ICL Fincorp Limited vs Other NBFCs: Which Is a Better Bet in 2025?

Towards the ever dynamic financial ecosystem moved by India, the Non – Banking Financial Companies (NBFCs) have made a space of their own. ICL Fincorp Limited is one of the most-discussed players in this space. Whether you’re an investor, a retail investor or just someone trying to read the story, one question comes up — “Is ICL Fincorp a better investment compared to all other NBFCs and banks in 2025?”

Let us look at ICL Fincorp in more detail, how it has grown, its business model, and where it stands in comparison with other big NBFC players to check if this is really a better bet.

What Is ICL Fincorp Limited?

ICL Fincorp Limited is a Kerala headquartered NBFC which is growing at a faster pace in Indian financial sector. The company specializes in:

Gold loans

Vehicle loans

SME lending

Microfinance

Personal loans

Insurance & chit fund services

ICL Fincorp, which was founded as a chit fund company, now operates as a full-scale NBFC approved by the Reserve Bank of India. Growing pan-India presence With 160+ branches predominantly located in South India, ICL Fincorp Limited is on the up and up and is gradually climbing the ranks to become one of the leading mid-level NBFCs in the country Did You Know?

ICL Fincorp Share Price: Investor Buzz in the Unlisted Market

Unlisted shares of ICL Fincorp – one of the primary reasons people are discussing about ICL Fincorp among investors in 2025. Without an official IPO, the ICL Fincorp share price has been a talking point in the unlisted share market and has got everyone’s ears ringing.

As of July 2025, the ICL Fincorp share price in the grey market is rumored to be between ₹35 to ₹45, depending on supply and demand throughout individual broker platforms. The stock, which is not listed on NSE or BSE, has been in demand from HNIs and long-term retail investors.

Business Performance Snapshot (2022–2025)

Financial Metric	FY 2022-23	FY 2023-24	FY 2024-25 (Est.)
Revenue	₹285 Cr	₹335 Cr	₹410 Cr
Net Profit	₹42 Cr	₹58 Cr	₹70 Cr
Loan Book Size	₹850 Cr	₹1050 Cr	₹1280 Cr
Branches	140+	160+	180+
NPAs	< 2.1%	< 1.9%	< 1.6%

This growth clearly indicates that ICL Fincorp Limited is scaling up its operations while keeping risk parameters under control.

How Does ICL Fincorp Compare With Other NBFCs?

Let’s stack ICL Fincorp against some other top NBFCs in the Indian market.

1. Muthoot Finance

• Focus: Gold Loans
  
• Share Price: ₹1,100+ (listed)
  
• NPAs: <1%
  
• Branch Network: 5,400+
  
• Strength: Market dominance, brand trust
  
• Weakness: Limited diversification beyond gold loans
  

2. Bajaj Finance

• Focus: Consumer Lending, Business Loans
  
• Share Price: ₹8,000+ (listed)
  
• NPAs: ~0.8%
  
• Branch Network: 3,600+
  
• Strength: Tech-driven approach, diversified portfolio
  
• Weakness: Valuation very high, limited entry point for new investors
  

3. ICL Fincorp Limited

• Focus: Gold Loans, Personal Loans, Microfinance
  
• Share Price (Unlisted): ₹35–₹45
  
• NPAs: ~1.6%
  
• Branch Network: 160+
  
• Strength: Fast-growing, affordable entry in unlisted space
  
• Weakness: Low public visibility, no IPO yet

Why Investors Are Looking at ICL Fincorp in 2025

1. Affordable Entry Point

Compared to the high valuation of listed players like Bajaj Finance or Cholamandalam, ICL Fincorp share price is still within reach for small investors, making it a potential multibagger for the future.

2. IPO Buzz

There’s speculation in market circles that ICL Fincorp Limited is preparing for an IPO by 2026 or 2027, which could unlock immense value for pre-IPO investors.

3. Growing Gold Loan Demand

India’s gold loan market is expected to grow at a CAGR of 12.5% till 2030. Being one of ICL Fincorp’s core offerings, this trend could significantly boost its revenues.

4. Rural Penetration

With a focus on tier-2 and tier-3 towns, ICL Fincorp is catering to the underbanked population, something large NBFCs often overlook.

Challenges Ahead for ICL Fincorp Limited

While the company’s future looks promising, investors must be aware of the challenges:

• Limited Public Transparency (since it’s not a listed company)
  
• High Competition from established NBFC giants
  
• Regulatory Risks from RBI tightening NBFC norms
  
• Liquidity Concerns typical with unlisted shares

Analyst Verdict: Should You Invest in ICL Fincorp in 2025?

From an investment perspective, ICL Fincorp Limited presents an attractive high-risk, high-reward opportunity. If you’re someone who:

• Can handle medium-term liquidity risks
  
• Believes in India’s rural financial growth story
  
• Wants to enter at a ground-level price before IPO
  

…then ICL Fincorp may be worth adding to your portfolio.

In contrast, conservative investors may want to go with the more established NBFCs which have higher regulatory visibility and near-term liquidity according to CoinDCX News.

Final Thoughts

Summing up, ICL Fincorp Limited is a under the radar smallcap with an increasing regional footprint, strengthening financials and increasing eyes on stock with the investors. It doesn’t have the brand power or scale of Bajaj Finance or a Muthoot just yet, but it offers a compelling risk-reward for those willing to invest early in a likely high-growth NBFC.

FAQs about ICL Fincorp Limited