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The rating agency for this Bond is CRISIL.
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Incred Financial Services Limited Sep '28
YTM
9.55%Tenure left
23 monthsInterest payout
QuarterlyPrincipal payout
StructuredBond details
Minimum investment₹99,911.26
Date of maturity20 Sep 2028
ISININE321N07756
Bond typeSenior Secured
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About
InCred Financial Services Limited (IFSL; erstwhile KKR India Financial Services Limited) is a Reserve Bank of India (RBI)-registered non-banking financial company (NBFC) headquartered in Mumbai. The company came into its current form following the merger of the erstwhile IFSL with KKR India Financial Services Limited in FY2023, making it a 100% subsidiary of InCred Holdings Limited. IFSL offers a range of financial products, including personal loans, education loans, school financing, loans against property (LAP), loans to financial institutions, and specialized MSME loans. As of March 2026, the company operates across 19 states with 166 branches and employs over 3,100 people.;
Pros and Cons
Pros
Cons
Diversified Product Offerings Across Target Borrowers: IFSL maintains a broad lending portfolio spanning personal loans, student loans, specialized MSME loans, LAP, loans to financial institutions, and secured school financing, which helps reduce credit concentration risks.
Healthy Capitalisation Profile and Manageable Gearing: The company demonstrates strong capital buffers with a consolidated net worth of Rs. 4,239 crore, a standalone capital adequacy ratio of 24.9%, and a managed gearing of 3.0 times as of March 2026, supported by past equity infusions and internal accruals.
Comfortable Profitability Ratios and Improving Operational Efficiency: IFSL delivers comfortable return metrics with a consolidated PAT/AMA of 2.7% in FY2026, driven by healthy margins, stable operating expenses, and efficiency gains from initial technology infrastructure investments.
Risk-Mitigated MSME Sourcing Framework: The specialized MSME loan segment utilizes embedded anchor and escrow backing arrangements, which help mitigate underlying credit risks among target borrower platforms.
Adequate Liquidity Cushion and Broadened Borrowing Base: As of June 2026, the company holds Rs. 1,081 crore in free cash/liquid investments and Rs. 331 crore in undrawn bank lines against upcoming debt repayments, backed by a well-diversified funding profile spanning bank facilities, NCDs, commercial papers, securitisation, and ECBs.
Other details
Clean price₹99,260.30
Dirty price₹99,911.30
Current yield8.87%
Security cover105%
Issue sizeNA
Original bond tenure23 months
TrusteeCatalyst Trusteeship Limited (Formerly GDA Trusteeship Limited)
Mode of issueNCD
Listed onNSE
Listing date24 Sep 2026
Coupon rate8.80%
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