Indel Money Ltd. is coming up with a public issue of secured, redeemable, rated and listed non-convertible debentures (NCDs) in August 2026. The issue has a base size of ₹250 crore with an option to retain oversubscription of another ₹250 crore, taking the overall issue size to ₹500 crore. The issue opens on August 18, 2026 and closes on August 31, 2026. The NCDs offer interest rates of up to 11.50% per annum and are proposed to be listed on BSE.
Should you consider Indel Money NCD August 2026? In this article, we look at the issue details, interest rates, credit rating, financial performance, positives, risks and other key factors before arriving at an overall view.
About Indel Money Ltd.
Indel Money Limited was incorporated in 1986 and is a non-deposit-taking NBFC registered with RBI. The company is primarily engaged in gold loans, where loans are provided against pledged household gold jewellery. It also offers loans against property, business loans and personal loans.
The company has been expanding its branch network, particularly in rural and semi-urban markets. Its gross AUM increased from ₹2,334 crore in FY2025 to about ₹4,104 crore in FY2026, while its branch count increased to 374 as of March 31, 2026. The gold loan business remains the major contributor to its loan portfolio.
Indel Money NCD August 2026 – Issue Details
| Particulars | Details |
|---|---|
| Issuer | Indel Money Ltd. |
| Issue Type | Secured, Redeemable, Non-Convertible Debentures |
| Issue Opens | August 18, 2026 |
| Issue Closes | August 31, 2026 |
| Base Issue Size | ₹250 Crore |
| Green Shoe Option | ₹250 Crore |
| Overall Issue Size | ₹500 Crore |
| Face Value | ₹1,000 per NCD |
| Issue Price | ₹1,000 per NCD |
| Minimum Investment | ₹10,000 (10 NCDs) |
| Market Lot | 1 NCD |
| Listing | BSE |
| Debenture Trustee | Beacon Trusteeship Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
The NCDs are secured and the prospectus states that security is to cover at least 100% of the principal and interest due, although actual recovery in an enforcement situation can depend on the market value of the secured assets.
Indel Money NCD August 2026 – Interest Rates
| Series | Interest | Tenure | Coupon | Effective Yield | Maturity Amount |
|---|---|---|---|---|---|
| Series 1 | Monthly | 400 Days | 9.00% | 9.38% | ₹1,000 |
| Series 2 | Cumulative | 400 Days | — | 9.00% | ₹1,099.05 |
| Series 3 | Monthly | 24 Months | 9.50% | 9.91% | ₹1,000 |
| Series 4 | Cumulative | 24 Months | — | 9.50% | ₹1,199.35 |
| Series 5 | Monthly | 36 Months | 10.00% | 10.46% | ₹1,000 |
| Series 6 | Cumulative | 36 Months | — | 10.00% | ₹1,331.40 |
| Series 7 | Monthly | 60 Months | 11.00% | 11.56% | ₹1,000 |
| Series 8 | Cumulative | 72 Months | — | 12.25% | ₹2,001.70 |
| Series 9 | Monthly | 72 Months | 11.50% | 12.12% | ₹1,000 |
The prospectus confirms nine series, with monthly and cumulative options across different tenures. The 72-month cumulative option has an effective yield of 12.25%.
Credit Rating
The Indel Money NCDs have been rated IND A-/Stable by India Ratings and Research Private Limited. India Ratings states that this rating indicates an adequate degree of safety regarding timely servicing of financial obligations and low credit risk. However, a credit rating is an opinion of credit quality and is not a recommendation to buy, sell or hold the NCDs.
Credit Rating Trend in the Last 3-5 Years
Indel Money has seen improvement in its ratings over the years, although the ratings have been assigned by different agencies and therefore should not be treated as a direct like-for-like upgrade history.
| Period | Agency | Rating |
|---|---|---|
| 2022 | Acuité | BBB+/Stable |
| 2023 | Acuité | BBB+/Stable |
| 2024 | CRISIL | BBB+/Stable |
| 2025 | Infomerics | A-/Stable |
| 2026 | India Ratings | A-/Stable |
Acuité upgraded certain Indel Money facilities, including the 2022 NCDs, from BBB+ to A-/Stable by February 2026. Infomerics had also assigned/reaffirmed A-/Stable for its 2025 NCD issue. India Ratings subsequently affirmed A-/Stable in 2026.
Objects of the Issue
The company proposes to utilise at least 75% of the net proceeds towards onward lending, financing/refinancing existing indebtedness and/or debt servicing. Up to 25% can be used for general corporate purposes.
This is broadly aligned with the normal funding requirements of an NBFC, where borrowed funds are deployed towards lending activities and repayment/refinancing of existing liabilities.
Company Financials
| Particulars (₹ Crore) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Assets | 3,716.55 | 1,877.28 | 1,244.93 |
| Total Income | 605.96 | 330.53 | 291.13 |
| Profit After Tax | 123.97 | 44.58 | 39.86 |
| Net Worth | 631.77 | 319.45 | 211.18 |
The numbers indicate strong growth in FY2026. Total income increased by about 83% and PAT increased by about 178% over FY2025. Net worth also nearly doubled.
Why to Invest?
- Attractive interest rates of up to 11.50% coupon and 12.25% effective yield.
- The NCDs are secured, rated and proposed to be listed on BSE.
- The company has shown strong growth in AUM, income and profitability.
- The credit rating has improved to A-/Stable across recent rating assessments.
- Investors get multiple choices of tenure and monthly or cumulative interest.
Why Not to Invest?
- A- is not in the highest credit-rating category such as AA or AAA, so investors should understand the additional credit risk.
- Indel Money is an NBFC and its business is exposed to asset-quality, liquidity, funding and regulatory risks.
- The business is heavily dependent on gold loans, making portfolio concentration an important factor to monitor.
- The company is raising funds partly to refinance existing borrowings and for onward lending.
- The highest-yielding options have long tenures of up to 72 months, which can reduce flexibility if interest rates change.
The prospectus itself cautions investors that NCD investments carry risk and advises investors to examine the issuer, issue terms and risk factors before investing.
How to Apply for Indel Money NCD?
Investors can apply through eligible stock brokers, BSE’s public issue mechanism, ASBA/UPI-enabled channels or other authorised intermediaries mentioned in the offer document. Retail investors applying through UPI can submit applications up to the prescribed limit, with the amount blocked through the UPI mandate.
Investors should verify the issue availability, series selected, demat details and payment mandate before submitting the application.
Indel Money NCD August 2026 – Should You Invest or Avoid?
Indel Money NCD August 2026 offers attractive interest rates, multiple tenure choices, secured NCDs and an A-/Stable rating. The company’s FY2026 financial performance and recent improvement in credit ratings are positives.
At the same time, these NCDs are not equivalent to bank deposits or highly rated AAA/AA corporate bonds. Investors need to accept NBFC credit risk, asset-quality risk, liquidity risk and the possibility that the NCD may not be easily sold at the desired price before maturity.
Based on the available information, this NCD may be considered by investors who understand these risks and are comfortable holding a secured A-rated NBFC debt instrument until maturity. Conservative investors who prioritise the highest credit quality may prefer higher-rated alternatives even if the interest rate is lower.
This article is for educational and informational purposes only and should not be considered investment advice or a recommendation to buy or avoid the NCD. Investors should read the final prospectus and independently assess suitability, risk and taxation before investing.
FAQs on Indel Money NCD August 2026
What is the Indel Money NCD August 2026 issue size?
The base issue is ₹250 crore and the company has an option to retain oversubscription of another ₹250 crore, taking the overall issue size to ₹500 crore.
What is the highest interest rate?
The highest coupon is 11.50% per annum under Series 9. The highest effective yield is 12.25% under Series 8.
What is the minimum investment?
The minimum application is ₹10,000, representing 10 NCDs of ₹1,000 each.
What is the credit rating?
The NCDs are rated IND A-/Stable by India Ratings and Research Private Limited.
Are Indel Money NCDs secured?
Yes. They are secured NCDs. However, security does not eliminate credit or recovery risk.
Can I exit before maturity?
The NCDs are proposed to be listed on BSE, so investors may have an opportunity to sell them in the secondary market. Actual liquidity and the market price at the time of sale cannot be assured.
What should investors check before applying?
Investors should review the latest prospectus, credit rating rationale, financial performance, risk factors, taxation and the specific series’ tenure, coupon and effective yield before taking a decision.
