INcred Holdings is heading for an IPO
An IPO has been announced. Issue details are on the IPO page.
INcred Holdings Unlisted Shares
INcred Holdings is a diversified financial services group offering consumer loans, education finance, SME lending, and wealth management with ₹15,000+ Cr AUM.
Read the full company profileINcred Holdings share details
- Lot size
- 50 shares
- Min. investment
- ₹7,400
- Face value
- ₹10
- Implied market cap
- ₹9,708 Cr
- Shares outstanding
- 655,944,906
- Website
- incredholdings.com
- ISIN
- INE732W01014
- CIN
- U67190MH2011PLC211738
- Lock-in after IPO
- 6 months
INcred Holdings share price chart
Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.
INcred Holdings IPO status: SEBI approved
INcred Holdings has SEBI's approval (observations) for its IPO, which is valid for 12 months from the date it was issued.
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14 May 2026Updated DRHP (UDRHP) filed with SEBI
About INcred Holdings
When is the INcred Holdings IPO?
Strengths
- Assets under management grew from ₹60,660.88 million at March 31, 2023 to ₹125,850.74 million at March 31, 2025, and stood at ₹144,478.59 million at December 31, 2025, as per the UDRHP filed with SEBI.
- Profit for the year rose from ₹1,090.64 million in FY23 to ₹3,731.50 million in FY25, while total income grew from ₹8,807.06 million to ₹18,937.70 million over the same period.
- Net interest margin improved from 9.44% in FY23 to 9.85% in FY25. Operating expenses as a share of adjusted net total income fell from 56.71% to 45.11%, which shows scale starting to help.
- Net worth was ₹38,032.65 million at March 31, 2025, and ₹42,024.43 million at December 31, 2025. The capital adequacy ratio of the material subsidiary was 24.97% at December 31, 2025.
- Asset quality has stayed fairly steady even as the book grew. Net stage 3 loans were 0.87% at December 31, 2025, and the provision coverage on stage 3 loans was 62.34%.
- The branch network expanded from 37 branches at March 31, 2023 to 158 branches at December 31, 2025, across 19 states and union territories, with 2,980 employees.
- The average cost of borrowings eased from 10.49% in FY23 to 10.08% in FY25, even as total borrowings grew to ₹83,585.10 million.
Risks
- InCred Financial Services Limited contributes 99.85% of revenue from operations for the nine months ended December 31, 2025, so the group depends almost entirely on one subsidiary.
- Personal loans made up 55.56% of AUM at December 31, 2025, up from 40.98% at March 31, 2023. A downturn in this one product would hit the whole business.
- Unsecured loans were 76.43% of total gross loans at December 31, 2025, against 64.80% at March 31, 2023. Unsecured lending carries higher credit risk.
- Gross stage 3 loans were 2.28% at December 31, 2025, against 1.94% at March 31, 2025. Impairment on financial instruments was ₹2,336.68 million for the nine months, against ₹1,877.77 million in all of FY25.
- Net cash used in operating activities was negative in every period reported, at ₹28,157.45 million in FY25 and ₹14,216.52 million in the nine months to December 31, 2025. Growth is funded by borrowing and fresh capital.
- Total borrowings rose to ₹101,637.64 million at December 31, 2025, and debt to equity moved from 1.52 at March 31, 2023 to 2.42. The company needs steady access to lenders and markets.
- Student loan disbursements are concentrated in the U.S., at 69.68% of that portfolio in FY25 and 35.04% in the nine months to December 31, 2025. Policy changes in the U.S. could affect demand.
- Capital adequacy of the material subsidiary fell from 33.40% at March 31, 2023 to 24.97% at December 31, 2025 as the loan book grew, leaving less cushion over time.
- The company, its subsidiaries, directors and promoter are involved in legal and regulatory proceedings, and auditors have made observations in the annexure to their report for FY23 to FY25, as the UDRHP discloses.
- Return on equity was 9.66% for the nine months to December 31, 2025, against 10.38% in FY25, and profit growth slowed to 5.30% for the nine months.
INcred Holdings financial performance
Revenue, profit and balance-sheet figures by fiscal year.
| Metric | FY25Latest | FY24 | FY23 |
|---|---|---|---|
| Revenue (₹ Cr) | 1,894 | 1,296 | 881 |
| EBITDA (₹ Cr) | 1,153 | 872 | 560 |
| PAT (₹ Cr) | 373 | 309 | 109 |
| EBITDA Margin (%) | 60.88 | 67.24 | 63.61 |
| PAT Margin (%) | 19.70 | 23.84 | 12.38 |
| Debt / Equity | 2.20 | 1.48 | 1.52 |
| Net Worth (₹ Cr) | 3,803 | 3,387 | 2,548 |
Swipe the table sideways for earlier years →
Events & announcements
INcred Holdings filed an updated draft offer document with SEBI, the step after a confidential pre-filing.
Buy or sell INcred Holdings unlisted shares
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INcred Holdings unlisted shares: common questions
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.
