The reaffirmed IVR A–/Stable rating underscores Indel Money’s strong capitalisation, steady AUM growth, and experienced management.
Infomerics Ratings has reaffirmed its rating for the proposed Non-Convertible Debentures (NCDs) of Indel Money Limited (IML) at IVR A–/Stable (IVR Single A Minus with Stable Outlook).
The rating reflects Infomerics’ confidence in Indel Money’s experienced promoters and management team, its established network, improving financial profile, comfortable capitalisation, and diversified funding base.
The ‘Stable’ outlook indicates Infomerics’ expectation of sustained growth in Assets Under Management (AUM) and asset quality through FY26 and FY27, supported by promoter capital infusion and prudent risk management.
This rating review was based on the revised term sheet shared by the company and conducted at Indel Money’s request.
Indel Money continues to maintain strong capitalisation, with net worth at ₹364.74 crore as of June 30, 2025 (₹319.45 crore as of March 31, 2025), supported by continuous promoter infusions.
During FY25 (April 1, 2024 – March 31, 2025), promoters infused ₹100 crore, followed by ₹21.85 crore in Q1 FY26. The company plans to further infuse around ₹80 crore during FY26 to support growth.
The company’s gearing ratio stood at 4.64x at the end of Q1 FY26 (unaudited), compared with 4.44x in FY25, reflecting higher borrowings. Infomerics expects capitalisation to remain comfortable, supported by equity infusions and growing profitability. Gearing levels are projected to improve from FY26 onwards.
Indel Money’s AUM has grown at a CAGR of 52.2% over the past three years, reaching ₹2,334.44 crore in FY25, up from ₹1,533.83 crore in FY24 and ₹1,153.89 crore in FY23. Growth continued into Q1 FY26 (unaudited), with AUM rising to ₹2,544.07 crore.
The company’s portfolio remains predominantly gold loans (around 93%), with business/MSME loans and digital personal loans making up the remainder. Indel Money also holds an AD-II category license from the Reserve Bank of India, strengthening its financial services portfolio.
Driven by robust AUM growth, net interest income rose from ₹100.28 crore in FY23 to ₹174.40 crore in FY25, with ₹62.70 crore recorded as of June 30, 2025.
While Net Interest Margin (NIM) moderated to 9.02% in FY25 from 12.59% in FY24 due to higher borrowing costs and competitive gold loan pricing, it remained strong. As of Q1 FY26, NIM improved to 10.26%, reflecting healthy profitability.
Umesh Mohanan, Executive Director & CEO of Indel Money, joins Co-founder and Editor-in-Chief Vivek Law on the Simple Hai! show to decode the real role of gold in times of crisis and why gold loans work differently from traditional credit.
Mohanan explains how gold continues to act as a reliable store of value, how global factors now drive gold prices, and why trust is central to the gold loan ecosystem.
The Employees’ Provident Fund Organisation (EPFO) has introduced major changes to its withdrawal framework under EPFO 3.0, aimed at improving access, speed, and transparency for over seven crore members across India. The revised rules were approved during the 238th meeting of the Central Board of Trustees, chaired by Union Labour and Employment Minister Mansukh Mandaviya.
Under the new norms, members can withdraw up to 100% of their EPF balance, including both employee and employer contributions, subject to conditions. Thirteen earlier withdrawal rules have been consolidated into three broad categories—essential needs, housing needs, and special circumstances. Education withdrawals are now allowed up to 10 times and marriage withdrawals up to five times, with a minimum service period of 13 months for partial withdrawals. In special cases, members are not required to state reasons, though at least 25% of the balance must remain in the account.
The reforms also introduce automatic claim settlement under the Vishwas Scheme, reduced penal damages for delayed payments, and doorstep Digital Life Certificate services for pensioners.
Commenting on the update, Anoop C Nair, Head of HR at Indel Money, said the changes bring faster access, digital efficiency, and long-term retirement safeguards. While concerns remain around unemployment-linked withdrawal limits, the reforms are positioned as a balance between short-term needs and retirement security.
