InCred Holdings Profit Up 5% to ₹290 Cr Ahead of IPO

InCred Holdings, the parent company of Bengaluru-based NBFC InCred Finance, has reported a net profit of ₹290.1 Cr for the first nine months of fiscal year 2026 (9M FY26). This marks a 5% increase from the ₹275.5 Cr profit recorded during the same period in FY25. The financial results come as the company refiles its updated Draft Red Herring Prospectus (DRHP) for an upcoming Initial Public Offering (IPO).

The company’s revenue from operations saw a significant surge of 38.6%, reaching ₹1,848.9 Cr in 9M FY26, up from ₹1,333.9 Cr in the prior year’s comparable period. This growth was predominantly driven by interest income, which constitutes over 90% of the total operating revenue, increasing by 39% to ₹1,688.6 Cr. Fees and commission income also climbed by 58.9% YoY to ₹149.8 Cr.

Founded in 2017 by Bhupinder Singh, InCred Holdings operates primarily through InCred Financial Services, a diversified NBFC registered with the Reserve Bank of India (RBI). The NBFC accounts for nearly all of the parent company’s operating revenue. The company emphasizes its role as a tech-driven lender with a risk-first approach, offering a range of products including personal loans, student loans, and business loans.

As of December 2025, InCred Finance’s assets under management (AUM) stood at ₹14,447.8 Cr. Personal loans formed the largest segment at 55.6% of the AUM, followed by student loans at 22.2%. The company’s AUM growth positions it as the second fastest-growing diversified NBFC between FY23-25, according to CRISIL Intelligence, though its overall AUM is smaller compared to major industry players.

The planned IPO will include a fresh issue of up to ₹1,250 Cr and an offer-for-sale (OFS) component. The capital raised is intended to strengthen the company’s Tier I capital base and support its capital adequacy. Investors such as KKR, MNI Ventures, and Mohandas Pai Family are expected to participate in the OFS.

InCred Holdings’ total expenses for 9M FY26 increased by 52.3% to ₹1,471.15 Cr, compared to ₹966.1 Cr in the previous year. Key expense drivers included finance costs, which rose 51.4% to ₹673.2 Cr, and impairment on financial instruments, which saw an 85.5% YoY increase to ₹233.6 Cr. Employee benefit expenses grew by 28% to ₹310.7 Cr.