NSE: IFCI · BSE: 500106
IFCI LTD
Sanctions and disburses loan facilities to borrowers as a Government of India financial institution, operating as a public sector undertaking established in 1948. In FY26, it reported consolidated revenue of Rs 2,068.84 crore and net profit of Rs 434.71 crore on total assets of Rs 26,570.37 crore. The cost shape reflects a lending model: materials at 0.1% of revenue, employee costs at 17.2%, other operating expenses at 17.8%, and depreciation at 4.1%. Asset quality on a FY26 standalone basis is severely stressed, with gross non-performing assets at 95.79% and a Capital to Risk-Weighted Assets Ratio (CRAR) of -18.78%, alongside negative other equity of Rs -908.80 crore. A Serious Fraud Investigation Office (SFIO) report has been filed as a petition before the NCLT relating to facilities disbursed before end-FY17; the net book value of the impacted loans and investments stood at Rs 157.26 crore as of 31 December 2025, with the company stating necessary provisioning has already been done. Audit emphasis-of-matter notes flag a planned IFCI Group consolidation. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Loan facilities (sanctioned and disbursed). Stressed-asset-quality, Government of India PSU financial institution with negative standalone capital adequacy.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,552 | 1,485 | 1,987 | 1,876 | 2,069 |
| EBITDA (ex other income) | (557) | 708 | 1,275 | 1,179 | 961 |
| margin % | (35.9) | 47.7 | 64.2 | 62.9 | 46.4 |
| Owners' profit | (1,831) | (208) | 104 | 171 | 181 |
| EPS, as reported (₹) | (8.71) | (0.95) | 0.42 | 0.65 | 0.69 |
| ROE % · ROCE % | (34.8) · — | (1.8) · — | 3.1 · — | 2.3 · — | 2.8 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (255) | (336) | 12 | (984) | 130 |
| Capex | (23) | (64) | (44) | (20) | (27) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 617 | 458 | 414 | 407 | 732 | 456 | 470 | 327 |
| Profit before tax | 275 | 94 | 340 | 103 | 381 | 13 | 27 | 96 |
| Net profit | 185 | (9) | 260 | 62 | 317 | 21 | 34 | 60 |
| EPS (₹) | 0.32 | (0.12) | 0.87 | 0.15 | 0.53 | (0.06) | 0.05 | 0.12 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| POWER FIN CORP LTD. | 1,04,415 | 4.0 | 0.60 | — | 19.4 | — | 10.0 | 100.0 |
| INDIAN RAILWAY FIN CORP L | 97,530 | 13.6 | 1.72 | — | 12.4 | — | — | 101.1 |
| REC LIMITED | 76,363 | 4.8 | 0.90 | — | 19.2 | — | 10.9 | 97.1 |
| HSG & URBAN DEV CORPN LTD | 29,388 | 6.9 | 1.34 | — | 18.4 | — | 12.7 | 97.6 |
| INDIAN RENEWABLE ENERGY | 28,250 | 14.3 | 2.05 | — | 13.6 | — | — | 78.5 |
| IFCI LTD ◆ | 15,896 | 92.2 | 1.03 | — | 2.8 | — | 0.0 | 67.2 |
| TOURISM FINANCE CORP. OF | 7,291 | 16.7 | 7.49 | — | 4.6 | — | — | 90.1 |
| HARYANA FINANCIAL CORPORATION | 1,189 | 1145.0 | — | — | — | 4.9 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 92.2 | 13.9 | 7 of 8 | 14% |
| P/B | 1.0 | 1.3 | 3 of 7 | 67% |
| ROE | 2.8 | 13.6 | 7 of 7 | 0% |
| EBITDA margin | 67.2 | 97.1 | 7 of 7 | 0% |
| Revenue growth | (19.7) | (0.0) | 7 of 7 | 0% |
| Profit growth | (3.5) | (1.6) | 5 of 8 | 43% |
| Market cap | 15896 | 28250 | 6 of 9 | 38% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board meeting set to approve September quarter and half-year results | results | low | — | — |
| 14 Oct 2026 · IFCI notifies shareholders about SEBI special window for physical share demat | compliance | minimal | — | — |
| 13 Oct 2026 · IFCI submits Q2 FY27 dematerialisation compliance certificate to exchanges | compliance | minimal | — | — |
| 30 Sept 2026 · Trading Window Closed for IFCI Ahead of Q2 FY27 Results | compliance | minimal | — | — |
| 25 Sept 2026 · IFCI Director Prof. Balakrishnan Retires by Rotation at AGM | management changes | low | — | — |
| 25 Sept 2026 · IFCI Limited AGM voting results - all 5 resolutions passed | board shareholder meetings | medium | — | — |
| 25 Sept 2026 · IFCI 33rd AGM held on Sept 25, 2026 - proceedings summary | board shareholder meetings | medium | — | — |
| 17 Sept 2026 · IFCI: Addendum to 33rd AGM Notice - Independent Director Nomination | compliance | minimal | — | — |
| 16 Sept 2026 · IFCI adds Independent Director appointment to 33rd AGM agenda | management changes | medium | — | — |
| 15 Sept 2026 · IFCI appoints Dilip Singh Punia as Independent Director | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.