🔍

IFCI Limited (IFCI)

₹66.99 -1.90% last close, 16 Oct

📊 NSE: IFCI 🏢 Finance - Term-Lending Institutions 📢 Latest filing: 16 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, IFCI's net interest income was ₹223 Cr, and net profit ₹60.3 Cr (-3.5% year on year).

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Net interest income	₹223	—	-39.3%
Operating profit	₹95.3	-21.5%	—
Net profit	₹60.3	-3.5%	+77.3%
EPS (₹)	0.12	-20.0%	+140.0%

Full quarterly financials → Results calendar →

IFCI delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 26.98% of the IFCI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 16.25%. The price fell 1.90% on that unusually high delivery, the pattern the delivery dashboard labels distribution. Volume was 0.1 times its average, well below normal.

26.98%Delivery, 16 Oct

16.25%Own 20-session average

0.1×Volume vs its average

₹66.99NSE close · -1.90%

Delivery in the last 5 sessions: 12.5% · 11.6% · 14.4% · 19.5% · 27.0%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

IFCI Issues AGM Addendum to Appoint Dilip Singh Punia as Independent Director for 3 Years

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 16 Sep 2026, 06:36 PM

IFCI Limited has issued an addendum to the notice of its 33rd Annual General Meeting scheduled for September 25, 2026. The addendum adds a special resolution for appointing Shri Dilip Singh Punia as an Independent Director for a 3-year term. His appointment was initiated by the Department of Financial Services, Ministry of Finance vide letter dated September 10, 2026, and approved by the Board on September 15, 2026, effective September 11, 2026. This administrative update does not impact the company's financial metrics or core operations.

Addendum to the 33rd AGM notice scheduled for September 25, 2026
Special resolution introduced to appoint Shri Dilip Singh Punia (DIN: 11943788) as Independent Director
Appointment tenure is 3 years pursuant to GoI/MoF/DFS letter dated September 10, 2026
Board approved the additional directorship on September 15, 2026, effective September 11, 2026
Appointee holds nil shares in IFCI Limited and receives only sitting fees

💡 Track shareholder voting results following the AGM on September 25, 2026, alongside updates regarding the pending GoI approval for the group consolidation.

IFCI Appoints Dilip Singh Punia as Independent Director for 3-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 15 Sep 2026, 04:45 PM

IFCI Limited has appointed Shri Dilip Singh Punia as an Additional and Independent Director on its Board, effective September 11, 2026. The appointment is for a tenure of three years pursuant to a directive from the Ministry of Finance, Department of Financial Services dated September 10, 2026. Shri Punia brings over 38 years of experience in higher education and public administration. He will receive no remuneration other than standard sitting fees.

Appointment effective from September 11, 2026
Appointed for a period of 3 years or until further orders
Appointee brings over 38 years of experience in higher education and administration
Supervised functioning of 18 Government Colleges during prior tenure as District Nodal Officer

💡 Track the upcoming board meetings for governance updates and monitor progress on the proposed group consolidation awaiting Government of India approvals.

ICRA Reaffirms IFCI Debt Ratings at '[ICRA] B+' and '[ICRA] A4' on Watch with Developing Implications

🔵 WATCH ⭐ 6/10

REGULATORY 📅 14 Sep 2026, 05:24 PM

Credit rating agency ICRA Limited has reaffirmed IFCI Limited's debt ratings across its bank limits, long-term bonds, and commercial paper. The fund-based and non-fund-based bank limits alongside long-term bonds (including subordinated debt) were reaffirmed at '[ICRA] B+', while commercial paper was reaffirmed at '[ICRA] A4'. Notably, ICRA's rating action continues to be placed on 'Rating Watch with Developing Implications'. IFCI's standalone financials remain constrained, having halted lending operations since FY2022 amid a negative Tier I capital ratio.

ICRA reaffirmed ratings for fund-based / non-fund-based bank limits at '[ICRA] B+'
Long Term Bonds (including Subordinated Debt) reaffirmed at '[ICRA] B+'
Commercial Paper ratings reaffirmed at '[ICRA] A4'
Rating action continues on 'Rating Watch with Developing Implications'

💡 Investors should track the final approval status from the Government of India regarding the proposed group consolidation and capital restructuring plans, which are key drivers for the developing rating watch.

C&AG Appoints Dhawan & Co. as Statutory Auditor for IFCI for FY 2026-27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Sep 2026, 04:57 PM

IFCI Limited announced that the Comptroller & Auditor General of India (C&AG) has appointed M/s Dhawan & Co. as the company's Statutory Auditor for FY 2026-27 under Section 139 of the Companies Act, 2013. The appointment letter dated September 07, 2026, was received by the company on September 08, 2026. M/s Dhawan & Co. (ICAI Registration No. 002864N, established in 1981) will audit both standalone and consolidated financial statements. This is a routine annual statutory appointment applicable to Government of India-controlled enterprises.

C&AG letter dated September 07, 2026, received on September 08, 2026, appoints M/s Dhawan & Co. as Statutory Auditor
Appointment covers the financial year 2026-2027 under Section 139 of the Companies Act, 2013
Dhawan & Co. was established on 10.02.1981 with ICAI Registration No. 002864N and CAG Empanelment DE2225
Audit fee and remuneration are to be determined under Section 142 of the Companies Act, 2013

💡 Track the upcoming quarterly financial results and any developments regarding the proposed group consolidation of SHCIL and other subsidiaries, which remain the primary operational focus.

IFCI Schedules 33rd AGM for Sep 25, 2026; Book Closure from Sep 19 to Sep 25

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Sep 2026, 07:40 PM

IFCI Limited has announced its 33rd Annual General Meeting (AGM) scheduled for Friday, September 25, 2026, at 11:30 AM via Video Conference. The cut-off date to determine voting eligibility is September 18, 2026. The Register of Members and Share Transfer Books will remain closed from September 19, 2026, to September 25, 2026 (both days inclusive). Remote e-voting will run from September 22, 2026 (09:00 AM IST) to September 24, 2026 (05:00 PM IST).

33rd Annual General Meeting scheduled on September 25, 2026, at 11:30 AM IST via VC/OAVM
Cut-off date for e-voting rights set for Friday, September 18, 2026
Book closure period scheduled from September 19, 2026, to September 25, 2026 (both days inclusive)
Remote e-voting window opens September 22, 2026 (09:00 AM) and closes September 24, 2026 (05:00 PM)

💡 Shareholders holding shares on or before September 18, 2026, are eligible to vote on AGM resolutions between September 22 and September 24, 2026.

IFCI Schedules 33rd AGM for September 25, 2026; E-Voting Cut-Off on September 18

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Sep 2026, 07:35 PM

IFCI Limited has issued notice for its 33rd Annual General Meeting (AGM) scheduled for Friday, September 25, 2026, at 11:30 AM via video conferencing. The cut-off date to determine shareholder voting eligibility is Friday, September 18, 2026, with remote e-voting running from September 22 to September 24, 2026. The company also published its FY 2025-26 Annual Report, showing total balance sheet assets/liabilities of ₹10,064.26 crore as of March 31, 2026.

33rd Annual General Meeting scheduled for September 25, 2026 at 11:30 AM IST
Cut-off date for e-voting eligibility set as Friday, September 18, 2026
Remote e-voting window open from September 22, 2026 (9:00 AM) to September 24, 2026 (5:00 PM)
Book closure period scheduled from September 19, 2026 to September 25, 2026
Debt securities stood at ₹2,846.89 crore and subordinated liabilities at ₹744.67 crore as of March 31, 2026

💡 Eligible shareholders may review AGM resolutions in the FY26 Annual Report and participate in e-voting before September 24, 2026.

IFCI Debt Facilities Reaffirmed at 'CARE BB'; Kept on Rating Watch With Developing Implications

🔵 WATCH ⭐ 5/10

OTHER 📅 18 Aug 2026, 07:14 PM

CARE Edge Ratings has reaffirmed its credit ratings for IFCI Limited's debt instruments at 'CARE BB'. The reaffirmation applies across Infrastructure Bonds, Long-Term Bank Facilities, Non-Convertible Debentures, Subordinated Bonds, and Unsecured Redeemable Bonds. All rated instruments continue to remain on 'Rating Watch with Developing Implications' (RWD), reflecting pending outcomes surrounding group restructuring and consolidation.

Rating reaffirmed at 'CARE BB (RWD)' across 5 categories of debt instruments.
Instruments covered include Infrastructure Bonds, Long-Term Bank Facilities, NCDs, Subordinated Bonds, and Unsecured Redeemable Bonds.
Rating status continues to be on 'Rating Watch with Developing Implications' (RWD).

💡 Track progress on Government of India approval for the proposed merger/consolidation of subsidiaries (including SHCIL) and capital support, which remain critical for resolving the Rating Watch.

IFCI Q1 Consolidated PAT at ₹60.27 Cr; CRAR Remains Critical at (-) 17.58%

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 11 Aug 2026, 04:11 PM

IFCI reported a consolidated net profit of ₹60.27 Cr for Q1 FY27, a marginal decline from ₹62.41 Cr in the same quarter last year. Standalone operations continue to struggle with a negative interest spread, as interest income of ₹83.78 Cr was insufficient to cover finance costs of ₹103.61 Cr. The company's Capital Risk Adequacy Ratio (CRAR) is severely deficient at (-) 17.58%, far below the regulatory requirement of 15%. Growth remains stalled as lending operations have been halted since FY2022 due to capital constraints.

Consolidated Total Income decreased by 19.6% YoY to ₹357.73 Cr from ₹444.86 Cr.
Standalone interest income of ₹83.78 Cr failed to cover finance costs of ₹103.61 Cr, indicating a persistent negative spread.
CRAR stands at (-) 17.58% as of June 30, 2026, against the RBI mandated 15%.
Subsidiaries and step-down subsidiaries contributed ₹60.64 Cr to the consolidated net profit.
Standalone net profit of ₹8.64 Cr was aided by a ₹48.30 Cr reversal of impairment on financial instruments.

💡 Investors should closely monitor the progress of the 'Consolidation of IFCI Group' merger and any announcements regarding capital infusion from the Government of India, which are essential to address the CRAR shortfall.

IFCI Submits Routine Share Dematerialization Certificate for Quarter Ended June 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jul 2026, 05:23 PM

IFCI Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed within the mandated 15-day timeframe. This is a standard administrative filing required for all listed entities to verify the cancellation of physical certificates and the updating of depository records. It has no impact on the company's financial health or its ongoing consolidation plans.

Compliance certificate issued for the quarter ended June 30, 2026
Confirms processing of dematerialization requests within 15 days of receipt
Certificate provided by Registrar & Share Transfer Agent, MCS Share Transfer Agent Limited
Verification and cancellation of physical certificates completed as per SEBI norms

💡 This is a routine procedural filing. Investors should instead monitor the progress of the proposed merger of four subsidiaries (SHCIL, IFL, IIDL, IIDL Realtors) into IFCI, which is the primary driver for structural change.

IFCI Announces Trading Window Closure from June 30, 2026, for Q1 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Jun 2026, 05:20 PM

IFCI Limited has notified the exchanges that its trading window for dealing in securities will be closed for designated persons starting Tuesday, June 30, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the board considers and approves the quarterly results. This is a standard administrative procedure and does not reflect any change in business operations.

Trading window closure begins on June 30, 2026, for the quarter ending June 2026
Window to remain closed until 48 hours after the declaration of financial results
Company currently has a negative Tier I capital ratio of -21.85% as per qualitative profile
Lending operations have remained halted since FY2022 due to capital constraints
Promoter (Government of India) holds a 72.57% stake in the company

💡 Investors should monitor the upcoming board meeting date for Q1 FY2026-27 results and watch for updates regarding the proposed merger of four subsidiaries (SHCIL, IFL, IIDL, IIDL Realtors).

IFCI Clarifies No Undisclosed Information Behind Recent Stock Price Movement

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Jun 2026, 10:59 AM

IFCI Limited has officially responded to a surveillance query from the National Stock Exchange (NSE) regarding significant price movement in its securities. In a letter dated June 17, 2026, the company clarified that there is no undisclosed information or event in its possession that would impact price behavior. This response follows the Exchange's letter dated June 16, 2026, which sought to ensure market transparency. Consequently, the recent volatility appears to be market-driven rather than based on internal corporate developments.

IFCI responded to NSE surveillance letter NSE/CM/Surveillance/17107 dated June 16, 2026.
The company stated no material information or events are currently pending disclosure.
Management confirmed that no internal developments are responsible for the recent price behavior.
The clarification was issued on June 17, 2026, to safeguard investor interests and maintain market transparency.

💡 Investors should remain cautious as the company has confirmed no fundamental news is driving the recent price movement. It is advisable to avoid speculative trading based on rumors and focus on official financial performance.

IFCI Promoter (Govt of India) Declares No New Share Encumbrances for FY 2025-26

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 05 Jun 2026, 06:31 PM

The Government of India, acting as the promoter of IFCI Limited, has submitted its annual declaration under Regulation 31(4) of the SEBI (SAST) Regulations, 2011. The filing confirms that no new encumbrances or pledges were created on the promoter's shareholding during the financial year ending March 31, 2026. This declaration excludes any encumbrances that were already disclosed to the stock exchanges during the year. Such disclosures are a mandatory annual requirement to maintain transparency regarding promoter share pledging activities.

Annual declaration submitted by the Ministry of Finance under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations.
Confirms no direct or indirect encumbrances were made on IFCI shares during the financial year ending March 31, 2026.
The disclosure is a standard compliance requirement for promoters to verify pledge status to the exchanges.
The filing was submitted to both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

💡 No immediate action is required as this is a routine annual compliance filing confirming the absence of undisclosed share pledges by the promoter.

IFCI Announces Cessation of Independent Director Umesh Kumar Garg Effective May 10, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 10 May 2026, 11:07 AM

IFCI Limited has informed the exchanges that Shri Umesh Kumar Garg has ceased to be a Non-Executive Independent Director of the company. The cessation is effective from May 10, 2026, following the completion of his scheduled tenure on May 09, 2026. This is a routine board transition in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015. The company will likely initiate the process to fill the vacancy to maintain the required board composition.

Shri Umesh Kumar Garg ceased to be an Independent Director effective May 10, 2026.
The cessation follows the successful completion of his tenure on May 09, 2026.
Disclosure made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 No immediate action is required as this is a routine administrative change. Investors should monitor for the appointment of a successor to ensure continued board independence.

IFCI Reports FY26 Consolidated PAT of ₹434.71 Cr, Up 24.7% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 28 Apr 2026, 01:26 PM

IFCI Limited reported a steady performance for the financial year ended March 31, 2026, with consolidated profit after tax rising to ₹434.71 crore from ₹348.61 crore in the previous year. Standalone annual profit also saw an increase to ₹51.71 crore compared to ₹43.80 crore in FY25. However, quarterly profits for Q4 FY26 showed a sharp decline compared to the same period last year, primarily because Q4 FY25 benefited from a massive one-time reversal of impairment on financial instruments. The company maintains a stable equity base with a paid-up share capital of ₹2,694.31 crore.

Consolidated annual Profit After Tax (PAT) increased by 24.7% to ₹434.71 crore in FY26.
Standalone annual total income grew to ₹924.07 crore from ₹841.86 crore in the previous fiscal.
Consolidated Earnings Per Share (EPS) improved to ₹0.69 for the full year compared to ₹0.65 in FY25.
Standalone Q4 PAT stood at ₹21.36 crore, down from ₹272.54 crore in Q4 FY25 due to lower impairment reversals.
Total consolidated assets stood at ₹26,570.37 crore as of March 31, 2026, compared to ₹25,723.37 crore in the previous year.

💡 Investors should focus on the consistent annual growth in profitability rather than the quarterly volatility caused by impairment adjustments. The improvement in consolidated EPS suggests better operational efficiency across subsidiaries.

IFCI Files Quarterly Compliance Certificate Under SEBI (DP) Regulations for March 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Apr 2026, 04:20 PM

IFCI Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the period ended March 31, 2026. The certificate, issued by MCS Share Transfer Agent Limited, confirms that all securities received for dematerialization were processed within the mandatory 15-day timeframe. It further verifies that physical certificates were mutilated and cancelled, with the depository's name substituted in the records. This is a standard procedural filing that confirms the company's adherence to share registry norms.

Compliance certificate issued for the quarter ended March 31, 2026.
Dematerialization requests processed within the stipulated 15-day window.
Physical share certificates were duly mutilated and cancelled after verification.
Registrar confirms that securities are listed on both NSE and BSE.

💡 No action is required as this is a routine regulatory filing. Investors should continue to monitor the company's upcoming financial results for material performance updates.

View All IFCI Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Standalone total income decreased by 5.92% from INR 895 Cr in FY24 to INR 842 Cr in FY25. For H1 FY26, interest income contributed INR 136.36 Cr (41.2% of total), dividend income INR 80.09 Cr (24.2%), and net gain on fair value changes INR 69.41 Cr (21.0%). Interest income specifically declined 18.18% YoY from INR 429 Cr in FY24 to INR 351 Cr in FY25 due to the continued rundown of the loan book and lack of fresh disbursements.

Geographic Revenue Split

Not disclosed in available documents. The company operates primarily as a Government of India-owned development financial institution headquartered in New Delhi.

Profitability Margins

Net Profit (PAT) declined by 65.89% from INR 129 Cr in FY24 to INR 44 Cr in FY25. PAT margin for FY25 stood at 5.22%. Profitability is primarily driven by recoveries from Stage 3 assets and non-interest income (dividends and fees) rather than core lending, as Net Interest Income (NII) has remained negative for three consecutive years.

EBITDA Margin

Not explicitly disclosed as EBITDA, but Return on Managed Assets (ROMA) moderated from 1.35% in FY24 to 0.45% in FY25 and further to 0.36% in Q1 FY26. This decline is caused by the shrinking interest-earning asset base against fixed interest-bearing liabilities.

Capital Expenditure

Not disclosed in available documents as the company is a financial institution; however, the Government of India infused INR 1,000 Cr of equity in FY25 and an additional INR 500 Cr was received during the same period to bolster the capital structure.

Credit Rating & Borrowing

Ratings are currently on 'Rating Watch with Developing Implications' (RWD) by ICRA and Brickwork. Borrowing costs are high as interest-bearing liabilities of INR 4,362 Cr significantly exceed the standard net loan book of INR 80 Cr, leading to a negative NII on a cash basis.

⚙️ Operational Drivers

Raw Materials

Capital/Funds (100% of operational input). The cost of funds is the primary driver of the negative interest spread.

Import Sources

Domestic capital markets and Government of India equity infusions.

Key Suppliers

Government of India (72.57% shareholder), various bondholders, and banks.

Capacity Expansion

Lending operations have been halted since FY2022 due to capital constraints. Future capacity depends on the proposed consolidation of group entities including Stock Holding Corporation of India Limited (SHCIL), where IFCI holds a 52.86% stake.

Raw Material Costs

Interest expenses on debt of INR 4,362 Cr represent the primary cost. The company is unable to offset these costs as fresh disbursements remain at nil.

Manufacturing Efficiency

Not applicable. Operational efficiency is measured by recovery from NPAs; Provision Coverage Ratio (PCR) stood at 69.37% as of March 31, 2025, down from 90.62% in FY24.

📈 Strategic Growth

Growth Strategy

The company is pursuing a 'Consolidation of IFCI Group' plan recommended to the GoI on July 14, 2025. This involves merging Stock Holding Corporation of India, IFCI Factors, and IFCI Infrastructure Development with IFCI to create a stronger resultant entity with improved capital adequacy and business synergies.

Products & Services

Corporate loans (halted), advisory services, fee-based monitoring of PLI schemes, and management of the Sugar Development Fund (SDF).

Brand Portfolio

IFCI, IFIN (IFCI Financial Services), StockHolding, IFCI Venture.

New Products/Services

Expansion of fee-based advisory and scheme management services, which contributed INR 20.89 Cr in advisory income for H1 FY26.

Market Expansion

Consolidation of broking businesses under a single direct subsidiary to streamline financial service offerings.

Market Share & Ranking

Not disclosed; the company is a systemically important NBFC-ND-SI but currently has a negligible standard loan book.

Strategic Alliances

Proposed divestment of shareholding in MPCON Limited to the Government of India to focus on core financial consolidation.

🌍 External Factors

Industry Trends

The industry is seeing a shift toward consolidation of government-owned NBFCs to improve capital efficiency and regulatory compliance. IFCI is currently positioned as a recovery and fee-based entity rather than an active lender.

Competitive Landscape

Competes with other government-owned NBFCs and DFIs, though currently restricted by a negative Tier I capital ratio of -21.85%.

Competitive Moat

Sovereign ownership (72.57% GoI stake) provides a durable advantage in resource mobilization and regulatory backing, though this is offset by extremely weak standalone financials.

Macro Economic Sensitivity

Highly sensitive to government fiscal policy and capital allocation, as GoI support is the primary driver of solvency.

Consumer Behavior

Not applicable as the company focuses on industrial and corporate finance.

Geopolitical Risks

Minimal direct impact, though global interest rate trends affect borrowing costs for the NBFC sector.

⚖️ Regulatory & Governance

Industry Regulations

RBI requires a minimum Tier I capital of 10% and CRAR of 15%. IFCI is in breach of these with a Tier I capital of -21.85% as of June 30, 2025.

Taxation Policy Impact

Net deferred tax assets are excluded from Tier I capital calculations, impacting regulatory ratios.

Legal Contingencies

A large proportion of NPAs (Gross Stage 3 assets of INR 4,286 Cr) are under National Company Law Tribunal (NCLT) proceedings. The nodal ministry has restricted the sharing of specific data regarding the Sugar Development Fund (SDF) scheme with auditors.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the timeline and final structure of the GoI-approved consolidation plan, which is critical for restoring capital adequacy above the regulatory minimum.