InCred Equity MLD 25% Minimum Return
InCred Wealth and Investment Services Pvt Ltd · Nifty 50
You get the higher of a 25% minimum return (about 6.57% per year) or the full Nifty performance, with your original money protected, over a 1280-day term.
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: Balanced.
Capital fully protected at maturity, with uncapped upside. Backtested track record: mixed.
Balances full protection with uncapped upside. Backtested track record: mixed.
Prioritises uncapped upside, accepting no market downside. Backtested track record: mixed.
What is this product
A 1280-day (about 42-month) principal-protected Nifty market-linked debenture from InCred Wealth. It pays whichever is higher: a fixed 25% minimum return over the term, or the Nifty's own performance one-for-one and uncapped. There is no equity downside, so a falling Nifty still returns the 25% minimum.
- 01The note pays the higher of a fixed 25% minimum return or the Nifty's performance over the term.
- 02The 25% minimum (about 6.57% per annum) is the least you receive in every scenario, including if the Nifty falls.
- 03Once the Nifty beats 25% over the term, you receive the Nifty return one-for-one and uncapped.
- 04Entry level averages the Nifty over the trade date and the next 5 F&O monthly expiries; exit level averages the closes from the 31st to the 36th month. 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.
Average of the official closing levels of the Nifty 50 on the trade date and on the F&O monthly expiry of each of the next 5 months.
Average of the official closing levels of the Nifty 50 on the F&O monthly expiry of the 31st to the 36th month from the trade date.
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.
Payoff visualisation
Indicative profile of the structure's mechanics at maturity, shown out to a +100% move in the underlying. Not a forecast.
How to read this. The horizontal axis is how far the underlying (the index or stock this note tracks) moves by maturity. The gold line is what this structure pays you at each of those moves. The teal dashed line is break-even. Where the gold line is above it you make money; where it flattens, the return is capped or the capital is protected. For example, read across to a plus 10 percent move on the axis, then up to the gold line to see your return if the underlying finished 10 percent higher.
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 | +25.0% | +25.0% | +25.0% | +25.0% | +25.0% | +25.0% | +30.0% | +50.0% | +75.0% | +100.0% |
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 35% of the 42-month holding windows since Jan 2008, InCred Equity MLD 25% Minimum Return would have returned more than simply holding Nifty 50.
Data as of Oct 2026 · updated on the 1st of each month
Each point is one 42-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% | -6.98% | +29.83% |
| 0% to 10% | 5% | +5.38% | +29.73% |
| 10% to 50% | 54% | +34.43% | +34.39% |
| Above 50% | 40% | +67.29% | +43.15% |
Across 184 rolling 42-month windows with monthly starts, from Jan 2008 to Apr 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 184 rolling 42-month windows with monthly starts, from Jan 2008 to Apr 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 42-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
- You receive at least 25% even if the Nifty falls
- Uncapped one-for-one Nifty upside above that minimum
- Full principal protection at maturity
- The Nifty must beat 25% over the term before you earn more than the minimum
- Senior secured but unrated and unlisted issuer
- Low secondary liquidity, held to maturity
Suitable market conditions
Notes that pay the higher of a fixed return or a geared share of the index, so you can earn in flat and rising markets while your original money is protected.
Documents and downloads
The official term sheet and offer document for this structure are available on request. Always read them before investing.