Paisalo Digital secures two NCD issues totalling Rs 90 crore as Q2 FY26 growth accelerates

Paisalo Digital Limited has cleared fresh fundraising moves, following an Operations and Finance Committee meeting held on December 9, 2025. The non-banking finance company is issuing secured non-convertible debentures in two parts, targeting a combined base size of Rs 90 crore through private placements.

The committee has approved 4,000 secured, rated, listed, redeemable NCDs, each with a face value of Rs 1,00,000. This issue totals Rs 40 crore, carries an annual coupon of 8.50%, pays interest every quarter, and has a 36‑month tenure, maturing on December 9, 2028.

In a separate move, the Board has cleared a private placement on the EBP platform for up to 5,000 secured NCDs worth Rs 50 crore. This includes a green shoe option of Rs 25 crore, with a tentative allotment date fixed as December 15, 2025, and redemption on December 15, 2027.

These second‑tranche NCDs carry an annual interest rate of 8.45%, with quarterly coupon payment and redemption at par after two years. Both NCD issuances are backed by a first‑ranking exclusive charge on hypothecated loan receivables, offering security cover of 1.10 times the outstanding principal amount.

Any payment delay on either series will attract interest at the applicable coupon plus 2%. Paisalo Digital has stated in its stock exchange filing that the fresh issue is planned for listing on BSE. The filing also notes there are no special rights attached and no adverse remarks on past payment behaviour.

Alongside the debt plans, Paisalo Digital Limited has reported strong operating trends in its Q2 FY26 Investor Presentation. The company recorded its highest‑ever quarterly disbursements of Rs 11,025 million and reported assets under management of Rs 54,494 million, showing 20% year‑on‑year growth.

The customer base reached about 13 million clients, with 1.8 million customers added during Q2 FY26 alone, indicating rapid franchise expansion. Paisalo Digital now operates 4,380 touchpoints across 22 states, including branches, distribution centres, and business correspondents, which strengthens last‑mile credit access for borrowers.

Financial indicators remain firm, with profit after tax of Rs 515 million and net interest income of Rs 1,262 million in the September quarter. Gross non‑performing assets stand at 0.81% and net non‑performing assets at 0.65%, underscoring stable asset quality and conservative risk controls.

Paisalo Digital NCDs capital structure, collections and shareholders

The company has also adjusted its capital structure through partial conversion of foreign currency convertible bonds, while promoter holding has increased to 41.2%. Capital adequacy is reported at 38.2%, with net interest margin at 6.5%, and collection efficiency at 98.4% across the loan book.

Paisalo Digital highlights a diversified, technology‑driven lending model supported by co‑lending tie‑ups and stated ESG initiatives, aimed at underprivileged and MSME borrowers. In Q2 FY26, SBI Life Insurance Company Ltd held a 6.83% stake, or 6,21,14,267 shares, down from 8.96% in Q1 FY26.

The latest fundraising through secured NCDs, combined with growing assets, stable profitability and strengthened capital ratios, suggests Paisalo Digital is positioning for further scale. The network expansion, high collection efficiency and updated shareholder profile frame the context for its next phase of lending growth.