Press Release

Press Release

October 06, 2026

INCRED PRIME FINANCE PRIVATE LIMITED
Rating Assigned

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	100.00	ACUITE A+ \| Stable \| Assigned	-	RBI
Non Convertible Debentures (NCD)	0.00	200.00	ACUITE A+ \| Stable \| Assigned	-	MCA
Commercial Paper (CP)	0.00	100.00	-	ACUITE A1+ \| Assigned	RBI
Total Outstanding	0.00	400.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

Acuite has assigned the long-term rating of ‘ACUITE A+' (read as ACUITE A Plus) on the Rs. 100.00 Cr. proposed bank loan facilities of Incred Prime Finance Private Limited (IPFPL). The outlook is ‘Stable’.

Acuite has assigned the long-term rating of ‘ACUITE A+' (read as ACUITE A Plus) on the Rs. 200.00 Cr. Proposed Non Convertible Debentures facilities of Incred Prime Finance Private Limited (IPFPL). The outlook is ‘Stable’.

Acuite has assigned the short-term rating of ‘ACUITE A1+' (read as ACUITE A One Plus) on the Rs. 100.00 Cr. Proposed commercial paper facilities of Incred Prime Finance Private Limited (IPFPL).

Rationale for rating

The assigned rating factors in the strong business profile, established market position and healthy capital of InCred Capital Financial Services Limited (ICFSL), which has built a diversified financial services platform across wealth management, asset management, alternative investments, institutional broking, investment banking and global wealth management businesses. The group's wealth management franchise has emerged as one of the larger independent wealth management platforms in India, with assets under management exceeding ~Rs.1 lakh crore from Rs. 12,000 crores in the span of 4 years, supported by over 6,400 client families and a network of more than 500 relationship managers. The group's consolidated net worth improved to Rs.1,121.18 crore as on March 31, 2026 from Rs.888.48 crore as on March 31, 2025, while maintaining a moderate debt-equity ratio of around 0.97 times. Further strength is derived from the presence of reputed shareholders and marquee investors at parent level including Paragon Partners, Manipal Group and other marquee investors, which support the group's financial flexibility and resource-raising ability.

IPFPL operates as the group's dedicated Loan Against Securities (LAS) platform and benefits from business sourcing synergies with the wealth management platform. The parent has demonstrated strong commitment towards the business through significant capital support, with IPFPL net worth on standalone basis increasing to Rs.405.37 crore as on March 31, 2026 from Rs.65.59 crore as on March 31, 2025. Further, the company's AUM increased to Rs.312.20 crore from Rs.13.13 crore over the same period, while maintaining comfortable asset quality indicators with nil GNPA, nil NNPA and nil write-offs, supported by a conservative underwriting framework.

The rating is, however, constrained by the limited seasoning of IPFPL's LAS portfolio, which has scaled up rapidly over a short period and remains exposed to volatility in capital market conditions given the nature of underlying collateral. Further, the earnings profile of the InCred Capital group remains linked to capital market activity due to its presence across wealth management, asset management, broking and investment banking businesses, making profitability susceptible to adverse market conditions.

About the Company

Mumbai-based InCred Prime Finance Private Limited was incorporated in 1991, It is a Non-Banking Financial Company (NBFC) registered with the RBI. The company is engaged in lending and financing activities and operates as a Systemically Important Non-Deposit Taking Non-Banking Financial Company. The company offers Loan Against Securities. The current directors include Ms. Ambika Bisla, Mr. Saurabh Jhalaria, Ms. Shivani Virendra Singh Rawat, and Mr. Vikram Sundarlal Agarwal.
InCred Prime Finance Private Limited (erstwhile Incred Financial Services Limited) was demerged and The resultant merged entity has been renamed as Incred Financial Services Limited (erstwhile KKR India Financial Services Limited.

About the Group

Mumbai Based, Incred Capital Financial Services Limited (Formerly Known As Incred Capital Financial Private Limited) was incorporated in 1996. It is a holding company of InCred Prime Finance Private Limited. The company engaged in Integrated financial services, investment banking, wealth management, asset management, alternative investments, institutional securities, and capital market advisory services. The company operates as the investment banking and capital markets arm of the InCred Group. The current director includes Mr. Bhupinder Singh, Mr. Gaurav Maheshwari, Mr. Venkatesh Vishwanathan, Mr. Siddharth Deepak Parekh, Ms. Ambika Bisla, Ms. Shivani Rawat and Mr. Vikram Agarwal.

Unsupported Rating

Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

Acuité has considered the consolidated view on the business and financial risk profile of Incred Capital Financial Services Limited to arrive at the rating. The approach is driven by common management, shared brand,and strong operational and financial synergies between the group companies.

Key Rating Drivers

Strength

Strong presence in the wealth management business and diversified financial services franchise

The rating derives comfort from the strong market position of InCred Capital Financial Services Limited (ICFSL) in the domestic wealth management industry. The group's wealth management platform has scaled rapidly with assets under management exceeding Rs.1 lakh+ crore from Rs. 12,000 crore in last 4 years, supported by a client base of over 6,400 families, entrepreneurs and executives and a network of more than 500 relationship managers. Further, the group has established a diversified financial services platform across wealth management, asset management, alternative investments, institutional broking, investment banking and global wealth management businesses, resulting in multiple revenue streams and strong cross-selling opportunities across the ecosystem. The earnings profile remains well diversified with income streams from MTM/net gains on investments, distribution and commission income, management fees, interest income, advisory fees and sale of commodities contributing from different business verticals. Such diversification provides multiple revenue streams and reduces dependence on any single business segment.

Healthy capitalization supported by marquee investors

The rating factors in the healthy capitalization and financial flexibility of the InCred Capital group. On a consolidated basis, the group reported a net worth of Rs.1,121.18 crore as on March 31, 2026 as against Rs.888.48 crore as on March 31, 2025, reflecting strengthening of the capital base. The group reported consolidated borrowings of Rs.1,091.40 crore as on March 31, 2026, resulting in a moderate debt-equity ratio of around 0.97 times, which remains comfortable for the scale and nature of operations. Further, the group is supported by a diversified shareholder base comprising reputed institutional and marquee investors including Paragon Partners, Manipal Group and other marquee investors which enhances its ability to access capital and funding avenues.

Strong capitalization, healthy growth in LAS portfolio and comfortable asset quality indicators in IPFPL

InCred Prime Finance Private Limited (IPFPL) benefits from substantial capital support from its parent, reflected in the significant increase in net worth to Rs.405.37 crore as on March 31, 2026 from Rs.65.59 crore as on March 31, 2025. Consequently, the company maintained a strong Capital Adequacy Ratio (CAR) of 103.24 percent as on March 31, 2026, providing adequate headroom for future growth. The company's Loan Against Securities (LAS) portfolio has witnessed healthy growth with AUM increasing to Rs.312.20 crore as on March 31, 2026 from Rs.13.13 crore as on March 31, 2025, and further to around Rs.398.07 crore as on September 30, 2026. The portfolio quality remains comfortable with nil GNPA, nil NNPA and nil write-offs since inception. Further, the company follows a conservative underwriting framework with an average LTV of around 50 percent, while approximately 99 percent of the portfolio carried LTV below 50 percent as on September 30, 2026, thereby providing adequate cushion against volatility in the value of underlying collateral.

Weakness

Limited Seasoning of the LAS Portfolio.

The company's loan portfolio has witnessed a sharp increase with AUM growing to Rs.312.20 crore as on March 31, 2026 from Rs.13.13 crore as on March 31, 2025, and further to around Rs.398.07 crore as on September 30, 2026. While the portfolio has demonstrated comfortable asset quality indicators with nil GNPA, nil NNPA and nil write-offs since inception, the book remains relatively young and lacks a demonstrated track record across multiple market and credit cycles. Further, given the company's exclusive focus on the Loan Against Securities (LAS) segment, the portfolio remains exposed to volatility in capital market conditions and fluctuations in the valuation of underlying collateral, which may necessitate timely margin calls and additional collateral support. However, the risk is partly mitigated by the conservative underwriting framework, with average LTV of around 50 percent and approximately 99 percent of the portfolio carrying LTV below 50 percent.

Earnings Profile of the Group Remains Exposed to Capital markets

On a consolidated basis, the earnings profile of InCred Capital Financial Services Limited (ICFSL) remains linked to capital market activity, given the group's presence across wealth management, asset management, alternative investments, institutional broking and investment banking businesses. A significant portion of the group's revenue is derived from distribution income, management fees, advisory income and investment-related gains, which are inherently sensitive to investor sentiment, market volumes and movement in financial markets. Accordingly, any prolonged slowdown in capital market activity and its impact the group's revenue growth and profitability remains monitorable.

Rating Sensitivity

Potential triggers (individual or collective) for an upward rating action:

Sustained imporvement in profitability through diversified earning sources, reflected in RoAA above 4.00 Percent at consolidated level.
Continued support from the parent and strengthening of the group's financial profile.

Potential triggers (individual or collective) for a downward rating action:

Deterioration in Credit Quality of securities in the Asset portfolio
Gearing exceeding 3.00 times on a sustained basis
Significant decline in revenue and profitability

Liquidity Position

Adequate

The liquidity profile of the InCred Capital group remains adequate, supported by healthy capitalization and diversified funding sources. As on March 31, 2026, the group reported consolidated net worth of Rs.1,121.18 crore against total borrowings of Rs.1,091.40 crore, resulting in moderate leverage of 0.97 times. During FY26, the group successfully raised incremental borrowings of approximately Rs.1,000 crore, reflecting its ability to access funding from multiple channels including MLDs, LAS facilities and ICDs.

Outlook

Stable

Other Factors affecting Rating

None

Key Financials - Standalone / Originator

Particulars	Unit	FY26 (Actual)	FY25 (Actual)
Total Assets	Rs. Cr.	405.23	65.39
Total Income*	Rs. Cr.	22.91	0.9
PAT	Rs. Cr.	14.78	(2.55)
Net Worth	Rs. Cr.	405.37	65.59
Return on Average Assets (RoAA)	(%)	6.28	(6.70)
Return on Average Net Worth (RoNW)	(%)	6.27	(6.95)
Debt/Equity	Times	0.00	0.00
Gross NPA	(%)	0.00	0.00
Net NPA	(%)	0.00	0.00

*Total income equals Net Interest Income plus other income.
Ratios as per Acuité calculations

Key Financials (Consolidated)

Particulars	Unit	FY26 (Actual)	FY25 (Actual)
Total Assets	Rs. Cr.	2950.38	2258.55
Total Income*	Rs. Cr.	912.49	651.71
PAT	Rs. Cr.	40.95	112.18
Net Worth	Rs. Cr.	1121.18	888.48
Return on Average Assets (RoAA)	(%)	1.57	6.21
Return on Average Net Worth (RoNW)	(%)	4.07	16.13
Debt/Equity	Times	0.97	0.81
Gross NPA	(%)	N/A	N/A
Net NPA	(%)	N/A	N/A

*Total income equals Net Interest Income plus other income.
Ratios as per Acuité calculations

Status of non-cooperation with previous CRA (if applicable)

None

Any Other Information

None

Applicable Criteria

• Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm
• Commercial Paper: https://www.acuite.in/view-rating-criteria-54.htm

Note on complexity levels of the rated instrument

In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History :

Not applicable

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Not Applicable	Not avl. / Not appl.	Proposed Commercial Paper Program	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE A1+ \| Assigned
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE A+ \| Stable \| Assigned
Not Applicable	Not avl. / Not appl.	Proposed Non Convertible Debentures	Unlisted	MCA	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	200.00	Simple	ACUITE A+ \| Stable \| Assigned

*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr. No.	Entity Name
1	Incred Capital Financial Services Limited
2	Incred Prime Finance Private Limited

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Yash Dharmale
Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:
A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹ ⁶	RBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11 a	Fixed Deposits raised by NBFCs, HFCs, FIs	RBI
11 b	Fixed Deposits raised by Banks ⁷	+
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts ⁶	RBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs) ⁷	+
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁴ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.
⁶ By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues.
⁷ To be finalized following a discussion with the regulatory authorities.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁸	Not applicable

⁸ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.