List of Corporate Bonds in India 2026: Issuers, Types & How to Choose

Investors looking for the list of corporate bonds in India often expect a simple list of companies and interest rates. But corporate bonds work differently from fixed deposits or savings products. A bond represents money lent to an issuer, and the return depends on the coupon, purchase price, maturity, credit quality and the issuer’s ability to meet its obligations.

India’s corporate bond market includes issuers from financial services, infrastructure, power, housing finance, manufacturing, energy and other sectors. The market also contains a large number of individual bond issues, each identified by an ISIN and carrying its own coupon, maturity, rating, security structure and terms.

SEBI’s Bond Central was launched as a centralised database for corporate bonds in India. It provides a unified view of corporate bonds across exchanges and issuers, along with bond documents, risk information and other details.

This means there is no single permanent “best corporate bond list”. New issues are launched, existing bonds mature and secondary-market prices change. Therefore, this guide focuses on major corporate bond issuers, the types of bonds investors may encounter and the information that should be checked before buying any particular issue.

Key Takeaways: Corporate Bonds in India

• Corporate bonds are debt securities through which companies and other eligible entities raise money from investors.
• The Indian corporate bond market contains thousands of individual securities, so an issuer list is different from a list of currently available bonds.
• SEBI’s Bond Central provides a centralised database where investors can search listed corporate bonds by issuer name or ISIN. 
• SEBI’s corporate-bond data shows substantial activity through both public issues and private placements. In April-June 2026 alone, private-placement corporate bond activity recorded 439 listed issues across NSE and BSE, amounting to about ₹1.87 lakh crore.
• Credit rating, security, maturity, coupon, yield, liquidity and the issuer’s financial strength should all be considered before investing.
• A higher coupon does not automatically mean a better bond because higher yields can compensate investors for higher credit, liquidity or other risks.

What Are Corporate Bonds?

A corporate bond is a debt instrument issued by a company or eligible corporate entity to raise money. The investor effectively lends money to the issuer for a specified period.

In return, the issuer may pay interest according to the bond’s coupon terms and repay the principal at maturity, subject to the terms of the issue and the issuer meeting its obligations.

For example, assume a company issues a bond with a face value of Rs. 1,000 and a coupon rate of 8% per year. If the bond pays annual coupon interest, the scheduled coupon would be Rs. 80 per year on the face value, subject to the bond’s terms.

However, the investor’s actual return can differ from the coupon rate if the bond is purchased in the secondary market at a price above or below its face value.

That is why investors should distinguish between coupon rate and yield.

SEBI explains that coupon is the interest rate paid by the issuer, while bond prices can change depending on interest rates, market conditions and the issuer’s creditworthiness.

List of Major Corporate Bond Issuers in India 2026

There are many corporate bond issuers in India, and the exact list changes as new issues are launched and existing securities mature.

SEBI’s public-issue data and Bond Central provide evidence of issuers across financial services, infrastructure, energy and other sectors. Recent and historical issue data includes companies and institutions such as Power Finance Corporation, Indian Railway Finance Corporation, Housing and Urban Development Corporation, Muthoot Finance, Muthoot Fincorp, Edelweiss Financial Services, IIFL Finance, Cholamandalam Investment and Finance, Navi Finserv, Aditya Birla Finance, Piramal Enterprises, Adani Enterprises and several others.

The following table provides examples of major corporate and financial-sector issuers that investors may encounter in India’s corporate bond market. It is not a list of bonds currently available for purchase.

SEBI’s public-issue database records multiple debt issues from several of these issuers across recent financial years. For example, the database records issues from Power Finance Corporation, Muthoot Finance, Edelweiss Financial Services, IIFL Finance, Cholamandalam Investment and Finance, Aditya Birla Finance, Piramal Enterprises, Adani Enterprises and others.

The list should therefore be treated as an issuer reference, not an investment recommendation.

Major Categories of Corporate Bond Issuers

Corporate bonds are not limited to traditional manufacturing companies. India’s debt market includes issuers from several sectors.

Financial Services and NBFCs

Financial companies and NBFCs are active issuers in the corporate bond and NCD market because debt securities provide an important source of funding.

Examples appearing in SEBI’s public-issue data include Muthoot Finance, Muthoot Fincorp, Edelweiss Financial Services, IIFL Finance, Navi Finserv, UGRO Capital, CreditAccess Grameen and others.

The higher coupon offered by some financial-sector issuers should not be viewed independently. Investors should assess the issuer’s credit rating, financial position, security structure and repayment capacity.

Infrastructure and Power Companies

Infrastructure and power-sector entities also raise funds through debt markets.

SEBI’s corporate-debt issue records include Power Finance Corporation, Indian Railway Finance Corporation and Housing and Urban Development Corporation among issuers of public debt securities.

These securities can have different structures and maturities, so investors should evaluate each individual issue rather than treating all infrastructure bonds as identical.

Diversified and Industrial Companies

Large corporate groups and operating companies can also issue debt securities to fund business requirements, capital expenditure or refinancing.

For example, SEBI’s recent public-issue data includes Adani Enterprises among corporate debt issuers.

The credit quality of an individual bond depends on the issuer and the specific security, not simply on the visibility of the corporate brand.

Corporate Bonds vs NCDs: Are They the Same?

The terms corporate bonds and NCDs, or Non-Convertible Debentures, are often used together, but they are not always interchangeable in every legal or structural context.

Both are debt instruments, and both can be used by companies to raise money from investors. The specific rights, security, conversion features, maturity, interest payment structure and regulatory terms depend on the instrument.

Many retail investors encounter corporate debt in the form of NCD issues, especially from NBFCs and financial companies.

Before investing, read the offer document and term sheet rather than relying only on the generic label “corporate bond” or “NCD”.

SEBI’s corporate-bond investor material also highlights the importance of understanding the terms and risks of the specific security before investing.

Types of Corporate Bonds in India

Corporate bonds can be classified in several ways.

Secured Corporate Bonds

A secured bond is backed by specified assets or security, subject to the terms of the issue.

If the issuer defaults or is wound up, the ranking of the bond determines where bondholders stand in the repayment structure.

SEBI explains that secured bonds can have different rankings, including senior secured and subordinated secured bonds.

A secured structure does not mean that the investment is risk-free. Investors should still understand the nature and value of the underlying security and the bond’s ranking.

Unsecured Corporate Bonds

Unsecured bonds do not have specific assets pledged as security in the same way as secured bonds.

Because there is no specific collateral backing the instrument, the repayment position can be different from that of a senior secured bond.

SEBI’s investor material shows that unsecured bondholders rank below senior and subordinated secured bondholders in the illustrated repayment hierarchy.

Senior and Subordinated Bonds

The repayment ranking of a bond matters if the issuer faces financial distress.

A senior secured bond generally has a stronger claim than a subordinated secured or unsecured instrument, subject to the specific legal terms.

Therefore, two bonds issued by the same company can carry different levels of risk even if they have similar coupons.

Fixed-Rate Corporate Bonds

Fixed-rate bonds pay a predetermined coupon according to the issue terms.

For example, an 8% annual coupon on a Rs. 1,000 face-value bond generally means scheduled interest of Rs. 80 per year if the coupon is annual.

However, the investor’s yield can differ from 8% if the bond is bought at a premium or discount.

Floating-Rate Bonds

Floating-rate bonds have coupon payments linked to a specified benchmark or reference rate.

The coupon can therefore change over the life of the bond according to the terms of the issue.

Investors considering such bonds should understand the reference rate, reset frequency, spread and other terms.

Zero-Coupon Bonds

Zero-coupon bonds do not make periodic coupon payments in the same manner as conventional fixed-coupon bonds. They are generally issued or traded at a discount and provide the return through the difference between acquisition price and the amount received at maturity, subject to the instrument’s terms and applicable taxation.

List of Corporate Bonds by Issuer: What Should You Actually Compare?

Searching for a corporate bond list by company name is only the first step.

A single issuer can have multiple bonds with different:

• Coupon rates
• Maturity dates
• Credit ratings
• ISINs
• Security structures
• Call or put options
• Minimum investment amounts
• Payment frequencies
• Market prices
• Yields
• Liquidity levels

For example, Bond Central’s searchable database displays issuer name, ISIN, coupon, maturity and rating for individual listed corporate bonds. Its current search interface contains more than 25,000 search results across listed corporate bonds.

Therefore, “ABC company’s bond” is not specific enough to evaluate an investment.

The ISIN identifies the individual security.

How to Find Corporate Bonds in India

SEBI’s Bond Central is an important resource for investors looking for listed corporate bonds.

The platform was launched in February 2025 as a centralised database for corporate bonds and was developed with the Online Bond Platform Providers Association and market infrastructure institutions. SEBI describes it as a single source of corporate-bond information intended to improve transparency and informed decision-making.

Investors can search the database by:

• Issuer name
• ISIN
• Rating
• Coupon
• Maturity
• Other available bond characteristics

The current Bond Central search page provides individual bond records and displays fields such as issuer, rating, ISIN, coupon and maturity.

This is more reliable than depending on an old article listing bonds because individual securities change continuously.

How to Choose a Corporate Bond in India

Choosing a corporate bond should involve more than comparing the highest coupon.

SEBI specifically advises investors to consider factors beyond credit ratings, including the issuer’s financial health, past bond issues and credit metrics.

1. Check the Credit Rating

Credit rating is an important starting point because it provides an external assessment of the issuer’s ability to meet its obligations.

However, SEBI warns investors not to rely solely on credit ratings because ratings can change.

A AAA-rated bond can still face market-price changes and other risks.

2. Check the Issuer’s Financial Strength

Review the company’s financial position, cash flows, debt levels and ability to service its obligations.

SEBI’s due-diligence guidance recommends examining financial statements and the company’s broader business and financial position before investing.

3. Compare Yield, Not Just Coupon

Coupon tells you the scheduled interest rate on the face value.

Yield considers the price you actually pay for the bond and the cash flows you expect to receive.

If a bond with a Rs. 1,000 face value and 8% coupon is purchased for Rs. 950, its yield can be higher than the 8% coupon rate. If purchased for Rs. 1,050, the yield can be lower.

This is why comparing bonds only by coupon can produce misleading conclusions.

4. Check the Maturity

Maturity tells you when the principal is scheduled to be repaid.

A bond maturing in two years can have a very different role from one maturing in ten years.

The maturity should match the investor’s expected cash-flow requirement and investment horizon.

5. Check Security and Ranking

Determine whether the bond is secured or unsecured and whether it is senior or subordinated.

SEBI’s investor education material highlights the importance of repayment ranking when assessing secured and unsecured bonds.

6. Check Liquidity

A bond may be listed but still have limited secondary-market liquidity.

If you need to sell before maturity, there may not always be a buyer at the price you expect.

SEBI identifies liquidity risk as one of the important risks associated with bonds.

Risks of Investing in Corporate Bonds

Corporate bonds can provide scheduled interest income, but they are not risk-free.

Credit or Default Risk

The issuer may face financial difficulties and fail to pay interest or principal on time.

SEBI identifies default risk as a key bond-investment risk.

Interest Rate Risk

When market interest rates rise, prices of existing fixed-rate bonds can fall.

This matters particularly when an investor wants to sell before maturity.

Liquidity Risk

There may be limited buyers for a particular bond in the secondary market.

An investor may therefore have to sell at an unfavourable price or wait for a buyer.

Call Risk

Some bonds allow the issuer to redeem the bond before its scheduled maturity.

If the issuer exercises the call option, the investor may have to reinvest the money at prevailing market rates.

SEBI identifies call risk as one of the risks investors should understand.

Reinvestment Risk

When coupon or principal payments are received, future investment opportunities may offer lower rates.

This can reduce the return available when the money is reinvested.

Corporate Bonds vs Fixed Deposits

Corporate bonds and bank fixed deposits are both used by investors seeking relatively predictable income, but they are different instruments.

Investors should therefore compare the actual risk and liquidity characteristics instead of assuming that a higher corporate-bond coupon is automatically better than a fixed deposit.

For investors looking at fixed-income opportunities more broadly, fixed income investment services can help place corporate bonds alongside other fixed-income instruments based on the intended financial goal.

Corporate Bonds vs Government Bonds

• Corporate bonds are issued by companies or eligible corporate entities, while government securities are issued by the government.
• The key difference is the nature of the issuer and the associated credit risk.
• Corporate bonds can offer higher yields than comparable government securities because investors may be taking additional credit and liquidity risk.
• However, the difference varies by issuer, maturity and market conditions.
• SEBI’s investor education material specifically notes that corporate bonds carry risks such as default, interest-rate and liquidity risk.
• Therefore, the right comparison is not simply “corporate bond vs government bond”. Investors should compare maturity, yield, liquidity, taxation and risk together.

Corporate Bond Taxation in India

Tax treatment depends on the nature of the bond, how it is held, the investor’s tax status and the applicable tax provisions.

Interest received from a corporate bond is generally taxable according to the applicable income-tax rules. Capital gains can also arise when a bond is sold or transferred at a price different from its acquisition cost, subject to the relevant provisions.

Because tax treatment can change and can differ based on the security and transaction, investors should verify the applicable rules for the financial year in which the transaction occurs.

Tax should also not be the only reason to select a corporate bond. A higher post-tax return is useful only if the underlying credit and liquidity risks remain appropriate for the investor.

How InXits Can Help With Corporate Bond Selection

A corporate bond list can help investors identify issuers, but selecting an individual bond requires a deeper review of credit quality, yield, maturity, security, liquidity and the investor’s cash-flow requirement.

For investors evaluating fixed-income opportunities, a fixed income advisor can help compare corporate bonds with other fixed-income options based on risk, maturity and income requirements.

This can be particularly useful when the investor has a specific financial goal and needs to determine whether a corporate bond’s maturity and cash flows fit that goal.

For broader portfolio decisions, inXits provides investment and financial-planning services that can help investors evaluate fixed-income investments alongside their wider portfolio.

How to Build a Corporate Bond Portfolio

Investors should avoid treating a corporate bond portfolio as a collection of the highest available coupons.

A more structured approach can include:

Goal → Required cash flow → Investment horizon → Credit quality → Maturity → Security → Yield → Liquidity → Tax impact

For example, an investor who needs money in three years may not want to concentrate the entire portfolio in bonds maturing much later.

Similarly, an investor seeking higher income should understand why a particular bond offers a higher yield than a lower-risk alternative.

Higher yield can sometimes reflect higher credit risk, longer maturity, lower liquidity or a combination of these factors.

Diversification across issuers and maturities can also reduce concentration risk, although diversification does not eliminate the possibility of loss.

Where to Find the Latest Corporate Bond List in India

Because corporate bonds are continuously issued, listed, traded and redeemed, a static article cannot provide a permanent list of every currently available bond.

For the latest listed corporate-bond information, investors can use Bond Central, which SEBI launched specifically as a centralised corporate-bond information repository.

The database allows investors to search by issuer or ISIN and view individual bond information such as coupon, maturity and rating.

SEBI also publishes corporate-bond issue statistics, including public-issue and private-placement data. Its latest private-placement data shows significant corporate-bond issuance activity during April-June 2026.

These official sources are preferable when you need a current bond list because the availability and terms of individual securities can change.

Conclusion

The list of corporate bonds in India in 2026 is much larger than a simple list of company names. India’s corporate debt market includes issuers from financial services, infrastructure, power, housing finance and other sectors, with individual bonds carrying different coupons, maturities, ratings, security structures and liquidity.

SEBI’s Bond Central provides a centralised database for listed corporate bonds, making it easier for investors to search individual securities by issuer and ISIN.

When evaluating a corporate bond, do not select it only because the coupon looks attractive. Review the issuer’s financial strength, credit rating, bond ranking, security, maturity, yield and liquidity. Also understand the possibility of credit, interest-rate and liquidity risks.

The most important distinction is between an issuer list and an investment list. Knowing which companies issue bonds is useful for research, but the individual bond’s terms determine whether it may fit a particular investor’s requirements.

Frequently Asked Questions About Corporate Bonds in India

What are corporate bonds?

Corporate bonds are debt securities issued by companies or eligible corporate entities to raise money. Investors lend money to the issuer and receive interest according to the bond’s terms, with principal scheduled for repayment at maturity subject to the issuer meeting its obligations.

What is the list of corporate bonds in India?

There is no single permanent list of all corporate bonds because new bonds are issued, existing bonds mature and secondary-market securities change. SEBI’s Bond Central provides a centralised database where investors can search listed corporate bonds by issuer name or ISIN.

Which companies issue corporate bonds in India?

Corporate-bond issuers include companies and financial institutions from sectors such as NBFCs, infrastructure, power, housing finance and diversified businesses. SEBI’s public-issue database includes issuers such as Power Finance Corporation, Muthoot Finance, Edelweiss Financial Services, IIFL Finance, Cholamandalam Investment and Finance, Aditya Birla Finance, Piramal Enterprises and Adani Enterprises, among others.

Are corporate bonds safe in India?

Corporate bonds are not risk-free. The major risks include issuer default, interest-rate movements, limited liquidity and call risk. The level of risk varies significantly between individual bonds. Credit rating, issuer financial strength, security and repayment ranking should all be considered before investing.

What is the difference between a corporate bond and an NCD?

Both are debt instruments, but the terms can refer to instruments with different legal and structural characteristics. NCDs are non-convertible debt securities, while corporate bonds is a broader term commonly used for corporate debt securities. Investors should examine the specific issue documents for maturity, security, coupon, conversion features and repayment terms.

What is a secured corporate bond?

A secured corporate bond is backed by specified assets or security according to the terms of the issue. If the issuer defaults, the security and repayment ranking can influence the position of bondholders. Secured bonds can also have different seniority levels, so “secured” alone does not describe the complete risk structure.

What is an unsecured corporate bond?

An unsecured corporate bond does not have specific collateral backing it in the same manner as a secured bond. The investor’s repayment position depends on the bond’s legal ranking and the issuer’s ability to meet its obligations. Unsecured bonds generally rank below senior secured debt in the repayment hierarchy illustrated by SEBI.

How do I check corporate bonds in India?

Investors can use SEBI’s Bond Central, a centralised corporate-bond database. The search interface allows investors to search by issuer name or ISIN and view information such as coupon, maturity and rating for listed bonds.

Is a higher coupon rate better for a corporate bond?

Not necessarily. A higher coupon can compensate investors for higher credit risk, longer maturity, lower liquidity or other risks. Investors should compare yield, credit quality, maturity, security and liquidity rather than selecting a bond only because its coupon is higher.

What is the difference between coupon and yield on a corporate bond?

Coupon is the interest rate specified on the bond’s face value. Yield reflects the return based on the price paid for the bond and its expected cash flows. If a bond is bought below its face value, the yield can be higher than its coupon; if bought above face value, the yield can be lower.

Can corporate bonds be sold before maturity?

Listed corporate bonds can potentially be sold in the secondary market before maturity, but liquidity is not guaranteed. If there are few buyers, the investor may need to accept a lower price. SEBI identifies liquidity risk as one of the risks associated with bonds.

Where can I find the latest corporate bond issues in India?

SEBI publishes corporate-bond issue statistics, while Bond Central provides a centralised database of listed corporate bonds. The latest data should be checked through these sources because new issues and secondary-market availability change over time.

How should I choose a corporate bond?

Start by checking the issuer’s financial strength, credit rating, coupon, yield, maturity, security, repayment ranking and liquidity. Then consider whether the bond’s cash flows match your financial goal and investment horizon. SEBI also recommends conducting due diligence rather than relying solely on a credit rating.

Which credit rating agencies rate corporate bonds in India?

SEBI recognises seven agencies: CRISIL, ICRA, CARE Ratings, India Ratings & Research, Acuité Ratings & Research, Brickwork Ratings, and Infomerics Ratings. All are regulated under SEBI’s Credit Rating Agencies Regulations, 1999.

Disclaimer Investments in securities markets are subject to market risks. Read all related documents carefully before investing. inXits is a SEBI-registered investment adviser (Registration No. INA000020369). This article is for educational purposes only and does not constitute personalised investment advice. Registration granted by SEBI, membership of BSE, and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Written by Aditya Rajpurohit

Aditya Rajpurohit is a Mutual Fund Research Analyst at inXits with 5+ years of experience in equity and mutual fund analysis. He specialises in fund selection, portfolio construction, and long-term wealth creation strategies for retail and HNI investors.

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