Indel Money Limited

Indel Money Limited NCD

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Issue Size (Net)

up to Rs.300 Cr

Credit Ratings

IVR A-/Stable

Issue Opening Date

October 13, 2025

Issue Closing Date

October 28, 2025

ROI Chart Term Sheet Company Highlights Financials Highlights Prospectus

Specific Terms for Each Series of NCDs
Series	I	II	III	IV	V	VI	VII	VIII
Frequency of Interest Payment	Monthly	Cumulative	Monthly	Cumulative	Monthly	Cumulative	Monthly	Cumulative
Tenor	366 Days	366 Days	24 Months	24 Months	36 Months	36 Months	60 Months	72 Months
Coupon (% per annum) for NCD Holders in all Categories of Investors	9.00%	NA	9.75%	NA	10.25%	NA	11.25%	NA
Effective Yield (% per annum) for NCD Holders in all Categories of Investors	9.38%	9.00%	10.20%	9.75%	10.74%	10.25%	11.84%	12.25%
Amount (Rs. / NCD) on Maturity for all Categories	₹ 1,000	₹ 1,000	₹ 1,000	₹ 1,000	₹ 1,000	₹ 1,000	₹ 1,000	₹ 1,000
Put and Call Option	Not Applicable

1.Company Information

Indel Money Limited (IML), part of the diversified Indel Group, is a RBI-registered NBFC-Mid Layer specializing in gold loans with a focus on rural and semi-urban markets. Originally founded under a moneylender’s license in Kerala, the company has grown into a regulated financial services provider with a network of 373 branches across 12 states and 3 union territories. Its core business is lending against household gold jewelry, supported by complementary offerings such as loans against property, business loans, and personal loans. The Gold Loan portfolio accounted for 89.87% of its total loans as of June 30, 2025, with AUM rising steadily from ₹72,995.90 lakhs in FY23 to ₹1,78,988.95 lakhs in Q1 FY26, reflecting strong growth momentum. Revenue has scaled from ₹18,729.75 lakhs in FY23 to ₹33,052.97 lakhs in FY25, while PAT increased from ₹2,054.12 lakhs to ₹4,457.64 lakhs during the same period, demonstrating healthy profitability. Interest income from gold loans continues to be the key contributor with 90.96% of the total interest income in Q1 FY26. With quick turnaround times, doorstep services, and a variety of tailor-made gold loan schemes, Indel Money has built a strong customer base spanning farmers, traders, business owners, salaried individuals, and families. Backed by Indel Corporation Private Limited, which holds 100% ownership, the company is well-positioned to leverage its rural-centric model, robust financial performance, and expanding footprint to drive future growth in India’s gold loan sector

2. Rating:

IVR A-/Stable

3.Indel Money NCD 2025 Registrar

MUFG Intime India Private Limited.

C 101, 247 Park, L.B.S.Marg,

Vikhroli (West), Mumbai - 400083

Phone:+91-22-4918 6270

Website: https://linkintime.co.in/initial_offer/public-issues.html

Indel Money Limited (Restated Consolidated)

Particulars	FY25	FY24	FY23
Balance Sheet (₹ Lakhs)
Assets
Property, Plant & Equipment	2,452.13	1,769.48	1,210.78
Financial Assets	178,210.86	114,925.78	94,058.12
Non-Financial Assets excluding PPE	8,821.86	7,798.13	5,276.20
Total Assets	189,484.85	124,493.39	100,545.10
Liabilities
Trade Payables (includes other payables)	104.99	127.74	50.33
Debt Securities	83,362.50	37,210.68	30,456.38
Borrowings (other than Debt Securities)	43,527.88	36,761.04	28,516.10
Subordinated Liabilities	14,534.60	16,799.20	17,826.40
Other Financial Liabilities	14,855.65	11,450.87	7,318.35
Non-Financial Liabilities	-	349.73	-
Provisions	308.70	221.88	114.97
Deferred Tax Liabilities (net)	220.03	-	-
Other Non-Financial Liabilities	625.24	454.13	99.58
Equity (Share Capital & Other Equity)	31,945.26	27,118.12	16,162.99
Total Equity & Liabilities	189,484.85	124,493.39	100,545.10
Profit & Loss Account (₹ Lakhs)
Revenue from Operations	32,541.10	29,801.11	18,523.88
Other Income	512.86	212.08	206.47
Total Income	33,052.97	29,113.19	18,729.75
Total Expenses	28,595.33	25,127.06	16,675.63
Profit After Tax	4,457.64	3,986.13	2,054.12
Additional Information (₹ Lakhs)
Net Worth	31,945.26	27,118.12	16,162.99
Cash & Cash Equivalents	9,444.41	9,551.40	3,666.14
Loans (Principal Amount)	156,678.24	103,229.25	77,995.90
Total Debts to Total Assets	0.82	0.78	0.84
Interest Income	27,995.46	26,450.85	18,478.67
Interest Expense	14,270.67	11,612.59	8,890.08
Impairment on Financial Instruments (Loans)	2,752.50	2,173.80	1,047.00
% Stage 3 Loans on Loans	1.89%	3.09%	2.64%
% Net Stage 3 Loans on Loans	1.58%	2.48%	2.47%
Tier I Capital Adequacy Ratio (%)	18.39%	17.55%	16.59%
Tier II Capital Adequacy Ratio (%)	1.84%	4.75%	8.79%

Issuer	Indel Money Limited
Instrument	Secured Redeemable Non-Convertible Debentures
Issue Opens on	Monday ,October 13, 2025
Issue Closes on	Tuesday , October 28, 2025
Issue Size	Rs. 150 Crore with an option to retain oversubscription up to Rs.150 Crore aggregating upto to Rs.300 Crore
Issue Price / Face Value	₹1,000 per NCD
Minimum Application	Rs.10,000/- (10 NCD) and in multiples of Rs.1,000/- (1 NCD) thereafter.
Credit Rating	IVR A-/Stable
Registrar	MUFG Intime India Private Limited
Listing	The NCDs are proposed to be listed on BSE
Category	I - Institutional	II - Non-Institutional	III - HNI	IV - Retail
Category Allocation	20%	20%	30%	30%
Put/Call Option	NA
Mode of Allotment	Compulsorily in dematerialized form.
Allotment	First Come First Serve Basis
Depositories	NSDL and CDSL

Specific Terms for Each Series of NCDs
Series	I	II	III	IV	V	VI	VII	VIII
Frequency of Interest Payment	Monthly	Cumulative	Monthly	Cumulative	Monthly	Cumulative	Monthly	Cumulative
Tenor	366 Days	366 Days	24 Months	24 Months	36 Months	36 Months	60 Months	72 Months
Coupon (% per annum) for NCD Holders in all Categories of Investors	9.00%	NA	9.75%	NA	10.25%	NA	11.25%	NA
Effective Yield (% per annum) for NCD Holders in all Categories of Investors	9.38%	9.00%	10.20%	9.75%	10.74%	10.25%	11.84%	12.25%
Amount (Rs. / NCD) on Maturity for all Categories	₹ 1,000	₹ 1,000	₹ 1,000	₹ 1,000	₹ 1,000	₹ 1,000	₹ 1,000	₹ 1,000
Put and Call Option	Not Applicable

Prospectus File

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