NSE: IIFL · BSE: 532636
IIFL FINANCE LIMITED
Lends primarily against gold jewellery to retail customers and small businesses, with mortgages, microfinance and secured MSME loans as other core businesses. Gold loans form the single largest portfolio, followed by home finance, microfinance and MSME loans, plus co-lending and loan-assignment arrangements with bank partners. Revenue is essentially the spread between interest charged on loans and the cost of borrowed funds. Employee costs are the largest operating expense at 15.8% of revenue, with other operating expenses adding 8.9%. The business is being repositioned away from unsecured lending, which has been fully discontinued, towards secured retail and MSME credit. The group operates through subsidiaries including IIFL Home Finance for mortgages and Samasta Microfinance for joint-liability group lending. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Gold loans, Home finance, Microfinance, MSME loans, Co-lending and loan assignment, Financial products distribution, Capital market activities. Asset-heavy, leveraged NBFC focused on secured retail and MSME lending
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 6,836 | 8,259 | 10,249 | 10,211 | 13,351 |
| EBITDA (ex other income) | 4,479 | 5,299 | 6,395 | 5,039 | 8,314 |
| margin % | 65.5 | 64.2 | 62.4 | 49.3 | 62.3 |
| Owners' profit | 1,188 | 1,500 | 1,764 | 379 | 1,661 |
| EPS, as reported (₹) | 31.33 | 39.49 | 46.29 | 9.07 | 39.07 |
| ROE % · ROCE % | 18.4 · — | 15.8 · — | 16.4 · — | 4.1 · — | 11.6 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 1,784 | (4,941) | (5,848) | (4,781) | (13,976) |
| Capex | (101) | (261) | (268) | (61) | (81) |
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 | 2,572 | 2,443 | 2,591 | 2,953 | 3,305 | 3,427 | 3,693 | 3,919 |
| Profit before tax | (140) | 101 | 309 | 356 | 557 | 663 | 833 | 929 |
| Net profit | (93) | 82 | 251 | 274 | 418 | 501 | 623 | 713 |
| EPS (₹) | (3.72) | 0.96 | 4.89 | 5.49 | 8.86 | 10.92 | 13.80 | 15.87 |
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. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,67,346 | 27.9 | 4.85 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,93,785 | 14.5 | 2.94 | — | 15.2 | — | 22.5 | 74.7 |
| TATA CAPITAL LIMITED | 1,28,620 | 23.5 | 2.73 | — | 10.4 | — | — | 75.8 |
| CHOLAMANDALAM IN & FIN CO | 1,25,298 | 21.7 | 4.11 | — | 17.2 | — | 26.5 | 71.2 |
| MUTHOOT FINANCE LIMITED | 96,653 | 8.5 | 2.43 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,250 | 22.1 | 3.20 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 42,997 | 19.2 | 2.89 | — | 13.8 | — | — | 78.4 |
| PIRAMAL FINANCE LIMITED | 42,166 | 24.9 | 1.50 | — | 5.3 | — | — | 63.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.7 | 18.5 | 65 of 200 | 68% |
| P/B | 1.4 | 1.1 | 150 of 253 | 41% |
| ROE | 11.6 | 3.1 | 42 of 257 | 84% |
| EBITDA margin | 69.2 | 48.6 | 85 of 249 | 66% |
| Revenue growth | 32.7 | 12.6 | 83 of 231 | 64% |
| Profit growth | 160.1 | 7.8 | 50 of 251 | 80% |
| Market cap | 22426 | 33 | 15 of 268 | 95% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 25 Oct 2026 · LIC nominee director T S Ramakrishnan completes tenure | management changes | medium | — | — |
| 22 Oct 2026 · Q2 FY27 profit up 93%; planned equity raise may dilute 10%-20% | investor communications | medium | — | — |
| 21 Oct 2026 · IIFL Finance to hold Debt Investor Call on Oct 27, 2026 | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Newspaper ads published for Q2 and H1 FY27 financial results | compliance | minimal | — | — |
| 15 Oct 2026 · IIFL Finance grants 7 lakh stock options to employees | general | low | — | — |
| 15 Oct 2026 · IIFL Finance to acquire India Infoline Foundation | strategic transactions | low | — | — |
| 15 Oct 2026 · Q2 PAT up 93% YoY at Rs 805 cr; Venkataraman redesignated as Non-Exec Director | management changes | medium | — | — |
| 15 Oct 2026 · IIFL Finance Q2FY27: PAT Rs 805 Cr up 93% YoY; AUM Rs 1.24 lakh Cr | investor communications | medium | — | — |
| 15 Oct 2026 · IIFL Finance Q2FY27: PAT up 93% YoY at Rs 805 Cr, AUM crosses Rs 1.24 lakh Cr | compliance | low | — | — |
| 15 Oct 2026 · Board Meeting Outcome Announced by IIFL Finance | board shareholder meetings | low | — | — |
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.