Financial Snapshot
Key Performance Indicators:
Analysis is based on the company's reported financial statements and historical financial data.
Incred Holdings Unlisted Shares
23
Visitors
₹156
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Indicative
Incred Holdings Unlisted Shares Trend
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Incred Holdings Unlisted Shares Details
Incred Holdings Unlisted Shares Price
₹156
- Lot Size
- 200 Shares
- Min. Investment
- ₹31,200
Valuation
- Market Cap
- ₹10,513.54 Cr
- Total Shares
- 67,39,45,129
- P/E Ratio
- 26.85x
- P/B Ratio
- 2.66x
Performance & Health
- ROE
- 9.81%
- EPS
- ₹5.81
- Debt/Equity
- 2.20
- Book Value
- ₹58.74
Corporate Identity
- Sector
- Financial Services
- Availability in Depository
- CDSL & NSDL
- Face Value
- ₹10.00
- ISIN Code
- INE732W01014
- PAN
- AAECK1977B
- CIN
- U67190MH2011PLC211738
- Registrar (RTA)
- MUFG INTIME INDIA PRIVATE LIMITED
Incred Holdings Unlisted Shares Price
₹156
Lot Size
200 Shares
Min. Investment
₹31,200
Valuation
- Market Cap
- ₹10,513.54 Cr
- Total Shares
- 67,39,45,129
- P/E Ratio
- 26.85x
- P/B Ratio
- 2.66x
Performance & Health
- ROE
- 9.81%
- EPS
- ₹5.81
- Debt/Equity
- 2.20
- Book Value
- ₹58.74
Corporate Identity
- Sector
- Financial Services
- Face Value
- ₹10.00
- ISIN Code
- INE732W01014
- PAN
- AAECK1977B
- Availability in Depository
- CDSL & NSDL
- CIN
- U67190MH2011PLC211738
- Registrar & Transfer Agent (RTA)
- MUFG INTIME INDIA PRIVATE LIMITED
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About Incred Holdings
InCred Holdings Limited is a technology-driven financial services company that operates one of India's fastest-growing diversified non-banking financial companies (NBFCs) through its wholly owned subsidiary, InCred Financial Services Limited (IFSL). ...
InCred Holdings Limited is a technology-driven financial services company that operates one of India's fastest-growing diversified non-banking financial companies (NBFCs) through its wholly owned subsidiary, InCred Financial Services Limited (IFSL). Established with the vision of making credit more accessible, efficient and customer-centric, InCred Holdings combines technology, data analytics and disciplined risk management to deliver lending solutions across retail, education, business and institutional segments. The company has built a diversified lending platform that caters to individuals, students, entrepreneurs, micro, small and medium enterprises (MSMEs), and financial institutions, positioning itself as a comprehensive financial solutions provider in India's rapidly evolving credit ecosystem.
InCred Holdings has adopted a retail-focused business model that balances growth with prudent risk management. Rather than depending on a single lending category, the company has developed multiple loan verticals including personal loans, student loans, secured business loans, specialised MSME and mid-corporate financing, and lending solutions for financial institutions. This diversified product mix enables InCred Holdings to serve a broad spectrum of borrowers while reducing concentration risk and creating multiple avenues for sustainable growth. According to the CRISIL Report referenced in the UDRHP, InCred Holdings was India's fastest-growing diversified NBFC in terms of Profit After Tax (PAT) CAGR and the second fastest-growing diversified NBFC in terms of Assets Under Management (AUM) CAGR between FY2023 and FY2025.
The lending portfolio of InCred Holdings is designed to address different financing requirements across customer segments. Personal loans represent the company's largest business vertical, serving salaried professionals and self-employed individuals with unsecured credit solutions. Student loans support higher education aspirations by financing domestic and international education, while secured business loans and specialised MSME financing provide capital to entrepreneurs and growing businesses. In addition, the company extends structured funding solutions to financial institutions, creating a well-diversified lending franchise that spans both retail and institutional markets. As of December 31, 2025, InCred Holdings managed Assets Under Management (AUM) of approximately ₹14,448 crore, with personal loans accounting for 55.56% of the portfolio, followed by student loans at 22.15%, secured business loans at 8.74%, specialised MSME lending at 7.83%, and lending to financial institutions at 5.55%.
A key differentiator for InCred Holdings is its technology-first operating model. The company has built an integrated digital platform that supports the complete lending lifecycle-from customer acquisition and credit assessment to loan disbursement, servicing, collections and customer support. Advanced data analytics, artificial intelligence (AI), machine learning, workflow automation and API-driven architecture enable faster underwriting, improved risk assessment and efficient decision-making. The company's technology infrastructure also incorporates scorecard-based credit evaluation systems, automated verification processes and predictive analytics, helping improve operational efficiency while delivering a seamless digital borrowing experience.
InCred Holdings has also established a strong omnichannel distribution model that combines digital platforms with an extensive physical presence and strategic partnerships. Customers can access financial products through the InCred mobile application, website, branch network, direct sales teams and partner ecosystem, allowing the company to reach borrowers across urban and semi-urban India. As of December 31, 2025, InCred Holdings operated 158 branches across 19 states and union territories, employed 2,980 professionals, served customers across more than 17,000 PIN codes, and had an installed mobile application user base exceeding 4.5 lakh users. This diversified distribution strategy enhances customer accessibility while supporting scalable expansion across multiple geographies.
Products and Services Offered by InCred Holdings
InCred Holdings has built a diversified lending platform that caters to multiple customer segments instead of relying on a single product category. This diversified business model enables the company to balance growth opportunities with risk management while addressing India's expanding credit demand across retail, education, MSMEs and financial institutions.
Personal Loans
Personal loans form the largest business vertical of InCred Holdings and account for over half of its Assets Under Management (AUM). These unsecured loans are primarily offered to salaried professionals and self-employed individuals for meeting personal financial requirements such as medical emergencies, travel, home renovation, weddings, education and debt consolidation. The company leverages automated underwriting models, AI-powered credit assessment and digital verification to provide faster loan approvals while maintaining prudent credit standards.
As of December 31, 2025, personal loans contributed **55.56% of the company's total AUM**, making it the largest contributor to the lending portfolio.
Student Loans
Education financing represents one of InCred Holdings' fastest-growing businesses. The company provides education loans to students pursuing higher education in India as well as overseas universities. These loans cover tuition fees, accommodation expenses, living costs and other education-related expenditures.
Student lending allows the company to participate in India's expanding higher education market while serving borrowers with long-term earning potential. Through customised repayment structures and technology-enabled loan processing, InCred aims to simplify access to education financing.
Student loans accounted for 22.15% of total Assets Under Management as of December 31, 2025.
Secured Business Loans
InCred Holdings offers secured business loans to entrepreneurs and businesses seeking working capital, expansion funding and business development finance. These loans are backed by collateral, allowing the company to maintain relatively lower credit risk while serving India's growing small business ecosystem.
Digital applications, account aggregator integration and automated document verification help reduce manual processes and improve turnaround times for borrowers.
Specialised MSME and Mid-Corporate Lending
Micro, Small and Medium Enterprises (MSMEs) continue to remain underserved by traditional banking channels. InCred Holdings addresses this opportunity through specialised lending solutions designed for MSMEs and mid-sized businesses.
These products are supported by customised underwriting frameworks, industry-specific risk assessment models and relationship-based servicing. The company believes this segment offers significant long-term growth potential as formalisation of Indian businesses continues to increase.
Specialised MSME loans represented 7.83% of the company's AUM as of December 31, 2025.
Lending to Financial Institutions
Apart from retail borrowers, InCred Holdings also provides funding solutions to financial institutions including Non-Banking Financial Companies (NBFCs). These institutional lending products diversify the company's revenue streams while strengthening relationships within India's financial ecosystem.
Lending to financial institutions accounted for 5.55% of total AUM as of December 31, 2025.
Technology-Driven Lending Platform
Technology lies at the core of InCred Holdings' business strategy. Rather than using technology merely as a support function, the company has developed an integrated digital platform that powers almost every stage of the lending lifecycle.
Its proprietary platform supports:
* Customer onboarding
* Digital KYC verification
* Credit assessment
* Loan underwriting
* Loan disbursement
* Customer servicing
* Collections
* Risk monitoring
* Regulatory compliance
The platform incorporates artificial intelligence (AI), machine learning (ML), workflow automation, predictive analytics and API-based architecture to improve operational efficiency while enhancing customer experience.
The company also deploys:
* AI-driven underwriting models
* Autonomous AI agents for customer acquisition and collections
* Advanced scorecard-based credit evaluation systems
* Workflow automation tools
* Centralised data repositories
* Predictive analytics engines
These technologies enable quicker loan approvals, improved fraud detection, better credit selection and lower operating costs. According to the UDRHP, the company's AI-enabled technology foundation allows it to scale operations without proportional increases in employee headcount, thereby improving operating leverage over time.
Strong Risk Management Framework
Maintaining asset quality remains one of InCred Holdings' key strategic priorities. The company follows a disciplined credit risk management framework that combines technology with human oversight.
Its framework includes:
* Product-specific underwriting models
* Risk-based pricing
* Customer segmentation
* Co-borrower requirements where applicable
* Escrow mechanisms
* Credit guarantee coverage for eligible products
* Continuous portfolio monitoring
* Early warning systems
* Centralised collections
Rather than applying uniform lending criteria across all products, the company customises underwriting policies based on the unique risk characteristics of each borrower segment. This helps balance growth with credit quality.
Multi-Channel Distribution Network
To expand customer reach, InCred Holdings follows a multi-channel distribution strategy instead of relying solely on digital lending.
Its customer acquisition channels include:
* Mobile application
* Web platform
* Branch network
* Direct sales teams
* Strategic channel partners
* Service provider ecosystem
As of December 31, 2025, the company had:
* 158 branches
* Presence across 19 states and union territories
* Operations covering 17,000+ PIN codes
* 2,980 employees
* More than 4.5 lakh mobile app users
This hybrid model combines the scalability of digital lending with the trust and accessibility of a physical distribution network.
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Incred Holdings Financials
Income Statement
Figures shown in millions. YoY shown under each year; trend sparkline on the right.
| Particulars | FY 2023 | FY 2024 | FY 2025 | Trend |
|---|---|---|---|---|
| Revenue From operations | ||||
| Interest income | 8,229.68 | 11,935.92 | 16,924.90 | |
| Dividend income | 2.52 | 5.01 | 4.99 | |
| Fees and commission income | 218.05 | 330.85 | 1,373.79 | |
| Net gain on fair value changes | 50.17 | 133.38 | 245.38 | |
| Net gain on derecognition of financial instruments | 156.09 | 321.85 | 187.15 | |
| Total revenue from operations | 8,656.51 | 12,727.01 | 18,736.21 | |
| Other Income | 150.55 | 234.30 | 201.49 | |
| Total Income | 8,807.06 | 12,961.31 | 18,937.70 | |
| Expenses | ||||
| Finance costs | 3,560.19 | 4,532.56 | 6,271.67 | |
| Net loss on derecognition of financial instruments | 2.50 | 376.52 | - | |
| Impairment on financial instruments | ( 242.38) | (187.09) | 1,877.77 | |
| Employee benefit expenses | 1,922.78 | 2,645.85 | 3,393.10 | |
| Depreciation and amortization expenses | 132.68 | 186.99 | 183.24 | |
| Other expenses | 918.44 | 1,210.00 | 2,137.89 | |
| Total expenses | 6,294.21 | 8,764.83 | 13,863.67 | |
| Profit before tax | 1,909.64 | 3,995.43 | 5,074.03 | |
| Tax Expense | ||||
| Current Tax | 46.79 | 75.54 | 86.06 | |
| Deferred Tax | 772.21 | 829.50 | 1,256.47 | |
| Total Tax Expense | 819.00 | 905.04 | 1,342.53 | |
| Profit for the period/year | 1,090.64 | 3,090.39 | 3,731.50 | |
| EPS (in ₹) | 1.85 | 5.07 | 5.81 |
Incred Holdings - Key Insights
POSITIVE
Strong Funding Profile
InCred Holdings maintains a diversified borrowing base with relationships across more than 51 lenders, including banks, mutual funds, development finance institutions and NBFCs. The company's improving credit profile is reflected in its CRISIL AA-/Stable and ICRA AA-/Stable ratings as of December 31, 2025, supporting access to diversified funding sources for future growth.
POSITIVE
Diversified Lending Platform
InCred Holdings has built a diversified lending franchise across multiple high-growth segments, including personal loans, student loans, secured business loans, specialised MSME financing and lending to financial institutions. As of December 31, 2025, the company served over 5.04 lakh active customers, reducing concentration risk while supporting sustainable portfolio growth.
POSITIVE
Fast-Growing Diversified NBFC
InCred Holdings operates one of India's fastest-growing diversified NBFC platforms through its material subsidiary, InCred Financial Services Limited (IFSL). According to the CRISIL Report cited in the UDRHP, the company ranked as the fastest-growing diversified NBFC in terms of PAT CAGR and the second fastest in Assets Under Management (AUM) CAGR between FY2023 and FY2025.
NEUTRAL
Technology-Led Business Model
Technology forms the foundation of InCred Holdings' operating model. The company has developed an in-house digital platform with a mobile-first architecture, customised workflows, API-based integration and a centralised data repository. It also plans to further strengthen underwriting, fraud detection and risk management by leveraging artificial intelligence, machine learning and advanced data analytics.
Incred Holdings - Peers
Incred Holdings - Corporate Actions
Incred Holdings - News
INC 42
InCred Holdings UDRHP: A Look At Shareholding Pattern & Key Executives
Global investment firm KKR, which is one of the largest shareholders in InCred, intends to sell the highest number of up to 4 Cr shares via the IPO
THE ECONOMIC TIMES
InCred Holdings files updated draft IPO papers with Sebi; eyes Rs 1,250 cr via fresh issue
Retail-focused NBFC InCred Holdings has filed updated draft papers with Sebi for its proposed IPO, aiming for a valuation of around Rs 15,000 crore.
VC CIRCLE
InCred Holdings eyes $132 mn via fresh issue in IPO; KKR to sell stake
India's InCred Holdings, the parent of non-banking financial company InCred Financial Services, aims to raise 12.50 billion rupees ($131.8 million) through a fresh issue of shares as part of its initial public offering, draft papers showed on Thursday.
MINT
Upcoming IPO: KKR-backed InCred Holdings receives Sebi nod to raise funds via public issue. Details here
Upcoming IPO: InCred Holdings has received SEBI approval to raise funds via an IPO, with an expected size of ₹3,000-4,000 crore.
Incred Holdings - Annual Reports
2026
DRHP/RHP
Incred Holdings DRHP
Corporate Info & Management
Bhupinder Singh
Chairman, Director & CEO
Gaurav Maheshwari
CFO & Whole-time Director
Vivekanand P S
Non-Executive Director
Rupa Rajul Vora
Independent Director
Karnam Sekar
Independent Director
Saurabh Kant Singh
Independent Director
Ambika Bisla
Independent Director
Registered Office
Unit No 1203, 12th Floor, B Wing
The Capital, C-70, G Block
Bandra Kurla Complex,
Bandra East
Mumbai – 400 051,
Maharashtra, India
Incred Holdings Unlisted Shares Shares
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Incred Holdings Unlisted Shares Trend
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This sentiment meter reflects current demand-supply conditions in the unlisted market. It is not a rating and should not be considered advice to buy, sell, or hold. Sentiments are subject to rapid change and may not be real-time.
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