ICL Fincorp: FY26 Performance Review

12 June 2026

• Financial Performance (FY26 vs FY25):ICL Fincorp reported steady growth in FY26, with total income rising to approximately₹9,733 crorefrom₹9,154 crorein FY25, driven by expansion in its lending book and operating income. Profit before tax increased to₹1,157.28 crorefrom₹1,005.29 crore, while profit after tax improved to₹912.01 crorefrom₹716.38 crore, reflecting stronger profitability and scale benefits. The year-on-year growth was approximately6.32%in total income,15.12%in PBT, and27.29%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₹95,750.91 crorein FY26 from₹64,379.21 crorein FY25, a rise of about48.74%, indicating strong credit demand and business growth. Total assets increased to₹1,20,253.67 crorefrom₹83,469.71 crore, reflecting the larger balance sheet and scaling of the lending franchise. Finance costs increased to₹9,949.15 crorefrom₹7,061.18 crore, while impairment on financial instruments was₹175.50 croreversus₹169.79 crorein 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. TheDebt-Equity Ratiostood at5.57xon the standalone report, while theTotal Debt to Total Assetsratio was0.79x. Asset quality remained controlled, withStage 3 Loan Assets to Gross Loan Assets at 0.44%,Net Stage 3 Loan Assets to Gross Loan Assets at 0.38%, andProvision Coverage Ratio at 15.01%. Capitalization remained healthy, withCapital Adequacy Ratio at 20.43%, and profitability metrics showed aNet Profit Margin of 3.80%andEarnings Per Share of ₹1.48.
• 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.