Courtesy: https://www.chittorgarh.com/
Review By Dilip Davda on August, 2026
• This is the 7th debt offer from the company since September 2021.
• The last debt offer was in the month of October 2025.
• It marked growth in its top and bottom lines for the reported periods.
• It has maintained the coupon rates and hiked the upper cap to 11.50% for this debt offer.
• The debt offer is rated IND A-/Stable, from a changed rating agency.
• Well informed/ cash surplus investors may park moderate funds for long term.
ABOUT COMPANY:
Indel Money Ltd. (IML), an NBFC-ML in the gold loan sector lending money against the pledge of household gold jewellery (“Gold Loans”) in the states of Haryana, Rajasthan, Uttar Pradesh, Madhya Pradesh, Odisha, Maharashtra, Karnataka, Kerala, Tamil Nadu, Andhra Pradesh, Telangana, Gujarat, and the union territory of Puducherry, Delhi, Chandigarh, Andaman and Nicobar.
It belongs to the Indel Group, which entered into the regulated financial services business at a small village in Palakkad, Kerala under a State Government Money lenders license. Over the years the Group has diversified its presence from being a financial services company to automobile dealership, hospitality, infrastructure development, media, communication and entertainment. The company offers customers a range of loans against property, business loans, personal loans, consumer durable loan (“Other Loan”) along with Gold Loans.
IML is a technology driven company and endeavors to make its customer experience as seamless as possible. The Company has put in place well defined and efficient process that enables it to achieve uniformity in operations across all branches. Its entire gold loan life cycle i.e., from origination to closure has been digitized with ability to real time MIS. Its processes are developed at the Corporate Office level by professionals who have extensive experience in the areas of banking and financial services with supervision from management. As of March 31, 2026, it had 2092 employees, a network of 374 branches, and gross AUM of Rs. 4103.90 cr.
ISSUE DETAILS:
The company is coming out with its 7th debt offer of Secured redeemable non-convertible debentures (NCDs) having a face value of Rs. 1000 each. The company will have a base issue size of Rs. 250 cr. and with a green shoe option of Rs. 250 cr., the overall size of the offer will be Rs. 500 cr. (5000000 NCDs of Rs. 1000 each). The issue opens for subscription on August 18, 2026, and will close on or before August 31, 2026. Minimum application is to be made for 10 NCDs (i.e., Rs. 10000) and in multiple of 1 NCD (i.e., Rs. 1000) thereon, thereafter. Post allotment, NCDs will be listed on BSE.
The company has allocated 10% for Category I (Institutional), 30% for Category II (Non-Institutional), and 30% each for HNIs and Retail Investors in category III and IV respectively.
The company will be spending Rs. 12.65 cr. for this entire debt offer of Rs. 500 cr. From the net proceeds, the company will utilize at least 75% for onward lending, financing/refinancing, repayment/prepayment of certain borrowings with interest and maximum up to 25% for general corporate purpose.
The issue is jointly lead managed by Trust Investment Advisors Pvt. Ltd., Nuvama Wealth Management Ltd., IDBI Capital Markets & Securities Ltd., while Beacon Trusteeship Ltd. is the debenture trustee and MUFG Intime India Pvt. Ltd. is the registrar to the issue. The company has changed its team of merchant bankers, Debenture Trustee, and Rating Agency for this debt issue.
This issue has tenures of 400 days, 24 months, 36 months, 60 months and 72 months for secured NCDs the company is offering interest rates ranging from 9.00% to 11.50%. The interest payments have monthly and cumulative modes as per the options selected by the investors.
ISSUE RATING:
This debt offer is rated IND A-/Stable by India Ratings and Research Pvt. Ltd. The instruments with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations and carry low credit risk.
The rating given by India Ratings and Research Private Limited is valid as on the date of this Prospectus and shall remain valid on date of the issue and allotment of NCDs and the listing of the NCDs on BSE. The ratings provided by India Ratings and Research Private Limited 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 three fiscals, IML has reported total income/net profit of Rs. 291.13 cr. / Rs. 39.86 cr. (FY24), and Rs. 330.53 cr. / Rs. 44.58 cr. (FY25), Rs 605.96 cr. / Rs. 123.97 cr. (FY26). The company marked growth in its income and profits for the reported periods.
Its debt-equity ratio of 4.57x as of March 31, 2026 will rise to 5.37x. As of the said date, its net NPA stood at 1.30%, against 1.54% as of March 31, 2025.
Conclusion / Investment Strategy
This is the 7th debt offer from IML since September 2021. The last debt offer was in the month of October 2025. It marked growth in its top and bottom lines for the reported periods. It has maintained the coupon rates and hiked the upper cap to 11.50% for this debt offer. The debt offer is rated IND A-/Stable, from a changed rating agency. Well informed/ cash surplus investors may park moderate funds for long 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/
