{"id":9899,"date":"2025-10-08T05:34:32","date_gmt":"2025-10-08T05:34:32","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=9899"},"modified":"2026-02-26T13:47:37","modified_gmt":"2026-02-26T13:47:37","slug":"indel-money-limited-ncd-ipo-october-2025-should-you-invest","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/indel-money-limited-ncd-ipo-october-2025-should-you-invest\/","title":{"rendered":"INDEL MONEY LIMITED NCD IPO \u2013 October 2025, should you invest?"},"content":{"rendered":"<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 ' ><ul class='ez-toc-list-level-2' ><li class='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-october-2025-should-you-invest\/#High_Yield_A-Stable_Rated_Minimum_Investment_10k_Only\" >High Yield\u00a0|\u00a0A-\/Stable Rated\u00a0|\u00a0Minimum Investment: 10k Only<\/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-october-2025-should-you-invest\/#Bond_overview\" >Bond overview\u00a0<\/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-october-2025-should-you-invest\/#Coupon_rates_and_effective_yield_for_each_of_the_series\" >Coupon rates and effective yield for each of the series\u00a0<\/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-october-2025-should-you-invest\/#Allocation_Ratio\" >Allocation Ratio<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/indel-money-limited-ncd-ipo-october-2025-should-you-invest\/#Investment_Process_for_Indel_Money_Limited_NCD_IPO\" >Investment Process for Indel Money Limited NCD IPO<\/a><\/li><\/ul><\/li><\/ul><\/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-october-2025-should-you-invest\/#Financial_Overview\" >Financial Overview<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/indel-money-limited-ncd-ipo-october-2025-should-you-invest\/#Snapshot_stating_the_Revenue_Expenses_Net_Worth_and_PAT_In_crores\" >Snapshot stating the Revenue, Expenses, Net Worth and PAT (In crores)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/indel-money-limited-ncd-ipo-october-2025-should-you-invest\/#Cash_flow_for_last_few_years_In_crores\" >Cash flow for last few years (In crores)<\/a><\/li><\/ul><\/li><\/ul><\/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-october-2025-should-you-invest\/#Ratio_Analysis\" >Ratio Analysis<\/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-october-2025-should-you-invest\/#Issue_analysis\" >Issue analysis<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/indel-money-limited-ncd-ipo-october-2025-should-you-invest\/#Pros\" >Pros\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/indel-money-limited-ncd-ipo-october-2025-should-you-invest\/#Cons\" >Cons<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/indel-money-limited-ncd-ipo-october-2025-should-you-invest\/#To_get_better_returns_than_Bank_FDs_invest_in_NCD-IPOs_online\" >To get better returns than Bank FDs, invest in NCD-IPOs online.\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/indel-money-limited-ncd-ipo-october-2025-should-you-invest\/#About_Indel_Money_Limited\" >About Indel Money Limited<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/indel-money-limited-ncd-ipo-october-2025-should-you-invest\/#Q1_FY26\" >Q1 FY26<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/indel-money-limited-ncd-ipo-october-2025-should-you-invest\/#Strengths\" >Strengths<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/indel-money-limited-ncd-ipo-october-2025-should-you-invest\/#Weakness\" >Weakness<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/indel-money-limited-ncd-ipo-october-2025-should-you-invest\/#Invest_in_Bond_IPO_online_in_just_5_minutes\" >Invest in Bond IPO online in just 5 minutes<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"High_Yield_A-Stable_Rated_Minimum_Investment_10k_Only\"><\/span><strong>High Yield\u00a0|\u00a0A-\/Stable Rated\u00a0|\u00a0Minimum Investment: 10k Only<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bond_overview\"><\/span><b>Bond overview\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Indel Money Limited is issuing the Non-Convertible Debentures. These NCDs are A-\/Stable rated by Infomerics Valuation and Rating Limited. The NCDs are being issued in seven series: coupon ranges from 9% to 11.25% p.a. and different tenures of 366 days, 24 months, 36 months, 60 months and 72 months . The NCDs are secured and redeemable in nature.\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\"size-full wp-image-9900 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061227\/Screenshot-2025-10-07-113717.png\" alt=\"\" width=\"667\" height=\"786\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061227\/Screenshot-2025-10-07-113717.png 667w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061227\/Screenshot-2025-10-07-113717-255x300.png 255w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061227\/Screenshot-2025-10-07-113717-585x689.png 585w\" sizes=\"(max-width: 667px) 100vw, 667px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Coupon_rates_and_effective_yield_for_each_of_the_series\"><\/span><b>Coupon rates and effective yield for each of the series\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img decoding=\"async\" class=\"size-large wp-image-9901 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061246\/Picture13-1024x272.png\" alt=\"\" width=\"1024\" height=\"272\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061246\/Picture13-1024x272.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061246\/Picture13-300x80.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061246\/Picture13-768x204.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061246\/Picture13-1536x408.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061246\/Picture13-2048x544.png 2048w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061246\/Picture13-1170x311.png 1170w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061246\/Picture13-1920x510.png 1920w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061246\/Picture13-585x155.png 585w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Allocation_Ratio\"><\/span><b>Allocation Ratio<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">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.\u00a0 Once the IPO subscription closes, applications will be divided into different categories. The category-wise allocation ratio is always decided and declared during the launch of the particular IPO. Considering the Allocation Ratio, units will be assigned to applicants. Refer to the chart to know the application ratio for Indel Money Limited NCD-IPO.\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\"size-large wp-image-9910 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/08053413\/Picture2-1-1024x897.png\" alt=\"\" width=\"1024\" height=\"897\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/08053413\/Picture2-1-1024x897.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/08053413\/Picture2-1-300x263.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/08053413\/Picture2-1-768x672.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/08053413\/Picture2-1-1536x1345.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/08053413\/Picture2-1-1170x1024.png 1170w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/08053413\/Picture2-1-1920x1681.png 1920w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/08053413\/Picture2-1-585x512.png 585w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/08053413\/Picture2-1.png 2010w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Investment_Process_for_Indel_Money_Limited_NCD_IPO\"><\/span><b>Investment Process for Indel Money Limited NCD IPO<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">You can invest in IPOs via GoldenPi in these easy steps.<\/span><\/p>\n<p><img decoding=\"async\" class=\"size-full wp-image-9201 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/12\/17112823\/Investment-flow.png\" alt=\"\" width=\"576\" height=\"218\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/12\/17112823\/Investment-flow.png 576w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/12\/17112823\/Investment-flow-300x114.png 300w\" sizes=\"(max-width: 576px) 100vw, 576px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Financial_Overview\"><\/span><b>Financial Overview<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h4><span class=\"ez-toc-section\" id=\"Snapshot_stating_the_Revenue_Expenses_Net_Worth_and_PAT_In_crores\"><\/span><b>Snapshot stating the Revenue, Expenses, Net Worth and PAT (In crores)<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><img decoding=\"async\" class=\"size-large wp-image-9903 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061422\/Picture1-1024x590.png\" alt=\"\" width=\"1024\" height=\"590\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061422\/Picture1-1024x590.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061422\/Picture1-300x173.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061422\/Picture1-768x442.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061422\/Picture1-1536x884.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061422\/Picture1-2048x1179.png 2048w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061422\/Picture1-1170x674.png 1170w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061422\/Picture1-1920x1106.png 1920w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061422\/Picture1-585x337.png 585w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Cash_flow_for_last_few_years_In_crores\"><\/span><b>Cash flow for last few years (In crores)<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><img decoding=\"async\" class=\"size-large wp-image-9904 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061450\/Indel-Money-Cashflow-Canva-1024x556.png\" alt=\"\" width=\"1024\" height=\"556\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061450\/Indel-Money-Cashflow-Canva-1024x556.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061450\/Indel-Money-Cashflow-Canva-300x163.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061450\/Indel-Money-Cashflow-Canva-768x417.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061450\/Indel-Money-Cashflow-Canva-585x317.png 585w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07061450\/Indel-Money-Cashflow-Canva.png 1126w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">*Cash flow from operating activities reflects the amount a company generates through its product of services.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">**Cash flow from investing activities reflects cash generated and spent relating to investing activities, like purchase of assets, sales of securities etc.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">***Cash flow from financing activities gives an insight into the financial stability of a company to its investors. It reflects <\/span><span style=\"font-weight: 400;\">the net flows of cash that are used to fund the company.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Ratio_Analysis\"><\/span><b>Ratio Analysis<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h2><img decoding=\"async\" class=\"size-large wp-image-9908 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/08053152\/Artboard-35%402x-1-1024x636.png\" alt=\"\" width=\"1024\" height=\"636\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/08053152\/Artboard-35%402x-1-1024x636.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/08053152\/Artboard-35%402x-1-300x186.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/08053152\/Artboard-35%402x-1-768x477.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/08053152\/Artboard-35%402x-1-1536x954.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/08053152\/Artboard-35%402x-1-1170x727.png 1170w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/08053152\/Artboard-35%402x-1-585x363.png 585w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/08053152\/Artboard-35%402x-1.png 1800w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Issue_analysis\"><\/span><b>Issue analysis<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h4><span class=\"ez-toc-section\" id=\"Pros\"><\/span><strong>Pros\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Secured paper:<\/b><span style=\"font-weight: 400;\"> First-ranking pari-passu charge on current assets with <\/span><b>minimum 1.00x security cover<\/b><span style=\"font-weight: 400;\">; listed on <\/span><b>BSE<\/b><span style=\"font-weight: 400;\"> for liquidity.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Rated issue:<\/b> <b>IVR A-\/Stable<\/b><span style=\"font-weight: 400;\"> (Infomerics) \u2014 indicates moderate degree of safety; regular public NCD track record (multiple prior public issues).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Attractive yield choices:<\/b><span style=\"font-weight: 400;\"> Tenors <\/span><b>366d\/24\/36\/60\/72 months<\/b><span style=\"font-weight: 400;\"> with effective yields <\/span><b>up to ~12.25%<\/b><span style=\"font-weight: 400;\"> (series-wise options).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Sized for scale:<\/b> <b>\u20b9150 cr base + \u20b9150 cr green-shoe (\u20b9300 cr overall)<\/b><span style=\"font-weight: 400;\"> supports growth and market depth.<\/span><\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Cons\"><\/span><strong>Cons<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Security cover cushion:<\/b><span style=\"font-weight: 400;\"> Minimum <\/span><b>1.00x<\/b><span style=\"font-weight: 400;\"> asset cover (pari-passu on current assets) offers <\/span><b>limited extra cushion<\/b><span style=\"font-weight: 400;\"> vs. some peers with higher covers.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Sector &amp; ALM sensitivity:<\/b><span style=\"font-weight: 400;\"> NBFC funding\/ALM, cost-of-funds cycles, and portfolio performance are ongoing risks; issue is <\/span><b>not underwritten<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"To_get_better_returns_than_Bank_FDs_invest_in_NCD-IPOs_online\"><\/span><a href=\"https:\/\/goldenpi.com\/bond-better-return-fds\"><b>To get better returns than Bank FDs, invest in NCD-IPOs online.\u00a0<\/b><\/a><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"About_Indel_Money_Limited\"><\/span><b>About Indel Money Limited<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><b>Indel Money Limited<\/b><span style=\"font-weight: 400;\">, established in 1986 and rebranded in 2013, is a non-deposit-taking NBFC primarily focused on gold loan financing. Acquired by its current promoters in 2012, the company has expanded its offerings to include business loans, loans against property, and vehicle loans. With a strong management team led by industry veterans and consistent capital infusion, Indel Money has demonstrated solid asset quality and a growing asset base, reaching \u20b91,788 crore in assets under management as of June 2024. The company has maintained a CRISIL BBB+\/Stable rating, reflecting its financial stability and robust growth<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Q1_FY26\"><\/span><strong>Q1 FY26<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><img decoding=\"async\" class=\"size-large wp-image-9905 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07072415\/Screenshot-2025-10-07-112834-1024x313.png\" alt=\"\" width=\"1024\" height=\"313\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07072415\/Screenshot-2025-10-07-112834-1024x313.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07072415\/Screenshot-2025-10-07-112834-300x92.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07072415\/Screenshot-2025-10-07-112834-768x235.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07072415\/Screenshot-2025-10-07-112834-1536x469.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07072415\/Screenshot-2025-10-07-112834-2048x626.png 2048w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07072415\/Screenshot-2025-10-07-112834-1170x357.png 1170w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07072415\/Screenshot-2025-10-07-112834-1920x586.png 1920w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2025\/10\/07072415\/Screenshot-2025-10-07-112834-585x179.png 585w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Strengths\"><\/span><b>Strengths<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Strong capitalisation (ongoing promoter support):<\/b><span style=\"font-weight: 400;\"> Net worth <\/span><b>\u20b9364.7 Cr (Jun 30, 2025)<\/b><span style=\"font-weight: 400;\"> vs <\/span><b>\u20b9319.5 Cr (Mar 31, 2025)<\/b><span style=\"font-weight: 400;\">; promoter infusion <\/span><b>\u20b9100 Cr in FY25<\/b><span style=\"font-weight: 400;\"> (\u20b937.04 Cr bonus + \u20b962.96 Cr equity) and <\/span><b>\u20b921.85 Cr in Q1 FY26<\/b><span style=\"font-weight: 400;\">; plan to infuse <\/span><b>~\u20b980 Cr in FY26<\/b><span style=\"font-weight: 400;\">. Gearing at <\/span><b>4.64x (Q1 FY26)<\/b><span style=\"font-weight: 400;\"> vs <\/span><b>4.44x (FY25)<\/b><span style=\"font-weight: 400;\">, expected to improve with profits.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Experienced leadership &amp; governance depth:<\/b><span style=\"font-weight: 400;\"> Chairman <\/span><b>Mr. Mohanan Gopalakrishnan (38+ yrs banking)<\/b><span style=\"font-weight: 400;\">; CEO <\/span><b>Mr. Umesh Mohanan (20+ yrs financial services)<\/b><span style=\"font-weight: 400;\">; <\/span><b>9-member Board<\/b><span style=\"font-weight: 400;\"> with <\/span><b>4 independent directors<\/b><span style=\"font-weight: 400;\">, each <\/span><b>30+ yrs<\/b><span style=\"font-weight: 400;\"> sector experience.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>High growth AUM trajectory:<\/b><span style=\"font-weight: 400;\"> AUM <\/span><b>\u20b92,334.4 Cr (FY25)<\/b><span style=\"font-weight: 400;\"> from <\/span><b>\u20b91,533.8 Cr (FY24)<\/b><span style=\"font-weight: 400;\"> and <\/span><b>\u20b91,153.9 Cr (FY23)<\/b><span style=\"font-weight: 400;\"> \u2014 <\/span><b>52.2% 3-yr CAGR<\/b><span style=\"font-weight: 400;\">; continued to <\/span><b>\u20b92,544.1 Cr in Q1 FY26<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Focused, resilient portfolio mix:<\/b> <b>~93% gold loans<\/b><span style=\"font-weight: 400;\">; <\/span><b>~7%<\/b><span style=\"font-weight: 400;\"> business\/MSME &amp; digital personal loans \u2014 maintaining core specialization while testing adjacencies.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Rising income, healthy margins:<\/b><span style=\"font-weight: 400;\"> Net Interest Income up from <\/span><b>\u20b9100.3 Cr (FY23)<\/b><span style=\"font-weight: 400;\"> to <\/span><b>\u20b9174.4 Cr (FY25)<\/b><span style=\"font-weight: 400;\">; <\/span><b>\u20b962.7 Cr in Q1 FY26<\/b><span style=\"font-weight: 400;\">. NIM <\/span><b>9.02% (FY25)<\/b><span style=\"font-weight: 400;\"> vs <\/span><b>12.59% (FY24)<\/b><span style=\"font-weight: 400;\"> amid higher CoF\/competition; <\/span><b>10.26% in Q1 FY26<\/b><span style=\"font-weight: 400;\">, indicating recovery.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Diversified funding &amp; improving CoF:<\/b><span style=\"font-weight: 400;\"> Average borrowing cost <\/span><b>12.25% (Q1 FY26)<\/b><span style=\"font-weight: 400;\"> vs <\/span><b>12.50% (FY25)<\/b><span style=\"font-weight: 400;\"> with scope to decline. Borrowing mix: <\/span><b>Capital markets ~42%<\/b><span style=\"font-weight: 400;\">, <\/span><b>Co-lending ~26%<\/b><span style=\"font-weight: 400;\">, <\/span><b>Banks ~19%<\/b><span style=\"font-weight: 400;\">, <\/span><b>Direct assignment ~14%<\/b><span style=\"font-weight: 400;\"> \u2014 supporting timely, scalable funding.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Regulatory permissions for optionality:<\/b><span style=\"font-weight: 400;\"> Holds <\/span><b>RBI AD-II license<\/b><span style=\"font-weight: 400;\"> (forex business nascent) \u2014 potential future fee income\/adjacency without current P&amp;L dependence.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Positive outlook on capital &amp; leverage:<\/b><span style=\"font-weight: 400;\"> Regular equity infusions + profitability expected to <\/span><b>strengthen net worth<\/b><span style=\"font-weight: 400;\"> and <\/span><b>reduce gearing<\/b><span style=\"font-weight: 400;\"> from FY26 onward.<\/span><\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Weakness\"><\/span><b>Weakness<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Asset quality only average (though improving):<\/b> <b>GNPA 1.61% &amp; NNPA 1.09% (Q1 FY26)<\/b><span style=\"font-weight: 400;\"> \u2014 better than <\/span><b>1.88%\/1.35% (FY25)<\/b><span style=\"font-weight: 400;\"> and <\/span><b>4.98%\/3.17% (FY24)<\/b><span style=\"font-weight: 400;\">, but still not best-in-class.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Product concentration:<\/b> <b>~93% of AUM in gold loans<\/b><span style=\"font-weight: 400;\">; resilience hinges on gold prices\/auction outcomes despite <\/span><b>~96% of AUM being secured<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Geographic concentration:<\/b><span style=\"font-weight: 400;\"> Despite <\/span><b>369 branches across 14 states\/UTs<\/b><span style=\"font-weight: 400;\">, <\/span><b>~65% of AUM<\/b><span style=\"font-weight: 400;\"> is concentrated in five southern states (KA, TN, AP, TG, KL), exposing the book to regional shocks.<\/span><\/li>\n<\/ul>\n<h1 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Invest_in_Bond_IPO_online_in_just_5_minutes\"><\/span><a href=\"https:\/\/goldenpi.com\/bond-ipo-online\"><b>Invest in Bond IPO online in just 5 minutes<\/b><\/a><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><span style=\"font-weight: 400;\"><strong>Source-<\/strong> Prospectus September 29, 2025<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Disclaimer-<\/strong> The information is published as on date 08\/10\/2025 based on information available on Prospectus September 29, 2025. The information may be subject to change in case of change in terms of prospectus or any other reason as the case maybe. Contents which are exclusively for educational information\/knowledge sharing on capital market concepts and has no influence the investment\/sale decisions of any investors<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>High Yield\u00a0|\u00a0A-\/Stable Rated\u00a0|\u00a0Minimum Investment: 10k Only \u00a0 Bond overview\u00a0 Indel Money Limited is issuing the Non-Convertible Debentures. These NCDs are A-\/Stable rated&hellip;<\/p>\n","protected":false},"author":4,"featured_media":12311,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[113,166],"tags":[],"class_list":["post-9899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ncd-ipo","category-indel"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>INDEL MONEY LIMITED NCD IPO \u2013 October 2025, should you invest? - GoldenPi | Blogs<\/title>\n<meta name=\"description\" content=\"INDEL MONEY LIMITED NCD IPO \u2013 October 2025, should you invest?\" \/>\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-october-2025-should-you-invest\/\" \/>\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 \u2013 October 2025, should you invest? 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