{"id":15543,"date":"2026-08-12T17:29:11","date_gmt":"2026-08-12T11:59:11","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=15543"},"modified":"2026-08-12T17:29:13","modified_gmt":"2026-08-12T11:59:13","slug":"indel-money-limited-ncd-ipo-issue-details-returns-and-risks","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/indel-money-limited-ncd-ipo-issue-details-returns-and-risks\/","title":{"rendered":"Indel Money Limited NCD IPO: Issue Details, Returns, and Risks"},"content":{"rendered":"\n<p><strong>Summary:<\/strong> Indel Money Limited launches a secured NCD public<strong> issue<\/strong> aggregating up to <strong>\u20b9500 crore<\/strong> (base \u20b9250 Cr <strong>+<\/strong> oversubscription \u20b9250 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.\u00a0<br><\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/indel-money-limited-ncd-ipo-issue-details-returns-and-risks\/#Indel_Money_launches_NCD_issue_offering_yields_up_to_1225\" >Indel Money launches NCD issue offering yields up to 12.25%<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/indel-money-limited-ncd-ipo-issue-details-returns-and-risks\/#Indel_Money_Limited_NCD_IPO_Issue_Overview\" >Indel Money Limited NCD IPO: Issue Overview<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/indel-money-limited-ncd-ipo-issue-details-returns-and-risks\/#Indel_Money_Limited_NCD_Interest_Rates_and_Effective_Yields\" >Indel Money Limited NCD Interest Rates and Effective Yields<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/indel-money-limited-ncd-ipo-issue-details-returns-and-risks\/#Understanding_the_Allocation_Ratio\" >Understanding the Allocation Ratio<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/indel-money-limited-ncd-ipo-issue-details-returns-and-risks\/#How_to_Invest_in_Indel_Money_NCD_IPO_via_GoldenPi\" >How to Invest in Indel Money NCD IPO via GoldenPi<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/indel-money-limited-ncd-ipo-issue-details-returns-and-risks\/#Financial_Overview_of_Indel_Money_Limited\" >Financial Overview of Indel Money Limited<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/indel-money-limited-ncd-ipo-issue-details-returns-and-risks\/#Should_You_Invest_Pros_and_Cons_of_Indel_Money_NCD\" >Should You Invest? Pros and Cons of Indel Money NCD&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/indel-money-limited-ncd-ipo-issue-details-returns-and-risks\/#Must_Check_To_get_better_returns_than_Bank_FDs_invest_in_NCD-IPOs_online\" >Must Check: To get better returns than Bank FDs, invest in NCD-IPOs online.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/indel-money-limited-ncd-ipo-issue-details-returns-and-risks\/#About_Indel_Money_Limited\" >About Indel Money Limited<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/indel-money-limited-ncd-ipo-issue-details-returns-and-risks\/#Invest_Now_Invest_in_Bond_IPO_online_in_just_5_minutes\" >Invest Now: Invest in Bond IPO online in just 5 minutes<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Indel_Money_launches_NCD_issue_offering_yields_up_to_1225\"><\/span><strong>Indel Money launches NCD issue offering yields up to 12.25%<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Indel Money NCD issue is live with an effective annual yield of up to 12.25%. The \u20b9500 crore issue is open for subscription and closes on August 31, 2026.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Indel_Money_Limited_NCD_IPO_Issue_Overview\"><\/span><strong>Indel Money Limited NCD IPO: Issue Overview<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Credit Rating:<\/strong> A-\/Stable (IND)<\/li>\n\n\n\n<li><strong>Yield Range:<\/strong> 9.00% to 12.25% p.a.<\/li>\n\n\n\n<li><strong>Tenures:<\/strong> 400 Days, 24, 36, 60 and 72 Months.<\/li>\n\n\n\n<li><strong>Nature:<\/strong> Secured and Redeemable.<\/li>\n\n\n\n<li><strong>High Yield\u00a0|\u00a0IND A-\/Stable Rated | Minimum Investment: 10k Only<\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"860\" height=\"1024\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12170630\/image-4-860x1024.png\" alt=\"\" class=\"wp-image-15546\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12170630\/image-4-860x1024.png 860w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12170630\/image-4-252x300.png 252w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12170630\/image-4-768x914.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12170630\/image-4-1290x1536.png 1290w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12170630\/image-4.png 1484w\" sizes=\"(max-width: 860px) 100vw, 860px\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Indel_Money_Limited_NCD_Interest_Rates_and_Effective_Yields\"><\/span><br><strong>Indel Money Limited NCD Interest Rates and Effective Yields<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"422\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12170805\/image-5-1024x422.png\" alt=\"\" class=\"wp-image-15547\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12170805\/image-5-1024x422.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12170805\/image-5-300x124.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12170805\/image-5-768x316.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12170805\/image-5.png 1078w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Understanding_the_Allocation_Ratio\"><\/span><strong><br>Understanding the Allocation Ratio<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"589\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12170952\/image-6-1024x589.png\" alt=\"\" class=\"wp-image-15548\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12170952\/image-6-1024x589.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12170952\/image-6-300x173.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12170952\/image-6-768x442.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12170952\/image-6-1536x884.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12170952\/image-6.png 1653w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Invest_in_Indel_Money_NCD_IPO_via_GoldenPi\"><\/span><strong>How to Invest in Indel Money NCD IPO via GoldenPi<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Investing in Bond IPOs is now seamless. Follow these easy steps:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Log in to <a href=\"https:\/\/goldenpi.com\/\">GoldenPi<\/a>.<\/li>\n\n\n\n<li>Look for the Search option and type Indel Money<\/li>\n\n\n\n<li>Select Indel Money NCD IPO\u00a0<\/li>\n\n\n\n<li>Choose your series and apply via UPI.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"371\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171053\/image-7-1024x371.png\" alt=\"\" class=\"wp-image-15549\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171053\/image-7-1024x371.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171053\/image-7-300x109.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171053\/image-7-768x278.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171053\/image-7-1536x556.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171053\/image-7.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Financial_Overview_of_Indel_Money_Limited\"><\/span><strong>Financial Overview of Indel Money Limited<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A deep dive into the company\u2019s balance sheet reveals a consistent growth trajectory in Revenue, PAT and Net Worth.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Snapshot stating the Revenue, PAT and Net-worth (In crores)<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"615\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171404\/image-1-3-1024x615.png\" alt=\"\" class=\"wp-image-15550\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171404\/image-1-3-1024x615.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171404\/image-1-3-300x180.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171404\/image-1-3-768x461.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171404\/image-1-3-1536x923.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171404\/image-1-3.png 1653w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Cash Flow Analysis (In crore)<\/strong><\/h3>\n\n\n\n<p>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.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>*Cash flow from operating activities reflects the amount a company generates through its product of services.<br><\/li>\n\n\n\n<li>**Cash flow from investing activities reflects cash generated and spent relating to investing activities, like purchase of assets, sales of securities etc.<br><\/li>\n\n\n\n<li>***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.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"554\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171514\/image-8-1024x554.png\" alt=\"\" class=\"wp-image-15551\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171514\/image-8-1024x554.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171514\/image-8-300x162.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171514\/image-8-768x416.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171514\/image-8-1536x832.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171514\/image-8.png 1849w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Ratio Analysis<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"561\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171620\/Ratio-Table-1024x561.png\" alt=\"\" class=\"wp-image-15552\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171620\/Ratio-Table-1024x561.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171620\/Ratio-Table-300x164.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171620\/Ratio-Table-768x420.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171620\/Ratio-Table-1536x841.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171620\/Ratio-Table.png 1803w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Should_You_Invest_Pros_and_Cons_of_Indel_Money_NCD\"><\/span><strong>Should You Invest? Pros and Cons of Indel Money NCD&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Pros<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Secured Structure<\/strong><strong>: <\/strong>As senior secured NCDs, these instruments provide greater safety than unsecured alternatives, supported by the loan book, receivables, and bank balances.<br><\/li>\n\n\n\n<li><strong>First-ranking charge: <\/strong>NCD investors are at the top of the repayment hierarchy (ahead of subservient charged and unsecured NCDs)<br><\/li>\n\n\n\n<li><strong>Security Cover: <\/strong>The security cover required must be a<strong> minimum of 100%<\/strong> of the total of the outstanding principal balance and accrued interest.<br><\/li>\n\n\n\n<li><strong>Competitive yields<\/strong>: up to 12.25% vs bank FDs and AAA Corporate bonds<br><\/li>\n\n\n\n<li><strong>Wide tenor and payout options:<\/strong> Monthly and Cumulative giving flexibility to investors<br><\/li>\n\n\n\n<li><strong>Clear Fund Usage: <\/strong>Funds raised will go towards lending, financing, and debt servicing\u00a0 \u2013 core NBFC activities.<br><\/li>\n\n\n\n<li><strong>Listed on BSE: <\/strong>Provides potential liquidity for investors via stock exchange<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Cons<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Exposure to Gold Loan Volatility:<\/strong> A large portion (approx. 94%) of business depends on gold loan pricing and demand cycles. Any adverse movement in collateral value could impact collections.<br><\/li>\n\n\n\n<li><strong>Diluted Security Sharing: <\/strong>Although NCD holders enjoy top-priority repayment (First Ranking), they <strong>lack exclusive rights<\/strong> to the underlying security and must share those collateral equally <strong>(Pari-Passu)<\/strong> with the company&#8217;s other secured creditors in the event of default.<br><\/li>\n\n\n\n<li><strong>Interest Rate Risk:<\/strong> More pronounced in longer tenors (60 &amp; 72 months).<br><br><br><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Must_Check_To_get_better_returns_than_Bank_FDs_invest_in_NCD-IPOs_online\"><\/span><strong>Must Check:<\/strong> <a href=\"https:\/\/goldenpi.com\/bond-better-return-fds\"><strong>To get better returns than Bank FDs, invest in NCD-IPOs online.<\/strong><\/a><br><br><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"About_Indel_Money_Limited\"><\/span><strong>About Indel Money Limited<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Indel Money Limited (IML), incorporated in 1986 and registered with the RBI, is a Kerala-based, non-deposit-taking NBFC. It <strong>primarily<\/strong> offers small-ticket <strong>\u201cgold loans\u201d against household gold jewelry. <\/strong>Apart from gold loans, the company also gives MSME, Loan against property (LAP), personal loans and Consumer durable loans (other loans). The company operates <strong>397 branches across 12 states and 4 UTs<\/strong>, serving primarily tier 2 and tier 3 cities customers with quick-turnaround, doorstep\/digital gold-loan journeys. <strong>AUM has reached \u20b94100 crore as of March 2026<\/strong>, with gold loans forming <strong>~94%<\/strong> of the book. It is backed by the <strong>Indel Group<\/strong>, a <strong>highly diversified conglomerate <\/strong>with business footprints spanning financial services, insurance, automotive, hospitality, agriculture, infrastructure,communication, media and entertainment.&nbsp;<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"615\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171959\/image-1-4-1024x615.png\" alt=\"\" class=\"wp-image-15553\" style=\"aspect-ratio:1.6651100733822548;width:404px;height:auto\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171959\/image-1-4-1024x615.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171959\/image-1-4-300x180.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171959\/image-1-4-768x461.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171959\/image-1-4-1536x923.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/12171959\/image-1-4.png 1653w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<h3 class=\"wp-block-heading\"><strong>Strengths<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Strong Promoter Commitment : <\/strong>Promoters&#8217; regular equity infusions reflect their confidence in company\u2019s growth prospects, with \u20b963.7 Cr infused in FY24-FY25, \u20b941.9 Cr during March-Sept 2025 and \u20b950 Cr during Jan-Feb 2026, providing continued support for the company&#8217;s expansion.<br><\/li>\n\n\n\n<li><strong>Predominantly Secured Loan Portfolio: <\/strong>~ 97% of IML&#8217;s AUM is secured, with <strong>~94% comprising gold loans <\/strong>and <strong>~3% LAP.<\/strong> This predominantly secured portfolio helps mitigate credit risk and provides a stronger recovery cushion in case of borrower defaults.<br><\/li>\n\n\n\n<li><strong>Rapid AUM Growth &amp; Improving Operational Efficiency: <\/strong>AUM grew at a ~41% CAGR during FY23-FY26 to <strong>\u20b94,100 Cr<\/strong>, while AUM per branch more than doubled from <strong>\u20b95.36 Cr in FY24 to \u20b911.1 Cr in FY26<\/strong>, reflecting improving branch productivity and operational efficiency.<br>\u00a0<\/li>\n\n\n\n<li><strong>Improving Profitability:<\/strong> PAT increased from <strong>\u20b939.86 Cr in FY24 \u2192 \u20b944.57 Cr in FY25 \u2192 \u20b9123.96 Cr in FY26<\/strong>, while ROA improved to <strong>3.85%<\/strong>.\u00a0<br><\/li>\n\n\n\n<li><strong>Strong Asset Quality Despite Rapid Growth:<\/strong> Even as AUM grew at a ~41% CAGR during FY23-FY26, GNPA declined from <strong>4.98% in FY24 to 1.6% in FY26<\/strong>, highlighting the company&#8217;s ability to <strong>grow rapidly while maintaining asset quality<\/strong>.<br><\/li>\n\n\n\n<li><strong>Asset-Light Managed Book Model<\/strong>: ~30% of AUM was managed through <strong>co-lending &amp; direct assignments (DAs)<\/strong>, supporting growth without requiring the company to fund the entire portfolio itself.<br><\/li>\n\n\n\n<li><strong>Strong Capitalisation:<\/strong> Net worth increased from \u20b9211 Cr in FY24 to <strong>\u20b9632 Cr in FY26<\/strong>, supported by regular promoter capital infusion and internal accruals. Gearing stood at ~4.6x in FY26, while a healthy CRAR of 20.47% <strong>(vs. RBI minimum requirement of 15%) <\/strong>provides an adequate capital cushion to support further growth and maintain financial stability.<strong> <\/strong><strong><br><\/strong><\/li>\n\n\n\n<li><strong>Strong Liquidity Profile:<\/strong> 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, \u20b9352 Cr of cash and bank balances covered \u20b9344.6 Cr of repayments due over the next three months, supported by \u20b914 Cr of unutilised bank lines. Its 90%+ gold-loan book can also be securitised, providing additional liquidity in a stress scenario.\u00a0<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Weakness<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>High Gold Loan Concentration:<\/strong> ~94% of AUM is concentrated in gold loans, exposing the company to gold-price and RBI\u2019s regulations<br>\u00a0<\/li>\n\n\n\n<li><strong>Regional Concentration Risk: <\/strong>~ 75% of business comes from just five states (Tamil Nadu, Karnataka, Odisha, Telangana &amp; Andhra). Tamil Nadu (<strong> <\/strong>~26%) and Karnataka (<strong> <\/strong>~18%) combined contribute ~44% of AUM. This makes the company vulnerable to local economic issues.<br>\u00a0<\/li>\n\n\n\n<li><strong>High Cost of Borrowing:<\/strong> <strong>~<\/strong> <strong>70% of borrowings are through NCDs<\/strong>, with the remainder largely comprising term loans. With a <strong>weighted average borrowing cost of ~12.3%<\/strong>, reducing funding costs and diversifying its borrowing sources remain key areas for improvement.\u00a0<br><br><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Invest_Now_Invest_in_Bond_IPO_online_in_just_5_minutes\"><\/span><strong>Invest Now:<\/strong> <a href=\"https:\/\/goldenpi.com\/bond-ipo-online\"><strong>Invest in Bond IPO online in just 5 minutes<\/strong><\/a><br><br><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Source:<\/strong> Prospectus August 07, 2026<br><br>Link: <strong>https:\/\/backend.indelmoney.com\/uploads\/ncd-reports\/7th-ncd-prospectus.pdf<\/strong><br><br><strong>Disclaimer &#8211; <\/strong>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary: Indel Money Limited launches a secured NCD public issue aggregating up to \u20b9500 crore (base \u20b9250 Cr + oversubscription \u20b9250 Cr).&hellip;<\/p>\n","protected":false},"author":12,"featured_media":15544,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[113],"tags":[],"class_list":["post-15543","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ncd-ipo"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Indel Money Limited NCD IPO: Issue Details, Returns, and Risks - GoldenPi | Blogs<\/title>\n<meta name=\"description\" content=\"Indel Money Limited NCD IPO: Issue Details, Returns, and Risks\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/indel-money-limited-ncd-ipo-issue-details-returns-and-risks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Indel Money Limited NCD IPO: Issue Details, Returns, and Risks - 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