Indel Money Ltd. NCD (Indel Money NCD August 2026) Detail

₹500.00 Cr| Listing at BSE | Tue, Aug 18, 2026 - Thu, Aug 20, 2026

Indel Money Ltd. NCD issue is a public issue of secured, redeemable, non-convertible debenture with a base issue size of ₹250.00 Cr and an option to retain oversubscription up to ₹250.00 Cr, aggregating to a total issue size of ₹500.00 Cr. The NCDs are offered at a face value ₹1000 each and an issue price of ₹1000 per NCD.

Indel Money Ltd. NCD issue opens on Aug 18, 2026 and closes on Aug 20, 2026. NCD are proposed to be listed on the BSE.

The minimum lot size is 10 NCDs, requiring a minimum investment of ₹10,000, while the market lot for trading is 1 NCD.

The issue offers interest rates ranging from 9.00% per annum to 11.50% per annum, depending on the series and tenure selected.

The NCD has been rated: A- Stable by India Ratings & Research Private Limited.

Trust Investment Advisors Pvt.Ltd. is the Lead Manager to the issue, Beacon Trusteeship Ltd. is the Debenture Trustee, and MUFG Intime India Pvt.Ltd. is the Registrar to the Issue.

Investors are advised to refer to the NCD Offer Document for detailed information on risk factors, financials, and the terms of the issue.

Open Date

Tue, Aug 18, 2026

Close Date

Thu, Aug 20, 2026

Issue Size (Tranche)

₹500.00 Cr

Coupon Rate

Upto 11.5% p.a.

NCD Detail

Security Name

Indel Money Ltd.
Issue Size (Base)

₹250.00 Cr
Overall Issue Size

₹500.00 Cr
Face Value

₹1000 each NCD
Market Lot

1 NCD
Basis of Allotment

FCFS

Security Type

Secured, Redeemable, Non-Convertible Debentures (Secured NCDs)
Issue Size (Oversubscription)

₹250.00 Cr
Issue Price

₹1000 per NCD
Minimum Lot size

10 NCD
Listing at

BSE
Debenture Trustee/s

Trusteeship

NCD Coupon Rates

#	Series 1	Series 2	Series 3	Series 4	Series 5	Series 6	Series 7	Series 8	Series 9
Frequency of Interest Payment	Monthly	Cumulative	Monthly	Cumulative	Monthly	Cumulative	Monthly	Cumulative	Monthly
Nature	Secured	Secured	Secured	Secured	Secured	Secured	Secured	Secured	Secured
Tenor	400 Days	400 Days	24 Months	24 Months	36 Months	36 Months	60 Months	72 Months	72 Months
Coupon (% per Annum)	9.00%	NA	9.50%	NA	10.00%	NA	11.00%	NA	11.50%
Effective Yield (% per Annum)	9.38%	9.00%	9.91%	9.50%	10.46%	10.00%	11.56%	12.25%	12.12%
Amount on Maturity (In Rs.)	Rs 1,000.00	Rs 1,099.05	Rs 1,000.00	Rs 1,199.35	Rs 1,000.00	Rs 1,331.40	Rs 1,000.00	Rs 2,001.70	Rs 1,000.00

NCD Rating

Indel Money Ltd. NCD Rating given as following :

#	Rating Agency	NCD Rating	Outlook	Safety Degree	Risk Degree
1	India Ratings & Research Private Limited	A-	Stable	Adequate degree of safety	Low credit risk

Company Financials (Restated Consolidated)

Indel Money Ltd.’s revenue increased by 83% and profit after tax (PAT) rose by 178% between the financial year ending with March 31, 2026 and March 31, 2025. (Amount in ₹ Crore)

Period Ended	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	3,716.55	1,877.28	1,244.93
Total Income	605.96	330.53	291.13
Profit After Tax	123.97	44.58	39.86
NET Worth	631.77	319.45	211.18

Company Promoters

Indel Corporation Private Limited is a promoter of the company.

NCD Allocation

Category	Allocated (%)	Shares Reserved
Institutional	10.00%	2,50,000
Non-Institutional	30.00%	7,50,000
HNI	30.00%	7,50,000
Retail	30.00%	7,50,000
Total	100.00%	25,00,000

About Indel Money Ltd.

Incorporated in 1986, Indel Money Limited is a non-deposit-taking non-banking finance company (NBFC) registered with RBI. The company deals in the gold loan sector, lending money against the pledge of household gold jewellery. The company also provides loans against property, business loans, and personal loans.

The company is present in the states of Haryana, Uttar Pradesh, Delhi, Madhya Pradesh, Odisha, Maharashtra, Karnataka, Kerala, Tamil Nadu, Andhra Pradesh, Telangana, Andaman and Nicobar, Gujarat, and the union territory of Puducherry.

The Gold Loan portfolio for the quarter ended June 30, 2024, and Fiscal 2024, 2023, and 2022 amounted to Rs 91,481.95 lakhs, Rs 87,376.26 lakhs, Rs 57,923.24 lakhs, and Rs 42,275.76 lakhs, which is 85.70%, 84.64%, 79.35%, and 80.51% of the total loans and advances as of those dates.

The company’s gold loan customers are primarily from rural and semi-urban areas. As of August 31, 2024, the company had a network of 320 branches spread in Kerala, Tamil Nadu, Karnataka, Odisha, Maharashtra and Telangana, and the union territory of Puducherry. The company’s web-based centralized IT platform records all branches’ details and handles the loan’s management and related information. The company has also launched its web applications on the Google Play Store & and the iOS App Store. The company has developed its web-based payment portal named E-Connect which helps makes business operations more efficient.

As of August 31, 2024, the company had a total of 1731 employees.

Competitive strengths of the company

Non-deposit-taking NBFC in the Gold Loan sector in South India with a long operating history
Long-term gold loan schemes that are beneficial for customers
Doorstep delivery of gold loans
Well-established and growing branch network across rural and semi-urban areas in South India
The experienced management team and skilled personnel

Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

# Issue Objects

Est Amt (₹ Cr.)
1 For the purpose of onward lending, financing / refinancing the existing indebtedness of the Company, and/or debt servicing (payment of interest and/or repayment / prepayment of interest and principal of existing borrowings of the Company)
2 General Corporate Purposes
Total

0.00

NCD Review

[Dilip Davda] This is the 7th debt offer from IML since September 2021. The last debt offer was in the month of October 2025. It marked growth in its top and bottom lines for the reported periods. It has maintained the coupon rates and hiked the upper cap to 11.50% for this debt offer. The debt offer is rated IND A-/Stable, from a changed rating agency. Well informed/ cash surplus investors may park moderate funds for long term. Read detail review…

NCD Subscription Status

The Indel Money NCD August 2026 was subscribed 7.04 times on Aug 20, 2026 17:00. The NCD subscribed 0.63 times in Retail, 5.95 times in HNI, 12.54 times in Non-Institutional, and 13.01 times in Institutional category.

Category	Subscription (times)
Retail	0.63x
HNI	5.95x
Non-Institutional	12.54x
Institutional	13.01x
Total	7.04x

Company Contact Information

Indel Money Ltd.
Unit No. 709
72 Corp Saki Vihar Rd, Bandi Bazar
Nair Wadi, Saki Naka
Mumbai, Maharashtra, 400072

+91 484 2933 999
cs@indelmoney.com
Visit Website

NCD Registrar

MUFG Intime India Pvt.Ltd.

022-49186000
indelmoney.ncd2026@in.mpms.mufg.com
Visit Website

NCD Lead Manager(s)

Trust Investment Advisors Pvt.Ltd.
Nuvama Wealth Management Ltd.
IDBI Capital Markets & Securities Ltd.

NCD FAQs

How to apply Indel Money Ltd. NCD IPO?

NSE and BSE offer NSEgoBid and BSEDirect apps/websites through which retail investors can apply for NCDs up to Rs 5 lakhs. Not all brokers and banks provide the facility to apply for NCD online.

To apply for an NCD online, the investor should fill in the NCD bid details online and provide the details of the DP and bank accounts (ASBA/UPI) as requested. In the case of a UPI application, the investor needs to approve the UPI mandate to complete the application process.

Steps to invest in NCD IPO through GoldenPi

Retail investors can apply for an IPO online if the investment amount is less than or up to 10 lakhs.

Visit www.goldenpi.com
Look for the “Collections” tab.
Click on Best Ongoing IPOs.
Select the desired NCD IPO.
Select the series and investment quantity.
Enter your name, email ID and mobile number for verification.
Enter PAN and demat account details,
Enter the UPI ID.
Click on “Apply IPO”.
Approve the UPI mandate.
Steps to apply for NCD IPO with Indiabonds:

Visit www.indiabonds.com
Look for the ‘Products’ section on the home page.
Go to Public Issue
Select the desired NCD.
Click on ‘Apply Now’.
Select the investor type and category.
Select the investment series and enter the quantity.
Click on Invest.
Enter the personal details, i.e. name, date of birth, e-mail, contact, address, demat information and payment details.
Preview and confirm the form.
Confirm the UPI mandate upon receipt.

How to buy Indel Money Ltd. NCD?

You can buy or invest in NCD IPOs through the following intermediaries:

Registered stock brokers, for example, Angel Broking.
Self-certified underwriters.
Depository Participants.
NSE platform – NSEgoBid.
BSE platform – BSEDirect.
The investor can apply for the NCD IPO online through NCD intermediaries such as a registered stockbroker, provided the broker offers an online application for the NCD IPO. Not many brokers allow you to invest in an NCD IPO online. Currently, very few brokers, such as Nuvama Wealth, Angel One, and SBI Securities, offer the facility to apply for NCD IPOs electronically. You should check with your broker or intermediary to see if the online application facility for the NCD IPO is available through them.

Refer to the detailed guidelines on NSEgoBID and BSEDirect for information on the registration process and how to apply for NCDs through the exchange.

Important links :

Web links of BSEDirect and NSEgoBID.
PlayStore links for BSEDirect and NSEgoBID.
AppStore links for BSEDirect and NSEgoBID.
Read more about NCD Application Process.

What is the coupon rate in Indel Money Ltd. NCD?

The coupon rates for Indel Money Ltd. NCDs vary depending on the series and tenure.
Specifically, Series 1 offers 9.00% for 400 months, Series 3 offers 9.50% for 24 months, Series 5 offers 10.00% for 36 months, Series 7 offers 11.00% for 60 months, Series 9 offers 11.50% for 72 months, and the highest coupon rate of 11.50% is offered for Series 9 with tenures 72 months.

What is the minimum amount to be invested in Indel Money Ltd. NCD?

The minimum amount required for NCD investment is Rs. 10,000.

Generally, the minimum lot size of NCD is 10, and the face value is 1,000.

How to check Indel Money Ltd. NCD Allotment status?

NCD allotment can be checked on the BSE website or with the Registrar once the allotment has been made.

Steps to check the NCD allotment status at the BSE:

Visit the BSE status of the issue application page.
Select the Issue type – Debt.
Select the Issue name from the drop-down list.
Enter your application number or PAN.
Tick ‘I’m not a robot’ button.
Click on Search.
Alternatively, the applicant can also check the allotment status on the respective website of the Registrar for the issue. The applicant will need their PAN details or the applicant’s Aadhaar number to check the status.

Generally, all applicants receive full allotment due to the retention of the oversubscription option.

Read more information on NCD Subscription and NCD Allotment Process.

Can we withdraw Indel Money Ltd. NCD before maturity?

No, you cannot withdraw or redeem Indel Money Ltd. NCDs before maturity directly from the company. However, there are a couple of options available if you want to exit early:

Listing on Stock Exchange (Secondary Market Sale)
If the NCDs are listed on stock exchanges (like BSE/NSE), you can:

Sell them on the exchange before maturity, just like shares.
Early redemption by the company
Only possible if a “call option” exists.

Read more about NCD Subscription and Allotment Process

Can the Indel Money Ltd. NCD bid be cancelled or withdrawn after applying?

Bid Cancellation and Withdrawal Policy for NCD Applicants

Before Issue Closure:
Applicants are allowed to cancel their bid at any time before the issue closing date.
After Issue Closure:
Some issuers may permit bid withdrawal even after the issue has closed.
In such cases, the applicant must:
Submit a withdrawal request to the Registrar to the Issue.
Ensure the request is made before the finalisation of the Basis of Allotment.
Submit the request no later than two working days from the date of issue closure (or early closure, if applicable).
Note:
The specific process and conditions for post-closure cancellation vary by issuer. Applicants should refer to the Offer Document for issuer-specific guidelines.