State of Indian Retail Bonds: Q3 2026
The first full quarter of our own data. Trading, CRISIL rating actions, G-Sec yields and corporate spreads for July to September 2026, every figure bounded to those dates. Descriptive statistics only: nothing here is a forecast, a rating or a recommendation.
The quarter in five lines
- Upgrades outnumbered downgrades 2.8 to 1: 307 upgrades against 109 downgrades, from CRISIL actions only.
- The 10-year G-Sec median yield moved from 6.96% to 7.15% (+20 bp) between 1 Jul 2026 and 30 Sep 2026.
- Corporate spreads over G-Secs narrowed in 8 of 8 rating and tenor groups with enough trades, between 22 Jul 2026 and 30 Sep 2026.
- 9 NCD public issues opened with a filed prospectus.
- 1,741 “issuer not cooperating” notices, most of them in September (see rating actions below).
Trading activity
Bonds with at least one recorded trade, from exchange price records (BSE and NSE). Volume is not summed because the sources report it in different units.
| Month | Trading days with data | Bonds with a trade |
|---|---|---|
| July 2026 | 23 | 2,544 |
| August 2026 | 21 | 2,240 |
| September 2026 | 21 | 2,529 |
| Quarter | 65 | 3,862 |
Every exchange trading day in the quarter has data (65 of 65). Weekday market holidays: 14 Sep 2026 (Ganesh Chaturthi).
CRISIL rating actions
6,480 actions across 4,588 issuers, as published by CRISIL. CRISIL is the only agency whose rating actions we ingest today, so this is one agency’s record, not the whole market’s. Current ratings from other agencies appear on bond and issuer pages.
| Action | Count | Share |
|---|---|---|
| Reaffirmed | 2,379 | 36.7% |
| Issuer not cooperating | 1,741 | 26.9% |
| Update | 687 | 10.6% |
| Placed on watch | 501 | 7.7% |
| Initial rating | 486 | 7.5% |
| Upgrade | 307 | 4.7% |
| Withdrawn | 218 | 3.4% |
| Downgrade | 109 | 1.7% |
| Other | 52 | 0.8% |
| Month | All actions | Upgrades | Downgrades | Watch | Not cooperating |
|---|---|---|---|---|---|
| July 2026 | 1,865 | 103 | 41 | 199 | 179 |
| August 2026 | 1,968 | 101 | 29 | 170 | 231 |
| September 2026 | 2,647 | 103 | 39 | 132 | 1,331 |
September’s “not cooperating” count is several times the July and August level. We report it as published and have not analysed the cause. Live feed: /ratings.
G-Sec yield curve
Median yield to maturity of qualified G-Sec trades at each tenor, 1 Jul 2026 against 30 Sep 2026. Only tenors with at least 10 qualified trades on both dates are shown; short tenors trade too thinly to compare. Individual tenors can be noisy because each is a median of a small number of trades.
| Tenor | 1 Jul 2026 | 30 Sep 2026 | Change (bp) | Trades (30 Sep 2026) |
|---|---|---|---|---|
| 2Y | 6.50% | 6.61% | +11 | 33 |
| 3Y | 6.91% | 6.59% | -32 | 49 |
| 5Y | 6.90% | 7.06% | +16 | 16 |
| 7Y | 6.95% | 7.14% | +19 | 14 |
| 10Y | 6.96% | 7.15% | +20 | 19 |
| 15Y | 7.00% | 7.11% | +12 | 32 |
| 30Y | 7.46% | 7.65% | +18 | 52 |
Live curve and method: /yield-curve.
Corporate spreads over G-Secs
Median spread of corporate bond yield over the G-Sec yield at the same tenor, by rating band and remaining tenor, 22 Jul 2026 against 30 Sep 2026. Our spread history starts on 22 Jul 2026, so this covers the later part of the quarter. Groups with fewer than 30 qualified trades on either date are left out.
| Rating | Tenor | 22 Jul 2026 (bp) | 30 Sep 2026 (bp) | Change (bp) | Trades (30 Sep 2026) |
|---|---|---|---|---|---|
| AAA | up to 3 yrs | 167 | 148 | -19 | 365 |
| AAA | 3 to 7 yrs | 135 | 91 | -44 | 173 |
| AAA | over 7 yrs | 83 | 62 | -21 | 119 |
| AA | up to 3 yrs | 334 | 276 | -58 | 374 |
| AA | 3 to 7 yrs | 259 | 186 | -73 | 181 |
| AA | over 7 yrs | 210 | 138 | -72 | 105 |
| A | up to 3 yrs | 515 | 436 | -79 | 342 |
| A | 3 to 7 yrs | 479 | 421 | -58 | 48 |
Definition: methodology. Rating is the bond’s published agency rating, not ours.
NCD public issues that opened
9 public issues opened in the quarter with a filed prospectus, by the opening date printed in the prospectus.
| Issuer | Opened |
|---|---|
| Chemmanur Credits and Investments Ltd | 2026-07-24 |
| ICL FINCORP Ltd | 2026-07-30 |
| Paisalo Digital Ltd | 2026-08-04 |
| Indel Money Ltd | 2026-08-12 |
| Kosamattam Finance Ltd | 2026-08-14 |
| KLM Axiva Finvest Ltd | 2026-08-17 |
| Edelweiss Financial Services Ltd | 2026-09-16 |
| IBL Finance Limited | 2026-09-28 |
| SMC Global Securities Ltd | 2026-09-29 |
Calendar: /ncd-subscription.
Credit events
Credit events recorded in our database with an event date in the quarter: 0. This counts what we recorded, not a statement that no defaults happened. See the defaults registry for what we track.
How this was built, and its limits
- Our own history. Our scrapers started running on 16 to 28 June 2026, so Q3 is the first quarter we observed from its first day. The Q2 report was a baseline snapshot.
- Frozen to the quarter. Trades, rating actions, curve and spread snapshots are filtered to 1 July to 30 September 2026. Records captured late can still be added.
- Rating actions are CRISIL-only. Other agencies’ current ratings are on bond pages, but their actions are not ingested.
- Sample sizes are shown wherever a median depends on a small number of trades.
- Sources and calculation conventions: methodology.
Information only. RetailBonds.in is not a SEBI-registered intermediary, investment adviser or research analyst. Nothing here is investment advice or a recommendation, and past data does not indicate future results.