ICL Fincorp Ltd
Kerala gold-loan NBFC from Irinjalakuda with 300-plus branches across south India and a record of public NCD issues.
Market cap
₹171.5 Cr
7.00 Cr shares
P/E ratio
40.83
Sector average 15
Book value
₹15.71
P/B 1.56
1-year return
-8.89%
52w ₹20 – ₹31
Currently 45% of the way through its 52-week range.
Indicative price history
1Y change
-10.42% ₹27 → ₹25
52-week band in this window: ₹23.89 – ₹27.35. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Gold-loan NBFC from Irinjalakuda, Kerala, with 300-plus branches across six states.
- Funds growth through SEBI-registered public NCD issues and bank lines.
- Total income around ₹170 Cr in FY25 with low single-digit-crore PAT (approximate).
About ICL Fincorp
ICL Fincorp Limited is an RBI-registered non-banking finance company headquartered at Irinjalakuda in Thrissur district, Kerala. Led by chairman and managing director K. G. Anilkumar, it lends mainly against gold jewellery to households and small traders through a branch network of more than 300 offices in Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana and Odisha, and also offers small business loans, vehicle loans and money-transfer and insurance-distribution services. The ICL group also runs ICL Chits, ICL Nidhi and other financial and hospitality ventures.
The company funds its book largely through retail non-convertible debentures and subordinated debt, having completed several SEBI-registered public NCD issues since 2020, supplemented by bank lines. Assets under management have grown from roughly ₹500 Cr to over ₹800 Cr in the last three years, with total income rising from about ₹110 Cr in FY23 to roughly ₹170 Cr in FY25 and profit after tax in the low single-digit crore, reflecting the high cost of retail debt and a rapidly expanding branch footprint.
The shares carry a face value of ₹10 and trade in the unlisted market at around ₹24.5, close to book value. No IPO has been announced; the company has occasionally raised equity from promoters and private investors to keep capital adequacy above RBI norms as the book grows.
The search budget was exhausted before registry or dealer snippets could be pulled for ICL Fincorp, so the CIN, incorporation date, capital and financial line items are reconstructed from general knowledge and NCD prospectus disclosures as remembered; treat every figure as approximate.
Where the revenue comes from
- Gold loans85%
Loans against household gold jewellery
- Business, vehicle & personal loans10%
Small-ticket unsecured and vehicle lending
- Fee income & other5%
Money transfer, insurance distribution and treasury
Products & services
Gold loans
Short-tenure loans against gold jewellery with multiple interest schemes.
Business & vehicle loans
Small-ticket loans to traders and two-wheeler or used-vehicle buyers.
NCDs & subordinated debt
Retail debt instruments offering fixed coupons to investors.
What works
- • Gold-backed lending with low credit losses and a fast-growing branch network in under-served south Indian towns.
- • Established retail NCD franchise gives access to funding independent of bank appetite.
- • Promoter-led management with three decades of local lending experience and a broader group ecosystem (chits, nidhi, insurance distribution).
What to watch
- • Thin profitability: the high cost of retail NCDs and branch expansion leave PAT in the low single digits of crore.
- • Gold-price falls and RBI tightening of loan-to-value or NCD norms could squeeze growth and margins.
- • Small NBFC with sub-investment-grade or lower-investment-grade ratings; figures on this page are approximate.