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.
In an interview with People Manager, Anoop C. Nair, Head of Human Resources at Indel Money, shared how flexibility in NBFCs must go beyond remote work and become a structured, fair, and governance-driven strategy. He explained that in a regulated gold-loan business, people policies must balance RBI compliance, customer trust, and local cultural realities.
According to Nair, flexibility does not mean relaxed controls. At Indel Money, the core values—ethics, compliance, and customer dignity—remain uniform across India, while the implementation adapts to regional needs. The company follows a “standardise the why and what, localise the how” approach, supported by regional councils and policy audits to maintain accountability.
He highlighted micro-flexibility practices such as rotating Saturdays off, role swaps within clusters, work-from-home options for eligible roles, Recharge Leave, and Family Leave. These initiatives are designed to improve retention in a branch-led NBFC environment.
Nair also emphasised that AI should handle routine administrative tasks, allowing managers to focus on mentoring and customer trust. He stressed that employee feedback is treated as a direct decision-making input, ensuring inclusive policy updates across geographies.
The interview outlines how flexible, measurable, and skills-driven HR practices are strengthening engagement, compliance, and long-term workforce resilience at Indel Money.
Indel Money Executive Director and CEO Umesh Mohanan shared his views on the Union Budget FY27, highlighting its strong focus on foreign investment, financial stability, and long-term economic growth. According to him, the Budget is timely, especially in the context of rupee depreciation, slowing exports, and global trade pressures.
He noted that the government’s efforts to attract foreign capital are visible through tax exemptions for NRIs and Overseas Citizens, along with simplified FEMA rules. The Budget also aims to bring investments from large global corporations by offering customs duty exemptions across key sectors such as aviation components, nuclear power projects, lithium-ion batteries, critical minerals, solar equipment, and electronics manufacturing. These sectors are expected to play a major role in India’s medium-term growth.
On the banking and finance side, Mohanan welcomed the formation of a High-Level Committee on Banking for Viksit Bharat, which is expected to strengthen credit flow to banks, NBFCs, and MSMEs. Treating MSME trade receivables as asset-backed securities is seen as a positive step in easing credit access.
He also highlighted the government’s fiscal discipline, with a reduced fiscal deficit and increased public capital expenditure, which could encourage private investment. The simplified tax regime, support for data centres, bond market reforms, and rationalisation of MAT and STT were described as measures that support compliance, capital markets, and job creation.
