InCred Holdings Ltd

KKR-backed holding company of InCred Finance – FY25 PAT ₹373 Cr on a ₹12,400 Cr loan book, SEBI-approved IPO of ₹1,250 Cr fresh issue plus OFS in the pipeline.

DRHP FiledHigh liquidityNBFC holding company – retail, MSME and education lendingISIN INE732W01014NBFCPre-IPOKKR-backed

Indicative price

₹150.00

-1.97 (-1.30%) today

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Market cap

₹9,713 Cr

64.75 Cr shares

P/E ratio

26.04

Sector average 24

Book value

₹67.45

P/B 2.22

1-year return

-19.04%

52w ₹125 – ₹190

52-week low ₹12552-week high ₹190

Currently 38% of the way through its 52-week range.

Indicative price history

1Y change

-19.66% ₹187 → ₹150

195.1182.0169.0155.9142.8Sept 25Nov 25Feb 26Apr 26Jun 26Sept 26

52-week band in this window: ₹147.89 – ₹190.04. Weekly indicative marks, not exchange-traded prices.

Key highlights

  • FY25 consolidated revenue ₹1,873.6 Cr and PAT ₹373 Cr, up 47% and 21% respectively; 9M FY26 PAT about ₹290 Cr.
  • AUM of roughly ₹12,400 Cr across personal, MSME and education loans with GNPA of about 1.3%.
  • SEBI-approved IPO: ₹1,250 Cr fresh issue plus OFS by KKR, MNI Ventures and MEMG Family Office.

About InCred

InCred Holdings Limited is the listed-to-be parent of the InCred group founded by former Deutsche Bank investment banker Bhupinder Singh in 2016. Its principal operating subsidiary, InCred Financial Services Limited, is an RBI-registered NBFC that lends to consumers (personal loans), students (education loans) and MSMEs through a technology-led origination stack. The group also spans InCred Capital (wealth, broking and investment banking) and InCred Asset Management, which sit outside the holding company.

The holding company took its present shape in July 2022 when KKR India Financial Services merged into InCred Financial Services in an all-stock deal, bringing KKR in as the largest single shareholder. The combined lender has since compounded quickly: consolidated revenue rose from about ₹880 Cr in FY23 to ₹1,272.7 Cr in FY24 and ₹1,873.6 Cr in FY25, while profit after tax climbed from ₹109 Cr to ₹309 Cr and then ₹373 Cr. Assets under management reached roughly ₹11,600–12,400 Cr by March 2025 with gross NPAs of about 1.3%.

InCred Holdings filed a confidential draft red herring prospectus in November 2025, received SEBI's observation letter on 5 February 2026 and published an updated DRHP on 7 May 2026. The offer comprises a fresh issue of ₹1,250 Cr and an offer for sale of up to 9.90 Cr shares by KKR, MNI Ventures, MEMG Family Office and other early investors. Nine-month FY26 profit was about ₹290 Cr.

Financials on this page are consolidated figures reported in press coverage and dealer research; interest, expense, tax and balance-sheet line items are reconstructed around reported totals; treat them as approximate. Shareholding percentages for non-promoter investors are indicative and based on pre-IPO disclosures.

Where the revenue comes from

  • Personal loans45%

    Digital unsecured consumer lending, the largest book

  • MSME and business loans30%

    Secured and unsecured lending to small businesses, including escrow-backed and supply-chain finance

  • Education loans20%

    Loans for domestic and overseas higher education

  • Treasury and other income5%

    Fee, investment and other income

Products & services

Personal loans

Digital unsecured loans to salaried and self-employed borrowers via the InCred Money app and partners.

Education loans

Loans for undergraduate and postgraduate study in India and abroad.

MSME lending

Business loans, supply-chain finance and lending against escrow cash flows for small and medium enterprises.

What works

  • • Consistent profitability at scale – PAT grew from ₹109 Cr (FY23) to ₹373 Cr (FY25) with return on assets of about 3.6%.
  • • Marquee investor base including KKR, Investcorp, ADIA, Elevar Equity, Moore Capital and Ranjan Pai's MEMG family office, plus a SEBI-approved IPO that provides a defined liquidity route.
  • • Diversified retail book across personal, education and MSME lending with gross NPAs around 1.3% and a technology-driven underwriting model.

What to watch

  • • Unsecured personal-loan exposure is sensitive to RBI risk-weight changes and to any deterioration in retail credit quality.
  • • The unlisted price already embeds an IPO premium; if the issue is priced below dealer quotes or delayed, pre-IPO holders face downside and a six-month lock-in after listing.
  • • Wholesale-funded NBFC: net interest margins depend on continued access to bank lines and debt markets at competitive rates.