InCred Holdings, the parent company of the non-banking financial company (NBFC) arm InCred Financial Services, has submitted its updated draft red herring prospectus (UDRHP) to SEBI with the intention of raising Rs 1,250 crore through a fresh issue during its initial public offering (IPO). The firm has reported robust financial achievements for the first nine months of FY26, revealing a revenue increase of 39% year-on-year, while profits held steady at Rs 290 crore throughout this period.
According to its updated DRHP, the Mumbai-based organisation’s revenue from operations grew to Rs 1,849 crore in the initial nine months of FY26, up from Rs 1,334 crore during the same period in FY25.
Established by Bhupinder Singh in 2017, InCred Finance is a diversified NBFC with a retail focus, providing lending products across five key areas: personal loans, student loans, secured business loans, specialised loans for micro, small, and medium enterprises (MSMEs), and loans aimed at financial institutions.
Interest income from loan disbursements constituted the majority of InCred’s revenue, making up over 91% of total operating income at Rs 1,689 crore, which marked a year-on-year increase of 39%. Fees and commissions brought in Rs 150 crore, with additional operating income arising from net gains related to fair value changes in financial assets. Furthermore, the firm earned Rs 21 crore from other income, bringing the total revenue for the period to Rs 1,849 crore.
For the fintech entity, finance costs represented 46% of overall expenses, rising by 51% to Rs 673 crore during the nine-month timeframe. Employee benefit expenses also saw an increase of 28%, climbing to Rs 311 crore from Rs 243 crore in the corresponding FY25 period.
Losses related to impaired financial instruments, inclusive of loan write-offs during this duration, surged by 86% to Rs 234 crore. Depreciation, along with various legal, collection, advertising, travel, and other costs, contributed to an overall expenditure increase of 52%, pushing total costs to Rs 1,471 crore in 9M FY26 from Rs 966 crore in the same timeframe in FY25.
Despite the significant growth in revenue, the company’s profit remained unchanged at Rs 290 crore during the reported period, primarily due to escalated losses from loan write-offs. On a unit level, InCred expended Rs 0.8 to generate each rupee during 9M FY26.
During the first nine months of FY26, InCred reported total financial assets amounting to Rs 14,269 crore, which included a healthy cash and bank balance of Rs 931 crore. According to its UDRHP, the IPO consists of a fresh issue of Rs 1,250 crore and features an offer for sale (OFS) of up to 9.90 crore equity shares. Current shareholders, including KKR, MNI Ventures, Mohandas Pai Family, Moore Strategic, and V’Ocean Investments, among others, will take part in the OFS.