InCred Finance Reports Strong Financial Results Ahead of IPO

InCred Finance has showcased impressive growth in its financial performance as it gears up for its IPO. The lending branch of InCred Holdings reported a remarkable 36% increase in operating revenue for FY26, alongside a 17% rise in profits compared to the previous year. The Mumbai-based company’s revenue from operations surged to Rs 2,546 crore in FY26, up from Rs 1,872 crore in FY25.

Overview of InCred Finance

Established by Bhupinder Singh in 2017, InCred Finance functions as a versatile retail-focused non-banking financial company (NBFC). It provides a diverse range of lending products, which include personal loans, student loans, secured business loans, specialised MSME financing, and loans directed to financial institutions.

Significant Revenue Sources

Interest income derived from loan disbursements constituted 91% of its overall operating revenue, which experienced a year-on-year increase of 38% to reach Rs 2,331 crore. Additional income from fees and commissions amounted to Rs 213 crore, with the remaining operating income emerging from net gains linked to changes in the fair value of financial assets. The company also collected Rs 20 crore from various non-operating sources, raising its total income to Rs 2,567 crore.

Expenditure Breakdown

For the lending establishment, finance costs represented 47% of InCred’s total expenditures, rising 47% year-on-year to Rs 922 crore in FY26. Employee benefit expenses saw a rise of 23%, amounting to Rs 416 crore. Losses from impaired financial instruments, including loan write-offs, escalated by 62% year-on-year to Rs 305 crore. The overall expenditure of the company increased by 43% to reach Rs 1,970 crore in FY26, compared to Rs 1,381 crore in the previous fiscal year.

Profit Performance

Thanks to strong growth in loan disbursements, InCred Finance was able to boost its profit by 17% to Rs 438 crore in FY26, rising from Rs 374 crore in the prior fiscal year. On a per-unit basis, the firm spent Rs 0.8 to earn every rupee in FY26.

Financial Assets and IPO Plans

As of March 2026, InCred Finance held total financial assets valued at Rs 15,243 crore, which included a robust cash and bank balance of Rs 824 crore. The parent company, InCred Holdings, has recently submitted an updated draft red herring prospectus (UDRHP) to SEBI for its IPO. This involves a fresh issue of shares worth Rs 1,250 crore as well as an offer for sale (OFS) of up to 9.90 crore equity shares. Several existing shareholders, including KKR, MNI Ventures, Mohandas Pai Family, Moore Strategic, V’Ocean Investments, and others, will also partake in the OFS.