IIFL Finance Limited 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.

Categories

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

IIFL Finance Limited is a non-banking financial company—middle layer (NBFC-ML)—registered with the Reserve Bank of India (RBI). Its offerings include home loans, gold loans, loans against property, MSME financing, microfinance, construction and real estate finance, and capital market finance. The company operates across India, offering financial solutions to underserved and underbanked segments. As of December 31, 2025, FY25, FY24, and FY23, the company’s consolidated assets under management (AUM) were Rs 98,335.62 crore, Rs 78,341.24 crore, Rs 78,959.88 crore, and Rs 64,637.64 crore, respectively Use of Proceeds: The proceeds from the current issue of NCDs are proposed to be used for the following purposes: Onward lending, financing, and refinancing the existing indebtedness of the company (payment of the interest and/or repayment/prepayment of the principal of borrowings)—at least 75 percent of the amount proposed to be financed from net proceeds. General corporate purposes—a maximum of up to 25 percent.;

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Cons

IIFL Finance claims to maintain strong asset quality, with low net and gross non-performing asset (NPA) ratios compared to industry standards. As of December 31, 2025, the company’s consolidated net NPA was 0.75 percent of its consolidated loan book, compared to 1.05 percent in FY25, 1.20 percent in FY24, and 1.08 percent in FY23.

The company claims to have diversified funding sources. They include term loans, securitisation, and NCD issuances. IIFL Finance claims that it maintains liquidity through stable relationships with a variety of credit providers and has a strong credit profile, with ratings of ‘AA/Stable’ from Crisil, ‘IND AA/Stable' from India Rating, ‘[ICRA]AA (Negative)’ from ICRA Limited, and “BWR AA+/Stable” from Brickworks for its long-term debt instruments.

As of December 31, 2025, IIFL Finance has 4,761 branches, including 1,590 dedicated microfinance branches with a strong presence across Tier I/II/III cities.

IIFL Finance Limited

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