12.25% Indel Money Limited 2032 NCD — Review

About Indel Money Limited * RBI-registered NBFC with over 35 years of operating history * One of the leading gold loan-focused NBFCs in India with 95% secured book * 367 branches across 15 states and UTs with 2,000+ employees * Loan book primarily backed by gold loans (~94% of portfolio) * Strong presence in Tier-II and Tier-III markets with a granular retail lending model Strong Promoter Support * Promoters have infused ₹363 crore equity since FY22 * Net worth increased to ₹622 crore as of Mar'26 from ₹319 crore in FY25 * Strong track record of promoter support and capital infusion Institutional Validation * Funding relationships with SBI, IDFC First Bank, Karur Vysya Bank, Dhanlaxmi Bank, Bajaj Finance, Poonawalla Fincorp, and several other institutions * Received ₹100 crore debt funding each from HDFC Mutual Fund (Mar'25) and Kotak Credit Opportunities Fund (Jan'26), reflecting strong confidence from reputed institutional investors. * Institutional NCD placements of over ₹1,300 crore completed during FY26 * Strong access to diversified funding sources, including Banks, Co-Lending, DA/PTC, and Capital Markets Investor Comforts * Entire portfolio predominantly secured by gold collateral * Strong promoter commitment demonstrated through regular equity infusion