BSE: 526887
INDO CREDIT CAPITAL LTD.
Functions as a small Ahmedabad-based non-banking financial company with FY26 total income of Rs. 28.09 lakhs, made up of interest income of Rs. 12.87 lakhs (essentially flat year-on-year) and a Rs. 15.05 lakh profit on sale of investments. Net sales from operations were reported as nil across recent quarters, indicating no active lending, fee or trading revenue in the periods covered. On the balance sheet, total assets stood at Rs. 1,006.29 lakhs, comprising mainly investments of Rs. 609.54 lakhs and loans and advances of Rs. 129.42 lakhs (which grew by Rs. 26.18 lakhs during the year). The capital structure shows equity share capital of Rs. 723.08 lakhs, zero borrowings, and negative other equity of Rs. (135.34) lakhs. Employee costs at 50.3% of revenue and other operating expenses at 28.1% dominate the cost stack given the small revenue base, leaving an EBITDA margin of 21.6%. Operating cash flow was negative Rs. 20.83 lakhs, primarily on the increase in loans and advances. The company swung to a Rs. 6.08 lakh net profit in FY26 from a Rs. (5.06) lakh loss in FY25. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Interest income, Profit on sale of investments. Very small, near-dormant NBFC with negative reserves and minimal core operating income
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | (0) | (0) | (0) | (0) | 0 |
| margin % | (283.2) | (403.8) | (281.6) | (39.3) | 21.6 |
| Owners' profit | (0) | (0) | (0) | (0) | 0 |
| EPS, as reported (₹) | (0.10) | (0.24) | (0.07) | (0.07) | 0.08 |
| ROE % · ROCE % | (1.2) · — | (2.9) · — | (0.9) · — | (0.9) · — | 1.0 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 0 | (0) | (1) | 0 | (0) |
| Capex | 0 | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (0) | (0) | (0) | 0 | (0) | 0 | 0 | 0 |
| Net profit | (0) | (0) | (0) | 0 | (0) | 0 | 0 | 0 |
| EPS (₹) | (0.09) | (0.05) | (0.05) | 0.12 | (0.11) | 0.05 | 0.03 | 0.12 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 63.3 | 18.1 | 166 of 200 | 17% |
| P/B | 0.7 | 1.1 | 90 of 253 | 64% |
| ROE | 1.0 | 3.1 | 171 of 257 | 34% |
| EBITDA margin | 66.0 | 48.6 | 93 of 249 | 63% |
| Revenue growth | 4.9 | 12.6 | 129 of 231 | 44% |
| Profit growth | (4.0) | 7.8 | 134 of 251 | 47% |
| Market cap | 4 | 34 | 258 of 268 | 4% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Q2 loss of Rs 9.56 lakh; results published in Western Times | compliance | minimal | — | — |
| 27 Oct 2026 · Half-year loss widens to Rs 13.78 lakh as income falls to zero | results | high | — | — |
| 27 Oct 2026 · Quarter and half-year losses as operating income remains nil | results | high | — | — |
| 23 Oct 2026 · Board meeting to approve September 2026 quarter results | results | low | — | — |
| 7 Oct 2026 · Reg 74(5) compliance certificate filed for Q2 FY27 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closed for Q2 FY27 results | compliance | minimal | — | — |
| 23 Sept 2026 · 33rd AGM held; both resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Indo Credit Capital 33rd AGM held on Sep 22, 2026 | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Book closure Sep 11-17 for 33rd AGM on Sep 22, 2026 | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Newspaper publication of 33rd AGM notice to BSE | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.