ICL Fincorp NCD
Rates, tenures, credit rating and current status of the non-convertible debentures (NCDs) issued by ICL Fincorp Limited, updated at each new issue.
ICL Fincorp NCD issues on our tracker
| Issue | Dates | Yield (p.a.) | Tenure | Rating | Security | Issue size | Minimum |
|---|---|---|---|---|---|---|---|
| ICL Fincorp LtdPublic issueSEBI filing: prospectus ↗ | 10–21 Aug 2026 | 10.47–12.25% | 13 mo – 6 yrs | Crisil BBB-/Stable | Secured | ₹50 cr + ₹50 cr green shoe | ₹10,000 |
| ICL Fincorp LtdPublic issueSEBI filing: prospectus ↗ | 10–24 Apr 2026 | 10.47–12.25% | 13 mo – 6 yrs | ACUITE BBB-/Stable | Secured | ₹50 cr + ₹50 cr green shoe | ₹10,000 |
| ICL Fincorp LtdPublic issueSEBI filing: prospectus ↗ | 5–18 Feb 2026 | 10.47–12.25% | 13 mo – 6 yrs | Crisil BBB-/Stable | Secured | ₹50 cr + ₹50 cr green shoe | ₹10,000 |
From each issue’s prospectus on SEBI. Open and closed are worked out from the dates. All upcoming NCD issues
ICL Fincorp Limited is a gold loan NBFC (non-deposit-taking, middle layer) with its registered office in Tamil Nadu. It was incorporated in 1991 as Jawahar Finance Limited, renamed Irinjalakuda Credits & Leasing Company Limited in 2004, and took its present name in 2016. Gold loans made up 99.43% of its loans at 31 March 2026; it also offers loans against property, business loans and personal loans. As of 30 June 2026 it had 302 branches across 12 states and Delhi.
For the year to 31 March 2026 it reported standalone total revenue of ₹240.2 crore and profit after tax of ₹9.1 crore, against ₹189.0 crore and ₹7.2 crore a year earlier. Gross NPAs were 0.44% of gross loan assets, down from 1.03% a year earlier. These figures are from its July 2026 prospectus. ICL Fincorp has run three public NCD issues in 2026 (February, April and August), all listed on the BSE.
Credit rating: Crisil BBB-/Stable on the August 2026 NCDs (letter and rationale dated 30 Jun 2026). The April 2026 issue was rated ACUITE BBB-/Stable and the February 2026 issue Crisil BBB-/Stable. BBB- is the lowest investment-grade rating. Check the current rating on crisilratings.com before investing.
Latest issue - August 2026: key terms
| Parameter | Detail |
|---|---|
| Issue | Public issue of secured NCDs; prospectus dated and filed with SEBI on 28 Jul 2026 |
| Dates | Opened 10 Aug 2026; scheduled to close 21 Aug 2026 |
| Type | Secured, redeemable, non-convertible debentures: a first-ranking pari passu charge, shared with existing secured creditors, on fixed assets other than immovable property and on current assets including book debts, receivables, loans and advances, and cash and bank balances |
| Face value | ₹1,000 per NCD |
| Minimum application | 10 NCDs (₹10,000) |
| Issue size | ₹50 cr base + ₹50 cr oversubscription = up to ₹100 cr |
| Coupon range | 10.00% - 11.50% p.a. |
| Effective yield | 10.47% - 12.25% p.a. |
| Tenures | 13 / 24 / 36 / 60 / 72 months |
| Put and call options | None |
| Credit rating | Crisil BBB-/Stable |
| Listing | BSE |
| Lead manager | Vivro Financial Services Pvt Ltd |
| Registrar | Cameo Corporate Services Ltd |
| Debenture trustee | MITCON Credentia Trusteeship Services Ltd |
From the prospectus filed with SEBI on 28 Jul 2026. Its addendum (16 Aug 2026) added the unaudited results for the quarter to 30 Jun 2026 and left the issue terms unchanged. Applications that did not choose a series were allotted Option I.
August 2026 issue - series-wise coupon & effective yield
| Series | Interest payment | Tenure | Coupon (% p.a.) | Effective yield (% p.a.) |
|---|---|---|---|---|
| I | Monthly | 13 months | 10.00% | 10.47% |
| II | Monthly | 24 months | 10.50% | 11.02% |
| III | Monthly | 36 months | 11.00% | 11.57% |
| IV | Monthly | 60 months | 11.50% | 12.13% |
| V | Cumulative | 13 months | - | 10.50% |
| VI | Cumulative | 24 months | - | 11.00% |
| VII | Cumulative | 36 months | - | 11.50% |
| VIII | Annual | 24 months | 10.75% | 10.75% |
| IX | Annual | 36 months | 11.25% | 11.25% |
| X | Cumulative | 72 months | - | 12.25% |
The prospectus calls the series "Options". Same rates for every investor category. Cumulative series pay no interest until maturity and then redeem at a fixed amount. These are the issue rates, not the yield on the exchange today.
How to apply or buy
- During a live public issue: apply online through your stockbroker or bank using ASBA or UPI. Brokers list open NCD issues under their IPO or bonds section; pick a series, enter at least 10 NCDs (₹10,000) and approve the mandate. Retail applications are allotted first come, first served, so an issue can close before its scheduled date.
- Between issues: NCDs from past issues are listed on the BSE and can be bought through a demat and trading account with access to the debt segment. Search by ISIN and place a limit order: trading is often thin, so the price and yield can differ from the issue terms.
- Interest and the maturity amount are paid to the bank account linked to your demat account. The interest is taxable income, and TDS may be deducted from it; the guide on how bonds are taxed, linked below, explains the rules.
- To check allotment for a past issue, use the registrar, Cameo Corporate Services, or the BSE website, with your PAN or application number.
The risk
Crisil BBB-/Stable is the lowest investment-grade rating; one notch lower is sub-investment grade. The yields of 10.47%-12.25% are high because the credit risk is high. These are a company's debentures, not bank deposits, so there is no DICGC deposit insurance and repayment depends on ICL Fincorp's finances. The company is small (₹9.1 crore profit in FY2026) and almost entirely in gold loans, so a fall in gold prices or a regulatory change for gold lending would hit it directly. The security is a first-ranking charge shared pari passu with existing secured creditors, so in a default the holders share those assets with other lenders. Keep any position small, spread money across issuers, and do not treat the coupon as guaranteed.
Sources
- SEBI - ICL Fincorp Ltd, prospectus (issue opening 2026-08): https://www.sebi.gov.in/filings/debt-offer-document/jul-2026/icl-fincorp-limited-prospectus_103340.html
- SEBI - ICL Fincorp Ltd, addendum (issue opening 2026-08): https://www.sebi.gov.in/filings/debt-offer-document/aug-2026/icl-fincorp-limited-addendum-to-prospectus_104118.html
- SEBI - ICL Fincorp Ltd, prospectus (issue opening 2026-04): https://www.sebi.gov.in/filings/debt-offer-document/mar-2026/icl-fincorp-limited-prospectus_100769.html
- SEBI - ICL Fincorp Ltd, prospectus (issue opening 2026-02): https://www.sebi.gov.in/filings/debt-offer-document/jan-2026/icl-fincorp-limited-prospectus_99496.html
NCDs are debt of a company and carry credit risk — you can lose money if the issuer defaults. This page is information, not investment advice; verify the current issue terms and credit rating before applying. Facts last verified October 2026.
All upcoming NCD issuesFrequently asked
What people ask about ICL Fincorp NCDs.
In the August 2026 issue, coupons ran from 10.00% to 11.50% a year and effective yields from 10.47% to 12.25%, across tenures of 13 to 72 months. The 72-month cumulative series had the highest effective yield. The February and April 2026 issues offered the same 10.47%-12.25% range. Each new issue sets its own rates.
It carries high credit risk for an investment-grade bond. The August 2026 NCDs are rated Crisil BBB-/Stable, the lowest investment-grade rating, which is why the yields are above 10%. They are secured by a charge shared with other lenders, they are not bank deposits, and there is no DICGC insurance. The company is small and depends almost entirely on gold loans.
Crisil rated the February and August 2026 issues BBB-/Stable. The April 2026 issue was rated by Acuité, also BBB-/Stable. The rating that applies to an NCD is the one printed in that issue's prospectus; check the agency's website for the current rating before you buy on the exchange.
While an issue is open, apply through your broker or bank using ASBA or UPI: choose a series, enter at least 10 NCDs (₹10,000) and approve the mandate. Between issues you can buy listed ICL Fincorp NCDs on the BSE through a demat account, checking the price and yield first, as trading can be thin.
ICL Fincorp ran three public NCD issues in 2026, opening in February, April and August. No next date has been announced as of 19 Oct 2026. A new issue needs a prospectus filed with SEBI a few days before it opens, and our NCD tracker lists it once it is filed.