Indergiri Finance Limited is a Mumbai-based **Non-Banking Financial Company (NBFC)**, registered with the **Reserve Bank of India (RBI)** since **March 13, 2008**. Classified as a **non-deposit taking, non-systemically important** institution (**NBFC-ND**), the company is currently undergoing a strategic pivot. Following a change in control in **January 2023**, Indergiri has transitioned from a generalist financier into a specialized, **healthcare-focused lender** targeting underserved medical entrepreneurs in **Tier 2, Tier 3, and Tier 4 cities**. --- ### **Specialized Healthcare Credit Portfolio** The company’s core strategy centers on providing customized credit solutions to micro-entrepreneurs, diagnostic centers, small hospitals, clinics, and doctors. The product suite is segmented by ticket size and specific medical utility: **1. Medical Equipment Financing** | Product Category | Loan Limit | Target Equipment | Target Segments | | :--- | :--- | :--- | :--- | | **Micro Equipment Finance** | Up to **₹5 Lakh** | X-Ray (CR Readers), Lab Analyzers, Dental X-Ray, Optometrist tools | Small clinics, dental centers, optical shops | | **Mini Equipment Finance** | Up to **₹10 Lakh** | Small USGs, Dialysis units, High-End Digital X-Ray, monitors | Medium diagnostic centers, mini hospitals | | **Small Equipment Finance** | Up to **₹25 Lakh** | Ultrasound Imaging, Surgical Lasers, Heart-Lung Machines | Hospitals upgrading infrastructure | **2. Operational & Patient Solutions** * **Patient Financing:** Credit solutions to assist patients in funding medical procedures and treatments. * **Hospital Receivables Financing:** Liquidity solutions allowing healthcare providers to manage working capital by leveraging outstanding invoices. * **Infrastructure Improvement Loans:** Funding for physical and technological upgrades of medical facilities in rural and semi-urban regions. --- ### **Strategic Five-Year Growth Roadmap** Indergiri is executing a **five-year Business Plan** focused on capital infusion and expanding lending capacity. The strategy is built on three pillars: * **Capital Infusion:** The Board has approved a **Rights Issue** (most recently targeted at **₹10 crore** in February 2026) to strengthen the balance sheet. * **Expanded Borrowing Power:** Shareholders have authorized borrowing limits up to **₹100 crore**. This includes a **₹10 crore** credit facility from promoters for working capital and onward lending. * **Global Investor Access:** In **September 2024**, the company increased the investment limit for **Non-Resident Indians (NRI)** and **Overseas Citizens of India (OCI)** from **10% to 24%** to diversify the shareholder base. --- ### **Financial Performance & Capital Structure** The company has seen a massive surge in gross income following its restructuring, though it is currently navigating a period of net losses due to high expansion costs and finance charges. **Standalone Financial Summary** | Metric (₹ in Lakhs) | FY 2024-25 (Audited) | FY 2023-24 (Audited) | FY 2022-23 (Audited) | | :--- | :--- | :--- | :--- | | **Gross Income** | **236.38** | **80.74** | **78.89** | | **Finance Charges** | **74.86** | **12.34** | **0.00** | | **Net Profit/(Loss) After Tax** | **(157.28)** | **(64.71)** | **0.97** | | **Paid-up Equity Capital** | **506.10** | **506.10** | **506.10** | | **Net Worth** | **275.63** | **432.91*** | **431.94*** | *\*Historical net worth figures reflect pre-loss periods.* **Capital Instruments & Liquidity** * **NCD Issuances:** The company actively uses Non-Convertible Debentures, including **₹3.00 Crore** in unlisted, secured NCDs (Feb 2026) and **10% Unsecured Subordinated Debt** (Tier II). * **Institutional Borrowing:** A **₹7.5 Crore** loan was secured from **Softvans**, collateralized against assets generated from the loan utilization. * **Statutory Reserves:** The company maintains a reserve per **Section 45-IC** of the RBI Act (**20%** of net profit). --- ### **Management & Governance Framework** The leadership team brings deep expertise in **Fintech, Trade Finance, and IT Risk**. * **Executive Leadership:** **Mr. Shanker Wunnava** (Managing Director & CFO) leads the strategic execution. * **Board Oversight:** The board includes **Mr. Ashok Kumar Agarwal**, a global IT leader with **30 years** of experience in **BFSI** and **IT Risk Advisory**. * **Committee Structure:** Governance is managed through an **Audit Committee**, **Nomination and Remuneration Committee**, **Stakeholders' Relationship Committee**, and a **Risk Management Committee**. * **Compliance Standards:** The company adheres to **Ind AS** accounting standards and **RBI Master Directions** for non-systemically important NBFCs. --- ### **Risk Profile & Regulatory Challenges** Indergiri faces significant headwinds regarding capital adequacy and liquidity that are central to its "cautiously optimistic" outlook. **1. Regulatory Capital Risk (Critical)** * **NOF Shortfall:** Under **RBI Scale-Based Regulations**, the company must maintain a **Net Owned Fund (NOF) of ₹5 crore**. Due to accumulated losses, the NOF fell below this threshold as of **March 2025**. * **Licensing Implications:** Failure to restore the NOF to **₹5 crore** poses a risk to the **Certificate of Registration (CoR)**. The company has applied for an extension from the **RBI** while pursuing the Rights Issue to rectify this. **2. Liquidity and Debt Risk** * **Default Status:** As of **November 2025**, the company reported a default on a principal installment of **₹4.25 crore** and interest of **₹51.02 lakhs**. * **Resource Scarcity:** The company currently has **no fund-based working capital lines** from banks, relying heavily on promoter support and private placements. **3. Credit Risk Management** The company utilizes a 5-tier internal rating scale to monitor asset quality: * **Stage 1 (Standard):** 0–30 Days Past Due (DPD). * **Stage 2 (Sub-standard):** 31–90 DPD. * **Stage 3 (Non-performing):** **90+ DPD**. * **Mitigation:** Interest rate volatility is managed through **reset clauses** in advances, allowing the company to pass fluctuations to the borrower. --- ### **Investment Outlook** Indergiri Finance Limited is a high-risk, high-recovery play. While the company has successfully identified a high-growth niche in **Tier 2-4 healthcare financing** and nearly tripled its gross income, its immediate future depends entirely on the successful execution of its **Rights Issue** and the restoration of its **Net Owned Funds** to meet **RBI** regulatory mandates. Success in these capital-raising efforts would unlock the ability to leverage its **₹100 crore** borrowing limit and scale its specialized lending model.