Results · Financial Services

InCred posts 82% jump in Q1 net profit

By Startup Enthusiast · 22 July 2026

What they do

InCred Finance is a retail-focused, diversified middle-layer NBFC offering personal, education, SME, and secured loans

Its Q1 FY27 consolidated net profit rose 82% year-on-year to ₹172 crore, driven by higher loan disbursements and better operating leverage

The company has confidentially filed for an IPO with a fresh issue of up to ₹1,250 crore and an offer for sale of up to 9.9 crore shares

InCred Financial Services reported a consolidated net profit of ₹172 crore for Q1 FY27, up 82% from ₹94 crore a year ago.
The company's cost to income ratio improved to 44.6% from 45.8% in Q1 FY26.
Its loan book (excluding assigned loans) stood at ₹14,809 crore as of June 2026.
Gross NPA (non-performing assets) fell to 2% from 2.3% a year ago.
Net NPA dropped to 0.7% from 0.9% in Q1 FY26.
Net worth (adjusted for intangibles) was ₹4,244 crore as of June 2026.
The profit surge was attributed to growing loan disbursements, improving operating leverage and healthy asset quality.

InCred has confidentially filed a DRHP (draft red herring prospectus) for an IPO in November 2025, and an updated DRHP was filed with SEBI in May 2026.
The IPO includes a fresh issue of up to ₹1,250 crore and an offer for sale of up to 9.9 crore equity shares.
The company was previously known as KKR India Financial Services Limited and merged with InCred Holdings in 2023.

InCred Financial Services is a retail-focused, diversified middle-layer NBFC (non-banking finance company) registered with the RBI.
It offers personal loans, education loans, SME/business loans, secured loans, consumer financing and loans against property.
As of March 2026, it operated across 19 states with 166 branches.
The group also includes InCred Capital (institutional, wealth and broking) and InCred Money (retail wealthtech), which are not part of InCred Holdings.
In FY26, personal loans formed the largest vertical at 56% of AUM (assets under management), followed by student loans at 20%, specialised MSME loans at 8%, loans against property at 7%, loans to financial institutions at 6%, and secured school financing at 3%.

The company plans to go public with an IPO comprising a fresh issue of up to ₹1,250 crore and an offer for sale of up to 9.9 crore shares.

Product: Personal loans, education loans, secured business loans, MSME financing, and lending solutions for financial institutions
Customers: Retail customers seeking personal financing, students, small and medium enterprises, financial institutions
How it makes money: NBFC lending model with subscription-based credit products and debt financing from institutional investors