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The rating agency for this Bond is CRISIL.
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Incred Financial Services Ltd. Jun '28
₹1,00,891.05YTM
9.40%Tenure left
22 monthsInterest payout
QuarterlyPrincipal payout
BulletBond details
Minimum investment₹1,00,891.05
Date of maturity12 Jun 2028
ISININE321N07699
Bond typeSenior Secured
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About
InCred Financial Services Limited (InCred) is a retail-focused Non-Banking Financial Company (NBFC) incorporated in 2016 through the acquisition of Visu Leasing and Finance Pvt Ltd. In August 2022, the company merged with KKR India Financial Services Limited, while hiving off its discontinued unsecured business and two-wheeler loan portfolios into a separate entity, InCred Prime Finance Ltd. Led by Chief Executive Officer Mr. Bhupinder Singh and CFO Mr. Gaurav Maheshwari, InCred specializes in personal loans, student loans, specialized MSME loans, loan against property (LAP), and lending to financial institutions. As of December 31, 2025, InCred reported an Assets Under Management (AUM) of Rs 14,447 crore, with retail assets constituting 94% of its overall loan portfolio.;
Pros and Cons
Pros
Cons
The company maintains strong capitalization supported by marquee investors, featuring a net worth of Rs 4,087 crore, a conservative gearing ratio of 2.5 times, and a Capital Adequacy Ratio of 25.0% as of December 31, 2025.
InCred demonstrates a comfortable earnings profile with healthy Net Interest Margins of 8.8% in 9MFY26 and an annualized Return on Managed Assets of 2.7%.
The business features a well-diversified retail loan book spread across personal loans, student loans, specialized MSME loans, LAP, and financial institution lending.
Leadership is backed by an experienced promoter and executive management team bringing over two decades of global investment banking and financial services expertise.
The entity holds a strong liquidity position with positive cumulative mismatches across all ALM buckets and unencumbered liquidity of over Rs 1,686 crore as of December 31, 2025.
Other details
Clean price₹99,516.80
Dirty price₹1,00,891.05
Current yield9.40%
Security cover--
Issue size-48.99Cr
Original bond tenure22 months
TrusteeCatalyst Trusteeship Ltd
Mode of issueNCD
Listed onNSE
Listing date14 Jul 2026
Coupon rate8.80%
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