INE321N07699 | 9.30% | Incred Financial Services Ltd.

9.30%

YTM

₹1,01,022.74

Minimum investment

Quarterly

Payout

12 Jun 2028

Maturity

8.80%

Coupon Rate

₹1,00,000

Face Value

Currently subscribed10 Units available

0% Sold

9.30% / +50 bpsYTM vs coupon

yield above stated coupon

99.6726 / 101.0227Clean / dirty price

Excluding / including accrued interest

About the Issuer

InCred Financial Services Limited is an RBI-registered systemically important non-deposit-taking NBFC. It was incorporated on 03/02/1995 as Multiflow Financial Services Private Limited, later known as KKR India Financial Services Limited, and now operates retail-focused lending across personal loans, student loans, secured business loans, MSME loans and lending to financial institutions.

Debenture trustee: Catalyst Trusteeship Ltd
Issuance date: 16 Jun 2026

Why this bond?

CRISIL AA-/Stable rating supports credit quality.
8.80% fixed quarterly coupon to June 2028.
1.05x cover over standard receivables.
AUM of 14,136.31 Cr as of March 2026.

Quarterly Interest PayoutPrincipal Paid at Maturity

₹1,01,022.74Principal Invested

₹17,527.65Interest earned

₹1,17,527.65Final Payout

Interest Payout Schedule

Interest payout schedule for selected units, with payout date, interest amount, and principal amount.
Payout Date	Interest (₹)	Principal (₹)
14 Sep 2026	₹2,169.86	--
14 Dec 2026	₹2,193.97	--
15 Mar 2027	₹2,193.97	--
14 Jun 2027	₹2,193.97	--
13 Sep 2027	₹2,193.97	--
13 Dec 2027	₹2,193.97	--
13 Mar 2028	₹2,193.97	--
12 Jun 2028	₹2,193.97	₹1,00,000
Total	₹17,527.65	₹1,00,000

Key Strengths

Rated Issuer

CRISIL AA-/Stable rating indicates high safety for timely servicing and very low credit risk.

Secured Cover

The NCD carries 1.05x security cover through a first ranking pari passu charge on standard receivables.

Capital Buffer

FY26 CRAR stood at 24.90%, above the 18% financial covenant specified in the KID.

AUM Scale

KID reported AUM of 14,136.31 Cr as of Mar-26, up from 10,777.95 Cr as of Mar-25.

Diversified Book

AUM mix spans personal loans, student loans, secured business loans, MSME lending and FI lending.

Key Risks

Unsecured Exposure

Personal loans remain the largest product segment, making borrower stress and collections key monitorables.

Credit Costs

CRISIL notes credit costs rose to 2.0% in the first nine months of FY26 versus 1.5% in FY25.

Operating Costs

Operating expenses remain elevated though declining, which can affect profitability during scale-up.

Security Recovery

Protection from charged receivables depends on maintenance of eligible assets and enforcement outcomes.

Covenant Breach

GNPA, NNPA, leverage, CRAR, ALM mismatch and exposure covenants are tested quarterly.

CRISIL AA-/Stable1.05x security coverAUM 14,136.31 CrBSE WDM listing

AA-/ StableFY 26

Rating rationale summary

CRISIL AA-/Stable reflects strong capitalisation, comfortable earnings, experienced leadership and diversified loan book, offset by unsecured-loan asset-quality risk.

Rating history timeline

Dec 2025

KID reports CRAR 24.90% and AUM 14,136.31 Cr.

May 2026

CRISIL assigned AA-/Stable to current debentures.

FY 26

KID reports CRAR 24.90% and AUM 14,136.31 Cr.

Outlook implications

Stable outlook assumes IFSL maintains capital buffers, profitability and asset quality while scaling its retail-focused loan book through FY26-28.

Implications for investors

AA-/Stable supports a high-safety view for timely servicing.
1.05x receivables cover adds structural protection, subject to enforcement and asset quality.
Rating downgrade can allow a 25 bps coupon step-up if conditions in the KID are met.

Watch for: AUM growth, credit costs, GNPA/NNPA, unsecured-loan stress and rating downgrade triggers.

Rating Drivers

Strong capital base

Healthy NIM and RoMA

Diversified retail AUM

Unsecured loans monitored

Elevated but declining

How this issuer compares to peers

Benchmark yield, balance-sheet strength, and risk indicators against similar issuers to make the credit case easier to validate.

Where it stands out

Retail-focused NBFC with AA- rating and growing AUM

Retail NBFC Secured NCD AA- rating Private placementSupplied documents support strong capitalisation, comfortable earnings and diversified lending mix, but no peer benchmark pack was supplied.

Invest

Units

Trade & Settlement

Settlement date

11 Aug 2026

Orders placed after 4 PM will be executed on the next business day. Weekends and exchange holidays are skipped.

Totals (For Selected Units)

Price per Unit

₹1,01,022.74

Investment amount

₹1,01,022.74

Total Interest

₹17,527.65

Total Receivable

₹1,17,527.65

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Incred Financial Services Ltd.