IL&FS Investment Managers Limited has submitted to the Exchange, the financial results for the period ended December 31, 2025.
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The board approved unaudited consolidated results for Q2/H1 FY26 (ended Sept 30, 2025) and unaudited standalone and consolidated results for Q3/9M FY26 (ended Dec 31, 2025). On a consolidated basis, H1 FY26 swung to a profit after tax of Rs. 367.07 lakhs versus a loss of Rs. 225.17 lakhs in H1 FY25. However, standalone Q3 FY26 showed a sharp deterioration, with revenue falling to Rs. 66.77 lakhs (from Rs. 370.74 lakhs in Q3 FY25) and a loss after tax of Rs. 159.34 lakhs. The strong 9M FY26 standalone profit of Rs. 2,599.77 lakhs was largely driven by a one-time dividend of Rs. 2,973.25 lakhs from a subsidiary received in Q2. The auditor (KKC & Associates LLP) issued a qualified review report on both consolidated and standalone results, citing the ongoing SFIO investigation into the IL&FS group and uncertainty over the consequential impact. An Emphasis of Matter was added flagging material going concern uncertainty due to significant decline in fee revenue and no new fund raises. The board also appointed Ms. Jayashree Ramaswamy, Group CFO of IL&FS, as an Additional (Nominee) Director.
Standalone operations are weakening sharply with no operating revenue in Q3 and a quarterly loss, while the 9M profit masks underlying business decline as it depends on a one-time dividend. The auditor's qualified opinion, going concern flag, and ongoing SFIO investigation and stake-sale process by parent IL&FS are significant overhangs — generally negative for shareholders and likely to weigh on the stock.