ICL Fincorp Ltd., a well-established NBFC with a strong presence in gold loans, hire purchase, and business loans, has launched its Secured, Redeemable Non-Convertible Debentures (NCDs) for February 2026 — offering attractive returns with flexibility across tenures and interest payment options.
Issue Timeline
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Issue Opens: Thursday, 5 February 2026
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Issue Closes: Wednesday, 18 February 2026
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Basis of Allotment: First Come First Serve (FCFS)
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Listing: BSE Limited
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Debenture Trustee: Mitcon Credentia Trusteeship Services Ltd.
Issue Size & Structure
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Security Type: Secured, Redeemable Non-Convertible Debentures (NCDs)
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Base Issue Size: ₹50.00 Cr
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Green Shoe / Oversubscription: ₹50.00 Cr
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Total Issue Size: ₹100.00 Cr
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Issue Price: ₹1,000 per NCD
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Face Value: ₹1,000 per NCD
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Minimum Lot: 10 NCDs (₹10,000)
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Market Lot: 1 NCD
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Credit Rating: CRISIL BBB- / Stable (Moderate Safety)
About ICL Fincorp Ltd.
ICL Fincorp Ltd. is a well-known Non-Banking Financial Company (NBFC) in India, primarily engaged in providing secured lending solutions to individuals and small businesses. The company is widely recognized for its strong presence in the gold loan segment, which is considered one of the safest secured lending categories. Along with gold loans, ICL Fincorp also offers business loans, personal loans, and other secured financial products to meet diverse customer needs. Over the years, the company has built a growing customer base by focusing on quick loan processing and branch-based services. It operates through a network of branches across multiple states in India, supporting both urban and semi-urban borrowers. ICL Fincorp continues to expand its operations with the aim of strengthening its market position in the NBFC sector. With its secured loan portfolio, the company targets stable growth while maintaining a focus on risk management and customer trust.
NCD Options: Interest, Tenure & Returns
The issue offers 10 series (ISINs) with differing tenures and interest payout mechanisms such as monthly, annual and cumulative — allowing investors to choose according to their cash-flow needs and return
| Series | Frequency of Interest Payment | Nature | Tenor | Coupon (% per Annum) | Effective Yield (% per Annum) | Amount on Maturity (In Rs.) |
|---|---|---|---|---|---|---|
| Series 1 | Monthly | Secured | 13 Months | 10.00% | 10.47% | Rs 1,000.00 |
| Series 2 | Monthly | Secured | 24 Months | 10.50% | 11.02% | Rs 1,000.00 |
| Series 3 | Monthly | Secured | 36 Months | 11.00% | 11.57% | Rs 1,000.00 |
| Series 4 | Monthly | Secured | 60 Months | 11.50% | 12.13% | Rs 1,000.00 |
| Series 5 | Cumulative | Secured | 13 Months | NA | 10.50% | Rs 1,114.23 |
| Series 6 | Cumulative | Secured | 24 Months | NA | 11.00% | Rs 1,232.10 |
| Series 7 | Cumulative | Secured | 36 Months | NA | 11.50% | Rs 1,386.20 |
| Series 8 | Annual | Secured | 24 Months | 10.75% | 10.75% | Rs 1,000.00 |
| Series 9 | Annual | Secured | 36 Months | 11.25% | 11.25% | Rs 1,000.00 |
| Series 10 | Cumulative | Secured | 72 Months | NA | 12.25% | Rs 2,000.00 |
Company Promoters
The promoters of ICL Fincorp Ltd. are Kuzhuppilly Govinda Menon Anilkumar and Umadevi Anilkumar
Company Financials (Restated Consolidated)
ICL Fincorp Ltd. has shown steady growth in its business over the last three years. The company’s total assets increased from ₹527.66 crore in FY2023 to ₹852.92 crore in FY2025, reflecting strong expansion in its lending operations. Total income also grew consistently, rising from ₹112.64 crore in FY2023 to ₹191.69 crore in FY2025.
Profitability has remained fluctuating, with PAT of ₹2.44 crore in FY2025. However, the company’s net worth improved from ₹78.32 crore in FY2023 to ₹104.49 crore in FY2025, indicating better financial strength.
NCD Allocation (Category-wise Reservation)
The ICL Fincorp NCD February 2026 issue has been allocated across different investor categories, with the highest portion reserved for retail investors.
Category-wise allocation is as follows:
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Retail Investors: 64% (largest allocation, making it retail-focused)
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HNI (High Net-Worth Individuals): 30%
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Institutional Investors: 5%
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Non-Institutional Investors: 1%
Objects of the Issue
The main objective of the ICL Fincorp NCD issue is to raise funds for business expansion and overall financial requirements. The company plans to utilize the proceeds mainly to support its core NBFC lending operations and strengthen its balance sheet.
The funds will be used for the following purposes:
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Onward lending and financing activities (core business growth)
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Repayment / prepayment of principal and interest on existing borrowings
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General corporate purposes, including operational and administrative needs
NCD Registrar
Cameo Corporate Services Ltd.
FAQs-
Q1. What is a Secured NCD?
A: A secured NCD means the debentures are backed by the company’s assets, which provides better safety compared to unsecured NCDs.
Q2. What is Monthly Interest Payment in NCD?
A: In monthly interest NCDs, the investor receives interest every month directly in their bank account, making it suitable for regular income.
Q3. What is Cumulative NCD in simple words?
A: In cumulative NCDs, interest is not paid monthly or yearly. Instead, it gets added and paid together at maturity as a lump sum amount.
Q4. What does FCFS mean in NCD allotment?
A: FCFS means First Come First Serve, where allotment is done based on the order of applications received, until the issue gets fully subscribed.
Q5. Is ICL Fincorp NCD listed on stock exchange?
A: Yes, this NCD issue will be listed on the BSE, which means investors can potentially sell it in the market before maturity.
Q6. What is the Credit Rating of ICL Fincorp NCDs?
A: The ICL Fincorp NCD issue carries a credit rating of BBB- / Stable, which indicates moderate safety of timely interest and principal payments. A BBB- rating means the instrument has adequate credit quality, but it is not the highest grade, and investors should be aware of credit risk compared to higher-rated instruments.
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