Incred Capital Financial Services Limited
vs. prev. close ₹4,850
Market cap
₹72,365 Cr
IPO stage
No DRHP filed
CIN
U67120MH1996PLC355036
Price History
About Incred Capital Financial Services Limited
The investment-banking and wealth-management arm of the InCred group, scaling revenue rapidly and expanding its licensing footprint, but with FY26 profit sharply dented by a large exceptional charge even as the top line more than doubled, a divergence worth watching closely before the next reporting cycle.
Short Version :
InCred Capital Financial Services Limited (formerly InCred Capital Financial Services Private Limited) is a Mumbai-based integrated financial services group, providing investment banking, asset management, wealth management, and securities/commodities dealing through its subsidiaries, and recently received SEBI approval for a Merchant Banking license. On a consolidated basis, Total Income more than doubled to Rs1,543.25 crore in FY26 (FY25: Rs747.68 crore), while Group Profit After Tax fell sharply to Rs40.95 crore (FY25: Rs112.18 crore, down ~63%), reflecting a large one-off exceptional charge during the year. Disclosed consolidated EPS was Rs29.01 Basic and Diluted (FY25: Rs87.34 Basic / Rs84.41 Diluted) on face value Rs10. Closing consolidated Group equity grew to Rs1,121.18 crore (FY25: Rs888.43 crore), working out to BVPS of roughly Rs751 (FY25: Rs625) and ROE of 3.65% (FY25: 12.63%) on a closing-equity basis. Consolidated total assets grew to Rs3,031.03 crore (FY25: Rs2,318.27 crore).
Why It Trades Where It Does :
The Company sits at the center of a fast-expanding financial-services platform: during FY26 it deployed Rs325 crore into its NBFC arm's Loan-Against-Shares book, advised on several large investment-banking mandates (including a Rs300 crore SaaS fundraise and a Rs223 crore consumer-wellness fundraise), acquired Elite Wealth Limited (now InCred Markets Limited) to expand retail broking, and pushed into US registered investment advisory/broker-dealer licensing. A Composite Scheme of Arrangement, NCLT-approved in March 2026 and made effective from September 2026, consolidated the group's merchant-banking and wealth-management undertakings into this entity, positioning it as the licensed Merchant Banker for the group going forward. The headline risk for valuation purposes is that reported profit growth has not kept pace with revenue growth: despite income more than doubling, consolidated PAT fell by nearly two-thirds, so investors should weigh the underlying, pre-exceptional profitability trend rather than top-line growth alone.
Top Risk :
Consolidated PAT fell ~63% in FY26 (Rs40.95 crore vs Rs112.18 crore in FY25) despite income more than doubling, driven substantially by a Rs59.68 crore exceptional item recognised during the year (nil in FY25) — the underlying driver of this swing was not independently confirmed from the sections reviewed.
Sizeable contingent liabilities on the standalone books: Corporate Guarantees for Group companies of Rs225.00 crore and Bank Guarantees of Rs140.00 crore, plus Rs23.35 crore of income-tax matters under appeal — material off-balance-sheet and litigation exposure.
Heavy related-party financing activity within the group (large volumes of inter-company loans, MLD borrowings/issuances, and NCD/MLD purchases and sales between the Company and its subsidiaries/associates), typical of a group treasury structure but adding complexity to standalone-entity credit analysis.
Ongoing corporate restructuring: the NCLT-approved Composite Scheme of Arrangement (amalgamations and a demerger among group entities) only became effective in September 2026, after the FY26 balance sheet date, meaning FY27 figures will not be directly comparable to FY26.
Market-linked debenture (MLD)-heavy borrowing structure: a large share of the Company's standalone borrowings are principal-protected and non-principal-protected market-linked debentures tied to Nifty/gold performance, introducing market-driven variability into redemption values and finance costs.
Top Opportunities :
Revenue scaled rapidly and diversified: consolidated Total Income more than doubled, with strong growth across investment banking advisory, distribution, asset/wealth management fees, and a newly added commodities-trading line.
Expanding regulatory licensing and platform breadth: the Company received SEBI Merchant Banking approval and is building out US investment-advisory and broker-dealer capability, broadening its addressable business beyond its historic advisory base.
Strategic, growth-oriented M&A: the acquisition of Elite Wealth Limited (now InCred Markets Limited) extends the Company into mass-affluent retail broking, complementing its institutional and investment-banking franchise.
Group restructuring aimed at efficiency: the Composite Scheme of Arrangement is intended to streamline the group structure, eliminate duplication, and concentrate the Merchant Banking license and related business in this entity.
Clean, unqualified audit opinion on both standalone and consolidated financial statements from M S K A & Associates LLP, with no frauds reported and an adequate, effectively-operating internal financial controls framework.
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Company Details
Industry
Financial Services — Asset & Wealth Management
Founded
1996
Headquarters
Mumbai, Maharashtra, India
Min Lot Size
25
Face Value
₹1.00
Shares Outstanding
14,92,05,710
Regulatory Information
Corporate Identity Number (CIN)
U67120MH1996PLC355036
PAN Number
AABCP3467A
ISIN
INE01WI01030
Key Valuation Ratios
Valuation
Market Cap
₹72,364.77 Cr
P/E Ratio
1,767.15×
P/S Ratio
49.81×
P/B Ratio
64.54×
EV / EBITDA
345.44×
Returns & Per Share
ROE
3.65%
EPS
₹2.74
Book Value / Share
₹75.14
Solvency
Debt / Equity
0.97×
Interest Coverage
1.79×
Company Fundamentals
As of FY2026 Annual · updated 27 Oct 2026Gross Profit
₹1,452.83 Cr
EBITDA
₹211.67 Cr
Revenue Growth
111.54%
Profit Margin
2.82%
Performance Trends
4 annual periods · derived from filed statements
Revenue
₹ Cr
Net Profit
₹ Cr · losses in red
Earnings Per Share
₹ per share
Return on Equity
ROE %
Return on Capital Employed
ROCE %
Debt-to-Equity
0.97×
EBITDA Margin
14.57%
Interest Coverage
1.79×
Financial Statements
| Line item | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Total Income | ||||
| Revenue from operationsDisclosed | 151.96₹ Crore | 331.25₹ Crore | 686.78₹ Crore | 1,452.83₹ Crore |
| Other incomeDisclosed | 12.54₹ Crore | 22.51₹ Crore | 60.89₹ Crore | 90.42₹ Crore |
| Total IncomeDerived | 164.5₹ Crore | 353.76₹ Crore | 747.67₹ Crore | 1,543.25₹ Crore |
| Expenses | ||||
| Cost of goods soldDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Purchases of stock-in-tradeDisclosed | 0₹ Crore | 7.95₹ Crore | 0₹ Crore | 527₹ Crore |
| Changes in inventoriesDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Employee benefits expenseDisclosed | 150.38₹ Crore | 197.32₹ Crore | 361.29₹ Crore | 545.77₹ Crore |
| Finance costsDisclosed | 7.33₹ Crore | 71.88₹ Crore | 98.26₹ Crore | 102.61₹ Crore |
| Depreciation and amortization expenseDisclosed | 10.08₹ Crore | 11.44₹ Crore | 18.74₹ Crore | 28.09₹ Crore |
| Manufacturing expensesDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Operating expensesDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Other expensesDisclosed | 64.45₹ Crore | 71.85₹ Crore | 122.33₹ Crore | 198.27₹ Crore |
| Total ExpensesDerived | 232.24₹ Crore | 360.44₹ Crore | 600.62₹ Crore | 1,401.74₹ Crore |
| Profit | ||||
| Exceptional itemsDisclosed | -26.03₹ Crore | -5.67₹ Crore | 3.87₹ Crore | -60.54₹ Crore |
| Profit before taxDerived | -93.77₹ Crore | -12.35₹ Crore | 150.92₹ Crore | 80.97₹ Crore |
| Current tax expenseDisclosed | 0₹ Crore | 10.55₹ Crore | 43.69₹ Crore | 57.47₹ Crore |
| Deferred tax expenseDisclosed | -22.35₹ Crore | -7.19₹ Crore | 79.65₹ Lakh | -17.9₹ Crore |
| Tax expenseDisclosed | -21.95₹ Crore | 3.66₹ Crore | 38.74₹ Crore | 40.02₹ Crore |
| Profit After TaxDerived | -71.82₹ Crore | -16.01₹ Crore | 112.18₹ Crore | 40.95₹ Crore |
| Other comprehensive incomeDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Total Comprehensive IncomeDerived | -71.82₹ Crore | -16.01₹ Crore | 112.18₹ Crore | 40.95₹ Crore |
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About Incred Capital Financial Services Limited unlisted shares
Indicative · updated dailyIncred Capital Financial Services Limited unlisted share price today
Incred Capital Financial Services Limited unlisted share price today is ₹4,850 as of 27 October 2026.
Incred Capital Financial Services Limited — frequently asked questions
- What is the grey market price for Incred Capital Financial Services Limited?
No IPO is currently announced for Incred Capital Financial Services Limited, so no grey market exists; the price above reflects Priveq's own desk valuation.
- Has Incred Capital Financial Services Limited filed for an IPO, and when might it list?
Incred Capital Financial Services Limited has not filed a draft red herring prospectus, so no IPO is currently announced and no listing date has been set.
- How does Incred Capital Financial Services Limited compare to its listed peers?
There is no closely comparable listed company for Incred Capital Financial Services Limited in India today.
- Is Incred Capital Financial Services Limited on the SME or Mainboard IPO track?
Incred Capital Financial Services Limited has not filed a draft red herring prospectus, so no IPO track is set yet.
- What is Incred Capital Financial Services Limited's CIN and registered office?
Incred Capital Financial Services Limited's Corporate Identity Number is U67120MH1996PLC355036, registered at Mumbai, Maharashtra, India.
- What is Incred Capital Financial Services Limited's market capitalisation?
Incred Capital Financial Services Limited's market capitalisation is approximately ₹72,365 crore, based on its current unlisted share price.
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