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ICL Fincorp: FY26 Performance Review

Written by: Diksha Kalra

Published: Sep 16, 2026

Updated: Sep 16, 2026

3 min read

Financial Performance (FY26 vs FY25): ICL Fincorp reported steady growth in FY26, with total income rising to approximately ₹243.7 crore from ₹191.7 crore in FY25, driven by expansion in its lending book and operating income. Profit before tax increased to ₹6.6 crore from ₹5.1 crore, while profit after tax improved to ₹4.3 crore from ₹2.4 crore, reflecting stronger profitability and scale benefits. The year-on-year growth was approximately 27.1% in total income, 29.4% in PBT, and 79.2% in PAT, showing a meaningful improvement in earnings momentum. The company’s performance was supported by higher lending activity, disciplined cost management, and continued expansion across its financing business.
Operational Metrics (FY26 vs FY25): Operationally, ICL Fincorp expanded its loan portfolio to approximately ₹957.50 crore in FY26 from ₹657.33 crore in FY25, a rise of about 45.7%, indicating strong credit demand and business growth. Total assets increased to ₹1,214.7 crore from ₹852.91 crore, reflecting the larger balance sheet and scaling of the lending franchise. Finance costs increased to ₹101.24 crore from ₹71.75 crore, while impairment on financial instruments was ₹1.75 crore versus ₹1.7 crore in FY25. The company continued to fund growth through a diversified liability mix including debt securities, borrowings, subordinated liabilities, and equity support.
Key Ratios (FY26):Valuation, profitability, and asset-quality indicators remained broadly stable in FY26. The Debt-Equity Ratio stood at 5.88x, while the Total Debt to Total Assets ratio was 0.79x. Asset quality remained controlled, with Stage 3 Loan Assets to Gross Loan Assets at 0.56%, Net Stage 3 Loan Assets to Gross Loan Assets at 0.49%, and Provision Coverage Ratio at 12.53%. Capitalization remained healthy, with Capital Adequacy Ratio at 19.84%, and profitability metrics showed a Net Profit Margin of 1.3% and Earnings Per Share of ₹0.69.
Strategic Developments & Outlook: ICL Fincorp continues to operate as a financing-focused NBFC with a strong presence in retail and secured lending, supported by ongoing balance-sheet expansion and funding diversification. The company also reported strong compliance around its debt securities, with asset cover certification confirming100 security coveragefor the secured NCDs reviewed in the PDF. Going ahead, growth will likely be driven by continued loan-book expansion, better operating leverage, and improved collection efficiency, though funding costs and credit costs remain important monitoring factors. The company’s improved profitability, stronger capital position, and growing scale indicate a stable operating trajectory.

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