InCred Holdings
Financial Services · NBFC / Digital Lending
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Valuation
~₹10,000 Cr
Unlisted Price
₹149
52-Week Range
₹148 – ₹180
Expected IPO
2026
About
InCred Holdings Limited (ISIN: INE732W01014, CIN: U67190MH2011PLC211738) is India's fastest-growing diversified NBFC in terms of PAT CAGR and second fastest in AUM CAGR between FY2023–FY2025 (Source: CRISIL Report). Founded by Bhupinder Singh (former MD, Deutsche Bank Asia-Pacific), the InCred brand was launched in 2016. 99.85% of revenue comes from its material subsidiary InCred Financial Services Limited (IFSL). Products: Personal Loans (55.56% of AUM), Student Loans, Secured Business Loans, Specialized MSME Loans, and Lending to Financial Institutions. Credit ratings: CRISIL AA-/Stable and ICRA AA-/Stable. AUM: ₹14,448 Cr as at December 31, 2025. 158 branches across 19 states. U-DRHP-I filed May 6, 2026. IPO to list on BSE + NSE. RTA: MUFG Intime India (formerly Link Intime).
Key Highlight
India's fastest-growing diversified NBFC (PAT CAGR, CRISIL); CRISIL AA-/ICRA AA-; AUM ₹14,448 Cr (Dec '25); U-DRHP filed May 2026; Fresh Issue ₹1,250 Cr
Financial Ratios & Metrics
FY25 (year ended March 31, 2025)Valuation Ratios
P/E Ratio
25.6x
Price / Earnings
P/B Ratio
2.5x
Price / Book Value
PEG Ratio
—
PE / Growth Rate
Book Value
—
Per Share
Profitability & Returns
ROE
10.38%
Return on Equity
ROCE
N/A (NBFC)
Return on Capital
EBITDA Margin
—
Operating Margin
D/E Ratio
2.2x
Debt / Equity
Income Statement
ⓘSource: U-DRHP-I dated May 6, 2026. Total Income FY25: ₹1,894 Cr; PAT: ₹373 Cr; Basic EPS: ₹5.81; NAV/share: ₹58.74; ROE: 10.38%; NIM: 9.85%; CRAR: 25.73%; Gross NPA: 1.94%; Net NPA: 0.73%. AUM Dec 31, 2025: ₹14,448 Cr. Total Gross Loans Dec 31, 2025: ₹12,690 Cr. Personal loans: 55.56% of AUM. Unsecured loans: 76.43% of gross loans. Shareholding: B Singh Holdings 15.84%, KKR India Financial 12.98%, MNI Ventures 8.60%. Promoters: Bhupinder Singh (0.75%) + B Singh Holdings (15.84%). IPO: Fresh Issue ₹1,250 Cr + OFS 9.90 Cr shares. BRLMs: IIFL Capital, InCred Capital, Kotak, Nomura, UBS. Lock-in: VCFs/AIF Cat I-II/FVCIs — 6 months from acquisition; Retail/HNIs — 6 months from IPO listing date.
Share Information
IPO Details
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More news →Frequently Asked Questions
What is the current unlisted share price of InCred Holdings?▾
The current indicative unlisted share price of InCred Holdings is ₹149, with a 52-week range of ₹148 – ₹180. This is a grey market price and not exchange-regulated.
When is the InCred Holdings IPO expected?▾
InCred Holdings is expected to list on Indian stock exchanges in 2026. Current IPO status: DRHP Filed.
What is the valuation of InCred Holdings?▾
InCred Holdings is valued at approximately ~₹10,000 Cr (~$1.2B). This is a pre-IPO estimate based on grey market data and analyst reports.
What sector does InCred Holdings operate in?▾
InCred Holdings operates in the Financial Services — specifically NBFC / Digital Lending sector. Key highlight: India's fastest-growing diversified NBFC (PAT CAGR, CRISIL); CRISIL AA-/ICRA AA-; AUM ₹14,448 Cr (Dec '25); U-DRHP filed May 2026; Fresh Issue ₹1,250 Cr
Is InCred Holdings a good pre-IPO investment?▾
InCred Holdings is tracked on The Finance Network as a pre-IPO research subject. Key data: valuation ~₹10,000 Cr, IPO status DRHP Filed, expected listing 2026. This is not investment advice — always consult a SEBI-registered adviser.
Disclaimer: All data is sourced from publicly available filings, analyst reports, and grey market platforms. Unlisted share prices are indicative and not exchange-regulated. Financial ratios for unlisted companies are estimated and may differ from audited figures. This is not investment advice. Read full disclaimer →