Indel Money is a Kerala-based non-deposit-taking NBFC incorporated in 1986. The company primarily offers gold loans, which account for approximately 94% of its portfolio. As of March 2026, it operates 367 branches across 15 states, with a strong focus on the southern regions of India.
Debenture trustee
Beacon Trusteeship Ltd.
Issuance date
24 Aug 2026
Key terms
Senior Secured rated listed redeemable NCDs.
Tier-1 Institutional Backing from Kotak & HDFC.
Highly secured asset portfolio dominated by gold.
1.00x security cover on hypothecated receivables.
Returns & Cashflow
Units
1
Monthly Interest PayoutPrincipal Paid at Maturity
₹991.09Principal Invested
₹180.25Interest earned
₹1,180.25Final Payout
Interest Payout Schedule
Interest payout schedule for selected units, with payout date, interest amount, and principal amount.
Payout Date
Interest (₹)
Principal (₹)
01 Nov 2026
₹8.07
--
01 Dec 2026
₹7.81
--
01 Jan 2027
₹8.07
--
01 Feb 2027
₹8.07
--
01 Mar 2027
₹7.29
--
01 Apr 2027
₹8.07
--
01 May 2027
₹7.81
--
01 Jun 2027
₹8.07
--
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₹4,104 CrAUM
20.47%Capital adequacy
4.57xDebt/Equity
1.65%GNPA
₹632 CrNet worth
1.3%NNPA
₹124 CrPAT
19.62%ROE
Financial Trend
YoY +75.8% ↑
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Issuer and structure highlights
Illustrious Management
Led by veteran central bankers, ensuring high corporate governance standards.
Robust Equity Infusions
Promoters regularly infuse substantial equity capital, driving a healthy Capital Adequacy Ratio.
Highly Secured Portfolio
Lending book dominated by gold loans reduces credit risk against market shocks.
Key Risks
Geographic Concentration
A significant portion of the branch network is concentrated in southern India, exposing it to regional risks.
Gold Price Volatility
A sustained decrease in the market price of gold could cause a decrease in collateral value.
Operational Risks
Handling high volumes of cash and gold jewellery exposes the company to risks of theft and fraud.
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Summarised from the issuer's disclosures and the rating rationale. Read the full offer document and rating rationale before investing.
AUM grew at a CAGR of 40.65% over FY23-FY26.Tier I capital adequacy ratio stood at 18.95% in FY26.
IND A-Jul 2026
Rating rationale summary
Indel Money's rating reflects its established track record, strong profitability, improved operational efficiency, adequate capital buffers, and experienced promoters.
Summary points
Robust capital base and equity infusions.
Granular and well-diversified gold loan book.
Experienced promoters and management team.
Outlook implications
The Stable outlook reflects the expectation of sustained growth in operations over the medium term, supported by adequate internal accruals, stable profitability, and adequate capital buffers.
Implications for investors
The 'A-' rating indicates an adequate degree of safety regarding the timely servicing of financial obligations and carries a low credit risk.
The Stable outlook reflects the agency's expectation of sustained growth supported by stable profitability and capital buffers.
Watch for: Sharp rise in delinquency, adverse regulatory developments, or leverage exceeding 6.0x on a sustained basis.
Rating Drivers
Capital Buffers
Supportive
Adequate capital buffers
Asset Quality
Neutral
Stable GNPA at 1.5-1.65%
Funding Profile
Monitored
Limited funding profile
How this issuer compares to peers
Benchmark yield, balance-sheet strength, and risk indicators against similar issuers to make the credit case easier to validate.
Where it stands out
Robust AUM Growth and Asset Quality
Gold Loan NBFC South India Focus Secured LendingThe company has demonstrated exponential AUM growth while maintaining healthy asset quality and low credit costs.
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Invest
Selected investment units: 1
Trade & Settlement
Settlement date
16 Oct 2026
Orders placed after 4 PM will be executed on the next business day. Weekends and exchange holidays are skipped.
Totals (For Selected Units)
Price per Unit
₹991.09
Investment amount
₹991.09
Total Interest
₹180.25
Total Receivable
₹1,180.25
Regulatory Assurance Panel
General Information Document
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