Fixed Alpha
AA-

What do these ratings mean?

Credit ratings assigned by SEBI-registered agencies such as CRISIL, ICRA and CARE.

Sovereign BondsSOVEREIGN
These securities are the safest investments, backed by governments with a strong ability to meet financial obligations.
Highest SafetyAAA
Securities with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such securities carry lowest credit risk.
High SafetyAA+AAAA-
Securities with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such securities carry very low credit risk.
Adequate SafetyA+AA-
Securities with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such securities carry low credit risk.
Moderate SafetyBBB+BBBBBB-
Securities with this rating are considered to have moderate degree of safety regarding timely servicing of financial obligations. Such securities carry moderate credit risk.
Moderate RiskBB+BBBB-
Securities with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations.
Moderate High RiskB+BB-
Securities with this rating are considered to have high risk of default regarding timely servicing of financial obligations.
Very High RiskCCC+CCCCCC-CC+CCCC-C+CC-
Securities with this rating are considered to have very high risk of default regarding timely servicing of financial obligations.
DefaultD
Securities with this rating are in default or are expected to be in default soon.

Veritas Finance Limited

INE448U07307· Listed on BSE

9.60%

Yield

Tenure

3Y 0M 4D

Maturity Date

19 Sep 2029

Coupon Frequency

Quarterly

Face Value

₹1,00,000

Nature

Secured

Coupon Rate

8.85%

About the Issuer

Founded in 2015, Veritas is a non-deposit-taking NBFC registered with the RBI, providing loans to MSMEs with limited access to formal financial services. The company operates branches across multiple states and Union Territories, including Tamil Nadu, West Bengal, and Telangana, with a growing loan portfolio and AUM spread across various districts. The company is backed by strong promoter holding from D. Arulmany, along with significant stakes held by Norwest Venture Partners X Mauritius, Kedaara Capital Fund II LLP, British International Investment Plc, Lok Capital Growth Fund, and others. Veritas provides secured loans to MSMEs, with a focus on working capital, housing, and vehicle finance in rural and semi-urban areas, operating on a mortgage-backed model supported by risk-based pricing. MSME loans form the bulk of its portfolio, and the company has expanded its workforce and branch network to drive growth, supported by a strong in-house team and third-party software systems. Key strengths include an experienced senior management team, adequate in-house processes and MIS systems, comfortable capitalisation levels, and continued improvement in scale of operations.

Rating Rationale

Coupon ladder

Payment schedule of interest and principal

Dec '25Coupon

₹2,206

Mar '26Coupon

₹2,182

Jun '26Coupon

₹2,231

Sep '26Coupon

₹2,231

Dec '26Coupon

₹2,206

Mar '27Coupon

₹2,182

Jun '27Coupon

₹2,231

Sep '27Coupon

₹2,231

Dec '27Coupon

₹2,206

Mar '28Coupon

₹2,201

Jun '28Coupon

₹2,225

Sep '28Coupon

₹2,225

Dec '28Coupon + Principal

₹27,200

Mar '29Coupon + Principal

₹26,636

Jun '29Coupon + Principal

₹26,115

Sep '29Coupon + Principal

₹25,558

Bond Trading History

Trading history isn’t available for this instrument yet.

Data as of 16-Sep-2026

How to invest in this bond

Veritas Finance Limited

Login to your existing Equity broker (Eg. Zerodha, ICICI Direct) and purchase bonds from BSE/NSE just like equity using the following steps:

  1. Search for this specific bond. Copy its ISIN and enter in the Search bar of your broker app.INE448U07307If that does not work, try its BSE scrip code:BSE977134
  2. Enter the quantity required.
  3. Enter following Price:₹98,931.36This is the Price at which you will earn Fixed Returns (Yield) of 9.60% if you hold the bond till maturity. If you enter a different price, then your returns will differ.
  4. Fund your wallet and place the order.
  5. Once the transaction is successful, bonds will get credited to your demat account next day (T+1) like equities.
  6. Interest and Principal will get directly deposited to your bank account linked with your Demat.