InCred Annual Nifty Sharkfin
InCred Wealth and Investment Services Pvt Ltd · Nifty 50
Also known as Annual Nifty Sharkfin
Your original money is fully protected. Each year the Nifty's gain is doubled up to a 24% yearly return, and a year above 12% pays a flat 15%. The three yearly returns are added up at maturity, up to 72% in all, over 39 months.
How well this structure fits each investor profile, derived from its protection, return potential, downside and real backtested track record. It is a fit score, not a quality grade. Best fit here: Conservative.
Capital fully protected at maturity, with up to 72% upside. Backtested track record: mixed.
Balances full protection with up to 72% upside. Backtested track record: mixed.
Prioritises up to 72% upside, accepting no market downside. Backtested track record: mixed.
What is this product
A 39-month principal-protected Nifty market-linked debenture from InCred Wealth. It observes the Nifty's annual performance in each of three years: a positive year pays 2 times the gain up to a 24% cap (reached at a 12% Nifty rise), while a year that gains more than 12% knocks out to a flat 15%, and a flat or negative year pays nothing. The three yearly returns are summed and paid at maturity, up to a 72% total, with principal protected.
- 01The Nifty's return is observed over each of three consecutive years to set that year's payout.
- 02In a positive year you earn 2 times the Nifty's annual gain, up to a 24% yearly cap that is reached at a 12% Nifty rise.
- 03If the Nifty gains more than 12% in a year, that year knocks out to a flat 15% return; a flat or negative year pays nothing (there is no yearly loss).
- 04The three yearly returns are added together and paid at maturity, for a maximum total of 72% (about an 18.13% IRR). Principal is protected at maturity, subject to issuer credit. Face value is ₹1,00,000 per debenture; a ₹5 L minimum in ₹1 L steps is applied in line with the desk's other notes.
The Nifty 50 level at the start of the term sets the base for the first annual observation; each subsequent year is measured against the prior anniversary level.
Each of the three years is observed on its anniversary; the yearly payoffs are summed and paid at maturity in month 39.
Your return is measured between these two levels, not from the underlying's level on the day you invest. Read both definitions in the term sheet before investing.
How the payoff works
This note sets its return on each annual observation and adds them together, so there is no single at-maturity payoff curve. The scenario analysis below carries the numbers.
The Nifty is observed once a year across 3 separate years. In each year you earn 2 times that year's Nifty gain, up to a 24% cap reached at a 12% gain. If the Nifty finishes more than 12% up in that year, the year knocks out to a fixed 15% coupon instead, and a flat or negative year pays nothing. The 3 yearly outcomes are added together at maturity, with your principal protected.
Because each year is measured on its own, the total return depends on the path the Nifty takes over the 3 years, not on a single move at maturity. A single payoff curve would misstate what any one year is worth, so the outcomes are shown in the scenario grid below rather than as a graph.
Scenario analysis
Illustrative investor return across a grid of underlying-return shocks at maturity, out to +100%. Pre-tax and post-cost; returns are not guaranteed and past performance is not indicative of future results.
| Underlying at maturity | -30% | -20% | -10% | +0% | +10% | +20% | +30% | +50% | +75% | +100% |
|---|---|---|---|---|---|---|---|---|---|---|
| Investor return | +0.0% | +0.0% | +0.0% | +0.0% | +60.0% | +45.0% | +45.0% | +45.0% | +45.0% | +45.0% |
For this annual-observation note, each column assumes the Nifty makes that same move in each of the 3 years; the investor return is the sum of the 3 yearly payoffs.
Underlying level history
Closing level of Nifty 50 over time. This is the history of the underlying itself, not the performance of this note.
Level of Nifty 50. As of the 22 Oct 2026 close. History available from 1 Jan 2008.
In 34% of the 39-month holding windows since Jan 2008, InCred Annual Nifty Sharkfin would have returned more than simply holding Nifty 50.
Data as of Oct 2026 · updated on the 1st of each month
Path-dependent backtest: the underlying's return is measured over each of the 3 years (on the anniversary close) and the annual sharkfin payoffs are summed, over rolling monthly starts. Indicative, not a forecast.
Each point is one 39-month holding window, plotted at its maturity date; gold is this structure's return, navy is Nifty 50 over the same period, both on the note's own entry and exit convention. Indicative backtest, not a forecast.
| Nifty 50 return | % of windows | Avg Nifty 50 return | Avg structure return |
|---|---|---|---|
| Below 0% | 1% | -3.54% | +34.09% |
| 0% to 10% | 6% | +6.36% | +29.83% |
| 10% to 50% | 60% | +32.96% | +32.88% |
| Above 50% | 33% | +67.16% | +36.96% |
Across 187 rolling 39-month windows with monthly starts, from Jan 2008 to Jul 2023, grouped by what Nifty 50 did over each window. Backtested and indicative; past performance is not indicative of future results.
How often it beat the alternatives
Across every tenor-length window in the underlying's real history, how often this structure would have beaten the simple alternatives, measured on its own entry and exit levels. A historical frequency, indicative, not a forecast or a probability.
Across 187 rolling 39-month windows with monthly starts, from Jan 2008 to Jul 2023, each computed on this note's own entry and exit convention. Inflation uses CPI (World Bank / MoSPI); the fixed-deposit benchmark uses a representative 1 to 3 year bank rate. Indicative and pre-tax; past performance is not indicative of future results.
If it had matured into a crisis or a peak
Each card assumes the note matured at that moment in history. The figures are the full 39-month return ending then, on this note's own averaged entry and exit levels, so a note maturing into a crash can still show a gain when its exit was fixed before the fall. Real Nifty 50 path; not a forecast.
Maturing into the depths of the 2008 crash.
Price history does not reach back to the entry date this tenor needs.
Maturing just as the COVID crash hit.
Maturing near the top of the 2021 rally.
Maturing in the 2022 to 2023 range, after the full post-COVID recovery.
Risk analytics
- Full principal protection at maturity
- 2x participation each year up to a 24% yearly return
- Three yearly observations spread the entry timing across the term
- A strong year (above a 12% Nifty gain) knocks out to just 15%
- No return in any flat or negative year
- Senior secured but unrated and unlisted issuer, with low secondary liquidity
Suitable market conditions
Notes linked to the Nifty that give back your full original amount at maturity and add upside once the index has risen enough. Around a 12% yearly return at the ceiling, with no market downside.
Documents and downloads
The official term sheet and offer document for this structure are available on request. Always read them before investing.