Incred Financial Services
- Unlisted share
- Financial Services
At a glance
Sales
FY26
₹2,546 Cr
+36.0%on FY25What the company earned from its customers in the year.
Profit
FY26
₹438 Cr
+17.0%on FY25What was left after every cost and tax was paid.
Net worth
FY26
₹4,239 Cr
What the owners would have left on paper if every debt was repaid.
From the company's published figures; sources are beside each figure further down the page.
Key details
- Company
- Incred Financial Services
- ISIN
- Not available
- Sector
- Financial Services
- Type of share
- Unlisted equity share
- Indicative price per share
- On request
- Price last updated
- 12 Oct 2026
- Minimum quantity
- Confirmed by the desk
- How you hold it
- In your own demat account
- Enquiries
- GrowFast desk, on WhatsApp
Indicative prices, illiquid shares. Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
Company
About Incred Financial Services
InCred Financial Services is a Mumbai-based non-banking finance company regulated by the Reserve Bank of India. It lends mainly to individuals through personal loans and education loans, and also to small businesses, schools and other lenders; its loan assets under management were about ₹15,881 crore at March 2026. It took its present form in 2022 when the InCred lending business merged with KKR India Financial Services, and it is wholly owned by InCred Holdings Limited, the group holding company founded by Bhupinder Singh.
Written from: assets.incred.com, crisilratings.com
Listing status. The company itself has no equity IPO; only its debentures are listed. Its parent InCred Holdings Limited is preparing an IPO: SEBI gave final observations on the pre-filed draft prospectus on 28 April 2026 and the updated draft red herring prospectus-I was filed on 6 May 2026. InCred Financial Services annual report 2025-26
Financials
Ask for the full annual report.
The figures on this page are the headline numbers. The desk can share the latest annual report and anything published since.
Ask for the financials- Sector
- Financial Services
- ISIN
- Not available
- Year of incorporation
- 1995
- Headquarters
- Mumbai, Maharashtra
- Parent / promoter
- InCred Holdings Limited (100%, with nominees)
- Key people
- Whole-Time Director & CEO: Bhupinder Singh; Whole-Time Director & CFO: Gaurav Maheshwari
- Permanent employees
- 2,919 people
- Face value per equity share
- ₹10
- Equity shares outstanding
- 49,05,32,336 shares
- CIN
- U67190MH1995PLC360817
- Website
- incred.com
Read from: InCred Financial Services annual report 2025-26, unless another source is shown on a card.
Key data
What the numbers mean
The ratios buyers look at, each said in plain words.
Profit margincalculated
17.2%
Out of every ₹100 of sales, ₹17.2 was left as profit.
Return on equitycalculated
10.3%
For every ₹100 of the owners' money, the company made ₹10.3 of profit in the year.
Debt to equitycalculated
2.59×
The company has borrowed ₹2.59 for every ₹1 of its owners' money.
Lenders and finance companies normally borrow far more than other businesses.
- Indicative price
- On request
- No. of shares
- 49,05,32,336
- EPS
- ₹8.93
- Book value per share
- ₹86.41
- Face value
- ₹10
Figures marked “calculated” are worked out by GrowFast from its indicative price and the company's published figures for FY2025-26. They move with the price, and they are arithmetic, not a valuation.
Figures in ₹ crore
Financials
InCred Financial Services Limited (formerly KKR India Financial Services Limited). As published in the company's audited reports. GrowFast has not audited them.
Sales, year by year
₹ crore. The darkest bar is the latest year.
FY24 to FY26: ₹1,270 Cr to ₹2,546 Cr.
Profit, year by year
₹ crore, after tax. A bar below the line is a loss.
FY24 to FY26: ₹316 Cr to ₹438 Cr.
| Particulars | FY24 | FY25 | FY26Latest |
|---|---|---|---|
| Total revenue from operations | 1,269.97 | 1,871.98 | 2,546.24▲36% |
| Total income | 1,293.1 | 1,882.62 | 2,566.56▲36% |
| Depreciation and amortization | 18.69 | 18.32 | 18.77▲2% |
| Finance costs | 454.84 | 627.62 | 922.36▲47% |
| Profit before tax | 419.64 | 501.48 | 596.59▲19% |
| Profit for the year | 316.36 | 373.99 | 437.63▲17% |
| Earnings per share, basic (₹) (₹) | 6.76 | 7.66 | 8.93▲17% |
| Assets under management including co-lending | n/a | 12,585 | 15,881▲26% |
| Gross NPA (% of loans) (%) | n/a | n/a | 2.1 |
| Impairment on financial instruments | n/a | 187.77 | 305.16▲63% |
| Interest income | 1,193.46 | 1,691.58 | 2,330.65▲38% |
| Net NPA (% of loans) (%) | n/a | n/a | 0.77 |
Rupees crore unless marked, company-reported, consolidated. The change shown is the latest year against the year before. Read from: InCred Financial Services annual report 2025-26, InCred Financial Services annual report 2024-25.
Credit rating. Crisil AA-/Stable (long term) and Crisil A1+ (short term); rating on non-convertible debentures and bank facilities assigned/reaffirmed on 13 July 2026 (13 July 2026) Crisil Ratings rationale, 13 July 2026
Ownership
Shareholding pattern
Who owns the company
As of 31 March 2026
100.0%Promoters (InCred Holdings Limited and its nominees)
- Largest holder
- 100.0%
- Top 1 together
- 100.0%
- Holders named
- 1
- Promoters (InCred Holdings Limited and its nominees)100.00%
- Total100.00%
Capital history
Fund raise history
| Date and detail | Type | Instrument | Price per share | Amount raised | Source |
|---|---|---|---|---|---|
| 15 May 202522,22,222 shares of ₹10 issued at ₹180 each to the holding company InCred Holdings Limited, raising ₹39,99,99,960. | Rights issue | Equity shares | ₹180 | ₹40 Cr | assets.incred.com |
| 2023-12Crisil records that the company raised ₹500 crore from new and existing investors in December 2023, its latest capital raise at the time of the rationale. | Private placement | Equity shares | Not stated | ₹500 Cr | crisilratings.com |
Read from: InCred Financial Services annual report 2025-26, Crisil Ratings rationale, 13 July 2026
Leadership
Management
Bhupinder Singh
Whole-Time Director and Chief Executive Officer
Gaurav Maheshwari
Whole-Time Director and Chief Financial Officer
Vivek Anand PS
Non-Executive Director
Rupa Vora
Independent Director
Karnam Sekar
Independent Director
Sunita Gupta
Independent Director
Sankaran Nair Rajagopal
Independent Director
Corporate calendar
Events
- 13 Jul 2026RatingCrisil assigned AA-/Stable to new debentures and reaffirmed its bank loan ratingsOpen
- 6 May 2026DRHP filingParent InCred Holdings filed its updated draft red herring prospectus-I with SEBI and the exchangesOpen
- 28 Apr 2026Regulator approvalSEBI issued final observations on the parent's pre-filed draft prospectusOpen
- 28 Oct 2025Board changeTwo non-executive directors and one independent director stepped downOpen
- 9 Sept 2025AGMShareholders approved raising authorised capital to ₹700 croreOpen
- 27 Aug 2025RatingICRA reaffirmed the company's ratingsOpen
- 15 May 2025Rights issueAllotment of 22,22,222 shares at ₹180 to InCred HoldingsOpen
Reports and filings
Annual reports and results
Each link opens the document where its publisher keeps it.
- Q1 FY2026-27Financial results for the quarter ended 30 June 2026
- FY2025-26Annual Report 2025-26
- FY2025-26Audited financial results for the year ended 31 March 2026
- FY2024-25Annual Report for the year ended 31 March 2025
- FY2023-24Annual Report 2024 (year ended 31 March 2024)
- 2026-07Crisil Ratings rationale dated 13 July 2026
- 2025-08ICRA rationale dated 27 August 2025
Before you buy
Six things to check on any unlisted share.
The same list applies to every stock. None of it is advice on this one.
The company's latest financials
Revenue, profit and debt for the last three years, from its audited annual report. Ask the desk for the most recent set.
What the price implies
Compare the price per share with earnings and book value per share, and with listed companies in the same business.
Whether a listing is planned
A company may file for an IPO, delay it or never list. A listing, its timing and its price are never certain.
How you would sell
There is no exchange for these shares. You sell by finding a buyer, which can take time and may be at a lower price.
Lock-in after a listing
Shares bought before an IPO are usually locked in for a period after the company lists. Confirm the current rule before you buy.
Tax on your gains
Unlisted shares are taxed differently from listed ones. Check your position with a tax adviser.
Questions
What buyers ask about this stock.
Not answered here? Ask the desk.
Inquire about Incred Financial Services on WhatsAppIs the price shown for Incred Financial Services final?
No. It is an indicative price per share. The desk confirms the price and the quantity available when you inquire, and the confirmed price is the one you deal at.
How do I buy these shares?
Press Inquire. It opens a WhatsApp chat with the desk, with this stock already named. After the price and quantity are agreed, a 10% advance locks the deal. Once your KYC is complete you pay the balance, and the shares are transferred to your demat account.
Do I pay anything on this website?
No. No payment is taken and no order is placed on this site. Payment details are shared by the desk only after the deal is agreed.
What do I need before I can buy?
A demat account in your name and the documents for KYC: your identity and demat account details are verified before any deal, as the regulations require.
Can I sell my Incred Financial Services shares to GrowFast?
GrowFast buys as well as sells. Press Inquire and tell the desk how many shares you hold; it will come back with what it can offer.
How do I sell Incred Financial Services shares I already hold?
Tell the desk how many you hold. If a price is agreed, you transfer the shares from your demat account with a delivery instruction to your depository participant (a DIS, or its online equivalent), and payment follows as agreed with the desk.
Is there a lock-in if the company lists?
Shares held before an IPO are generally locked in for a period after the listing under SEBI's rules, which have changed over time. Ask the desk for the rule that applies today before you buy.
Is buying unlisted shares legal in India?
Yes. Shares of an unlisted company can be bought and sold privately and are transferred between demat accounts. They are not traded on a stock exchange, so the protections of an exchange do not apply.
What is the minimum I can buy?
It differs by stock and by what the desk holds at the time. The desk confirms the minimum quantity when you inquire.
What is an ISIN?
The 12-character code that identifies a security. It is how your depository knows exactly which share is being transferred to your demat account.
Why are unlisted shares riskier than listed ones?
Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
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Risk disclosure
Prices on this site are indicative, quoted per share, and are not an offer to buy or sell. The price and quantity for any deal are confirmed by GrowFast's desk at the time you deal.
Unlisted, pre-IPO and delisted shares are not traded on a stock exchange. They are illiquid, their prices can move sharply, and you may be unable to sell them when you wish or at all. A company that is expected to list may not do so.
Nothing on this site is investment advice or a promise of returns. Past prices do not predict future prices. Consider your own circumstances, and take independent advice, before you invest.
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GrowFast is not affiliated with, sponsored by or endorsed by Incred Financial Services. Its name and logo belong to their owner and are shown only to identify the company. Figures about it come from published sources and have not been audited by GrowFast. See the Terms and Conditions.