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Summary: Indel Money Limited launches a secured NCD public issue aggregating up to ₹500 crore (base ₹250 Cr + oversubscription ₹250 Cr). These NCDs are rated A-/Stable by IND Ratings. The NCD issuance is structured across nine distinct series. The coupon rates provided vary between 9.00% and 11.50% per annum, with available investment periods of 400 Days, 24, 36, 60 and 72 Months.
Indel Money launches NCD issue offering yields up to 12.25%
Indel Money NCD issue is live with an effective annual yield of up to 12.25%. The ₹500 crore issue is open for subscription and closes on August 31, 2026.
Indel Money Limited NCD IPO: Issue Overview
Indel Money Limited is issuing Secured, Redeemable Non-Convertible Debentures (NCDs). This issue is a strategic opportunity for investors looking for fixed-income assets with a high degree of safety.
- Credit Rating: A-/Stable (IND)
- Yield Range: 9.00% to 12.25% p.a.
- Tenures: 400 Days, 24, 36, 60 and 72 Months.
- Nature: Secured and Redeemable.
- High Yield | IND A-/Stable Rated | Minimum Investment: 10k Only
Indel Money Limited NCD Interest Rates and Effective Yields
The NCDs are being issued in nine different series to cater to different investor needs, ranging from short-term liquidity to long-term wealth compounding
Understanding the Allocation Ratio
The allocation ratio is prepared based on norms laid down by SEBI. Before announcing the allocation ratio, the same has to be approved by SEBI. Once the IPO subscription closes, applications will be divided into different categories.
How to Invest in Indel Money NCD IPO via GoldenPi
Investing in Bond IPOs is now seamless. Follow these easy steps:
- Log in to GoldenPi.
- Look for the Search option and type Indel Money
- Select Indel Money NCD IPO
- Choose your series and apply via UPI.
Financial Overview of Indel Money Limited
A deep dive into the company’s balance sheet reveals a consistent growth trajectory in Revenue, PAT and Net Worth.
Snapshot stating the Revenue, PAT and Net-worth (In crores)
Cash Flow Analysis (In crore)
Cash flow refers to the movement of cash in and out of the business at a specific point in time. It represents the net balance of the cash movement.
- *Cash flow from operating activities reflects the amount a company generates through its product of services.
- **Cash flow from investing activities reflects cash generated and spent relating to investing activities, like purchase of assets, sales of securities etc.
- ***Cash flow from financing activities gives an insight into the financial stability of a company to its investors. It reflects the net flows of cash that are used to fund the company.
Ratio Analysis
Should You Invest? Pros and Cons of Indel Money NCD
Pros
- Secured Structure: As senior secured NCDs, these instruments provide greater safety than unsecured alternatives, supported by the loan book, receivables, and bank balances.
- First-ranking charge: NCD investors are at the top of the repayment hierarchy (ahead of subservient charged and unsecured NCDs)
- Security Cover: The security cover required must be a minimum of 100% of the total of the outstanding principal balance and accrued interest.
- Competitive yields: up to 12.25% vs bank FDs and AAA Corporate bonds
- Wide tenor and payout options: Monthly and Cumulative giving flexibility to investors
- Clear Fund Usage: Funds raised will go towards lending, financing, and debt servicing – core NBFC activities.
- Listed on BSE: Provides potential liquidity for investors via stock exchange
Cons
- Exposure to Gold Loan Volatility: A large portion (approx. 94%) of business depends on gold loan pricing and demand cycles. Any adverse movement in collateral value could impact collections.
- Diluted Security Sharing: Although NCD holders enjoy top-priority repayment (First Ranking), they lack exclusive rights to the underlying security and must share those collateral equally (Pari-Passu) with the company’s other secured creditors in the event of default.
- Interest Rate Risk: More pronounced in longer tenors (60 & 72 months).
Must Check: To get better returns than Bank FDs, invest in NCD-IPOs online.
About Indel Money Limited
Indel Money Limited (IML), incorporated in 1986 and registered with the RBI, is a Kerala-based, non-deposit-taking NBFC. It primarily offers small-ticket “gold loans” against household gold jewelry. Apart from gold loans, the company also gives MSME, Loan against property (LAP), personal loans and Consumer durable loans (other loans). The company operates 397 branches across 12 states and 4 UTs, serving primarily tier 2 and tier 3 cities customers with quick-turnaround, doorstep/digital gold-loan journeys. AUM has reached ₹4100 crore as of March 2026, with gold loans forming ~94% of the book. It is backed by the Indel Group, a highly diversified conglomerate with business footprints spanning financial services, insurance, automotive, hospitality, agriculture, infrastructure,communication, media and entertainment.
Strengths
- Strong Promoter Commitment : Promoters’ regular equity infusions reflect their confidence in company’s growth prospects, with ₹63.7 Cr infused in FY24-FY25, ₹41.9 Cr during March-Sept 2025 and ₹50 Cr during Jan-Feb 2026, providing continued support for the company’s expansion.
- Predominantly Secured Loan Portfolio: ~ 97% of IML’s AUM is secured, with ~94% comprising gold loans and ~3% LAP. This predominantly secured portfolio helps mitigate credit risk and provides a stronger recovery cushion in case of borrower defaults.
- Rapid AUM Growth & Improving Operational Efficiency: AUM grew at a ~41% CAGR during FY23-FY26 to ₹4,100 Cr, while AUM per branch more than doubled from ₹5.36 Cr in FY24 to ₹11.1 Cr in FY26, reflecting improving branch productivity and operational efficiency.
- Improving Profitability: PAT increased from ₹39.86 Cr in FY24 → ₹44.57 Cr in FY25 → ₹123.96 Cr in FY26, while ROA improved to 3.85%.
- Strong Asset Quality Despite Rapid Growth: Even as AUM grew at a ~41% CAGR during FY23-FY26, GNPA declined from 4.98% in FY24 to 1.6% in FY26, highlighting the company’s ability to grow rapidly while maintaining asset quality.
- Asset-Light Managed Book Model: ~30% of AUM was managed through co-lending & direct assignments (DAs), supporting growth without requiring the company to fund the entire portfolio itself.
- Strong Capitalisation: Net worth increased from ₹211 Cr in FY24 to ₹632 Cr in FY26, supported by regular promoter capital infusion and internal accruals. Gearing stood at ~4.6x in FY26, while a healthy CRAR of 20.47% (vs. RBI minimum requirement of 15%) provides an adequate capital cushion to support further growth and maintain financial stability.
- Strong Liquidity Profile: IML maintained a cumulative liquidity surplus across all maturity buckets, with a 54% surplus against total outflows in the up-to-one-year bucket as of May 31, 2026. As of April 30, 2026, ₹352 Cr of cash and bank balances covered ₹344.6 Cr of repayments due over the next three months, supported by ₹14 Cr of unutilised bank lines. Its 90%+ gold-loan book can also be securitised, providing additional liquidity in a stress scenario.
Weakness
- High Gold Loan Concentration: ~94% of AUM is concentrated in gold loans, exposing the company to gold-price and RBI’s regulations
- Regional Concentration Risk: ~ 75% of business comes from just five states (Tamil Nadu, Karnataka, Odisha, Telangana & Andhra). Tamil Nadu ( ~26%) and Karnataka ( ~18%) combined contribute ~44% of AUM. This makes the company vulnerable to local economic issues.
- High Cost of Borrowing: ~ 70% of borrowings are through NCDs, with the remainder largely comprising term loans. With a weighted average borrowing cost of ~12.3%, reducing funding costs and diversifying its borrowing sources remain key areas for improvement.
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Source: Prospectus August 07, 2026
Link: https://backend.indelmoney.com/uploads/ncd-reports/7th-ncd-prospectus.pdf
Disclaimer – The information is published as on date 12/08/2026 based on information available on Prospectus August 07, 2026. The information may be subject to change in case of change in terms of prospectus or any other reason as the case may be. Contents which are exclusively for educational information/knowledge sharing on capital market concepts and have no influence on the investment/sale decisions of any investors.
