Incred Holdings Ltd Unlisted Shares
InCred Holdings Unlisted Shares — Price, Financials & the KKR-Backed IPO
One of 2026’s most anticipated fintech-NBFC listings is now formally on the runway: InCred Holdings has filed its updated DRHP with SEBI. Here’s what you’re actually buying — the growth, the cost pressure underneath it, and the IPO math.
| InCred Holdings Unlisted Share | Details |
| Our Buy Price | ₹125 per share |
| Our Sell Price | ₹150 per share |
| Lot Size | 100 shares (min. investment ≈ ₹15,000) |
| ISIN | INE732W01014 |
| Founded | Group founded 2016 by Bhupinder Singh (ex-Deutsche Bank); holding co. incorporated 2011 (formerly KKR Capital Markets India) |
| Key shareholders | KKR (~23–29%), B Singh Holdings (~17%), MNI Ventures (~9%) |
[Get Live InCred Quote on WhatsApp] [Sell Your InCred Shares]
About InCred
InCred is a diversified, technology-driven financial services group running three verticals: InCred Finance (the RBI-registered NBFC — personal, education, secured business and MSME loans; ₹25,000+ crore disbursed since 2016), InCred Capital (wealth, investment banking and private credit), and InCred Money (digital investment distribution, which acquired broking platform Stocko in June 2025). The group turned unicorn in late 2023, and in June 2025 Zerodha founders Nithin and Nikhil Kamath invested ₹250 crore — a notable pre-IPO endorsement.
InCred Financials — Growth With a Cost Caveat
| Particulars (Consolidated) | FY25 | 9M FY26 |
| Revenue from Operations | ₹1,873.6 Cr (+47% YoY) | ₹1,849 Cr (vs ₹1,334 Cr) |
| Profit After Tax | ₹373.2 Cr (+21% YoY) | ₹290 Cr (vs ₹276 Cr) |
| AUM | ₹11,600 Cr | ₹14,448 Cr (Dec 2025) |
The honest read: the top line is compounding hard — 9M FY26 revenue nearly matched all of FY25 — and AUM grew at a ~44% two-year CAGR. But profit barely moved YoY in 9M FY26 because costs grew faster: finance costs rose 51% to ₹673 crore, employee costs 28%, and impairments/write-offs jumped 86%. The company spent roughly ₹0.80 to earn each rupee in the period. Scaling is proven; operating leverage is the thing to watch through the IPO.
The IPO — What’s Filed
- UDRHP filed with SEBI in May 2026 (after a confidential DRHP in November 2025 and SEBI’s in-principle approval): a fresh issue of ₹1,250 crore plus an OFS of up to 9.90 crore shares, with sellers including KKR (partial exit), MNI Ventures, Mohandas Pai and Moore Strategic. Listing planned on BSE and NSE.
- Reported valuation discussions cluster around ₹15,000–25,000 crore depending on source and stage; at recent private-market levels the stock has changed hands near 28–40x earnings — a premium the high growth supports but unsecured-lending concentration can cap.
- 6-month post-listing lock-in applies to pre-IPO retail/HNI purchases.
Why Investors Buy InCred Unlisted Shares
- Marquee cap table: KKR heritage, Kamath brothers, MEMG/Ranjan Pai and Investcorp-linked backing.
- FY25 PAT of ₹373 crore with ~85% PAT CAGR over recent years — profitable fintech-NBFCs are rare.
- Diversified engine: lending + wealth + digital distribution under one holding company.
- Confirmed IPO path with SEBI approval already in hand.
Key Risks
- Unsecured-loan concentration — impairments jumped 86% in 9M FY26; credit quality is the swing factor.
- Flat profit despite surging revenue — operating leverage is not yet demonstrated.
- IPO valuation risk — a band priced above recent private levels limits listing upside.
- Regulatory — RBI’s tightening stance on NBFCs and digital lending directly shapes this business.
How to Buy or Sell
Live quote → deal confirmation → KYC → off-market demat transfer, prompt settlement. Full guide: buy unlisted shares. Holding InCred from ESOPs or early rounds? Sell unlisted shares for a confidential quote.
FAQs — InCred Unlisted Shares
What is the InCred unlisted share price today?
We are buying at ₹125 and selling at ₹150 per share (lot of 100). Contact our desk for a live quote.
When is the InCred IPO?
The updated DRHP was filed with SEBI in May 2026 — a ₹1,250 crore fresh issue plus OFS — with listing on BSE and NSE expected once the price band and dates are announced in the RHP.
Is InCred profitable?
Yes — PAT of ₹373 crore in FY25 and ₹290 crore in 9M FY26, though costs and write-offs rose sharply alongside growth.
Is KKR exiting InCred?
Partially — KKR is among the OFS sellers in the IPO but is not selling its full stake.
Related unlisted shares: Hero FinCorp • OYO (PRISM) • Care Health Insurance • Orbis Financial • ASK Investment Managers
Company Fundamentals
| Metric | Details |
| Outstanding Shares | 641,817,562 |
| Face Value | ₹10 per equity share |
| ISIN | INE732W01014 |
| Lot Size | 100 shares |
| PAN Number | AAECK1977B |
| GST Number | 27AAECK1977B1ZM |
| Registered Office | Unit No. 1203, 12th Floor, B-Wing, The Capital, G-Block, BKC, Mumbai – 400051 |
| Registration Date | January 3, 2011 |
| Category / Sub-Category | Public Company with Share Capital |
Financials
Income Statement (₹ Lakhs)
| Particulars | FY 2023-24 | FY 2022-23 |
| Interest Income | 119,359.23 | 82,296.77 |
| Dividend Income | 50.10 | 25.18 |
| Fees & Commission Income | 3,308.50 | 2,180.55 |
| Net Gain on Amortised Cost Instruments | 3,218.45 | 1,560.88 |
| Other Income | 2,343.00 | 1,505.48 |
| Total Operating Income | 128,279.28 | 87,568.86 |
| Finance Costs | 45,325.56 | 35,601.91 |
| Employee Benefit Expenses | 26,458.46 | 19,227.77 |
| Depreciation & Amortisation | 1,869.92 | 1,326.78 |
| Other Expenses | 12,099.99 | 9,184.44 |
| Profit Before Tax | 39,954.29 | 19,096.41 |
Balance Sheet (₹ Lakhs)
| Particulars | As at Mar 31 2024 | As at Mar 31 2023 |
| Cash & Cash Equivalents | 8,496.96 | 34,472.39 |
| Loans Outstanding | 725,877.68 | 540,525.05 |
| Investments | 61,267.07 | 7,034.28 |
| Other Financial Assets | 10,712.97 | 7,953.28 |
| Property, Plant & Equipment | 5,031.34 | 4,359.35 |
| Total Assets | — | — |
| Borrowings (Other than Debt Securities) | 404,725.93 | 271,246.87 |
| Debt Securities | 96,989.55 | 115,190.08 |
| Other Financial Liabilities | 26,571.49 | 20,935.99 |
| Equity Share Capital | 64,181.76 | 59,523.54 |
| Other Equity | 274,495.54 | 195,256.32 |
Cash Flow Statement (₹ Lakhs)
| Particulars | FY 2023-24 | FY 2022-23 |
| Net Cash from Operating Activities | (31,490.02) | 30,171.20 |
| Net Cash (Used in) Investing Activities | (—) | (—) |
| Net Cash from Financing Activities | — | — |
| Net Change in Cash & Cash Equivalents | (31,490.02) | 30,171.20 |
