NSE: IVC · BSE: 511208
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Dividend income from investments, Asset management services (APUIAML), Investment advisory (IL&FS Investment Advisors LLC). Asset management company in a post-mandate wind-down, part of the IL&FS group resolution
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 42 | 64 | 52 | 29 | 55 |
| EBITDA (ex other income) | (0) | 8 | 1 | (3) | (2) |
| margin % | (0.6) | 11.7 | 2.6 | (9.6) | (2.8) |
| Owners' profit | 8 | 18 | 11 | 13 | 4 |
| EPS, as reported (₹) | 0.25 | 0.38 | 0.32 | 0.42 | 0.12 |
| ROE % · ROCE % | 5.7 · — | 7.2 · — | 5.4 · — | 6.3 · — | 2.3 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 6 | (0) | (6) | (9) | 21 |
| Capex | (0) | (0) | (0) | (0) | (0) |
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 | 5 | 9 | 8 | 6 | 7 | 7 | 35 | 8 |
| Profit before tax | 3 | 5 | 9 | 0 | 5 | (3) | 6 | 3 |
| Net profit | 2 | 4 | 13 | 0 | 4 | (3) | 4 | 1 |
| EPS (₹) | 0.03 | 0.10 | 0.39 | 0.03 | 0.09 | (0.06) | 0.07 | 0.06 |
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. % |
|---|---|---|---|---|---|---|---|---|
| ICICI PRUDENTIAL AMC LTD | 1,37,899 | 52.1 | 33.06 | — | 79.1 | — | — | 84.0 |
| HDFC AMC LIMITED | 98,592 | 26.9 | 10.68 | — | 31.0 | — | — | 101.2 |
| NIPPON L I A M LTD | 59,340 | 36.1 | 12.74 | — | 32.8 | — | 20.6 | 88.4 |
| ADIT BIRL SUN LIF AMC LTD | 25,131 | 24.9 | 6.22 | — | 24.1 | — | — | 90.7 |
| UTI ASSET MNGMT CO LTD | 10,604 | 23.0 | 2.35 | — | 10.5 | — | 7.8 | 65.9 |
| CANARA ROBECO AMC LIMITED | 4,155 | 14.9 | 5.57 | — | 27.3 | 35.9 | — | 88.2 |
| SHRIRAM ASSET MANAGEMENT CO.LT | 425 | — | 2.79 | — | (13.3) | — | — | (370.7) |
| IL&FS INVESTMENT MANAGERS ◆ | 239 | 47.5 | 1.13 | — | 2.3 | — | 3.5 | 36.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 47.5 | 26.9 | 6 of 7 | 17% |
| P/B | 1.1 | 5.9 | 1 of 8 | 100% |
| ROE | 2.3 | 25.7 | 7 of 8 | 14% |
| EBITDA margin | 36.0 | 86.1 | 7 of 8 | 14% |
| Revenue growth | 41.0 | 20.0 | 2 of 6 | 80% |
| Profit growth | 433.1 | 13.9 | 1 of 6 | 100% |
| Market cap | 239 | 17868 | 8 of 8 | 0% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Quarterly RTA compliance certificate under SEBI Reg 74(5) | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed ahead of Q2 FY27 results board meeting | results | low | — | — |
| 23 Sept 2026 · 40th AGM: All 5 resolutions passed; final dividend of Rs 0.70 per share declared | compliance | minimal | — | — |
| 22 Sept 2026 · IL&FS Investment Managers 40th AGM proceedings summary | board shareholder meetings | low | — | — |
| 27 Aug 2026 · 40th AGM on Sep 22, 2026; final dividend Rs 0.70 per share; FY26 annual report filed | board shareholder meetings | medium | — | — |
| 27 Aug 2026 · IL&FS Investment Managers sets Sept 15 record date for Rs 0.70 final dividend | corporate actions | medium | — | — |
| 27 Aug 2026 · 40th AGM on Sep 22, 2026; Final Dividend Rs 0.70 per share | board shareholder meetings | low | — | — |
| 21 Aug 2026 · New auditor appointed after KKC resignation | management changes | medium | — | — |
| 21 Aug 2026 · IL&FS Investment Managers: Statutory Auditor KKC resigns, CNK appointed | management changes | medium | — | — |
| 18 Aug 2026 · Newspaper clippings on SEBI special window for physical shares filed with exchanges | compliance | minimal | — | — |
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.