Abans Dual Advantage (Series 168)
Abans Jewels Ltd · Nifty 50
You get the higher of a guaranteed 10% return or the Nifty's own gain, up to 25%, with your original money fully protected, over 18 months.
How well this structure fits each investor profile, derived from its protection, return potential, downside and real backtested track record. It is a fit score, not a quality grade. Best fit here: Conservative.
Capital fully protected at maturity, with up to 25% upside. Backtested track record: mixed.
Balances full protection with up to 25% upside. Backtested track record: mixed.
Prioritises up to 25% upside, accepting no market downside. Backtested track record: mixed.
What is this product
An 18-month principal-protected Nifty MLD from Abans (Series 168). It pays the higher of a fixed 10% coupon or the Nifty's return, so a flat or falling Nifty still returns 10%, and gains above 10% are passed on one-for-one up to a 25% product cap.
- 01You receive at least a 10% absolute coupon, even if the Nifty is flat or falls, with principal protected at maturity.
- 02If the Nifty ends above 110% of its initial level, you earn 100% of the Nifty's return (10% plus one-for-one on the gain above 10%).
- 03The product return is capped at 25%, reached at a 25% Nifty move.
- 04Initial fixing level is the Nifty settlement price on 31 August 2026 (24,080.40); final fixing is the settlement price on 29 February 2028, with redemption on 7 March 2028 (a 554-day tenor). Minimum investment is 5 debentures of face value ₹1,00,000 (₹5 L), then in single-debenture (₹1 L) steps.
The official Nifty 50 settlement price on the initial fixing date (31 August 2026, at 24,080.40). No averaging window and no add-on.
The official Nifty 50 settlement price on the final fixing date (29 February 2028). No averaging window. Redemption follows on 7 March 2028.
Your return is measured between these two levels, not from the underlying's level on the day you invest. Read both definitions in the term sheet before investing.
Payoff visualisation
Indicative profile of the structure's mechanics at maturity, shown out to a +100% move in the underlying. Not a forecast.
How to read this. The horizontal axis is how far the underlying (the index or stock this note tracks) moves by maturity. The gold line is what this structure pays you at each of those moves. The teal dashed line is break-even. Where the gold line is above it you make money; where it flattens, the return is capped or the capital is protected. For example, read across to a plus 10 percent move on the axis, then up to the gold line to see your return if the underlying finished 10 percent higher.
Scenario analysis
Illustrative investor return across a grid of underlying-return shocks at maturity, out to +100%. Pre-tax and post-cost; returns are not guaranteed and past performance is not indicative of future results.
| Underlying at maturity | -30% | -20% | -10% | +0% | +10% | +20% | +30% | +50% | +75% | +100% |
|---|---|---|---|---|---|---|---|---|---|---|
| Investor return | +10.0% | +10.0% | +10.0% | +10.0% | +10.0% | +20.0% | +25.0% | +25.0% | +25.0% | +25.0% |
Underlying level history
Closing level of Nifty 50 over time. This is the history of the underlying itself, not the performance of this note.
Level of Nifty 50. As of the 21 Oct 2026 close. History available from 1 Jan 2008.
In 36% of the 18-month holding windows since Jan 2008, Abans Dual Advantage (Series 168) would have returned more than simply holding Nifty 50.
Data as of Oct 2026 · updated on the 1st of each month
Each point is one 18-month holding window, plotted at its maturity date; gold is this structure's return, navy is Nifty 50 over the same period, both on the note's own entry and exit convention. Indicative backtest, not a forecast.
| Nifty 50 return | % of windows | Avg Nifty 50 return | Avg structure return |
|---|---|---|---|
| Below 0% | 20% | -6.40% | +10.00% |
| 0% to 10% | 15% | +5.46% | +10.00% |
| 10% to 50% | 57% | +24.08% | +20.28% |
| Above 50% | 8% | +76.99% | +25.00% |
Across 208 rolling 18-month windows with monthly starts, from Jan 2008 to Apr 2025, grouped by what Nifty 50 did over each window. Backtested and indicative; past performance is not indicative of future results.
How often it beat the alternatives
Across every tenor-length window in the underlying's real history, how often this structure would have beaten the simple alternatives, measured on its own entry and exit levels. A historical frequency, indicative, not a forecast or a probability.
Across 208 rolling 18-month windows with monthly starts, from Jan 2008 to Apr 2025, each computed on this note's own entry and exit convention. Inflation uses CPI (World Bank / MoSPI); the fixed-deposit benchmark uses a representative 1 to 3 year bank rate. Indicative and pre-tax; past performance is not indicative of future results.
If it had matured into a crisis or a peak
Each card assumes the note matured at that moment in history. The figures are the full 18-month return ending then, on this note's own single-close entry and exit levels, so the exit is the closing level on the final fixing date itself. Real Nifty 50 path; not a forecast.
Maturing into the depths of the 2008 crash.
Price history does not reach back to the entry date this tenor needs.
Maturing just as the COVID crash hit.
Maturing near the top of the 2021 rally.
Maturing in the 2022 to 2023 range, after the full post-COVID recovery.
Risk analytics
- Guaranteed 10% coupon with full principal protection
- Full one-for-one Nifty participation above 10%
- Short 18-month tenor
- Upside capped at 25%
- No return above the 10% coupon unless the Nifty beats 10%
- Unrated issuer (Abans) and low secondary liquidity
Suitable market conditions
Notes that pay the higher of a fixed return or a geared share of the index, so you can earn in flat and rising markets while your original money is protected.
Documents and downloads
The official term sheet and offer document for this structure are available on request. Always read them before investing.