BSE: 535667
INDIA FINSEC LTD.
Operates as an unregistered Core Investment Company (CIC) holding company whose consolidated revenue and profit come from its subsidiary IFL Finance Limited, an NBFC-ICC (formerly a housing finance company). On a standalone basis, the holding company itself has minimal operations — standalone revenue declined 87% to Rs 3.50 lakhs in FY26 — with the subsidiary driving nearly all consolidated earnings. IFL Finance provides credit and lending services, generating consolidated total income of Rs 8,460.85 lakhs in FY26 (up ~20% YoY) and PAT of Rs 2,166.58 lakhs (up ~19.5%). In Q1 FY27, consolidated total income rose 56.7% to Rs 2,928.80 lakhs with PAT up 28.5% to Rs 688.47 lakhs. Total consolidated debt nearly doubled to Rs 38,821 lakhs, lifting the debt-equity ratio to 2.14x, while capital adequacy stood at 33.97% and Stage 3 assets at 0.79%. The subsidiary filed a DRHP for an IPO on July 22, 2026. Employee cost is the largest disclosed operating expense at 17.8% of consolidated revenue, followed by other operating expenses at 6.3% and depreciation at 3.7%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. IFL Finance Limited (subsidiary NBFC-ICC), Standalone holding company (unregistered CIC). Financial holding company (unregistered CIC) with credit/lending subsidiary (NBFC-ICC)
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 24 | 45 | 64 | 71 | 85 |
| EBITDA (ex other income) | 12 | 25 | 41 | 51 | 64 |
| margin % | 51.0 | 54.6 | 64.5 | 71.8 | 75.9 |
| Owners' profit | 4 | 5 | 8 | 12 | 15 |
| EPS, as reported (₹) | 1.62 | 1.83 | 4.88 | 7.11 | 7.42 |
| ROE % · ROCE % | 4.7 · — | 4.8 · — | 11.2 · — | 11.3 · — | 11.9 · 13.8 |
| Debt / equity (x) | — | — | — | — | 1.35 |
| Cash from operations | (42) | (89) | (15) | (29) | (121) |
| Capex | (9) | (1) | (1) | (3) | 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 | 18 | 19 | 18 | 19 | 20 | 22 | 24 | 29 |
| Profit before tax | 6 | 6 | 6 | 7 | 8 | 7 | 8 | 9 |
| Net profit | 5 | 5 | 5 | 5 | 6 | 5 | 6 | 7 |
| EPS (₹) | 1.81 | 1.85 | 7.11 | 1.84 | 1.90 | 1.73 | 7.42 | 2.36 |
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 | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.6 | 18.1 | 101 of 200 | 50% |
| P/B | 4.0 | 1.1 | 227 of 253 | 10% |
| ROCE | 6.5 | 2.0 | 15 of 59 | 76% |
| ROE | 11.9 | 3.1 | 37 of 257 | 86% |
| Debt / Equity | 1.4 | 0.0 | 49 of 53 | 8% |
| EBITDA margin | 81.4 | 48.6 | 53 of 249 | 79% |
| Revenue growth | 53.7 | 12.6 | 59 of 231 | 75% |
| Profit growth | 28.5 | 7.8 | 102 of 251 | 60% |
| Market cap | 730 | 34 | 41 of 268 | 85% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board meeting on 30 Oct 2026 to consider Q2 FY27 results | results | low | — | — |
| 6 Oct 2026 · RTA compliance certificate submitted under SEBI Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · India Finsec 32nd AGM: All 4 resolutions approved with over 99.99% support | board shareholder meetings | low | — | — |
| 29 Sept 2026 · India Finsec 32nd AGM held on 29 Sept 2026; four resolutions passed | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 32nd AGM held on 29 Sep 2026; 4 resolutions tabled for shareholder vote | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1, 2026 pending Q2 FY27 results | compliance | minimal | — | — |
| 4 Sept 2026 · 32nd AGM notice published; meeting on 29 Sep 2026 via VC | compliance | minimal | — | — |
| 3 Sept 2026 · Board Approves 32nd AGM Notice, Book Closure from Sept 24-29, 2026 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · 32nd AGM notice and book closure from Sept 24 to 29, 2026 | corporate actions | low | — | — |
| 3 Sept 2026 · India Finsec submits FY26 annual report, seeks RPT approval with IFL Finance | results | high | — | — |
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.