InCred Holdings IPO

InCred Holdings Limitedincredholdings.com

AnnouncedMainboardFinancialsNSE · BSE

Price band: —
Issue size: —
Lot size: —
Bidding: —
Grey market: —

Market data to 17 Oct 2026. Company figures are as filed, sourced 17 Oct 2026. Every figure’s origin is listed under Sources.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

69Strong

IPOVista score

Balance sheet is the open question

51% of the scoring model was backed by disclosed data for InCred Holdings, giving low confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

Leveraged balance sheet
Debt-to-equity of 2.2× leaves limited headroom if demand softens or rates rise.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2011 · Mumbai, Maharashtra · 2,980 employees · part of InCred group

InCred Holdings is the Mumbai-based holding company for InCred Financial Services (IFSL), its wholly owned NBFC, which produced 99.85% of consolidated revenue from operations in the nine months to 31 December 2025. IFSL lends across five verticals: personal loans to salaried borrowers averaging above Rs 40,000 a month in income; education loans to Indian students taking mainly postgraduate STEM and business courses in North America and Europe; secured business loans, covering loans against property for retail traders and manufacturers plus financing for K-12 schools in Tier-II and Tier-III cities; specialised MSME credit to e-commerce sellers, food-delivery restaurants and asset-leasing clients; and term loans to smaller RBI-regulated NBFCs for on-lending. AUM stood at Rs 14,447.86 crore at 31 December 2025, spread over 158 branches in 19 states and union territories. The parent itself is a SEBI-registered merchant banker and manages a SEBI-registered AIF.

Spread lending funded by wholesale borrowing. For the nine months to 31 December 2025, interest on loans ran at 16.03% of average AUM against an average cost of total borrowings of 10.05%, for a net interest margin of 10.02%; operating expenses took 5.57% of average AUM and impairment 2.31%, leaving an annualised return on equity of 9.66%. Growth is gated by capital and funding rather than demand: total borrowings rose from Rs 8,358.51 crore at 31 March 2025 to Rs 10,163.76 crore at 31 December 2025, debt-to-equity moved 2.20 to 2.42 and CRAR slipped from 25.73% to 24.97%. The Rs 1,250 crore fresh issue is earmarked for IFSL's Tier-I capital. Stage 3 loans were 2.28%, up from 1.94% at March 2025.

The company on paper

Legal name: InCred Holdings Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 3 Jan 2011
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U67190MH2011PLC211738
Parent group: InCred group
Sector: Financials · Diversified NBFC — personal, student and secured MSME lending
Employees: 2,980
Registered office: Mumbai, Maharashtra
Promoters: Bhupinder Singh, B Singh Holdings Limited
Promoter holding, pre-issue: 16.6%
Website: incredholdings.com

The numbers

Financial performance

Revenue has compounded at 46.6% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

Ratios as disclosed in the prospectus, calculated at the upper end of the price band. P/E is always shown on post-issue earnings so issues stay comparable with each other.

P/E at the band, post-issue

Not priced yet

No price band has been fixed yet, so there is no multiple to quote

Median P/E of its named peers

28.5×

6 of the 7 listed companies the prospectus names — the other discloses no multiple

What you pay

Earnings and sales behind one share, and the multiple the band asks for them.

EPS, pre-issue (FY25 (year ended March 31, 2025)): ₹5.81
EPS, post-issueNot disclosed, so computed from FY25 profit after tax and the disclosed share count — this is the figure the multiple above is built on: ₹5.69
Price / sales: —
Net asset value per shareBook value behind one share — a floor, not a target: ₹58.74

What it earns on what it has

Returns and margins on FY25. These are the figures that say whether the multiple above is deserved.

Return on net worthAs disclosed in the prospectus, on its own formula — Indian issuers define RoNW on average net worth, not closing.: 10.4%
Return on capital employed: —
EBITDA margin: 60.9%
Net margin: 19.7%

What it owes

Gearing at the latest balance-sheet date.

Debt to equityAs disclosed in the prospectus. Issuers divide by total equity, which includes non-controlling interests — a wider base than the net worth used for RoNW.: 2.20×

Valuation against listed peers

P/E against operating margin

The peer table does not carry both a P/E and an operating margin for enough companies to plot.

The terms

How the issue is structured

Fresh issueNew shares — proceeds go to the company: ₹1,250 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: —
Total issue size: —
Shares offered in the OFS: 9,90,20,833
Pre-issue shares outstanding: 65,59,44,906
Employee discount: —

Who the shares are reserved for

Share of the net offer set aside for each investor category

Select a category to see who bids in it and how allotment works there.

Percentages are of the net offer, which excludes any employee or shareholder reservation.

Use of proceeds

How the fresh issue will be spent

The prospectus states what the proceeds are for but attaches no amount to any of it, so there is nothing to scale a bar against.

Who owns it before the issue

15 holders named, covering 55.6% of pre-issue equity. The prospectus does not name the rest.

Pre-issue. The offer document leaves the post-issue column to be filled at the prospectus stage, so it is not shown here.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples

No dates have been set yet, so bidding has not opened.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

The lot size and price band are not fixed yet, so there is nothing to calculate.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

Retail subscription figures are not available yet, so there is nothing to estimate from.

What the grey market implies

Arithmetic on an unofficial quote. The grey market has no clearing house and no obligation to settle — this is sentiment made numeric, not a forecast.

No grey-market quote has been recorded for this issue.

Our read

Easy to misread

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

Easy to miss in the prospectus

The 9M FY26 row is a nine-month stub to 31 December 2025, not a full year, and the filing states its ratios are annualised while the absolute figures are not. Do not compare its revenue or PAT like-for-like with the FY25 row.
The 2011 incorporation date belongs to the shell, not the lending business. The company was incorporated on 3 January 2011 as KKR Capital Markets India Private Limited, converted to a public limited company on 8 July 2022, and was renamed InCred Holdings Limited on 18 August 2022 pursuant to the Composite Scheme of Arrangement. Bhupinder Singh founded the InCred group later than 2011.
Net worth and total equity are identical in every period in the filing's own summary table, which is how the UDRHP presents them; this is not a transcription error.
Promoter pre-offer holding of 16.59% is Bhupinder Singh (0.75%) plus B Singh Holdings Limited (15.84%) on a fully diluted basis. Promoter-group entities hold a further 4.38% and are not included in this figure.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: IIFL Capital Services Limited, InCred Capital Wealth Portfolio Managers Private Limited, Kotak Mahindra Capital Company Limited, Nomura Financial Advisory and Securities (India) Private Limited, UBS Securities India Private Limited
RegistrarAllotment status is checked on the registrar's own site: MUFG Intime India Private Limited (formerly Link Intime India Private Limited)

How these figures were checked

Reconciled to InCred Holdings's own prospectus and to exchange disclosures, then cross-checked against 4 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

InCred Holdings Limited — UDRHP-I dated 6 May 2026 (full offer document, company-hosted) · read 17 Oct 2026
SEBI — InCred Holdings Limited, Draft Abridged Prospectus to the UDRHP-I · read 17 Oct 2026
SEBI — Public issues filings listing (red herring prospectuses filed with RoC, checked for a later InCred step) · read 17 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: —
Closes: —
Allotment: —
Lists: —
Revenue (FY25): ₹1,894 Cr
Profit (FY25): ₹373 Cr

Timeline

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.