Courtesy: https://www.chittorgarh.com/
Review By Dilip Davda on August, 2026
• This is the 10th Debt offer from the company since November 2020.
• The last debt offer was in the month of April 2026.
• The company has changed its rating agency for this debt issue.
• CRISIL has rated this offer as CRISL BBB – (Stable).
• This offer has coupon rates ranging from 10.00% to 11.50%.
• Well-informed investors may park moderate funds for medium term.
ABOUT COMPANY:
ICL Fincorp Ltd. (IFL) is a non-deposit taking and a middle layer non-banking finance company (“NBFC”) in the gold loan sector lending money against the pledge of household gold jewellery (“Gold Loans”) in the states of Kerala, Tamil Nadu, Andhra Pradesh, Karnataka, Telangana, Odisha, Gujarat, Maharashtra, Goa, West Bengal, and union territory Delhi. The company also provide loans against property, business loans and personal loans. As of June 30, 2026, it had a total network of 302 branches, located in the states of Kerala, Tamil Nadu, Andhra Pradesh, Karnataka, Telangana, Odisha, Gujarat, Maharashtra, Goa, West Bengal, Rajasthan, Bihar and in the union territory of Delhi.
It is currently registered with RBI as a non-deposit taking NBFC. The company offers a wide range of Gold Loan schemes and interest payment options to cater to the unique financial needs of valued customers. Its commitment to flexibility, affordability, and customer satisfaction sets us apart in the industry. As on June 30, 2026, it had 1491 employees, with approximately 57% of women employees.
ISSUE DETAILS:
The company is coming out with its 10th debt offer of 1000000 rated, secured, redeemable, non-convertible debentures of face value of Rs. 1000 each, to mobilize over all Rs. 100 cr. The issue consists of Rs. 50 cr. for base size and a green shoe option of retaining oversubscription of Rs. 50 cr. The issue already opened for subscription on August 10, 2026, and will close on or before August 21, 2026. The minimum application to be made is for 10 NCDs (Rs. 10000) and in multiple of 1 NCD (Rs. 1000) thereon, thereafter. Post allotment, NCDs will be listed on BSE.
The company is spending Rs. 2.87 cr. for this debt issue and from the net proceeds, it will utilize at least 75% for the purpose of onward lending, financing, repayment/prepayment of certain borrowings, and maximum up to 25% for general corporate purposes.
The company has allocated 5% for Institutional investors, 1% for non-institutional investors, 30% for HNIs and 64% for Retail investors.
This debt offer is solely lead managed by Vivro Financial Services Pvt. Ltd., and Cameo Corporate Services Ltd. is the registrar to the issue. Mitcon Credentia Trusteeship Services Ltd. is the debenture trustee. Vivro Financial Services Pvt. Ltd. is a syndicate member.
This debt offer has tenors of 13 months, 24 months, 36 months, 60 months, and 72 months depending on the selection of series. It offers coupon rates ranging from 10.00% to 11.50% with interest payment options of Monthly, Annual and Cumulative.
ISSUE RATING:
This debt offer is rated Crisil BBB- (Stable) (pronounced as Crisil triple B minus rating with Stable outlook) for an amount of Rs. 20,00,000 thousand by Crisil Ratings Limited vide rating letter dated June 30, 2026 and rating rationale dated June 30, 2026, for the NCDs proposed to be issued pursuant to this Issue. The rating given by Crisil is valid as on the date of this Prospectus and shall remain valid as on the date of the issue and allotment of NCDs and the listing of the NCDs on BSE. The ratings provided by Crisil may be suspended, withdrawn or revised at any time by the assigning rating agency and should be evaluated independently of any other rating. These ratings are not a recommendation to buy, sell or hold securities and Investors should take their own decisions.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last four fiscals, the company has (on a consolidated basis) posted a total income/net profit of Rs. 112.64 cr. / Rs. 3.04 cr. (FY23), Rs. 145.69 cr. / Rs. 0.08 cr. (FY24), Rs. 191.69 cr. / Rs. 2.44 cr. (FY25), and Rs. 243.74 cr. / Rs. 4.28 cr. (FY26). The company posted growth in its top lines for the reported periods, but bottom line marked inconsistency.
Its pre-issue debt equity ratio of 6.01, as of March 31, 2026, will stand enhanced to 6.64 post this issue. Its net NPA declined to 0.38% for FAY26 against 0.88% for FY25, and 1.33% for FY24.
Conclusion / Investment Strategy
This is the 10th Debt offer from the company since November 2023. The last debt offer was in the month of April 2026. This debt offer is rated CRISIL BBB – /Stable. The company has changed its rating agency for this debt issue. This offer has coupon rates ranging from 10.00% to 11.50% (maintained as per last offer). Well-informed investors may park moderate funds for medium term.
Review By Dilip Davda on August, 2026
Review Author
DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. My reviews do not cover GMP market and operators game plans. Readers must consult a qualified financial advisor before making any actual investment decisions, based the on information published here. With entry barriers, SEBI wants only well-informed investors to participate in such offers. With crazy listings in the recent past, SME IPOs drew the attention of investors across the board and lead to seer madness. However, as SME issues have entry barriers and continued low preference from the broking community, any reader taking decisions based on any information published here does so entirely at their own risk. The above information is based on information available as of date coupled with market perceptions. The Author has no plans to invest in this offer.
About Dilip Davda
Dilip Davda is veteran journalist associated with stock market since 1978. He is contributing to print and electronic media on stock markets/insurance/finance since 1985.
Dilip Davda is a leading reviewer of public issues and NCDs in the primary stock market in India. The knowledge he gained over 3 decades while working in the stock market and a strong relationship with popular lead managers makes his reviews unique. His detailed fundamental and financial analysis of companies coming up with IPOs helps investors in the primary stock market. Dilip Davda has a special interest in analyzing the SME companies and writing reviews about their public issues. His reviews are regularly published online and in news papers.
(Dilip Davda -SEBI registered Research Analyst-Mumbai,
Registration no. INH000003127 (Perpetual)
Email id: dilip_davda@rediffmail.com ).
Courtesy: https://www.chittorgarh.com/
