InCred Holdings’ revenue from operations surged 38.6% to ₹1,849.4 Cr in 9M FY26 from ₹1,333.9 Cr in the year-ago period
Total expenses rose 52.3% to ₹1,471.15 Cr from ₹966.1 Cr in the same period of previous year
As per the company’s updated DRHP, its IPO would comprise a fresh issue of up to ₹1,250 Cr and OFS of up to 9.9 Cr up to 9.9 Cr share
Bengaluru-based NBFC InCred Finance’s parent InCred Holdings reported a net profit of ₹290.1 Cr in the first nine months of the previous financial year (9M FY26), up around 5% from ₹275.5 Cr reported during the same period in FY25.
Yesterday, the company filed its updated DRHP for its public issue, which will comprise a fresh issue of up to ₹1,250 Cr and an offer-for-sale (OFS) component of up to 9.9 Cr equity shares.
The company’s revenue from operations surged 38.6% to ₹1,848.9 Cr in 9M FY26 from ₹1,333.9 Cr in the year-ago period.
The increase in revenue was primarily driven by growth of interest income, accounting for over 90% of the total operating revenue. This figure stood at ₹1,688.6 Cr during the period under review, up 39% from ₹1,214.3 Cr in 9M FY25. Dividend income for 9M FY26 was nil as against ₹2.5 Cr in the previous year. Fees and commission income climbed 58.9% YoY to ₹149.8 Cr from ₹94.3 Cr, while other income more than doubled to ₹211.9 Cr.
The company’s EBITDA rose 32% to ₹1,103.5 Cr from ₹835.9 Cr in 9M FY25.
Breaking Down InCred Holdings’ Business Model
Founded in 2017 by Bhupinder Singh, InCred Holdings is the parent of InCred Financial Services — a retail-focused diversified middle-layer NBFC registered with the RBI. The NBFC contributes over 99.8% of InCred Holdings’ revenue from operations. The company claims to be a tech-driven lender offering a range of lending products with a risk-first approach.
Besides InCred Finance, InCred Holdings operates across the BFSI sector through three distinct entities — InCred Capital and InCred Money.
InCred Finance’s assets under management (AUM) stood at ₹14,447.8 Cr as of December 2025. Personal loans was the biggest segment for the NBFC, accounting for 55.6% of the AUM. It was followed by student loans (22.2% of AUM), which is the fastest-growing product in its portfolio. Secured business loans, specialised MSME, and lending to financial institutions made up the balance of its AUM, growing at a slower rate.
In terms of customer profile, the NBFC’s personal loans are aimed at salaried borrowers with an average monthly income of over ₹40,000. For student loans, it targets Indian students pursuing post-graduate STEM and business courses in North America and Europe. On the business side, InCred Finance offers loans against property for working capital, school financing for K-12 institutions in Tier II & III cities, and embedded financing for online marketplace sellers. It also offers asset-backed financing for SMEs and mid-corporates, along with term loans to smaller NBFCs for onward lending.
The NBFC’s asset quality has remained largely stable in recent years. It reported a gross NPA ratio of 2.28% and net NPA ratio of 0.87% in 9M FY26.
As for the company’s other verticals, InCred Capital caters to institutional investors, corporates and wealthy individuals with services such as wealth management, asset management and capital market advisory. InCred Money is the group’s retail investment platform that allows users to invest digitally in products such as fixed deposits, mutual funds and bonds.
Earlier, InCred Group also acquired the gold loan division of TruCap Finance and Dubai-based financial advisory firm Arrow Capital (DIFC) Limited in February 2025, and Delhi-based trading platform Stocko in June 2025.
InCred Holdings filed draft papers for its IPO with SEBI through the confidential route in November. Investors like KKR, MNI Ventures, Mohandas Pai Family, and Moore Strategic plan to offload their shares through the IPO.
Meanwhile, the company plans to use the capital raised from fresh issue to augment its Tier I capital base and support its capital adequacy.
Notably, InCred is the second fastest growing diversified NBFC as measured by AUM CAGR between FY23-25, only behind Poonawalla Fincorp, as per market research by CRISIL Intelligence cited in the UDRHP. That said, its AUM is significantly smaller than the peers analysed, which also included Bajaj Finance, Aditya Birla Capital, HDB Financial Services, SMFG India Credit, and Hero Fincorp. Additionally, a higher share of its AUM is concentrated in the personal loans segment.
InCred Group has raised over $450 Mn in funding from investors like Varanium Capital Advisors, Sattva Group, and Paragon Partners to date. Most recently, InCred Money raised ₹250 Cr ($30 Mn) from Manipal Group chairman Ranjan Pai, former Deutsche Bank executive Ram Nayak, Mankind Family Office, and other investors at a valuation of ₹1,650 Cr ($200 Mn).
Where Did InCred Holdings Spend?
InCred’s total expenses in 9M FY26 rose 52.3% to ₹1,471.15 Cr from ₹966.1 Cr in the same period of previous year.
Finance Costs: It was the largest line item under InCred Holdings’ at ₹673.2 Cr in 9M FY26, 51.4% higher than ₹444.8 Cr a year ago.
Impairment On Financial Instruments (Net of Recoveries): The cost of impairment zoomed 85.5% YoY to ₹233.6 Cr.
Employee Benefit Expenses: InCred Holdings’ spending on employee benefits grew 28% to ₹310.7 Cr from ₹242.6 Cr.
Collection Expenses: The company spent ₹79.2 Cr under the head in 9M FY26, up 84% from ₹42.9 Cr in the previous year.
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