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Incred Holdings Limited Unlisted Shares
DRHP Status : Not Filed
157
Fundamentals About Incred Holdings Limited
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Incred Holdings Limited
| P&L Statement | 2022 | 2023 | 2024 |
|---|---|---|---|
| Interest Earned | 488 | 866 | 1194 |
| Other Income | 36 | -45 | 103 |
| Interest Expended | 219 | 356 | 453 |
| Operating Expenses | 263 | 273 | 442 |
| Provisions and contingencies | 0 | 0 | -19 |
| PAT | 31 | 109 | 309 |
| eps | 1.61 | 1.83 | 4.81 |
| Gross NPA | 2.8 | 2.1 | 2.1 |
| Net NPA | 2.8 | 2.1 | 2.1 |
| Financial Ratios | 2022 | 2023 | 2024 |
|---|---|---|---|
| Advances | 3733 | 5405 | 7259 |
| Book Value | 57.83 | 42.81 | 52.77 |
| P / B | 3.03 | 4.09 | 3.13 |
| ROE (%) | 2.78 | 4.28 | 9.12 |
| Assets | 2022 | 2023 | 2024 |
|---|---|---|---|
| Fixed Assets | 39 | 50 | 54 |
| Cash and Balances | 85 | 393 | 168 |
| Investments | 81 | 70 | 613 |
| Advances | 3733 | 5405 | 7259 |
| Other Assets | 97 | 761 | 674 |
| Total Assets | 4035 | 6679 | 8768 |
| Liabilities | 2022 | 2023 | 2024 |
|---|---|---|---|
| Share Capital | 192.75 | 595.23 | 641.81 |
| FV | 10 | 10 | 10 |
| Reserves | 922 | 1953 | 2745 |
| Borrowings | 2816 | 3864 | 5017 |
| Deposits | 0 | 0 | 0 |
| Other Liabilities | 104.25 | 266.77 | 364.19 |
| Total Liabilities | 4035 | 6679 | 8768 |
About Company
The following table shows a 10-point analysis of InCred Holdings Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue from Operations ₹1,873–1,874 cr PAT ₹372–374 cr PAT margin ~20% |
Holding company of InCred Group (primarily InCred Financial Services NBFC); tech-driven retail/SME lending (personal loans, business loans, education loans, LAP); AI underwriting, digital disbursals; strong AUM & profitability growth; unicorn status post-funding. |
| Industry & Market Position | Leading tech NBFC in retail/SME lending Diversified portfolio Digital & funding advantage |
Competitive in fintech-NBFC space (vs. Bajaj Finance, AU Small, etc.); edge via AI/ML underwriting & low-cost operations; diversified book; exposed to unsecured lending risks & regulatory tightening. |
| Revenue Growth Trend | FY23–FY25 CAGR ~55%+ Revenue ~₹866 cr → ~₹1,874 cr ~47% YoY growth in FY25 |
Rapid scaling from loan book expansion, retail/SME focus & tech efficiency; consistent high growth outpacing peers; supported by digital adoption & economic recovery. |
| Profitability & Margins | NIM ~8–10% ROA ~3.6% PAT margin ~20% |
Best-in-class NBFC margins driven by low-cost funding, fee income & operational efficiency; PAT growth ~18–21% YoY despite provisions; strong asset quality management. |
| Cash Flow Quality | OCF strong Limited dividends (growth focused) |
Robust cash generation from collections & scale; equity infusions & ESOP exercises support liquidity; strong quality earnings post-turnaround. |
| Balance Sheet Strength | AUM ~₹11,476–12,585 cr Low leverage High CAR |
Strong capital buffers; diversified book with stable asset quality (low GNPA); downside protected through tech-driven risk models & diversified funding access. |
| Valuation Comfort | Unlisted price ~₹150–170 (Feb 2026) P/E ~28–30x EPS ~₹5–6 |
Fair valuation for high-growth fintech NBFC; market cap ~₹10,000–11,000 cr; justified by strong ROA/ROE profile & IPO catalyst; attractive pre-listing opportunity. |
| Management & Governance | Founder-led Strong institutional backing (KKR etc.) Clean track record |
Proven execution in scaling & tech integration; transparent disclosures (annual reports, DRHP); solid governance framework with minimal regulatory scrutiny. |
| Growth Triggers & Catalysts | AUM expansion Digital lending growth IPO launch (SEBI approved Feb 2026) |
Major value unlock expected via public listing (fresh issue + OFS); organic upside from retail/SME credit demand; key catalyst for re-rating & liquidity improvement. |
| Liquidity & Exit Visibility | OTC liquidity only IPO approved (SEBI nod Feb 2026) |
Moderate unlisted trading currently; short-term capital lock-in but strong exit visibility post-IPO with potential liquidity boost. |
InCred Holdings Ltd (IHL) is the parent company of InCred Financial Services Limited (IFSL), which is the NBFC arm of the group. The InCred Group is diversified into three main verticals:
- InCred Finance (NBFC): Lending (personal, education, MSME)
- InCred Capital: Institutional, wealth, and asset management
- InCred Money: Digital investment distribution (retail and B2B2C)
History & Key Strategic Moves
- InCred’s NBFC business merged with KKR India Financial Services, making IFSL a wholly-owned subsidiary of IHL.
- In 2025, Nikhil and Nithin Kamath (Zerodha co-founders) invested ₹ 250 cr in InCred Holdings ahead of its IPO
- InCred has filed a confidential draft red-herring prospectus (DRHP) with SEBI as part of its IPO plans.
Business Model & Offerings
IHL (through IFSL) provides a broad suite of lending products:
- Personal Loans: Unsecured credit for individual needs
- Education Loans: Financing for students in India and abroad
- MSME/Business Loans: Loans for small businesses, including supply chain and merchant finance
- Anchor-Backed Lending: Loans to institutions such as schools, via structured deals
- Wealth & Distribution: Via. InCred Capital and InCred Money offer asset management and retail investing solutions.
Growth Drivers & Strengths
- Strong Technology Focus: Heavy use of data analytics and digital underwriting to scale efficiently.
- Diversified Business: Not just lending — also wealth (InCred Capital) and distribution (InCred Money), which reduces dependence on credit business.
- Capital Backing: Institutional investors (like KKR) and now the Kamath brothers, giving it strong financial muscle.
- Robust Credit Metrics: Solid capitalisation and manageable NPAs provide room to absorb growth risks.
- Pre-IPO Momentum: The IPO filing (via DRHP) signals major growth ambition and capital raise.
Risks & Challenges
- Leverage Risk: Debt-to-equity is relatively high, which could pressurise credit costs in a rate-up environment.
- Credit Risk: Despite stable NPAs, unsecured lending (personal, education) remains inherently risky.
- Competition: Intense competition from other fintech lenders, NBFCs, and banks.
- Execution Risk: Scaling newer verticals like broking (via InCred Money) and wealth management involves execution risk.
- IPO Risk: As it moves toward IPO, valuation, lock-ins, and public market dynamics could affect existing unlisted investors.
Quick Summary
InCred Holdings is a fast-growing, technology-led financial services group in India. With its NBFC business (InCred Finance), wealth arm (InCred Capital), and digital investment platform (InCred Money), it offers a diversified financial services play. Its unlisted share has seen strong financial metrics, and with a confirmed IPO filing, it may offer a significant pre-IPO opportunity. But investors should be aware of leverage risk, credit risk, and execution challenges.
Strengths:
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Strong Capitalization: As of September 30, 2024, InCred's net worth stood at ₹3,512 crore, with a comfortable capital adequacy ratio of 29.3%. This robust capitalization supports business growth and provides a buffer against potential losses.
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Diversified Loan Portfolio: InCred maintains a well-diversified loan book, reducing concentration risk. As of June 30, 2022, the portfolio included personal loans (35%), secured school financing (11%), student loans (12%), lending to NBFCs (11%), and anchor-backed business lines (18%). Such diversification helps mitigate risks associated with any single segment.
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Experienced Leadership Team: The company benefits from a seasoned management team with extensive experience in financial services. For instance, the Chief Risk Officer, Mr. Prithvi Chandrasekhar, has held positions at Capital One and McKinsey over a 25-year career, contributing to effective strategic planning and risk management.
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Technological Integration: InCred leverages advanced technology to optimize investment solutions and enhance client services, ensuring efficient and seamless operations. This technological focus allows the company to offer innovative financial products and maintain a competitive edge.
Weaknesses:
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Moderate Earnings Profile: Despite improvements, InCred's return on managed assets (RoMA) was 3.2% (annualized) during the first half of fiscal 2025, compared to 3.6% in fiscal 2024. While this indicates a positive trend, the company continues to focus on enhancing profitability. \
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High Operating Expenses: The company's operating expenses remain elevated, primarily due to investments in technology and workforce expansion. For the nine months ended December 31, 2023, operating expenses were 4.9% (annualized) of average managed assets. Achieving greater operational efficiency is essential to improve profitability.
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Asset Quality Concerns: The unsecured nature of a significant portion of InCred's loan portfolio poses inherent credit risks. As of September 30, 2024, the 90+ days past due (dpd) stood at 1.9%, with adjusted figures accounting for write-offs at 2.5%. Maintaining stringent credit assessment and monitoring processes is crucial to manage potential defaults.
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Limited Physical Presence: Operating primarily as an online platform, InCred may face challenges in attracting customers who prefer in-person banking services. In 2022, only about 21% of consumers in India used online lending services, indicating a significant portion still favors traditional banking methods.
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Intense Competition: The Indian fintech space is highly competitive, with over 2,000 startups vying for market share. This competition has led to declining margins, with average personal loan interest rates dropping to 10-12% in 2023, potentially impacting profitability.
Shareholding Pattern of Incred Holdings Limited
| Name | Holding |
|---|---|
| KKR India Financial Investments Pte. Ltd | 29.49% |
| B Singh Holdings | 17.06% |
| Other Investors | 44.35% |
| MNI Ventures | 9.10% |
Promoters of Incred Holdings Limited
| Name | Role | Linkedin Profile |
|---|---|---|
| Bhupinder Singh | CEO & Founder, InCred Group |  |
| Nithin Kamath | Investor (Zerodha Co-founder) | |
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Frequently Asked Questions
Incred Holdings Limited unlisted shares refer to equity in a privately held company offering credit and financial services, which is not listed on NSE or BSE. These shares are accessible via private-market platforms like UnlistedKraft.
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