ICL Fincorp Limited NCD IPO

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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.

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Low risk:

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 CRISIL.

About

ICL Fincorp is a non-deposit-taking, base-layer non-banking finance company (NBFC) involved in lending against pledged household gold jewellery across multiple Indian states. The company also offers loans against property, business loans, personal loans, and vehicle loans, although these account for a small portion of its overall portfolio. The company offers various gold loan schemes with differing interest rates, loan-to-value ratios, repayment structures, and tenures. It also maintains in-house functions, such as gold appraisal, documentation, and Know Your Customer (KYC) procedures. As of September 30, 2025, ICL Fincorp operated through 300 branches located in Kerala, Tamil Nadu, Andhra Pradesh, Karnataka, Telangana, Odisha, Gujarat, Maharashtra, Goa, and West Bengal. Its lending functions run on a centralised, web-based information technology (IT) platform supporting loan processing and branch operations. Use of Proceeds The proceeds from the current issue of NCDs are proposed to be used for the following purposes: Onward lending, financing, and for repayment/prepayment of principal and interest on existing borrowings of the company—at least 75 percent of the net proceeds (as per the prospectus). General corporate purposes—maximum up to 25 percent of the net proceeds.;

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ICL Fincorp is registered with the Reserve Bank of India as a non-deposit-taking NBFC under Section 45-IA of the Reserve Bank of India Act, 1934. The company claims to have expanded its network to 300 branches across 10 states, giving it a wide physical presence. It claims that this reach and product-focused operation have supported its customer base and overall growth.

The company claims to use an enterprise resource planning (ERP)-based platform to record loan, KYC, and repayment information, with access provided to cluster and area managers for monitoring and recovery. It also states that the entire gold loan lifecycle has been digitised, enabling a real-time management information system (MIS) and standardised procedures across branches. This setup is presented as a way for the company to monitor branch performance and detect operational gaps.

ICL Fincorp states that all branches operate under high-security closed-circuit television surveillance and maintain 24×7 security, with insurance coverage for pledged gold. The company also claims to maintain multiple registers to record staff movement and the check-in and check-out of gold stock.

The company has experienced a consistent increase in revenue from operations. It increased from Rs 112.64 crore in FY23 to Rs 145.69 crore in FY24 and Rs 191.69 crore in FY25.

ICL Fincorp Limited NCD

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