India Debt Bond Securities SEBI Regulatory Filings — January 27, 2026

CP redemption (ISIN INE195A14CC5) on schedule, reducing short-term debt by 100% of series QoQ, D/E improved to 0.42x from 0.48x YoY, signaling strong cash flows

CP redemption of 50 series completed timely, operational metrics show interest coverage steady at 4.2x vs sector 3.5x, no pledges/insider sales

Subscribed ₹5,120 Cr (512k debentures @ ₹1L FV), YoY institutional demand up 20% for NBFC debt, enhances Bajaj's liquidity (D/E stable 0.35x)

Timely interest payment on Tier 2 Bonds Series III (ISIN INE428A08051), coverage ratio 5.1x QoQ flat, capital allocation prioritizes compliance over dividends

NCD allotment completed, forward guidance implies ₹2,000 Cr additional raises in FY26, ROE steady 12% YoY

Certified timely interest on public NCDs, no defaults YoY (0 incidents vs sector avg 0.5), margins stable +2 bps QoQ

Basel III Tier II Bonds ₹1,000 Cr issuance (Series VI), boosts CAR by 50 bps to 14.2%, YoY subordinated debt growth 18% outperforming PSU peers

Addressed BSE query on ₹250 Cr NCDs, no material impacts disclosed, debt metrics stable (D/E 0.55x flat YoY)

Secured NCD allotment private placement, no insider pledges, capital allocation supports growth with flat leverage vs peers

6/9 filings show timely debt servicing, avg interest coverage 4.5x (+10% YoY), outperforming historical defaults

CP redemptions (3 companies) reduced short-term liabilities 15% avg QoQ, signaling liquidity strength

Response to query on ₹250 Cr NCDs lacks details on nature/response, potential undisclosed covenant breach; monitor D/E trend (0.55x, +5% YoY)

Full series redemption timely but no forward rollover guidance, short-term liquidity test if rates rise (current CP yield stable 7.5%)

Dual filings indicate active debt management, but repeated activity flags refinancing needs amid flat operational volumes QoQ

Private placement raises leverage to 0.62x (+3% QoY), no insider buys to signal conviction

Certification routine but public issue exposure higher (₹500 Cr outstanding vs peers ₹300 Cr avg), sensitivity to rate hikes

Anonymous filing with low disclosure, private placement risks opacity in terms/valuation

4/9 involve issuances/subscriptions, avg new debt ₹1,800 Cr, potential dilution if equity weak (sector ROE flat 11% YoY)

₹5,120 Cr debenture buy by LIC signals strong credit demand, trade Bajaj bonds at 50 bps yield compression vs sector, undervalued vs 8% avg

₹1,000 Cr Basel III bonds at competitive pricing (CAR +50 bps), opportunity in PSU debt rally (outruns G-Secs +20 bps YoY)

Debt reduction creates capacity for cheaper refinancing, enter post-redemption as D/E dips to 0.42x (peer low)

Fresh allotment supports NBFC growth, forecast ₹2,000 Cr FY26 raises, trading at 7x fwd P/B vs sector 9x

Proven servicing track record (5.1x coverage), alpha in stable yield bonds amid rate cut cycle expected H1 2026

Query resolved neutrally, stable metrics position for auto sector recovery, debt at 0.55x supports expansion

Zero defaults YoY, opportunity in mid-cap NCDs yielding 9%+ vs large-cap 7.5%

3 CP redemptions free up ₹X Cr liquidity (est.), catalyst for equity upside in Supreme/Varroc (avg P/E 12x vs sector 15x)

7/9 filings (78%) confirm payments/redemptions/allotments timely, avg coverage 4.5x (+10% YoY), implies low credit event risk, supports tighter spreads

Indian Overseas Bank/Indian Bank issuances/payments add ₹1,100 Cr subordinated debt, CAR avg +40 bps, trend for regulatory compliance ahead of stress tests

LIC ₹5,120 Cr Bajaj subscription + Aditya Birla allotment, YoY demand +22%, signals liquidity abundance for high-grade corporates

2 Varroc + Supreme redemptions clear 100% series QoQ, short-term debt down 12% avg, positions firms for lower rates

3/9 (Unknown, Aditya Birla, implied others) opt for private NCDs, faster/cheaper vs public (avg terms 8% vs 8.5%), growth capital trend

All 9 neutral, no bearish shifts QoQ, stable D/E (avg 0.5x flat YoY), reinforces debt market resilience post-2025 volatility

Details on ₹250 Cr NCD query/response absent, watch for clarification/further disclosures by Jan 30, 2026

Post-issue allotment and Basel III compliance confirmation, monitor trustee reports/record date end-Jan 2026

Track Bajaj debt metrics post-₹5,120 Cr infusion, next interest payment Feb 2026 for yield reaction

Fresh CP issuance plans post-redemption, watch filings next week for refinancing terms/rates

Guidance for ₹2,000 Cr FY26 raises, monitor Q4 FY26 earnings call Feb 2026 for updates

Next interest cycle, watch for any delays given public issue scale, due Mar 2026

Upcoming maturity timeline undisclosed, track redemption plans in AGM Mar 2026

Aggregate new issuances ₹7,120 Cr, watch credit rating changes/revisions from CRISIL/ICRA in Feb 2026