IL&FS INVESTMENT MANAGERS

Manages investment funds, primarily for the IL&FS Group, through a structure that includes subsidiary Andhra Pradesh Urban Infrastructure Asset Management Limited (APUIAML) and IL&FS Investment Advisors LLC. On a standalone basis, revenue from operations was nil in FY26 because the existing fund management mandates have ended with no new fund raises. Standalone total revenue of Rs 54.9 crore in FY26 came almost entirely from dividend income of Rs 5,175.27 lakh on non-current investments. On a consolidated basis, FY26 revenue was Rs 6,553.18 lakh, up 40% year-on-year, though profit after tax fell to Rs 468.97 lakh. Subsidiary APUIAML carried Rs 1,036.61 lakh of unbilled revenue, of which Rs 921.02 lakh was written off during the year. Costs are dominated by other operating expenses at 86.2% of revenue and employee costs at 16.6%, with negligible materials, depreciation or capex. Auditors issued a qualified opinion for the eighth consecutive year, citing an ongoing SFIO investigation into the IL&FS Group and material uncertainty on going concern. The company is part of the broader IL&FS group resolution, with an Expression of Interest process underway to divest stake.