ICL Fincorp Limited NCD November 2025
NCD Issue Opens on 17 November 2025
NCD Issue Closes on 28 November 2025
# NCD Guidance is given at the bottom of the post
Last Updated: 18 November 2025, 6.00 AM
About the Company:
ICL Fincorp Limited, a fast-growing non-deposit-taking NBFC, is a well-established player in the gold loan financing sector. The company provides loans against household gold jewellery across key states including Kerala, Tamil Nadu, Andhra Pradesh, Karnataka, Telangana, Odisha, Gujarat, and Maharashtra, with an expanding presence in Goa and West Bengal.
It also offers property, business, and personal loans, catering mainly to middle-class customers seeking quick and efficient financing solutions. ICL Fincorp focuses strongly on customer service, doorstep loan disbursal, and efficient ground operations.
The company has introduced special short-tenure gold loan schemes for borrowers needing rapid funds with quick repayment flexibility. Its AUM (before impairment) rose sharply from Rs. 3,960 crore in FY23 to Rs. 6,929 crore in FY25, reflecting consistent business growth.
As of September 2025, ICL Fincorp operates through 300 branches and employs 1,433 staff members, of which nearly 59% are women—highlighting its focus on inclusion and operational depth.
NCD Promoters:
Kuzhuppilly Govinda Menon Anilkumar and Umadevi Anilkumar are the company’s promoters.
NCD Rating
CRISIL BBB-/Stable (pronounced as CRISIL triple B minus rating with Stable outlook) for an amount of Rs. 40,00,000 thousand
| ICL Fincorp Limited NCD November 2025 Detail | |
| Issue Open | November 17, 2025 – November 28, 2025 |
| Security Name | ICL Fincorp Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| 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 each NCD |
| Minimum Lot size | 10 NCD |
| Market Lot | 1 NCD |
| Listing At | BSE |
| Credit Rating | CRISIL BBB-/Stable by CRISIL. |
| Tenor | 13, 24, 36, 60 and 70 Months |
| Series | |
| Payment Frequency | Monthly, Annual and Cumulative |
| Basis of Allotment | First Come First Serve Basis |
| Coupon Incentive | |
| Debenture Trustee/s | Mitcon Credentia Trusteeship Services Limited |
| NCD Allocation Ratio | |
| Category | NCD’s Allocated |
| Institutional | 5% |
| Non-Institutional | 1% |
| HNI | 30% |
| Retail | 64% |
NCD Coupon Rates
| 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 | 70 Months |
| Coupon (% per Annum) | 10.50% | 11.00% | 11.50% | 12.00% | NA | NA | NA | 11.25% | 11.75% | NA |
| Effective Yield (% per Annum) | 11.02% | 11.57% | 12.13% | 12.68% | 11.00% | 11.50% | 12.00% | 11.25% | 11.75% | 12.62% |
| Amount on Maturity (In Rs.) | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,119.70 | Rs 1,243.23 | Rs 1,404.93 | Rs 1,000.00 | Rs 1,000.00 | Rs 2,000.00 |
ICL Fincorp Limited NCD November 2025 Details & Guidance
Objects of the Issue
The company proposes to utilise the funds which are being raised through the Issue towards funding the following objects
1.For the purpose of onward lending, financing, and for repayment/prepayment of principal and interest on existing borrowings of the Company; and
2. General corporate purposes.
.
Financial Information (Restated Consolidated)
| Period Ended | 31-Mar-25 | 31-Mar-24 |
| Assets | 852.92 | 637.95 |
| Total Income | 191.69 | 145.69 |
| Profit After Tax | 2.44 | 0.08 |
| Net Worth | 110.07 | 85.12 |
| Reserves and Surplus | 45.11 | 32.53 |
| Total Borrowing | 87.63 | 54.32 |
| Amount in Rs. Crore | ||
Address of the Company
ICL Fincorp Limited
Plot No: C308, Door No: 66/40,
4th Avenue, Ashok Nagar,
Chennai – 600 083
NCD Lead Managers
Vivro Financial Services Private Limited
NCD Registrar
Cameo Corporate Services Limited
ICL Fincorp Limited NCD November 2025– Review
by Paresh Gordhandas, CA & Research Analyst.
ICL Fincorp Ltd., a Chennai-based non-deposit-taking NBFC, is a known player in the gold loan segment with a network of over 300 branches across southern and western India. The company’s Rs. 100 crore Secured NCD issue (Base Rs. 50 crore + Green Shoe Rs. 50 crore) opens on 17 November 2025 and closes on 28 November 2025, offering tenures of 13 to 70 months with monthly, annual and cumulative options. Coupon rates range from 10.50% to 12.68%, giving effective yields up to 12.62% p.a.
The NCDs are rated CRISIL BBB-/Stable, indicating moderate safety with a stable outlook. Funds will be used for onward lending, refinancing existing borrowings, and general corporate purposes. The company’s financials show modest improvement — FY25 PAT rose to Rs. 2.44 crore from Rs. 0.08 crore in FY24, and total income increased to Rs. 191.69 crore. However, the small profit base and continued reliance on debt funding remain areas of concern.
Chanakya View:
The high coupon is attractive, but the BBB- rating and limited earnings make this issue suitable only for investors with higher risk tolerance seeking better returns from secured instruments. Conservative investors may avoid or consider very limited exposure, while aggressive investors may subscribe for short- to medium-tenure series (13–36 months) for higher liquidity and controlled risk.
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