IIFL Capital Services Limited (IIFLCAPS)
₹347.35 +0.07% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, IIFL Capital's revenue was ₹631 Cr (+2.3% year on year, -1.9% on the previous quarter), and net profit ₹184 Cr (+4.6% year on year); the operating margin was 35.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹631 | +2.3% | -1.9% |
| Operating profit | ₹226 | +2.2% | +0.8% |
| Net profit | ₹184 | +4.6% | +60.1% |
| EPS (₹) | 5.92 | +4.6% | +60.9% |
| Operating margin | 35.8% | — | — |
IIFLCAPS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 58.31% of the IIFLCAPS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 66.5%. That is lower than usual for this stock. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 75.5% · 70.8% · 69.3% · 64.3% · 58.3%
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 Capital Services Limited has announced the resignation of Mr. Mahesh Moopanar as Chief Risk Officer (CRO) and Senior Management Personnel, effective October 15, 2026. The departure marks a change in key risk oversight leadership for the financial services firm, which manages an asset base of ₹44,000 Cr and an MTF book of ₹1,514 Cr (as of September 2025). The company has not yet named an immediate successor in the filing. Operationally and financially, day-to-day business continues uninterrupted, but succession for the CRO post will be watched.
- Chief Risk Officer Mr. Mahesh Moopanar resigned effective October 15, 2026
- Departure categorized under Senior Management Personnel (SMP) cessation
- Successor to the CRO position was not disclosed in the filing
- Company reported TTM revenue of ₹2,433 Cr and TTM PAT of ₹572 Cr
IIFL Capital Services Limited has announced the resignation of Mr. Mahesh Moopanar as Chief Risk Officer (CRO) and Senior Management Personnel, effective October 15, 2026. The departure marks a change in key risk oversight leadership for the financial services firm, which manages an asset base of ₹44,000 Cr and an MTF book of ₹1,514 Cr (as of September 2025). The company has not yet named an immediate successor in the filing. Operationally and financially, day-to-day business continues uninterrupted, but succession for the CRO post will be watched.
- Chief Risk Officer Mr. Mahesh Moopanar resigned effective October 15, 2026
- Departure categorized under Senior Management Personnel (SMP) cessation
- Successor to the CRO position was not disclosed in the filing
- Company reported TTM revenue of ₹2,433 Cr and TTM PAT of ₹572 Cr
IIFL Capital Services received an Adjudication Order from SEBI imposing a monetary penalty of ₹2,00,000 under Section 15HB of the SEBI Act, 1992. The penalty stems from an inspection of the company's Online Bond Platform Provider (OBPP) activities between July 26, 2024, and March 31, 2025. SEBI noted lapses in routing certain debt security orders through stock exchange RFQ platforms and executing proper third-party seller agreements. The financial penalty is negligible against the company's TTM PAT of ₹572 Cr, and management stated a compliant platform version is under implementation.
- SEBI imposed a monetary penalty of ₹2,00,000 under Section 15HB of the SEBI Act, 1992.
- Inspection covered the company's OBPP operations from July 26, 2024 to March 31, 2025.
- Lapses involved non-routing of certain orders through RFQ platforms and improper third-party seller agreements.
- Penalty represents less than 0.001% of IIFL Capital Services' TTM revenue of ₹2,433 Cr.
IIFL Capital Services Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from RTA MUFG Intime India confirms that securities received for dematerialisation were processed and confirmed to depositories within prescribed timelines. The dematerialised security certificates were mutilated, cancelled, and the depository substituted as the registered owner. This is an ordinary administrative filing confirming regulatory share compliance.
- Covers the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited dated October 3, 2026
- Filed with BSE and NSE on October 9, 2026
- Confirms dematerialisation certificates were verified, accepted/rejected, and cancelled within regulatory timelines
IIFL Capital Services has announced that FIH Mauritius Investments Ltd received approval from the Competition Commission of India (CCI) on September 22, 2026, for its proposed investment in the company. This follows prior disclosures initiated on May 7, 2026, marking a critical regulatory milestone in the transaction. The financial terms and exact quantum of the proposed investment were not disclosed in this specific filing. IIFL Capital Services carries a market capitalization of ₹11,059 Cr and reported TTM PAT of ₹572 Cr.
- CCI approval received on September 22, 2026, by FIH Mauritius Investments Ltd.
- Pertains to a proposed investment originally disclosed on May 7, 2026.
- Exact deal size and investment quantum remain not disclosed in this filing.
- Clears a key regulatory hurdle under SEBI Listing Regulations.
IIFL Capital Services has approved the strike-off/voluntary winding up of wholly owned subsidiary IIFL Securities Services IFSC Limited, which had zero revenue and a net worth of Rs (2.09) lakh as of March 31, 2026. The company will also transfer its non-profit Section 8 entity, India Infoline Foundation, to group entity IIFL Finance Limited for a consideration of Rs 10,000. Both entities have nil contribution to consolidated revenues (Rs 2,433 Cr TTM). This represents a routine internal housekeeping exercise with virtually no impact on operations or financials.
- Board approved voluntary winding up/strike-off of wholly owned subsidiary IIFL Securities Services IFSC Limited
- IIFL Securities Services IFSC Limited contributed Nil revenue (0.00%) and Rs (2.09) lakh net worth as of March 31, 2026
- Transfer of India Infoline Foundation (Section 8 company) approved to group entity IIFL Finance Limited
- Consideration for transfer of membership interest in India Infoline Foundation set at Rs 10,000
IIFL Capital Services' Board approved the strike-off/voluntary winding-up of its wholly owned subsidiary, IIFL Securities Services IFSC Limited, which had nil revenue and a negative net worth of ₹(2.09) lakh as of March 31, 2026. The Board also approved the transfer of India Infoline Foundation (a Section 8 company) to promoter group entity IIFL Finance Limited for a nominal consideration of ₹10,000. Both entities have negligible to zero revenue contribution relative to the company's ₹2,433 Cr TTM revenue base, making this a routine corporate simplification.
- Approved strike-off/winding-up of wholly owned arm IIFL Securities Services IFSC Limited
- IIFL Securities Services IFSC Limited generated Nil revenue and held ₹(2.09) lakh net worth as of March 31, 2026
- Approved transfer of Section 8 subsidiary India Infoline Foundation to IIFL Finance Limited for ₹10,000
- Board meeting concluded at 6:15 p.m. IST on September 11, 2026
IIFL Capital Services Limited disclosed the scrutinizer's report and voting results for its 31st Annual General Meeting held on September 09, 2026. All ordinary and special resolutions were passed with the requisite majority. Key approvals included the adoption of FY26 financial statements, material related-party transactions, and an enabling special resolution for issuing non-convertible debentures (NCDs) via public issue or private placement. The NCD enabling resolution received overwhelming shareholder support with 100.00% votes cast in favor (21,20,72,189 votes).
- Resolution 7 (Enabling NCD issuance on public/private placement basis) passed with 100.00% votes in favor (21,20,72,189 votes against 104 votes).
- Resolution 1 (Adoption of FY26 standalone and consolidated financials) passed with 100.00% approval.
- Material related-party transactions with IIFL Samasta Finance approved with 99.50% votes in favor (6,36,92,116 votes).
- AGM voting was conducted via remote e-voting (September 4 to September 8, 2026) and e-voting at the AGM on September 9, 2026.
IIFL Capital Services conducted its 31st Annual General Meeting on September 09, 2026, attended by 47 shareholders via video conference. Agenda items placed for voting included the adoption of FY26 financial statements, re-appointment of MD Mr. R. Venkataraman, and approval of material related-party transactions with IIFL Finance, IIFL Home Finance, and IIFL Samasta Finance. Additionally, a special resolution was tabled for the issuance of secured/unsecured redeemable Non-Convertible Debentures (NCDs) via public or private placement. Final voting outcomes will be disclosed after the Scrutinizer's report is submitted.
- 31st Annual General Meeting held on September 09, 2026, with 47 shareholders attending via VC/OAVM
- Special resolution presented for issuance and allotment of secured/unsecured, rated, listed redeemable NCDs
- Ordinary resolutions tabled for material related-party transactions with IIFL Finance, IIFL Home Finance, and IIFL Samasta Finance
- Remote e-voting was conducted between September 04 and September 08, 2026; Scrutinizer's voting report awaited
The National Stock Exchange of India (NSE) has imposed a minor monetary penalty of ₹2,24,100 on IIFL Capital Services Limited following a limited purpose offsite inspection. The inspection covered the Cash Market, Futures & Options, and Currency Derivatives segments for the period of January to March 2026. The penalty pertains to observed discrepancies in the reporting of client margin collection. The company received the communication on August 30, 2026, and confirmed there is no material impact on its operations or financial performance.
- NSE imposed a monetary penalty of ₹2,24,100 on the company
- Inspection covered CM, F&O, and CD segments for January to March 2026
- Discrepancies identified in the reporting of margin collection from clients
- Order received on August 30, 2026; company confirms no material financial/operational impact
IIFL Capital Services Limited has allotted 3,72,320 equity shares of face value Rs. 2 each to employees upon the exercise of stock options under its ESOS 2018 scheme. Consequently, the company's total paid-up equity base increased from 31,48,06,543 shares to 31,51,78,863 shares. The newly issued shares rank pari passu with existing shares, resulting in an immaterial equity dilution of approximately 0.12%.
- Allotted 3,72,320 equity shares under IIFL ESOS - 2018
- Total equity shares expanded from 31,48,06,543 to 31,51,78,863
- Face value of Rs. 2 per equity share
- Allotted shares rank pari passu with existing equity shares
IIFL Capital Services Limited has issued an intimation under Regulation 36(1)(b) of SEBI LODR regarding communication sent to shareholders whose email addresses are not registered with the company or depositories. The company's 31st Annual General Meeting (AGM) is scheduled to be held on Wednesday, September 09, 2026, at 11:30 a.m. IST via Video Conferencing. The filing provides a weblink and QR code to access the AGM Notice and the Integrated Annual Report for FY 2025-26. This is a procedural compliance filing with no direct financial impact.
- 31st Annual General Meeting scheduled for Wednesday, September 09, 2026, at 11:30 a.m. IST.
- Meeting to be conducted electronically via Video Conferencing (VC) / Other Audio Visual Means (OAVM).
- Issued communication under SEBI LODR Regulation 36(1)(b) with weblink and QR code for shareholders without registered emails to access the FY26 Annual Report.
IIFL Capital Services Limited has announced that its 31st Annual General Meeting (AGM) will be conducted via Video Conferencing on Wednesday, September 09, 2026, at 11:30 a.m. IST. The company has designated Wednesday, September 02, 2026, as the record date (cut-off date) to establish member eligibility for remote e-voting and voting at the AGM. This is a standard corporate compliance filing with no operational or financial impact on the company's Rs 2,433 Cr TTM revenue base.
- 31st Annual General Meeting scheduled for September 09, 2026, at 11:30 a.m. IST
- Record date / cut-off date for e-voting eligibility set for September 02, 2026
- AGM to be conducted via Video Conferencing (VC) / Other Audio Visual Means (OAVM)
IIFL Capital Services Limited has released the notice for its 31st Annual General Meeting scheduled for September 9, 2026, via Video Conferencing. Key ordinary business items include adopting the audited standalone and consolidated financial statements for FY26 and the re-appointment of Managing Director Mr. R. Venkataraman, who retires by rotation. Special business items seek shareholder approval for material related-party transactions (RPTs) with IIFL Finance Limited and IIFL Home Finance Limited. The filing also notes proposed RPT funding arrangements at interest rates tied to SBI 3-month MCLR plus up to 2% (~10%).
- 31st Annual General Meeting scheduled for September 9, 2026, at 11:30 A.M. IST via VC/OAVM.
- Seeking shareholder approval for material related party transactions with IIFL Finance Limited and IIFL Home Finance Limited.
- Proposed director re-appointment for Managing Director Mr. R. Venkataraman, who holds 1,11,84,432 shares.
- Mr. R. Venkataraman's FY26 remuneration disclosed at ₹99.6 Mn.
- Proposed related party investment borrowings structured at SBI 3-month MCLR plus spread up to 2% (~10%).
IIFL Capital Services has received approval from Singapore's ACRA to incorporate its wholly owned subsidiary, IIFL Capital Singapore Pte. Ltd., as of July 30, 2026. This follows a SEBI No Objection Certificate and an initial proposal dated April 28, 2025. The subsidiary will focus on business support and management consultancy services. The initial investment is nominal at SGD 1.00, representing 100% ownership, making this a procedural step in the company's international expansion strategy.
- Incorporation of IIFL Capital Singapore Pte. Ltd. finalized on July 30, 2026
- Initial subscription price for 100% shareholding is SGD 1.00
- Regulatory approvals obtained from both SEBI (NOC) and ACRA Singapore
- The entity will provide Business Support Services and Management Consultancy
- Follows a 15-month lead time since the initial intimation on April 28, 2025
Financial Performance
Revenue Growth by Segment
Broking and allied activities contributed 71% of total income in FY2025, though revenues were range-bound compared to FY2024. Financial product distribution (20% of income) saw a significant uptick. Investment Banking (9% of income) grew 6% YoY to INR 237.9 Cr in FY2025 from INR 224.5 Cr in FY2024, driven by healthy primary market issuances.
Geographic Revenue Split
Not disclosed in available documents, though the company operates as a pan-India full-service securities firm serving over 30 lakh customers.
Profitability Margins
Net Profit Margin (PAT/NOI) was 41.6% in FY2025 but moderated to 31.3% in H1 FY2026. Return on Net Worth (RoNW) followed a similar trend, declining from 33.2% in FY2025 to 19.6% in H1 FY2026 due to regulatory headwinds and subdued trading volumes.
EBITDA Margin
Operational PBT (before other income and MTM) was INR 164 Cr in Q2 FY2026. The company maintains a 3-year average cost-to-income ratio of 67% (FY2023-FY2025), reflecting the high operational costs of a full-service model compared to discount brokers.
Capital Expenditure
Not disclosed in absolute INR Cr, but the company is making ongoing investments in digital interfaces and incubating the wealth management business, which is expected to reach profitability in 2-3 years.
Credit Rating & Borrowing
Credit rating reaffirmed at [ICRA]A1+ for INR 1,050 Cr Commercial Paper and INR 200 Cr bank lines. Gearing remains low at 0.6 times as of September 2025, despite consolidated borrowings rising 65% YoY to INR 1,741.8 Cr to fund the MTF book.
Operational Drivers
Raw Materials
Not applicable as a service provider; primary operational inputs are Technology Infrastructure (100% of digital operations) and Human Capital (Employee costs).
Key Suppliers
Not applicable; however, the company relies on Stock Exchanges (NSE/BSE) and technology vendors for trade execution and digital platforms.
Capacity Expansion
The company expanded its Margin Trading Facility (MTF) book by 62% to INR 1,514 Cr as of September 2025, up from INR 931 Cr in March 2025, to drive interest income growth.
Raw Material Costs
Employee costs, a primary driver, decreased 12.5% QoQ to INR 154 Cr in Q2 FY2026 from INR 176 Cr due to lower variable pay provisions. Admin expenses remained flat at INR 87 Cr.
Manufacturing Efficiency
Margin utilization at stock exchanges ranged between 50% and 60% during H1 FY2026, indicating efficient use of non-fund based bank guarantees (INR 1,589.1 Cr).
Logistics & Distribution
Financial product distribution accounts for 20-30% of Net Operating Income, providing a recurring revenue stream that offsets the cyclicality of the broking business.
Strategic Growth
Expected Growth Rate
33.40%
Growth Strategy
The company is pivoting toward 'asset gathering' to increase recurring revenue, targeting a growth in its INR 44,000 Cr asset base (INR 27,000 Cr in Mutual Funds/AIF/PMS). It is also leveraging a strong Investment Banking pipeline with 26 DRHPs filed in Q2 FY2026 to capture primary market activity.
Products & Services
Retail and institutional equity broking, commodity and currency broking, investment banking (IPO/FPO/QIP), margin trading facility (MTF), and wealth management services.
Brand Portfolio
IIFL, IIFL Capital Services.
New Products/Services
Scaling of the Wealth Management business and enhanced digital interfaces; wealth management is expected to contribute to profitability within 24-36 months.
Market Expansion
Focusing on digital-first customer acquisition to reduce operating costs and align with the industry shift toward digital transacting.
Market Share & Ranking
Maintains a 2.55% market share in the NSE cash segment and 0.63% overall. Ranked among the top 3 investment banks in league tables for the current fiscal year.
Strategic Alliances
Association with the IIFL brand and 31% ownership by the Fairfax Group provide financial flexibility and brand equity.
External Factors
Industry Trends
The industry is seeing a shift toward digital transacting and recurring revenue models (Wealth/Distribution) to counter the lumpy, milestone-based nature of Investment Banking (12-16% of NOI).
Competitive Landscape
Faces intense pressure from discount brokerage houses which are gaining popularity and forcing full-service brokers to lower fees or add value-added services.
Competitive Moat
Moat is built on a 20-year brand legacy, a Top-3 ranking in Investment Banking, and a diversified revenue profile where broking is now less than 50% of NOI, down from 60% in FY2021.
Macro Economic Sensitivity
Highly sensitive to capital market cycles; H1 FY2026 PAT fell to INR 261 Cr from FY2025 levels due to subdued trading volumes and market sentiment shifts.
Consumer Behavior
Increasing preference for digital-only interactions and a shift from physical assets to financial assets (Mutual Funds/PMS), supporting the company's distribution segment.
Geopolitical Risks
Global geopolitical tensions impact FPI flows and investor sentiment, directly affecting the company's broking volumes and IB deal execution timelines.
Regulatory & Governance
Industry Regulations
Subject to stringent SEBI norms including margin pledge mechanisms, upfront margin collection, and daily client collateral reporting. Compliance costs are expected to rise as regulations evolve.
Environmental Compliance
Low material risk; lending is restricted to capital market-related activities with short-to-medium term durations.
Taxation Policy Impact
Standard corporate tax rates apply; no specific fiscal incentives mentioned.
Legal Contingencies
Not disclosed in absolute INR values; however, the company is exposed to regulatory risks and potential censure for technical glitches or data privacy lapses.
Risk Analysis
Key Uncertainties
Revenue volatility due to the 'lumpy' nature of Investment Banking fees and the inherent cyclicality of capital markets which can compress PAT/NOI margins by over 10%.
Geographic Concentration Risk
Primarily concentrated in the Indian capital markets; no significant international revenue reported.
Third Party Dependencies
Dependency on banking partners for non-fund based limits (INR 1,589.1 Cr) and technology providers for platform stability.
Technology Obsolescence Risk
High risk; failure to adopt technological advancements or provide uninterrupted digital services (as seen in FY2025 glitches) directly impacts customer retention.
Credit & Counterparty Risk
Exposure to credit risk on the INR 1,514 Cr MTF book; mitigated by maintaining requisite haircuts on underlying equity assets.
