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.

Surat Municipal Corporation

INE05NX24023· Listed on NSE & BSE

8.60%

Yield

Tenure

3Y 0M 26D

Maturity Date

13 Oct 2029

Coupon Frequency

Semi-Annual

Face Value

₹500

Nature

Secured

Coupon Rate

8.00%

About the Issuer

Surat Municipal Corporation (SMC) ranks among the largest municipal corporations in Gujarat, operating under the Bombay Provincial Municipal Corporation Act, 1949, as amended by the Government of Gujarat. It delivers essential civic services — including water supply, sewerage disposal, solid waste management, primary education, public safety, transportation, and slum improvement — across an area of approximately 462 square kilometres. Functioning as a public institution under the supervision of the Government of Gujarat, SMC is governed by elected representatives, supported by administrative officials, and guided by state policy. Its income comes from property taxes, service charges, other non-tax sources, and state government grants. The corporation undertakes several development initiatives, including AMRUT and Smart City projects aimed at improving urban living standards, with the associated capital expenditure funded through a mix of government grants and the corporation's own revenue.

Coupon ladder

Payment schedule of interest and principal

Apr '26Coupon

₹20

Oct '26Coupon

₹20

Apr '27Coupon

₹20

Oct '27Coupon

₹20

Apr '28Coupon

₹20

Oct '28Coupon

₹20

Apr '29Coupon

₹20

Oct '29Coupon+Principal

₹520

Bond Trading History

Trading history isn’t available for this instrument yet.

Data as of 17-Sep-2026

How to invest in this bond

Surat Municipal Corporation

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.INE05NX24023If that does not work, try its BSE or NSE scrip code:BSE940685NSE760218
  2. Enter the quantity required.
  3. Enter following Price:₹511.54This is the Price at which you will earn Fixed Returns (Yield) of 8.60% 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.