InCred Financial Services, the lending arm of InCred Holdings, delivered strong financial results in FY26 ahead of its proposed IPO. The company reported 36% year-on-year growth in operating revenue, while profits grew by 17% in the same period. According to its consolidated financial statements, the Mumbai-based company’s revenue from operations rose to Rs 2,546 crore in FY26 from Rs 1,872 crore in FY25. Founded by Bhupinder Singh in 2017, InCred Finance operates as a diversified retail-focused NBFC, offering a range of lending products across personal loans, student loans, secured business loans, specialised MSME financing, and loans to financial institutions. Interest income from loan disbursements accounted for 91% of its total operating revenue, which grew 38% year-on-year to Rs 2,331 crore. Income from fees and commission added Rs 213 crore, while the remaining operating income came from net gains on fair value changes in financial assets. The firm also made Rs 20 crore from other non-operating sources, which pushed its total income to Rs 2,567 crore. For the lending firm, finance costs accounted for 47% of InCred’s total expenditure and rose 47% year-on-year to Rs 922 crore in FY26. Its employee benefit expenses also increased 23% to Rs 416 crore. Losses from impaired financial instruments, including loan write-offs, jumped 62% year-on-year to Rs 305 crore. Depreciation expenses, along with legal, collection, advertising, travel and other overheads, pushed the company's total expenditure up 43% to Rs 1,970 crore in FY26 from Rs 1,381 crore in the previous fiscal year. With strong growth in loan disbursements, InCred Finance increased its profit by 17% to Rs 438 crore in FY26 from Rs 374 crore in the previous fiscal year. On a unit level, it spent Rs 0.8 to earn every rupee in FY26. As of March 2026, the firm had total financial assets worth Rs 15,243 crore, which included a healthy cash and bank balance of Rs 824 crore InCred Finance's parent, InCred Holdings, recently filed an updated draft red herring prospectus (UDRHP) with SEBI for its IPO, comprising a fresh issue of shares worthRs 1,250 croreand an offer for sale (OFS) of up to 9.90 crore equity shares. Existing shareholders, including KKR, MNI Ventures, Mohandas Pai Family, Moore Strategic, V'Ocean Investments, and others, will participate in the OFS. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
