ICL Fincorp Unlisted Shares
ICL Fincorp is an RBI-registered NBFC from Irinjalakuda, Kerala, with gold loans as its main business. It ran 309 branches and managed assets of ₹960.26 crore at the end of FY26.
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Key facts
ICL Fincorp share details
- Lot size
- 1,000 shares
- Min. investment
- ₹24,000
- Face value
- ₹10
- Implied market cap
- ₹212 Cr
- Shares outstanding
- 88,243,300
- Founded
- 1991
- Headquarters
- Irinjalakuda, Thrissur, Kerala
- Website
- iclfincorp.com
- ISIN
- INE01CY01013
- CIN
- U65191TN1991PLC021815
- Lock-in after IPO
- 6 months
Price history
ICL Fincorp share price chart
1Y change
-4.00%
High
₹30.00
Low
₹24.00
Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.
About
About ICL Fincorp
ICL Fincorp Limited is a non-banking finance company (NBFC) registered with the Reserve Bank of India. It is based in Irinjalakuda, Thrissur, Kerala. Gold loans are its main product. Customers pledge gold jewellery and get a loan against it without selling the gold. The company also offers other financial products for households, traders and small businesses.
The company was founded in 1991 as Jawahar Finance Limited in Chennai. Its present promoters took it over in 2004 and it was later renamed Irinjalakuda Credits & Leasing. Today it says it has 35 years of business legacy, 3.5 million+ customers and 1,457 employees. During FY26 it opened 16 new branches across Tamil Nadu, West Bengal, Goa, Delhi, Rajasthan and Bihar, taking the network to 309 branches.
The numbers below are standalone figures from the FY26 annual report. Total income for the year ended 31 March 2026 was ₹24,01,775.16 thousand, up 27.08% from ₹18,90,012.63 thousand a year earlier. Profit after tax was ₹91,278.97 thousand against ₹71,638.00 thousand. Assets under management grew 49% to ₹960.26 crore, and total assets crossed ₹1,000 crore. Gross NPA stood at 0.44% and net NPA at 0.38%. On a consolidated basis, profit after tax was lower at ₹42,812.91 thousand.
The company is promoter run. Chairman and Managing Director K. G. Anilkumar held 2,62,00,138 equity shares and Whole-time Director and CEO Umadevi Anilkumar held 1,03,14,065 equity shares, as disclosed in the report. During FY26 the company allotted 1,72,79,059 equity shares on a rights basis at ₹25 per share, and the paid-up equity capital stood at 7,54,64,942 shares of ₹10 each on 31 March 2026. It also raises money through secured non-convertible debentures.
ICL Fincorp is not listed on any stock exchange and has not announced an IPO on our records. Unlisted shares of a company like this trade off-market between buyers and sellers, so the price shown on this page is indicative and not an exchange price. At ₹24 per share, our data puts the implied market cap at ₹211.78 crore.
Strengths
- Total income grew 27.08% to ₹24,01,775.16 thousand in FY26 from ₹18,90,012.63 thousand in FY25, and profit after tax rose to ₹91,278.97 thousand from ₹71,638.00 thousand.
- Assets under management grew 49% to ₹960.26 crore and total assets crossed ₹1,000 crore, showing the lending book is scaling quickly.
- Asset quality is clean on reported numbers: gross NPA was 0.44% and net NPA 0.38% in FY26, helped by lending against gold collateral.
- The branch network grew by 16 branches in FY26 to 309, and new branches opened in West Bengal, Goa, Delhi, Rajasthan and Bihar, widening the company beyond its home region.
- The company has raised equity regularly: 1,72,79,059 equity shares were allotted on a rights basis in FY26 at ₹25 each, bringing in ₹4,31,976.47 thousand and lifting net worth to ₹17,03,136.83 thousand.
- Funding is spread across debentures, bank borrowings and subordinated liabilities. Debt securities were ₹65,23,392.00 thousand and borrowings from banks and institutions ₹14,95,326.24 thousand on 31 March 2026.
Risks
- Operating cash flow was negative at ₹-31,91,765.52 thousand in FY26 because the loan book grew by far more than profit, so growth depends on continuous fresh funding.
- Profit is thin against income. Standalone profit after tax of ₹91,278.97 thousand is a small share of total income of ₹24,01,775.16 thousand because finance costs were ₹9,94,915.50 thousand.
- Net interest margin fell to 17.46% in FY26 from 20.88%, and interest yield fell to 29.89% from 33.56%, so earnings per rupee lent are shrinking.
- Consolidated profit after tax of ₹42,812.91 thousand is less than half the standalone figure of ₹91,278.97 thousand, which points to weaker results in the group beyond the parent company.
- The business is tied to gold prices. The annual report notes that the value of pledged gold can change, and a sharp fall can reduce the cover against loans.
- A large part of borrowing is through debentures and subordinated liabilities, which need to be rolled over or repaid on time, so the company relies on investor appetite for its debt.
- As an RBI-registered NBFC, the company must follow RBI rules on gold loans, capital and governance. Changes in these rules can affect how much it can lend and at what cost.
- The promoters hold a large block, with K. G. Anilkumar at 2,62,00,138 equity shares and Umadevi Anilkumar at 1,03,14,065, so key decisions rest with a small group of people.
- The shares are unlisted. They trade off-market with indicative prices only, and finding a buyer or seller at a given price is not assured.
Financials
ICL Fincorp financial performance
Revenue, profit and balance-sheet figures by fiscal year.
Revenue & PAT (₹ Cr)
Revenue
PAT
| Metric | FY26Latest | FY25 |
|---|---|---|
| Revenue (₹ Cr) | 240 | 189 |
| PAT (₹ Cr) | 9.13 | 7.16 |
| PAT Margin (%) | 3.80 | 3.79 |
| RoNW (%) | 5.36 | 6.02 |
| EPS (₹) | 1.48 | 1.28 |
| Total Assets (₹ Cr) | 1,203 | 835 |
| Net Worth (₹ Cr) | 170 | 119 |
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Leadership
Management team
K. G. Anilkumar
Chairman and Managing Director
Promoter, on the board since 2004, with over 20 years of experience in financial services.
Umadevi Anilkumar
Whole-time Director and Chief Executive Officer
Promoter, on the board since 2013, involved in the company's operations for over 10 years.
Dr. Rajashree Ajith
Whole-time Director and Key Managerial Personnel
Earlier Managing Director of Kerala Transport Development Finance Corporation Limited.
Elacode Krishnan Nair Harikumar
Whole-time Director and Key Managerial Personnel
Banking professional who earlier served as Chief General Manager at State Bank of Travancore.
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Important disclaimer
Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.
