Indel Money NCD October 2025 Details & Guidance
NCD Issue Opens on 13 October 2025
NCD Issue Closes on 28 October 2024
🕗 Last Update: 17 October 2025, 6.00 AM
# NCD Review/Guidance is given at the bottom of the post
About the Company:
Founded in 1986, Indel Money Limited is a non-deposit-taking non-banking finance company (NBFC) registered with the Reserve Bank of India (RBI). Specializing in the gold loan sector, the company provides financing against the pledge of household gold jewelry, alongside offering loans against property, business loans, and personal loans.
Geographical Presence
Indel Money operates across several states, including Haryana, Uttar Pradesh, Delhi, Madhya Pradesh, Odisha, Maharashtra, Karnataka, Kerala, Tamil Nadu, Andhra Pradesh, Telangana, as well as the Andaman and Nicobar Islands, Gujarat, and the Union Territory of Puducherry.
Gold Loan Portfolio
As of June 30, 2024, the company reported a gold loan portfolio of ₹91,481.95 lakhs. The figures for previous fiscal years were ₹87,376.26 lakhs in 2023, ₹57,923.24 lakhs in 2022, and ₹42,275.76 lakhs in 2021, representing percentages of total loans and advances of 85.70%, 84.64%, 79.35%, and 80.51%, respectively.
Customer Base and Branch Network
The company primarily serves customers from rural and semi-urban areas. As of August 31, 2024, Indel Money operates a network of 320 branches in Kerala, Tamil Nadu, Karnataka, Odisha, Maharashtra, and Telangana, as well as the Union Territory of Puducherry. A web-based centralized IT platform efficiently manages loan operations and related information across all branches. Additionally, the company has launched web applications on the Google Play Store and iOS App Store, along with a web-based payment portal called E-Connect, enhancing operational efficiency.
NCD Promoter:
Indel Corporation Private Limited is a promoter of the company.
NCD Rating
| Rating Agency | NCD Rating | Outlook | Risk Degree |
| Infomerics Valuation and Rating Private Limited | A- | Stable | Low credit risk |
Indel Money NCD October 2025 Detail
| Issue Open | October 13, 2025 – October 28, 2025 |
| Security Name | Indel Money Ltd. |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 150.00 Crores |
| Issue Size (Oversubscription) | Rs 150.00 Crores |
| Overall Issue Size | Rs 300.00 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 |
| Basis of Allotment | First Come First Serve Basis |
| Debenture Trustee/s | Catalyst Trusteeship Ltd. |
| NCD’s Allocated (%) | NCD’s Shares Reserved | |
| Institutional | 20.00% | 3,00,000 |
| Non-Institutional | 20.00% | 3,00,000 |
| HNI | 30.00% | 4,50,000 |
| Retail | 30.00% | 4,50,000 |
| Total | 100.00% | 15,00,000 |
Indel Money Limited NCD Coupon Rates
| Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | Series 6 | Series 7 | Series 8 | |
| Frequency of Interest Payment | Monthly | Cumulative | Monthly | Cumulative | Monthly | Cumulative | Monthly | Cumulative |
| Nature | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured |
| Tenor | 366 Days | 366 Days | 24 Months | 24 Months | 36 Months | 36 Months | 60 Months | 72 Months |
| Coupon (% per Annum) | 9.00% | NA | 9.75% | NA | 10.25% | NA | 11.25% | NA |
| Effective Yield (% per Annum) | 9.38% | 9.00% | 10.20% | 9.75% | 10.74% | 10.25% | 11.84% | 12.25% |
| Amount on Maturity (In Rs.) | Rs 1,000.00 | Rs 1,090.25 | Rs 1,000.00 | Rs 1,204.51 | Rs 1,000.00 | Rs 1,340.28 | Rs 1,000.00 | Rs 2,000.83 |
Indel Money NCD October 2025 Details & Guidance
Objects of the Issue
The Company proposes to utilize the funds towards funding the following objects:
1.For the purpose of onward lending, financing, and for repayment/prepayment of principal and interest on borrowings of the Company
2.General corporate purposes.
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Indel Money Limited (Restated Consolidated)
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 1,894.85 | 1,244.93 | 1,005.45 |
| Total Income | 330.53 | 291.13 | 187.3 |
| Profit After Tax | 44.58 | 39.86 | 20.54 |
| NET Worth | 319.45 | 211.18 | 161.63 |
| Amount in ₹ Crore | |||
Address of the Company
Indel Money Limited
Office No.301, Floor No.3,
Sai Arcade N.S Road,
Mulund West, Mumbai – 400 080
NCD Lead Managers
Incred Capital Financial Services Pvt.Ltd.
Trust Investment Advisors Pvt.Ltd.
NCD Registrar
Mufg India Pvt. Limited
Indel Money NCD October 2025
Indel Money NCD October 2025 Review by Paresh Gordhandas, CA & Research Analyst
1. Indel Money specializes in the gold loan sector, providing financing against the pledge of household gold jewelry, as well as offering loans against property, business loans, and personal loans.
2. The company carries some risk, as reflected by its CRISIL rating of BBB+/Stable from CRISIL Ratings Limited. This rating indicates a moderate degree of safety and credit risk. However, the company has a strong track record of successfully implementing projects and effectively managing large-scale initiatives. Additionally, its debt-to-equity ratio is reasonable given the rapid growth of the group.
3. To offset the CRISIL BBB+/Stable rating, the company offers slightly higher interest rates.
4. We recommend small investment in this NCD.
