Mumbai: Indel Money, a non-deposit taking non-banking finance company (“NBFC”) in the gold loan sector, has received a credit rating of ‘IND A-’ with ‘Stable’ outlook from India Ratings and Research (Ind-Ra) for its non-convertible debentures (NCDs) of INR 3,000 million (INR 300 crore) and bank loan facilities of INR 1,000 million (INR 100 crore).

According to India Ratings the rating reflects Indel Money Limited’s sustained growth, strong profitability, better asset quality and improved operational efficiency, supported by adequate capital buffers and an experienced management team. The agency highlighted the company’s strong operational performance, with assets under management (AUM) rising to INR 34,770 million as of December 2025, and AUM per branch improving to INR 95 million in 9MFY26.

The rating agency also factors in consistent promoter capital support, with net worth increasing to INR 4,990 million in 9MFY26, alongside stable asset quality, with gross NPAs at 1.5% and net NPAs at 1.31%. Indel Money operates 372 branches across India, with around 95% of its AUM in gold loans, primarily across southern states while gradually expanding into other regions.

Mr. Umesh Mohanan, Executive Director and CEO of Indel Money, said: “We are pleased with the ‘IND A-’ rating assigned by India Ratings, and its ‘stable’ outlook reflects the strength of our business model, robust risk management practices, and the consistent efforts of our team in expanding franchise network. Our operational efficiency, prudent lending practices, and strong capital support from the promoters have enabled us to deliver stable results while maintaining healthy asset quality. We remain committed to expanding our footprint, enhancing our funding profile, and creating long-term value for all stakeholders.”

The Ratings Agency   also noted that further diversification of the company’s funding profile and reduction in the overall cost of borrowing will be key focus areas when it scales its operations.