Indel Money Ltd IPO

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AAA, AA+, AA, AA-, A+, A, A-

Moderate risk

BBB+, BBB, BBB-, BB+, BB

High risk

BB-, B+, B, B-, C, D

The rating agency for this Bond is India Ratings & Research Private Limited.

About

Indel Money Limited is a non-deposit-taking NBFC registered with the RBI under Section 45 IA of the Reserve Bank of India Act, 1934, operating as an NBFC-Mid Layer entity. The company is primarily engaged in gold loans, lending against the pledge of household gold jewellery. It also offers loans against property, business loans, and personal loans. For FY 2026, Indel Money's total outstanding AUM (excluding off-balance sheet assets) stood at Rs 3,011.44 crore, of which gold loans accounted for Rs 2,756.62 crore, or 91.54% of total loans and advances. Indel Money operates across Haryana, Rajasthan, Uttar Pradesh, Madhya Pradesh, Odisha, Maharashtra, Karnataka, Kerala, Tamil Nadu, Andhra Pradesh, Telangana, Gujarat, and the union territories of Puducherry, Delhi, Chandigarh, and Andaman and Nicobar. The company is part of the Indel Group, founded by Late Mr. Palliyil Janardhanan Nair, which began as a regulated money lending business in Palakkad, Kerala. Use of Proceeds The proceeds from the current issue of NCDs are proposed to be used for the following purposes: Onward lending, financing/refinancing existing indebtedness, and repayment of interest and principal of existing debts — at least 75 percent of the net proceeds (as per the prospectus). General corporate purposes — maximum up to 25 percent of the net proceeds.;

Pros and Cons

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Cons

The company has developed a technology-driven platform for its operations, including the ‘INDEL MONEY’ mobile application on the Google Play Store and iOS App Store, and a web-based payment portal named E-Connect, launched in 2019. It claims to have digitised its entire gold loan life cycle, from origination to closure, with a centralised IT system enabling real-time data transmission and MIS reporting across branches.

The company operates as an NBFC-Middle Layer entity and maintains capital adequacy well above the regulatory minimum. Its Total Capital to Risk Assets Ratio (CRAR) stood at 20.47%, 20.52%, and 22.60% as of March 31, 2026, 2025, and 2024, respectively, against the RBI-mandated minimum of 15.00%.

The company has a diversified funding base, drawing from public sector banks, private sector banks, NBFCs, and other financial institutions, along with non-convertible debentures, subordinated debt, commercial paper, and securitisation. It follows a Board-approved Resource Planning Policy that caps exposure from any single lender at 15% of owned funds, reducing dependency risk.

The company has expanded its branch network to 397 branches as of June 30, 2026, spread across Haryana, Rajasthan, Uttar Pradesh, Madhya Pradesh, Odisha, Maharashtra, Karnataka, Kerala, Tamil Nadu, Andhra Pradesh, Telangana, Gujarat, and the union territories of Puducherry, Delhi, Chandigarh, and Andaman and Nicobar, up from 280 branches in FY24. This growth has been concentrated in rural and semi-urban markets, particularly in South India.

The company has shown a consistent rise in scale and profitability. Its AUM grew from Rs 1,533.83 crore in FY24 to Rs 4,103.90 crore in FY26, while profit after tax rose from Rs 39.86 crore in FY24 to Rs 123.97 crore in FY26.

Disbursements across its financing products grew at 152.59%, from Rs 5,542.31 crore in FY25 to Rs 13,999.58 crore in FY26, while net interest income grew 65.88% over the same period, from Rs 174.40 crore to Rs 289.30 crore, indicating strong operating momentum alongside branch expansion.

The company's employee base grew from 1,453 in FY24 to 2,092 in FY26, in line with its branch network expansion from 280 to 374 branches over the same period, reflecting a scaling of on-ground operational capacity alongside business growth.

Indel Money Ltd

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