Rating
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The rating agency for this Bond is IVR.
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Indel Money Limited Jan '29
₹99,785.09YTM
11.50%Tenure left
29 monthsInterest payout
MonthlyPrincipal payout
BulletBond details
Minimum investment₹99,785.09
Date of maturity23 Jan 2029
ISININE0BUS07CJ2
Bond typeSenior Secured
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About
Indel Money Limited (IML) is a non-deposit-taking Non-Banking Financial Company (NBFC) incorporated in 1986 as Payal Holdings Pvt Ltd and acquired by current promoters Mr. Mohanan Gopalakrishnan and Mr. Umesh Mohanan in July 2012. The company primarily extends loans against gold jewelry, along with traders' loans, business/MSME loans, loans against property, vehicle loans, and money transfer services. IML also holds an AD-II license from the Reserve Bank of India, enabling it to offer foreign exchange services such as currency bank notes, outward remittances via telegraphic transfers, and prepaid travel money cards. Headquartered in India, the firm operates through a network of 369 branches across 14 states and union territories, with an Assets Under Management (AUM) of Rs. 2,741.73 crore as of H1FY26.;
Pros and Cons
Pros
Cons
The company benefits from comfortable capitalization levels supported by continuous equity infusions, reaching a tangible net worth of Rs. 410.04 crore as of H1FY26, with an additional Rs. 80.00 crore planned for FY26.
Financial performance has shown substantial improvement, as evidenced by the AUM growing at a robust 52.20% CAGR over the past three years to reach Rs. 2,334.44 crore in FY25.
The company maintains a diversified resource profile across bank loans, capital markets, securitization, and co-lending, helping lower its average cost of borrowing to 12.25% in Q1FY26.
The liquidity position is strong, backed by Rs. 399.77 crore in cash and cash equivalents and an adequately matched Asset Liability Management (ALM) profile with positive mismatches across various buckets.
Asset quality is improving with Gross NPA declining to 1.52% in H1FY26, benefiting from a highly secured portfolio where gold loans constitute approximately 92% of the total AUM.
Other details
Clean price₹1,00,116.60
Dirty price₹99,785.09
Current yield11.50%
Security cover--
Issue size125.00Cr
Original bond tenure36 months
TrusteeCatalyst Trusteeship Limited (Formerly GDA Trusteeship Limited)
Mode of issueNCD
Listed onNSE
Listing date23 Jan 2026
Coupon rate11.00%
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