IPO-Bound InCred's FY26 Revenue Rises 36%, Profit Up 17%

ICRA said that InCred envisages an AUM growth of 30-35% in the near term vis-à-vis the compound annual growth rate (CAGR) of 43% witnessed during FY2023-26

Outlook Business Desk

Curated by: Ritesh

Published At: 22 July 2026 3:05 pm

InCred's FY26 Revenue, Profit Rise Ahead Of IPO

Summary of this article

InCred Financial Services recorded a 36% growth in FY26 revenue to ₹2,567 crore
The non-banking financial company's Assets Under Management reached ₹17,748 crore
ICRA highlighted that InCred's healthy capitalisation profile supports growth, but flagged its 20% exposure to student loans as a potential geopolitical risk

InCred Financial Services recorded a 36% rise in its financial year 2026 revenue, reaching ₹2,567 crore, Moneycontrol reported citing data from credit rating agency ICRA.

The Mumbai-headquartered lender's net profit surged 17% to ₹438 crore from ₹374 crore in the previous fiscal year. Assets Under Management (AUM) stood at ₹17,748 crore, as per the report.

4 July 2026

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An updated filing is still pending. The firm is still to present its revised DRHP to SEBI with these full-year financial details.

Growth Outlook and Risks

ICRA reportedly said that InCred envisages an AUM growth of 30-35% in the near term vis-à-vis the compound annual growth rate (CAGR) of 43% witnessed during FY2023-FY2026.

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Strong capital will fuel this expansion. A solid capital base will likely sustain the planned asset growth over the medium term, ICRA said. However, student loans comprise about 20% of the book, which could pose risks amid global geopolitical tensions, as per Moneycontrol.

The lender targets diverse credit segments. Its retail and institutional offerings include personal and education loans, school financing, and loans against property (LAP). The firm also extends credit to financial institutions alongside specialised funding for micro, small and medium enterprises (MSMEs).

Corporate History and Funding

InCred Finance was formed after merging with KKR India Financial Services in 2022, creating a joint entity under the InCred Finance brand.

The company secured SEBI approval for its IPO early this year and is looking to raise around ₹5,000 crore from the issue.

It joined the unicorn club in 2023. This followed a $60 million funding round from MEMG's Ranjan Pai, RP Group chairman Ravi Pillai and Ram Nayak of Deutsche Bank, pushing its valuation past $1 billion.