Rating
The rating of an issuer company reflects its past growth and performance. The rating increases when the company consistently performs well and decreases when it is not performing well.
The rating agency for this Bond is IND-RA.
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Indel Money Limited Mar '28
₹9,831.86YTM
11.40%Tenure left
18 monthsInterest payout
MonthlyPrincipal payout
BulletBond details
Minimum investment₹9,831.86
Date of maturity30 Mar 2028
ISININE0BUS07CN4
Bond typeSenior Secured
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About
Indel Money Limited (IML) is a Kerala-based Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India. The company commenced its retail operations in 2013 and primarily provides loans against high-yielding gold jewelry to customers in Tier-II and Tier-III cities. Its customer base includes self-employed professionals, salaried individuals, and micro, small, and medium enterprise owners. IML operates a network of 366 branches, predominantly concentrated in underserved regions across Tamil Nadu, Karnataka, Odisha, and Kerala. As of December 2025 (9MFY26), the company managed a total Assets Under Management (AUM) of INR 34,770 million, with gold loans constituting approximately 95% of the portfolio.;
Pros and Cons
Pros
Cons
The promoters have an established track record of consistent capital infusions, strengthening the tangible net worth to INR 4,990 million in 9MFY26 and providing a strong foundation for scaling up operations.
The company maintains strong runaway growth, with its AUM expanding at a compound annual growth rate (CAGR) of 40.35% over FY23-9MFY26 to reach INR 34,770 million.
Asset quality remains stable, marked by Gross NPAs of 1.5% and Net NPAs of 1.31% at 9MFYE26, supported by strict regulatory loan-to-value (LTV) capping at 75% and daily monitoring of gold price volatility.
Profitability metrics continue to be healthy, with profit after tax rising to INR 759 million and credit costs remaining minimal at 0.003% during 9MFY26, which translates to a return on AUM of 3.49%.
The liquidity profile is adequate, featuring a positive cumulative mismatch of 53% in the up-to-one-year bucket and maintaining INR 4,840 million in cash and bank balances against upcoming three-month obligations of INR 3,770 million.
Other details
Clean price₹9,845.22
Dirty price₹9,831.86
Current yield11.40%
Security cover--
Issue size150.00Cr
Original bond tenure22 months
TrusteeCatalyst Trusteeship Limited (Formerly GDA Trusteeship Limited)
Mode of issueNCD
Listed onNSE
Listing date20 May 2026
Coupon rate9.75%
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