IIFL Finance Limited (IIFL)
₹615.40 +2.89% last close, 16 Oct
Q2 FY27 results
IIFL Finance Limited reported Q2 FY27 results on 15 Oct 2026: net interest income ₹2,338 Cr (+62.5% year on year), and net profit ₹805 Cr (+92.6% year on year).
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Net interest income | ₹2,338 | +62.5% | — |
| Operating profit | ₹1,074 | +1.6% | — |
| Net profit | ₹805 | +92.6% | — |
| EPS (₹) | 18.00 | +103.2% | — |
Against its own trend: net profit of ₹805 Cr was -3.7% against the ₹836 Cr its recent growth pointed to (in line). This is a statistical baseline, not an analyst estimate.
Share price since the results: +2.9% (close before the filing to the latest close).
IIFL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 35.51% of the IIFL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.73%. The price rose 2.89% on unusually low delivery, so more of the move than usual was intraday trading. It traded 3.0 times its average daily volume.
Delivery in the last 5 sessions: 46.9% · 52.6% · 55.1% · 44.8% · 35.5%
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
IIFL Finance held its Board meeting on October 15, 2026, approving the unaudited financial results for Q2 and H1 ended September 30, 2026. Mr. R Venkataraman stepped down as Joint Managing Director to become a Non-Executive Non-Independent Director (effective October 15, 2026), ceasing to be a KMP. Additionally, the Board approved the acquisition/transfer of India Infoline Foundation (a Section 8 CSR company with FY26 turnover of ₹35.50 crore) from IIFL Capital Services without cash consideration or share swap.
- Re-designation of Joint MD Mr. R Venkataraman to Non-Executive Non-Independent Director effective October 15, 2026.
- Proposed acquisition of Section 8 entity India Infoline Foundation from IIFL Capital Services with zero cash consideration or share swap.
- India Infoline Foundation reported turnovers of ₹35.50 crore (FY26), ₹50.03 crore (FY25), and ₹29.54 crore (FY24).
- Unaudited subsidiary assets under limited review scope totaled ₹43,837.91 crore with quarterly revenues of ₹1,633.62 crore.
IIFL Finance held its Board meeting on October 15, 2026, approving the unaudited financial results for Q2 and H1 ended September 30, 2026. Mr. R Venkataraman stepped down as Joint Managing Director to become a Non-Executive Non-Independent Director (effective October 15, 2026), ceasing to be a KMP. Additionally, the Board approved the acquisition/transfer of India Infoline Foundation (a Section 8 CSR company with FY26 turnover of ₹35.50 crore) from IIFL Capital Services without cash consideration or share swap.
- Re-designation of Joint MD Mr. R Venkataraman to Non-Executive Non-Independent Director effective October 15, 2026.
- Proposed acquisition of Section 8 entity India Infoline Foundation from IIFL Capital Services with zero cash consideration or share swap.
- India Infoline Foundation reported turnovers of ₹35.50 crore (FY26), ₹50.03 crore (FY25), and ₹29.54 crore (FY24).
- Unaudited subsidiary assets under limited review scope totaled ₹43,837.91 crore with quarterly revenues of ₹1,633.62 crore.
IIFL Finance reported strong Q2FY27 financial performance with consolidated PAT (pre-NCI) growing 93% YoY and 13% QoQ to ₹805.0 crore. Consolidated AUM crossed ₹1,24,268 crore, advancing 38% YoY, primarily driven by a 90% YoY expansion in Gold Loan AUM to ₹65,729 crore. Asset quality showed improvement as Gross NPA declined 7 bps QoQ to 1.5% with a 91% provision coverage ratio. Fitch Ratings also upgraded the company's Long-Term Issuer Default Rating to 'BB-' from 'B+' with a stable outlook.
- Q2FY27 PAT (pre-NCI) rose 93% YoY and 13% QoQ to ₹805.0 crore
- Consolidated AUM increased 38% YoY to ₹1,24,268 crore, led by a 90% YoY surge in gold loans to ₹65,729 crore
- Asset quality improved with Gross NPA down 66 bps YoY to 1.5% and Net NPA at 0.9%
- Annualized ROE stood at 20.8% and ROA at 3.2% for the quarter with CRAR at 23.5%
- Fitch upgraded Long-Term IDR and senior secured debt ratings to 'BB-' from 'B+'
IIFL Finance reported strong Q2FY27 financial performance with consolidated PAT (pre-NCI) growing 93% YoY and 13% QoQ to ₹805.0 crore. Consolidated AUM crossed ₹1,24,268 crore, advancing 38% YoY, primarily driven by a 90% YoY expansion in Gold Loan AUM to ₹65,729 crore. Asset quality showed improvement as Gross NPA declined 7 bps QoQ to 1.5% with a 91% provision coverage ratio. Fitch Ratings also upgraded the company's Long-Term Issuer Default Rating to 'BB-' from 'B+' with a stable outlook.
- Q2FY27 PAT (pre-NCI) rose 93% YoY and 13% QoQ to ₹805.0 crore
- Consolidated AUM increased 38% YoY to ₹1,24,268 crore, led by a 90% YoY surge in gold loans to ₹65,729 crore
- Asset quality improved with Gross NPA down 66 bps YoY to 1.5% and Net NPA at 0.9%
- Annualized ROE stood at 20.8% and ROA at 3.2% for the quarter with CRAR at 23.5%
- Fitch upgraded Long-Term IDR and senior secured debt ratings to 'BB-' from 'B+'
IIFL Finance held its Board meeting on October 15, 2026, approving the unaudited financial results for Q2 and H1 ended September 30, 2026. Mr. R Venkataraman stepped down as Joint Managing Director to become a Non-Executive Non-Independent Director (effective October 15, 2026), ceasing to be a KMP. Additionally, the Board approved the acquisition/transfer of India Infoline Foundation (a Section 8 CSR company with FY26 turnover of ₹35.50 crore) from IIFL Capital Services without cash consideration or share swap.
- Re-designation of Joint MD Mr. R Venkataraman to Non-Executive Non-Independent Director effective October 15, 2026.
- Proposed acquisition of Section 8 entity India Infoline Foundation from IIFL Capital Services with zero cash consideration or share swap.
- India Infoline Foundation reported turnovers of ₹35.50 crore (FY26), ₹50.03 crore (FY25), and ₹29.54 crore (FY24).
- Unaudited subsidiary assets under limited review scope totaled ₹43,837.91 crore with quarterly revenues of ₹1,633.62 crore.
IIFL Finance Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The confirmation was issued by MUFG Intime India Private Limited (formerly Link Intime India Private Limited), the company's Registrar and Share Transfer Agent. The certificate verifies that dematerialisation requests received during the period were duly confirmed and the securities listed on the relevant exchanges. This is a standard quarterly administrative filing with no impact on business operations.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Pertains to the quarter ended September 30, 2026
- Issued by Registrar MUFG Intime India Private Limited on October 03, 2026
- Confirmation of dematerialisation requests accepted/rejected during the quarter
IIFL Finance Limited approved the allotment of 4,650 secured, listed, rated, Market Linked Non-Convertible Debentures (MLDs) of face value ₹1,00,000 each, raising ₹46.50 crore under Series MLD 1. The debentures carry a tenor of 1,281 days, maturing on April 08, 2030, with returns linked to the NIFTY 50 Index performance. This fundraise represents a minor ~0.17% of the company's ₹27,949 crore market cap and ~0.35% of TTM revenue (₹13,400 crore). The NCDs are backed by a first ranking pari-passu charge with a minimum 100% security cover on receivables and advances.
- Allotment of 4,650 Market-Linked NCDs aggregating to ₹46,50,00,000
- Face value of ₹1,00,000 per debenture allotted on October 05, 2026
- Maturity date set for April 08, 2030 (tenor of 1,281 days)
- Coupon/interest linked directly to NIFTY 50 Index performance, payable at maturity
- Secured by first ranking pari passu charge on receivables maintaining at least 100% asset cover
IIFL Finance Limited has announced changes in its Senior Management Personnel effective October 1, 2026. Mr. Gaurav Sharma resigned as Chief Technology Officer (CTO) effective close of business hours on September 30, 2026, to explore new opportunities. Concurrently, the Board has appointed Mr. Anubhav Rajput as the new CTO and Senior Management Personnel from October 1, 2026. Mr. Rajput brings over 26 years of tech experience, previously serving as CIO and CTO at PNB Housing Finance.
- Appointment of Mr. Anubhav Rajput as Chief Technology Officer effective October 1, 2026
- Resignation of outgoing CTO Mr. Gaurav Sharma effective September 30, 2026, close of business hours
- Incoming CTO brings over 26 years of industry experience, including previous stints as CIO/CTO at PNB Housing Finance
- Reason cited for the predecessor's departure is to explore new opportunities
IIFL Finance Limited has announced changes in its Senior Management Personnel effective October 1, 2026. Mr. Gaurav Sharma resigned as Chief Technology Officer (CTO) effective close of business hours on September 30, 2026, to explore new opportunities. Concurrently, the Board has appointed Mr. Anubhav Rajput as the new CTO and Senior Management Personnel from October 1, 2026. Mr. Rajput brings over 26 years of tech experience, previously serving as CIO and CTO at PNB Housing Finance.
- Appointment of Mr. Anubhav Rajput as Chief Technology Officer effective October 1, 2026
- Resignation of outgoing CTO Mr. Gaurav Sharma effective September 30, 2026, close of business hours
- Incoming CTO brings over 26 years of industry experience, including previous stints as CIO/CTO at PNB Housing Finance
- Reason cited for the predecessor's departure is to explore new opportunities
IIFL Finance Limited has allotted 95 Perpetual, Unsecured, Listed, Rated Non-Convertible Debentures (NCDs) aggregating to ₹95 crore under Series PDI-2 on a private placement basis. The NCDs carry a coupon of 9.90% per annum, with the first interest payment due on September 30, 2027. The issuance represents a modest fundraise, equivalent to ~0.34% of the company's ₹28,063 crore market capitalization and ~1.26% of net worth (₹7,561 crore). The debentures are perpetual, subject to a call option exercisable by the company only after 10 years and requiring prior RBI approval.
- Allotted 95 Perpetual, Unsecured NCDs of face value ₹1,00,00,000 each aggregating to ₹95,00,00,000
- Coupon fixed at 9.90% p.a. payable annually, starting September 30, 2027
- Perpetual tenor with a call option exercisable after at least 10 years, subject to RBI approval
- Default penalty clause entails an additional interest rate of 2% p.a. over coupon for defaulting periods
IIFL Finance Limited approved the allotment of 13,000 secured, listed, redeemable Non-Convertible Debentures (NCDs) aggregating to ₹130 Crore on a private placement basis under Series D37 Reissue I. The debentures carry a coupon rate of 9.25% p.a. payable annually, with a 2-year tenor maturing on September 1, 2028. Compared to the company's TTM revenue of ₹13,400 Crore and net worth of ₹7,561 Crore, this issuance represents a modest fundraise of ~1.0% and ~1.7% respectively. The proceeds will support routine lending operations secured by current, standard, and performing book debts.
- Allotment of 13,000 NCDs of face value ₹1,00,000 each, raising ₹130 Crore
- Coupon fixed at 9.25% per annum with annual interest payments on September 2, 2027 and September 1, 2028
- Instrument tenor is 2 years, maturing on September 1, 2028
- First ranking pari passu charge created over standard performing loan assets and receivables
IIFL Finance has announced its schedule for analyst and institutional investor interactions taking place between September 22 and September 24, 2026. The company is set to participate in the J.P. Morgan India Conference on September 22, followed by the BofA Asia HK Conference on September 23 and September 24. These meetings will include both group and one-to-one formats. The company explicitly noted that no unpublished price-sensitive information (UPSI) will be discussed.
- Participation in J.P. Morgan India Conference on Tuesday, September 22, 2026
- Participation in BofA Asia HK Conference on September 23 and September 24, 2026
- Meeting format includes both Group and One-to-One interactions
- Company confirmed no unpublished price-sensitive information will be shared
IIFL Finance Limited has disclosed the resignation of two senior management personnel (SMPs) effective September 11, 2026. Mr. Binay Kumar Mishra, Head - Legal, and Mr. Vinay Agarwal, Business Head - Loan Against Property (LAP), have stepped down to explore new opportunities. Both departures were effective at the close of business hours on September 11, 2026. The company has not yet named successors for either role in this filing.
- Resignation of Mr. Binay Kumar Mishra, Head – Legal, effective September 11, 2026
- Resignation of Mr. Vinay Agarwal, Business Head - Loan Against Property, effective September 11, 2026
- Both executives cited exploring new opportunities as the reason for cessation
- Both departures took effect at the close of business hours on September 11, 2026
IIFL Finance announced the resignation of two Senior Management Personnel: Mr. Binay Kumar Mishra (Head – Legal) and Mr. Vinay Agarwal (Business Head – Loan Against Property), effective September 11, 2026. Both executives resigned to explore new opportunities outside the company. The departures affect the legal function and the Loan Against Property (LAP) vertical, which forms part of IIFL's core mortgage lending portfolio. No successor appointments were announced in this filing.
- Resignation of 2 Senior Management Personnel effective September 11, 2026, close of business hours
- Mr. Binay Kumar Mishra ceases role as Head – Legal
- Mr. Vinay Agarwal ceases role as Business Head - Loan Against Property
- Reason cited for both departures is to explore new opportunities
IIFL Finance Limited has approved the allotment of 14,30,848 equity shares to eligible employees upon the exercise of stock options. The allotment was approved by the Nomination and Remuneration Committee via circular resolution on September 10, 2026. This is a routine capital expansion resulting from the company's Employee Stock Option Scheme.
- Allotment of 14,30,848 equity shares upon exercise of ESOPs
- Approved via Circular Resolution on September 10, 2026
- Resolution passed by the Nomination and Remuneration Committee of the Board
Financial Performance
Revenue Growth by Segment
Consolidated Total Income grew 24% YoY to INR 3,540.6 Cr in H1FY26 from INR 2,866.2 Cr. Interest Income rose 17% YoY to INR 4,712.2 Cr, while Non-fund based income surged 76% YoY to INR 1,499.1 Cr, driven by a 33% growth in the assigned book (INR 18,607 Cr) and a 40% increase in co-lending (INR 11,848 Cr).
Geographic Revenue Split
The AUM is diversified across India: Gujarat (16%), Maharashtra (13%), Karnataka (8%), Rajasthan (7%), West Bengal (7%), Telangana (7%), Uttar Pradesh (6%), Delhi (5%), Haryana (4%), and Tamil Nadu (4%). This distribution mitigates regional economic downturns, though 20% of AUM remains exposed to high-risk areas like West Bengal and Uttar Pradesh due to upcoming elections and floods.
Profitability Margins
Consolidated PAT for H1FY26 stood at INR 692.1 Cr, a 182% increase from INR 245.1 Cr in H1FY25, following recovery from one-off AIF provisioning. Return on Assets (ROA) stood at 1.9% in H1FY26, with management targeting 2.5% for the full year. Return on Equity (ROE) was 9.8% for H1FY26.
EBITDA Margin
Pre-provision operating profit (PPOP) grew 35% YoY to INR 1,868.6 Cr in H1FY26. Core Profit Before Tax (PBT) for the standalone entity was INR 532.2 Cr in Q2FY26. The interest spread improved to 9.2% in Q2FY26 from 8.2% in FY25, driven by a reduction in the quarterly average cost of borrowing by 7% QoQ.
Capital Expenditure
IIFL raised INR 1,272 Cr through a rights issue in May 2024. The company has planned a further issuance of Non-Convertible Debentures (NCDs) up to INR 10,000 Cr, with terms to be finalized in December 2025 to support AUM growth and liquidity buffers.
Credit Rating & Borrowing
Infomerics assigned/reaffirmed 'IVR AA/Stable' for Perpetual Debt and 'IVR A1+' for Commercial Paper. Fitch Ratings affirmed 'B+' with a 'Positive' outlook. The average Cost of Funds (COF) was 9.4% in Q2FY26, down from 9.9% in FY25, reflecting improved market confidence post-RBI embargo lifting.
Operational Drivers
Raw Materials
The primary 'raw material' is capital, with the funding mix comprising Bank/NBFC borrowings (40%), Capital Market instruments (32%), Securitization/Co-lending (17%), and Refinance facilities (11%).
Import Sources
Funds are sourced domestically from Indian banks, NBFCs, and institutional investors, as well as international strategic investors like Fairfax (15.2% stake) and Capital Group (7.9% stake).
Key Suppliers
Key financial backers and strategic investors include Fairfax, Capital Group, Bank Muscat India Fund, Theleme, Vanguard, HSBC MF, Abakkus, and BlackRock.
Capacity Expansion
Current physical capacity includes 4,872 branches as of September 30, 2025, up from 4,780 in previous quarters. The company leverages a 'phygital' model to serve 4.6 million active customers.
Raw Material Costs
Interest expense, the cost of capital, rose 33% YoY to INR 2,670.7 Cr in H1FY26 due to higher borrowing volumes to support a 35% YoY growth in AUM (INR 90,122 Cr).
Manufacturing Efficiency
Operational efficiency is measured by the Cost-to-Income ratio, which improved to 45.2% in Q2FY26, down 5.9% QoQ, as revenue growth outpaced branch expansion costs.
Logistics & Distribution
Distribution is handled via 4,872 branches and digital channels. Operating expenses as a percentage of Average AUM for the Home Finance subsidiary stood at 2.9% in H1FY26.
Strategic Growth
Expected Growth Rate
35%
Growth Strategy
Growth will be driven by a focus on collateral-backed retail lending (Gold, MSME Secured, and Home Finance) while discontinuing high-risk segments like Micro LAP and personal loans. The company is utilizing an asset-light co-lending model (40% YoY growth) and expanding its phygital reach to 4,872 branches to penetrate underserved markets.
Products & Services
Home loans, Gold loans, MSME loans (Secured), Microfinance (MFI), Developer & Construction finance, and Capital Market finance.
Brand Portfolio
IIFL Finance, IIFL Home Finance, IIFL Samasta Finance.
New Products/Services
Focusing on 'Mortgages' (Home Loans and LAP) and Gold loans as core growth pillars post-consolidation, with Home Finance AUM reaching INR 40,023 Cr (up from INR 35,499 Cr in FY24).
Market Expansion
Deepening penetration in existing 4,872 branches across India, specifically targeting retail and MSME segments in Tier 2 and Tier 3 cities.
Market Share & Ranking
IIFL is a leading retail-focused NBFC in India, particularly strong in the gold loan and affordable housing finance segments.
Strategic Alliances
Extensive co-lending arrangements with banks, with the co-lending book growing 40% YoY to INR 11,848 Cr.
External Factors
Industry Trends
The NBFC industry is shifting toward asset-light co-lending models and digital-first 'phygital' delivery. IIFL's co-lending book grew 40% YoY, positioning it well for this trend.
Competitive Landscape
Competes with other diversified NBFCs and specialized gold/housing finance companies; maintains edge through diversified product mix and strategic institutional shareholding.
Competitive Moat
Moat is built on a massive physical network (4,872 branches), a large customer base (4.6M+), and backing from marquee global investors (Fairfax, Capital Group), providing financial flexibility and lower borrowing costs compared to smaller NBFCs.
Macro Economic Sensitivity
Highly sensitive to RBI repo rate changes, which impact the 9.4% cost of borrowing and the 9.2% interest spread.
Consumer Behavior
Shift toward formal credit in rural/semi-urban areas for gold and housing loans, supporting IIFL's 35% YoY AUM growth.
Geopolitical Risks
Minimal direct impact, but domestic political risks like the Karnataka MFI ordinance and state elections in West Bengal/UP impact collection efficiencies.
Regulatory & Governance
Industry Regulations
Subject to RBI regulations for Systemically Important NBFCs. Impacted by the RBI circular on AIF investments (Dec 2023) requiring 100% provisioning for exposures not liquidated in 30 days, and the Karnataka microfinance ordinance (Feb 2025) curbing recovery practices.
Environmental Compliance
Not disclosed as a significant cost driver for this financial services firm.
Taxation Policy Impact
Effective tax rate is approximately 25%, with PBT of INR 913 Cr resulting in PAT (pre-NCI) of INR 692.1 Cr in H1FY26.
Legal Contingencies
The company absorbed a one-off exceptional provisioning of INR 586.5 Cr in FY25 related to Security Receipts from AIF investments to comply with RBI mandates.
Risk Analysis
Key Uncertainties
Asset quality in the MFI segment remains a concern due to regional disruptions; GNPA stood at 2.1% in Q2FY26. Future profitability is contingent on sustaining collection efficiency in MFI.
Geographic Concentration Risk
20% of AUM is concentrated in West Bengal, Uttar Pradesh, and flood-prone Northern India, posing a risk to collection efficiency during elections or natural disasters.
Third Party Dependencies
17% of the resource profile depends on securitization and co-lending arrangements with third-party banks.
Technology Obsolescence Risk
Mitigated by ongoing investments in AI-led risk systems and a robust digital phygital model.
Credit & Counterparty Risk
Gross NPA was 2.1% and Net NPA was 1.0% as of September 30, 2025. Capital adequacy (CRAR) remains strong at 28.2% (Consolidated), well above the 15% regulatory requirement.
