ICL Fincorp Limited NCD February 2026
NCD Issue Opens on 5 February 2026
NCD Issue Closes on 18 February 2026
NCD Guidance is given at the bottom of the post
🕗 Last Update: 17 February 2026, 6.00 AM
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About the Company:
ICL Fincorp Limited is a non-deposit-taking NBFC primarily engaged in gold loan financing, providing secured loans against household gold jewellery across states including Kerala, Tamil Nadu, Andhra Pradesh, Karnataka, Telangana, Odisha, Gujarat and Maharashtra. The company also offers property, business and personal loans, focusing on middle-class borrowers seeking quick and efficient financing solutions.
As on December 31, 2025, ICL Fincorp operated 305 branches across multiple states, strengthening its distribution network. The company continues to expand its gold loan portfolio with customised lending schemes and customer-focused services.
Get more details about the company @ https://www.iclfincorp.com/
NCD Promoters:
Kuzhuppilly Govinda Menon Anilkumar and Umadevi Anilkumar are the company’s promoters.
NCD Rating
| Rating Agency | Rating | Outlook | Safety Degree | Risk Degree |
|---|---|---|---|---|
| CRISIL Ratings Limited | BBB- | Stable | Moderate Safety | Moderate Credit Risk |
ICL Fincorp Limited NCD February 2026 Detail
| Particulars | Details |
|---|---|
| Security Name | ICL Fincorp Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures |
| Issue Open | February 5, 2026 |
| Issue Close | February 18, 2026 |
| Issue Size (Base) | Rs 50.00 Crores |
| Issue Size (Oversubscription) | Rs 50.00 Crores |
| Overall Issue Size | Rs 100.00 Crores |
| Issue Price | Rs 1000 per NCD |
| Face Value | Rs 1000 per NCD |
| Minimum Lot Size | 10 NCD |
| Market Lot | 1 NCD |
| Listing At | BSE |
| Basis of Allotment | First Come First Serve |
| Debenture Trustee | Mitcon Credentia Trusteeship Services Ltd. |
NCD Allocation Ratio
| Category | Allocation (%) | NCD Reserved |
|---|---|---|
| Institutional | 5.00% | 25,000 |
| Non-Institutional | 1.00% | 5,000 |
| HNI | 30.00% | 1,50,000 |
| Retail | 64.00% | 3,20,000 |
| Total | 100.00% | 5,00,000 |
NCD Coupon Rates & Interest Structure
| Â | Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | Series 6 | Series 7 | Series 8 | Series 9 | Series 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Frequency of Interest Payment | Monthly | Monthly | Monthly | Monthly | Cumulative | Cumulative | Cumulative | Annual | Annual | Cumulative |
| Nature | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured |
| Tenor | 13 Months | 24 Months | 36 Months | 60 Months | 13 Months | 24 Months | 36 Months | 24 Months | 36 Months | 72 Months |
| Coupon (% per Annum) | 10.00% | 10.50% | 11.00% | 11.50% | NA | NA | NA | 10.75% | 11.25% | NA |
| Effective Yield (% per Annum) | 10.47% | 11.02% | 11.57% | 12.13% | 10.50% | 11.00% | 11.50% | 10.75% | 11.25% | 12.25% |
| Amount on Maturity (Rs.) | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,114.23 | Rs 1,232.10 | Rs 1,386.20 | Rs 1,000.00 | Rs 1,000.00 | Rs 2,000.00 |
Objects of the Issue
| Sr. No. | Objects |
|---|---|
| 1 | Onward lending, financing and repayment/prepayment of existing borrowings |
| 2 | General corporate purposes |
Financial Information (Restated Consolidated)
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 852.92 | 637.95 | 527.66 |
| Total Income | 191.69 | 145.69 | 112.64 |
| Profit After Tax | 2.44 | 0.08 | 3.04 |
| Net Worth | 104.49 | 83.30 | 78.32 |
Amount in Rs. Crore
NCD Subscription Status
| Category | Subscription (Times) |
|---|---|
| Retail | 1.35x |
| HNI | 4.96x |
| Non-Institutional | 2.05x |
| Institutional | 0.00x |
| Total | 2.37x |
Address of the Company
ICL Fincorp Limited
Plot No: C308, Door No: 66/40,
4th Avenue, Ashok Nagar
Chennai, Tamil Nadu – 600083
NCD Lead Managers
Vivro Financial Services Private Limited
NCD Registrar
Cameo Corporate Services Limited
ICL Fincorp Limited NCD February 2026 – Review
by Paresh Gordhandas, CA & Research Analyst.
ICL Fincorp Limited’s February 2026 secured NCD issue offers interest rates ranging from 10.00% to 11.50% per annum with effective yields up to 12.25%. The BBB-/Stable rating reflects moderate safety, positioning the issue in the mid-risk fixed income category. The company’s expanding gold loan operations and growing branch network provide business stability, while modest profitability and dependence on secured lending remain key monitorables.
Chanakya View:
Higher coupon rates make this NCD attractive for investors seeking better yield than traditional deposits. However, considering the BBB- credit rating, conservative investors should keep allocation limited, while moderate risk investors may consider short to medium tenure series (13–36 months) for balanced risk and liquidity.
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