Business Profile of InCred Holdings Limited
InCred Holdings Limited was incorporated in 2011 and it is a diversified financial services company engaged in merchant banking, debt syndication, debt advisory, corporate consultancy, fund-raising, and investment management services. InCred offers a diversified lending portfolio across Personal Loans, Student Loans, Secured Business Loans, Specialized MSME Loans, and Lending to Financial Institutions. The company is registered as a Merchant Banker with SEBI and also acts as an investment manager to a SEBI-registered Alternative Investment Fund. The company derives a significant portion of its business through its material subsidiary, InCred Financial Services Limited (IFSL), a retail-focused, middle-layer NBFC registered with the Reserve Bank of India. As of March 31, 2025, the company had Assets Under Management (AUM) of ₹12,585 cr and reported a Profit After Tax (PAT) of ₹373 cr.
Objective of InCred Holdings Limited IPO
As per the draft red hearing prospects, the IPO issue consists fresh issue and offer for sale. The fresh issue consists of XXXX shares at the face value of ₨10.00 each aggregating up to ₹ 12,500.00 million and OFS consists 99,020,833 shares at face value of ₨ 10.00 each aggregating up to Rs XXXX million. There are fresh shares issues and OFS by company and main objective of company is investment in wholly owned subsidiary and enhancement visibility for equity shareholders.
Details of InCred Holdings Limited IPO
| IPO Open Date | N.A. |
| IPO Close Date | N.A. |
| Basis of Allotment | N.A. |
| Listing Date | N.A. |
| Face Value | ₹10.00 per share |
| Price | N.A. |
| Lot Size | N.A. |
| Total Issue Size | Up to XXXX Equity shares |
| Aggregating up to ₨ XXXX million. | |
| Fresh Issue | Up to XXXX Equity Shares |
| Aggregating up to ₨ ₹12,500 million. | |
| Offer For Sale | Up to 99,020,833 Equity Shares |
| Aggregating up to ₨ XXXX million. | |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE & NSE |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not more than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
InCred Holding Limited IPO: Issue Price & Size
The issue price of INCRED HOLDINGLIMITED hasn’t been released yet. Upon releasing the dates, the investors can bid between those price ranges. The company has fresh issue and OFS aggregating up to ₹ XXXX million at the price of ₨XXXX.
Launch Date of InCred Holding Limited IPO
The IPO opening date of INCRED HOLDINGLIMITED hasn’t been officially announced yet, upon the declaration of dates investor can bid for IPO.
Financial Statements of InCred Holding Limited
| Particulars (Rs in Millions) | Ended March 31 , 2025 |
Ended March 31 , 2024 |
Ended March 31 , 2023 |
| Revenue From operations | |||
| Interest income | 16,924.90 | 11,935.92 | 8,229.68 |
| Dividend income | 4.99 | 5.01 | 2.52 |
| Fees and commission income | 1,373.79 | 330.85 | 218.05 |
| Net gain on fair value changes | 245.38 | 133.38 | 50.17 |
| Net gain on derecognition of financial instruments | 187.15 | 321.85 | 156.09 |
| Total revenue from operations | 18,736.21 | 12,727.01 | 8,656.51 |
| Other income | 201.49 | 234.30 | 150.55 |
| Total income | 18,937.70 | 12,961.31 | 8,807.06 |
| Expenses | |||
| Finance costs | 6,271.67 | 4,532.56 | 3,560.19 |
| Net loss on derecognition of financial instruments | 376.52 | 2.50 | |
| Impairment on financial instruments | 1,877.77 | ( 187.09 ) | ( 242.38 ) |
| Employee benefit expenses | 3,393.10 | 2,645.85 | 1,922.78 |
| Depreciation and amortization expenses | 183.24 | 186.99 | 132.68 |
| Other expenses | 2,137.89 | 1,210.00 | 918.44 |
| Total expenses | 13,863.67 | 8,764.83 | 6,294.21 |
| Profit before share of loss of Associates | 5,074.03 | 4,196.48 | 2,512.85 |
| Share of loss of associates | – | 1.01 | |
| Profit before exceptional items and tax | 5,074.03 | 4,196.48 | 2,511.83 |
| Exceptional items | – | 201.05 | 602.19 |
| Profit before tax | 5,074.03 | 3,995.43 | 1,909.64 |
| Tax Expense : | |||
| Current Tax | 86.06 | 75.54 | 46.79 |
| Deferred Tax | 1,256.47 | 829.50 | 772.21 |
| Total Tax Expense | 1,342.53 | 905.04 | 819.00 |
| Profit for the period | 3,731.50 | 3,090.39 | 1,090.64 |
Key financial ratios of InCred Holding Limited
| Particulars | Unit | 2025 | 2024 | 2023 |
| AUM | in million | 125,850.74 | 90,387.45 | 60,660.88 |
| AUM Growth | Percentage ( % ) | 39.23 % | 49.00 % | 58.66 % |
| Total Gross Loans | in million | 107,779.54 | 74,492.44 | 55,556.36 |
| Total Gross Loans Growth | Percentage ( % ) | 44.69 % | 34.08 % | 45.31 % |
| Disbursements Growth | Percentage ( % ) | 23.62 % | 30.61 % | 51.75 % |
| Net Interest Income | in million | 10,653.23 | 7,403.36 | 4,669.49 |
| Net Total Income | in million | 12,666.03 | 8,428.75 | 5,246.87 |
| Profit for the period | in million | 3,731.50 | 3,090.39 | 1,090.64 |
| Total Equity | in million | 38,032.65 | 33,867.73 | 25,477.98 |
| Return on Equity | Percentage ( % ) | 10.38 % | 10.41 % | 4.66 % |
| Return on AUM | Percentage ( % ) | 3.45 % | 4.09 % | 2.21 % |
Promoters & Shareholding InCred Holding Limited IPO
As of date, according to the DRHP filed with SEBI promoters and promoter group have 21.54% shareholding in company.
| Name of Shareholder | No. of Equity Shares | % of total shareholding |
| Promoters & Promoter Group | 141,266,070 | 21.54 |
| Public | 514,678,836 | 78.46 |
| Total (A+B) | 655,944,906 | 100 |
Should You Subscribe To InCred Holding Limited IPO
While investing or subscribing to any IPO, consider the investment rationales related to the company. Hence, here you can find out the strength of the company that will be its growth factors. And also check the risk factors that can affect the growth and operational efficiency of the company.
Competitive Strengths of InCred Holding Limited IPO
High-Growth Retail Lending
The company is recognised as India’s fastest-growing diversified NBFC in terms of PAT CAGR and the second fastest in AUM CAGR between years ended March 31, 2023 and March 31, 2025. It combines a broad, customer-centric product portfolio with disciplined risk management to meet the evolving financial needs of individuals, small businesses, and financial institutions. By offering a balanced mix of personal loans, student loans, secured business loans, specialised MSME loans, and loans to financial institutions, they optimise its risk-return profile.
Robust Asset Quality
It operates with a “risk-first” approach, where risk management takes precedence over all business considerations and is deeply embedded across our organisation, guiding decision-making at every level and function. Their risk management approach is holistic and integrated across the entire product value chain with processes tailored for each business vertical. Furthermore, dedicated collections strategy relying on digital enables and physical presence helps timely resolution of potential delinquencies, which mitigate credit losses, and help maintain controlled delinquency levels.
In-House AI Platform
The company primary operations are underpinned by a proprietary technology platform, developed to manage the entire lending lifecycle right from origination and credit assessment to ongoing account management and collections. They embedded artificial intelligence and machine learning capabilities across this platform, deploying AI-driven modules at multiple stages of the customer value chain including origination, underwriting, verification, servicing, and collections. This approach has enabled the development of AI-augmented solutions that improve turnaround times.
Omni-Channel Distribution
The company has adopted a multi-channel distribution strategy across its products, enabling customers to access services through multiple touchpoints and supporting a strong presence as well as extensive reach across diverse geographies. Their distribution network is designed to offer convenience, flexibility, and personalised support. By combining digital channels, partnerships, channel partners, and a robust, strategically optimised cluster-based branch structure, they efficiently meet diverse customer needs while expanding it reach across India.
Risk Factors of InCred Holding Limited IPO
Heavy Dependence on IFSL
Their Material Subsidiary, InCred Financial Services Limited (“IFSL”) significantly contributes towards its business and financial performance contributing 99.85%, 99.92%, 99.91%, 99.72% and 99.78%, respectively of total revenue from operations for the nine month period ended December 31, 2025 and December 31, 2024, and years ended March 31, 2025, March 31, 2024 and March 31, 2023. Any significant reduction in its contribution to consolidated revenue from operations could have a material adverse impact on business, results of operations, cash flows and financial condition.
High Unsecured Lending Risk
Unsecured lending is inherently more susceptible to borrower default and may result in increased levels of nonperforming assets and overall delinquency. Their 76.43%, 75.13%, 74.28%, 67.48% and 64.80% of total gross loans as at December 31, 2025, December 31, 2024, March 31, 2025, March 31, 2024 and March 31, 2023, respectively is comprised of unsecured loans, which exposes company to heightened credit risks.
Key Personal Risk
The company depends on its Promoter, Bhupinder Singh, and other Senior Management and Key Managerial Personnel to grow business. For the nine month period ended December 31, 2025 and December 31, 2024 and years ended March 31, 2025, 2024 and 2023, overall attrition rate was 23.79%, 17.82%, 21.66%, 24.01% and 25.21%, respectively. The loss of, or inability to hire, retain, train, and motivate qualified personnel could adversely affect business.
Collateral Realisation Risk
Their secured loan portfolio exposes to risks related to security realisation, mortgage documentation reliability, enforceability of security, and borrower creditworthiness. An inability to recover outstanding amounts due under defaulted loans within secured loan portfolio, from realisation of security due to factors such as declining asset value, legal or documentation risks, adverse market conditions or regulatory limitations could adversely affect business.
InCred Holding Limited IPO Grey Market Premium
Grey market premium is the premium quoted over the IPO issue price. GMP shows that investors are ready to pay above the upper band of the IPO issue price. GMP is determined in the grey market as per the demand and supply of the shares in the primary market. A grey market is that unofficial ecosystem of unlisted companies’ stocks that start trading even before the launch of the IPO to the date of its listing.
Also Read: What is Grey Market Premium in IPO: How is GMP Calculated & Reliable
However, GMP is not a reliable factor, as it keeps fluctuating as per the demand and supply of shares in the primary market. There are numerous factors that affect the stock market in India and individual stock prices of different companies that are already listed and trading in the secondary market. However, for an IPO-bounded company, you can consider the GMP as the speculative listing price of the share
According to various online sources, the Grey Market Premium or GMP of the INCRED HOLDING LIMITED is trading around Rs XX in the grey market. It means shares are trading at the upper band issue price of Rs XX with a premium in the grey market and may list around the same price.
