Credit Pulse
Three numbers on India's listed corporate bond market, from the data we track: how much of it actually trades, how much comes due in the next year, and which way CRISIL's ratings are moving.
Most Listed NCDs Never Trade
Of 25,243 listed NCDs and PSU bonds outstanding, only 1,155 (4.6%) recorded a trade on NSE or BSE in the last 30 days, and 1,604 (6.4%) in the last 90. A listing gives a bond an exchange quote; it does not guarantee a buyer or seller on any given day.
Share of bonds in each rating band with at least one trade in 30 days. Active listed NCDs and PSU bonds in the RetailBonds universe; a trade is any NSE or BSE print we recorded. Bands use the current rating we hold for the ISIN; 'No rating on file' means we hold none, not that the bond is unrated.
What Comes Due in the Next 12 Months
5,473 NCDs and PSU bonds in our universe mature over the next twelve months, with a combined original issue size of about ₹7.19 lakh crore.
Active NCDs and PSU bonds in the RetailBonds universe. Amount is the original issue size; bonds with no recorded issue size are counted, not summed.
Which Way CRISIL's Ratings Are Moving
Over the last 13 weeks CRISIL published 272 upgrades and 90 downgrades — 3.02 upgrades for every downgrade. These cover every entity CRISIL rates, including bank-loan ratings of companies with no listed bonds.
| Week of | Up | Down | Not cooperating | Withdrawn | Other | All actions |
|---|---|---|---|---|---|---|
| 2026-11-09 | 4 | 1 | 70 | 5 | 41 | 121 |
| 2026-11-02 | 25 | 5 | 164 | 4 | 204 | 402 |
| 2026-10-26 | 34 | 6 | 421 | 22 | 263 | 746 |
| 2026-10-19 | 17 | 9 | 115 | 6 | 184 | 331 |
| 2026-10-12 | 15 | 3 | 176 | 16 | 226 | 436 |
| 2026-10-05 | 11 | 5 | 333 | 10 | 186 | 545 |
| 2026-09-28 | 32 | 10 | 238 | 7 | 238 | 525 |
| 2026-09-21 | 22 | 9 | 701 | 13 | 263 | 1,004 |
| 2026-09-14 | 20 | 5 | 242 | 10 | 147 | 421 |
| 2026-09-07 | 27 | 11 | 128 | 16 | 181 | 354 |
| 2026-08-31 | 18 | 9 | 252 | 10 | 216 | 504 |
| 2026-08-24 | 26 | 8 | 89 | 13 | 195 | 325 |
| 2026-08-17 | 21 | 9 | 441 | 17 | 201 | 676 |
CRISIL rating actions only (all rated entities, including bank-loan ratings), not other agencies. 'Not cooperating' counts issuers CRISIL rated on best-available information after they stopped sharing data; these are not confirmed defaults. We track CRISIL from 16 Jun 2026. Live feed: /ratings.
When Rating Agencies Disagree
334 bonds carry current long-term ratings from two or more agencies. On 67 of them the agencies differ by at least one notch, and on 19 by two or more. A different rating is a different published opinion on the same bond, not an error by either agency.
Active bonds with long-term ratings from two or more agencies, each published or reviewed in the 365 days to the as-of date (older ratings are left out, since a years-old rating next to a current one is not a live disagreement). A notch is one step on the AAA-to-D scale. Bonds are named only after a manual check against each agency's rationale.
Archive
- October 2026 — as of 30 Oct 2026
- September 2026 — as of 30 Sep 2026
- August 2026 — as of 31 Aug 2026
Disclaimer: Credit Pulse is a descriptive summary of RetailBonds.in's tracked bond universe, NSE/BSE trade records and CRISIL rating actions, for information only. It is not investment advice, a recommendation, a rating, or a forecast. Trading activity describes past exchange prints, not the ability to buy or sell any bond. See /methodology for sources.