8.25% 2027-03-25
INE774D07VJ0 MMFSL-8%-27-4-27-PVT 8.00% AAA (CRISIL) 2027-04-27
INE774D07VK8 8% SECURED RATED LISTED REDEEMABLE NON CONVERTIBLE DEBENTURES SERIES AK2023 STRPP 2 DATE OF MATURITY 25/06/2027 8.00% AAA (INDIA_RATINGS) 2027-06-25
INE774D07VL6 MMFSL-7.05%-29-06-27-PVT 7.05% AAA (INDIA_RATINGS) 2027-06-29
INE774D08MK5 8% UNSECURED (CATEGORY III & IV) REDEEMABLE NON CONVERTIBLE SUBORDINATED DEBENTURES. SERIES II. LETTER OF ALLOTMENT. DATE OF MATURITY 24/07/2027 8.00% AAA (INDIA_RATINGS) 2027-07-24
INE774D08MJ7 7.90% UNSECURED (CATEGORY I & II) REDEEMABLE NON CONVERTIBLE SUBORDINATED DEBENTURES. SERIES II. LETTER OF ALLOTMENT. DATE OF MATURITY 24/07/2027 7.90% AAA (INDIA_RATINGS) 2027-07-24
INE774D07UM6 7.9% SECURED RATED LISTED REDEEMABLE NON CONVERTIBLE DEBENTURE. SERIES AF2022. DATE OF MATURITY 30/08/2027. 7.90% AAA (CARE) 2027-08-30 7.65% 2026-08-12
IN8774D07053 7.9% SECURED RATED LISTED REDEEMABLE NON CONVERTIBLE DEBENTURE. SERIES AF2022. DATE OF MATURITY 30/08/2027. 7.90% 2027-08-30
INE774D07VG6 MMFSL-8.01%-24-12-27-PVT 8.01% AAA (CRISIL) 2027-12-24 7.71% 2026-07-15
INE774D07VO0 7.90% SECURED RATED LISTED REDEEMABLE NON CONVERTIBLE DEBENTURE SERIES AB2026 DATE OF MATURITY 21/02/2028 7.90% AAA (CRISIL) 2028-02-21 7.57% 2026-07-03
INE774D07VM4 8.25% SECURED RATED LISTED REDEEMABLE NON CONVERTIBLE DEBENTURE SERIES AF2023 STRPP2 DATE OF MATURITY 28/03/2028 8.25% AAA (CRISIL) 2028-03-28
INE774D07VI2 8.25% SECURED RATED LISTED REDEEMABLE NON CONVERTIBLE FULLY PAID DEBENTURES SERIES AD2023 STRPP 2 DATE OF MATURITY 29/03/2028 8.25% AAA (CRISIL) 2028-03-29 7.70% 2026-07-09
INE774D07VH4 MMFSL-7.8863%-28-4-28-PVT 7.89% AAA (CRISIL) 2028-04-28 7.70% 2026-07-13
INE774D08MO7 9.35% UNSECURED RATED LISTED REDEEMABLE NON CONVERTIBLE DEBENTURES. LETTER OF ALLOTMENT. SERIES IV ? CATEGORY I & II. DATE OF MATURITY 18/01/2029 9.35% AAA (CARE) 2029-01-18
INE774D08MP4 9.50% UNSECURED RATED LISTED REDEEMABLE NON CONVERTIBLE DEBENTURES. LETTER OF ALLOTMENT. SERIES IV  CATEGORY III & IV. DATE OF MATURITY 18/01/2029 9.50% AAA (INDIA_RATINGS) 2029-01-18 8.25% 2026-08-26
INE774D07VN2 7.71% SECURED RATED LISTED REDEEMABLE NON CONVERTIBLE DEBENTURE SERIES AA2026 DATE OF MATURITY 28/03/2029 7.71% AAA (CRISIL) 2029-03-28 7.92% 2026-07-15
INE774D07VP7 RESET RATE SECURED RATED LISTED REDEEMABLE NON CONVERTIBLE DEBENTURES SERIES AC2026 DATE OF MATURITY 18/05/2029 AAA (CRISIL) 2029-05-18
INE774D07VF8 8.18% SECURED RATED LISTED REDEEMABLE NON-CONVERTIBLE DEBENTURE SERIES AB2024 DATE OF MATURITY 31/05/2029. 8.18% AAA (CRISIL) 2029-05-31 8.00% 2026-08-20
INE774D07VQ5 7.90% SECURED RATED LISTED REDEEMABLE NON CONVERTIBLE DEBENTURE SERIES AD2026 DATE OF MATURITY 18/06/2029 7.90% AAA (CRISIL) 2029-06-18 7.82% 2026-08-14
INE774D07TG0 MMFSL-8.48%-8-8-29-PVT 8.48% AAA (CARE) 2029-08-08
INE774D07TM8 MMFSL-7.75%-05-03-20-PVT 7.75% AAA (INDIA_RATINGS) 2030-03-05
INE774D08MT6 MMFSL-7.35%-4-7-31-PVT 7.35% AAA (CARE) 2031-07-04
INE774D07UG8 7.45% SECURED RATED LISTED REDEEMABLE NON CONVERTIBLE DEBENTURE. SERIES AF2021. DATE OF MATURITY 17/11/2031. 7.45% AAA (CARE) 2031-11-17 7.83% 2026-08-19
IN8774D07012 7.45% SECURED RATED LISTED REDEEMABLE NON CONVERTIBLE DEBENTURE. SERIES AF2021. DATE OF MATURITY 17/11/2031. 7.45% 2031-11-17
IN8774D08010 8.2% UNSECURED RATED LISTED SUBORDINATE TIER II NON CONVERTIBLE DEBENTURE. SERIES AAA2022. DATE OF MATURITY 21/07/2032. 8.20% 2032-07-21
INE774D08MV2 8.2% UNSECURED RATED LISTED SUBORDINATE TIER II NON CONVERTIBLE DEBENTURE. SERIES AAA2022. DATE OF MATURITY 21/07/2032. 8.20% AAA (CARE) 2032-07-21
INE774D08MM1 8.05% UNSECURED (CATEGORY III & IV) REDEEMABLE NON CONVERTIBLE SUBORDINATED DEBENTURES. SERIES III. LETTER OF ALLOTMENT. DATE OF MATURITY 24/07/2032 8.05% AAA (BRICKWORK) 2032-07-24 8.00% 2026-08-21
INE774D08ML3 7.95% UNSECURED (CATEGORY I & II) REDEEMABLE NON CONVERTIBLE SUBORDINATED DEBENTURES. SERIES III. LETTER OF ALLOTMENT. DATE OF MATURITY 24/07/2032 7.95% AAA (BRICKWORK) 2032-07-24
INE774D07UN4 8% SECURED RATED LISTED REDEEMABLE NON CONVERTIBLE DEBENTURE. SERIES AG2022. DATE OF MATURITY 27/09/2032. 8.00% AAA (CARE) 2032-09-27
INE774D08MN9 MMFSL-8.53%-19-4-33-PVT 8.53% 2033-04-19
INE774D08MU4 8.53% UNSECURED LISTED REDEEMABLE NON CONVERTIBLE FULLY PAID DEBENTURES. SERIES AC2018.DATE OF MATURITY 19/04/2033 8.53% AAA (CARE) 2033-04-19
INE774D08MW0 MMFSL-8.35%-16-1-34-PVT 8.35% AAA (CRISIL) 2034-01-16 7.97% 2026-07-23
IN8774D08028 8.35% UNSECURED RATED LISTED REDEEMABLE NON CONVERTIBLE DEBENTRUE SUBORINATED TIER II SERIES AAA2024 DATE OF MATURITY 16/01/2034 8.35% 2034-01-16
INE774D08MX8 MMFSL-8.24%-6-10-34-PVT 8.24% AAA (CRISIL) 2034-10-06 8.22% 2026-08-04
IN8774D08036 8.24% UNSECURED RATED LISTED REDEEMABLE NON CONVERTIBLE DEBENTRUE SUBORINATED TIER II SERIES BBB2024 DATE OF MATURITY 06/10/2034 8.24% 2034-10-06
INE774D08MY6 MMFSL-8.30%-27-2-35-PVT 8.30% AAA (CRISIL) 2035-02-27
Compare (/) Compare Bonds

YTM and Last Trade depend on secondary-market volume — shown only for bonds with a recorded BSE/NSE trade.

05 Market Activity

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

Traded Value (Last 30 Days)
₹0.0 Cr
Number of Trades (Last 30 Days)
22
Avg. Yield (Last 30 Days)
8.07%
06 Regulatory Filings
Credit Rating Rationale
07 Methodology & Data Coverage
DatasetCountFreshness
Credit Ratings (current) 38 2026-05-22
Rating Actions History 2 2026-08-14
Secondary-Market Trades 62 2026-08-26
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 Mahindra and Mahindra Financial Services Limited have?

Mahindra and Mahindra Financial Services Limited currently has 40 active bonds with coupons 7.05% - 9.50%, maturities spanning 2026 - 2035.

What is Mahindra and Mahindra Financial Services Limited's credit rating?

The most recent rating on Mahindra and Mahindra Financial Services Limited's bonds is AAA (CRISIL), published by BRICKWORK, CARE, CRISIL, INDIA_RATINGS.

Are Mahindra and Mahindra Financial Services Limited's bonds secured?

Of the 39 bonds with a disclosed security status, 24 are secured (61%) and 15 are unsecured.

When do Mahindra and Mahindra Financial Services Limited's bonds mature?

Mahindra and Mahindra Financial Services Limited's active bonds mature between 2026 - 2035; the nearest matures in 2026-09; the average tenure is 3.4 Yrs.

What is the average coupon on Mahindra and Mahindra Financial Services Limited's bonds?

The average coupon across Mahindra and Mahindra Financial Services Limited's 40 active bonds is 8.16%.

Disclaimer: This page aggregates publicly available data about Mahindra and Mahindra Financial Services Limited 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.