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Entity-Specific Rating Rationales

01 Dec 2025

InCred Financial Services Limited: Provisional [ICRA]AA(SO) assigned to PTCs backed by personal loan receivables issued by Sakthi Nov 2025

InCred Financial Services Limited: Provisional [ICRA]AA(SO) assigned to PTCs backed by personal loan receivables issued by Sakthi Nov 2025

17 Sep 2025

InCred Financial Services Limited: Provisional [ICRA]AA+(SO) assigned to PTCs backed by personal loan receivables issued by Tejas Sep 2025

InCred Financial Services Limited: Provisional [ICRA]AA+(SO) assigned to PTCs backed by personal loan receivables issued by Tejas Sep 2025

11 Sep 2025

InCred Financial Services Limited: Ratings confirmed as final for PTCs backed by personal loan receivables issued by Pinaka June 2025

InCred Financial Services Limited: Ratings confirmed as final for PTCs backed by personal loan receivables issued by Pinaka June 2025

27 Aug 2025

InCred Financial Services Limited: Ratings reaffirmed

InCred Financial Services Limited: Ratings reaffirmed

07 Jul 2025

InCred Financial Services Limited: Provisional ratings assigned to PTCs backed by a pool of personal loan receivables issued by Pinaka June 2025

InCred Financial Services Limited: Provisional ratings assigned to PTCs backed by a pool of personal loan receivables issued by Pinaka June 2025

26 May 2025

InCred Financial Services Limited: Rating confirmed as final for PTCs backed by personal loan receivables issued by Invictus March-2025

InCred Financial Services Limited: Rating confirmed as final for PTCs backed by personal loan receivables issued by Invictus March-2025

27 Mar 2025

InCred Financial Services Limited: Provisional [ICRA]AA+(SO) assigned to PTCs backed by personal loan receivables issued by Invictus March-2025

InCred Financial Services Limited: Provisional [ICRA]AA+(SO) assigned to PTCs backed by personal loan receivables issued by Invictus March-2025

05 Mar 2025

InCred Financial Services Limited: Update on material event

InCred Financial Services Limited: Update on material event

28 Aug 2024

InCred Financial Services Limited: Ratings reaffirmed and assigned to fresh/enhanced limits

InCred Financial Services Limited: Ratings reaffirmed and assigned to fresh/enhanced limits

03 Jun 2024

InCred Financial Services Limited: Long term Rating reaffirmed and assigned for NCD and short term Rating reaffirmed

InCred Financial Services Limited: Long term Rating reaffirmed and assigned for NCD and short term Rating reaffirmed


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Entity-Specific Credit Perspective Reports

03 Dec 2025

InCred Financial Services Limited

InCred Financial Services Limited (SF)

22 Sep 2025

InCred Financial Services Limited

InCred Financial Services Limited (Non-SF)

18 Sep 2025

InCred Financial Services Limited

InCred Financial Services Limited (SF)

08 Jul 2025

InCred Financial Services Limited

InCred Financial Services Limited (SF)

01 Apr 2025

InCred Financial Services Limited

InCred Financial Services Limited (SF)

30 Apr 2024

InCred Financial Services Limited

InCred Financial Services Limited (Non-SF)

Ratings

Description
Short Term
Medium Term
Long Term
Issuer
PTC Series A1 -- -- Provisional [ICRA]AA(SO) --
PTC Series A1 -- -- Provisional [ICRA]AA+ (SO) --
PTC Series A1 -- -- [ICRA]AAA(SO) --
PTC Series A2 -- -- [ICRA]AA+(SO) --
PTC Series A1 -- -- [ICRA]AA+(SO) --
Non-Convertible Debentures -- -- [ICRA]AA-(Stable) --
Commercial Paper [ICRA]A1+ -- -- --
Market Linked Debentures -- -- [ICRA]AA-(Stable)PP-MLD --
Short-term bank lines * -- -- --

Our Analysts

Analyst 1

Arijit Datta

Analyst 2

Gaurav Mashalkar

Sector Head

Manushree Sagar
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