IL&FS Investment Managers Limited (IVC)
📢 Recent Corporate Announcements
IL&FS Investment Managers Limited (IVC) has scheduled its 40th Annual General Meeting for September 22, 2026, and fixed September 15, 2026, as the record date for its final dividend. The proposed final dividend is ₹0.70 per equity share (face value ₹2), involving a total payout of ₹21.98 crore (₹2,198.23 lakhs). This follows an earlier interim dividend of ₹0.50 per share for FY26, bringing the full-year dividend to ₹1.20 per share. The dividend payout is substantial relative to the company's market cap of ₹299 crore, representing an ~8.4% yield on the final dividend alone.
- Final dividend recommended at ₹0.70 per share (face value ₹2)
- Record date and remote e-voting cut-off date fixed as September 15, 2026
- Total final dividend cash outflow stands at ₹2,198.23 lakhs (₹21.98 crore)
- 40th AGM scheduled for Tuesday, September 22, 2026 at 11:00 a.m. IST
- Company previously distributed an interim dividend of ₹0.50 per share during FY26
IL&FS Investment Managers Limited has scheduled its 40th Annual General Meeting for September 22, 2026. The company has fixed September 15, 2026, as the record date for determining eligibility for the recommended final dividend of ₹0.70 per equity share (face value ₹2). The total proposed final dividend payout aggregates to ₹21.98 crore (₹2,198.23 lakhs), following an earlier interim dividend of ₹0.50 per share during FY26. Additionally, the filing notes that statutory auditor M/s KKC & Associates LLP resigned effective August 13, 2026.
- Final dividend recommended at ₹0.70 per share of face value ₹2 (aggregating to ₹2,198.23 lakhs)
- Record date and cut-off date for dividend and remote e-voting set for September 15, 2026
- 40th AGM scheduled for September 22, 2026, via Video Conferencing
- Statutory auditor M/s KKC & Associates LLP resigned effective August 13, 2026
IL&FS Investment Managers Limited (IVC) announced that its Board of Directors has noted the resignation of M/s KKC & Associates LLP as Statutory Auditors effective August 13, 2026. To fill the resulting casual vacancy, the Board has appointed M/s C N K & Associates LLP until the conclusion of the upcoming 40th Annual General Meeting (AGM). Furthermore, the Board recommended C N K & Associates LLP's appointment for a 5-year term from the 40th to the 45th AGM, subject to shareholder approval.
- Resignation of M/s KKC & Associates LLP took effect from August 13, 2026
- M/s C N K & Associates LLP appointed to fill casual vacancy until the 40th AGM
- Board recommended a 5-year term for C N K & Associates LLP from the 40th to the 45th AGM
- Board meeting held on August 21, 2026, from 10:15 a.m. to 11:15 a.m.
IL&FS Investment Managers Limited (IVC) has appointed M/s C N K & Associates LLP as Statutory Auditors effective August 21, 2026, to fill the casual vacancy caused by the resignation of M/s KKC & Associates LLP on August 13, 2026. The new auditor will hold office until the conclusion of the ensuing 40th Annual General Meeting (AGM). Additionally, the Board has recommended a 5-year appointment for CNK & Associates from the 40th AGM to the 45th AGM, subject to shareholder approval.
- Appointment of M/s C N K & Associates LLP as Statutory Auditors effective August 21, 2026.
- Casual vacancy created by the resignation of M/s KKC & Associates LLP effective August 13, 2026.
- Board recommended a 5-year term from the 40th AGM until the 45th AGM, pending shareholder approval.
- Incoming auditor M/s C N K & Associates LLP is a CA firm established in 1936 with over 1,000 professionals.
KKC & Associates LLP has resigned as the Statutory Auditors of IL&FS Investment Managers Limited (IVC) effective August 13, 2026. The resignation is attributed to a group-wide initiative to align statutory auditors across various IL&FS Group entities. The auditors confirmed there are no other material concerns and have already issued the Limited Review Report for the quarter ended June 30, 2026, prior to their departure.
- Resignation effective from August 13, 2026, mid-way through a five-year term that began August 30, 2024
- Limited Review Report for the quarter ended June 30, 2026, was completed and issued before the resignation
- Reason for change is the proposed alignment of auditors across the IL&FS Group entities
- Company is currently in 'maintenance mode' with a reduced headcount of 15 employees
IL&FS Investment Managers (IVC) reported zero revenue from operations for the quarter ended June 30, 2026, as the terms of its managed funds have expired. The company recorded a standalone net loss of ₹1.39 crore, compared to a loss of ₹0.23 crore in the year-ago period. Statutory auditors have highlighted a 'material uncertainty' regarding the company's ability to continue as a going concern due to the cessation of fee income. The company remains in 'maintenance mode' while the parent, IL&FS, seeks to divest its 50.42% stake through an ongoing resolution process.
- Revenue from operations stood at ₹0 for Q1 FY27 as all managed fund terms have ended.
- Standalone net loss widened to ₹1.39 crore from a loss of ₹0.23 crore in Q1 FY26.
- Total expenses of ₹1.79 crore exceeded total revenue of ₹0.40 crore (entirely from Other Income).
- Auditors issued a qualified conclusion citing the ongoing SFIO investigation and a 'Summary of Charges' received in October 2024.
- Management maintains 'going concern' status based on liquid assets sufficient to meet obligations for the next 12 months.
IL&FS Investment Managers Limited (IVC) has responded to an NSE clarification request regarding the non-submission of consolidated financial results for the quarter ended June 30, 2025. The company attributed the delay to two subsidiaries, APUIAML and IL&FS Investment Advisors LLC, failing to provide their limited reviewed results on time. While standalone results were adopted on August 14, 2025, the consolidated figures are now expected to be finalized by the end of September 2025. This delay highlights ongoing operational and reporting challenges as the company remains in a 'maintenance mode' under the IL&FS resolution plan.
- Consolidated results for the quarter ended June 30, 2025, were not submitted alongside standalone results.
- Two subsidiaries, APUIAML and IL&FS Investment Advisors LLC, failed to provide limited reviewed results.
- Standalone results for the same period were adopted earlier on August 14, 2025.
- Company plans to hold a Board meeting for consolidated results adoption by the end of September 2025.
- The company is currently operating with a minimal staff of 15 employees in maintenance mode.
IL&FS Investment Managers Limited (IVC) has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that all share certificates received for dematerialization during the quarter ended June 30, 2026, were processed within prescribed timelines. This includes the verification, mutilation, and cancellation of physical certificates and the updating of the register of members. This is a standard procedural filing with no impact on business operations or financials.
- Compliance certificate covers the quarter ended June 30, 2026
- Certificate issued by Registrar and Share Transfer Agent (RTA) MUFG Intime India Private Limited on July 1, 2026
- Confirms that dematerialized securities are listed on the stock exchanges where earlier securities were listed
- Verification and cancellation of physical certificates completed within prescribed timelines
IL&FS Investment Managers Limited (IVC) has informed stock exchanges that its trading window for dealing in company securities will remain closed. This closure is in preparation for the Board of Directors meeting scheduled to be held on or before August 14, 2026. During this meeting, the board will consider and approve the unaudited financial results for the quarter ending June 30, 2026. This is a standard regulatory requirement under SEBI Insider Trading regulations to prevent any information asymmetry.
- Trading window for IVC securities remains closed until further notice per SEBI regulations.
- Board meeting for Q1 FY27 financial results scheduled on or before August 14, 2026.
- The financial results cover the three-month period ending June 30, 2026.
- The notice follows a previous communication regarding window closure dated March 25, 2026.
IL&FS Investment Managers Limited (IVC) has recommended a dividend of ₹0.70 per share for FY26, but the financial results are overshadowed by a qualified auditor's opinion. The auditor highlighted a 'Material Uncertainty' regarding the company's ability to continue as a going concern, noting that the company earned no fee income during the year as the terms of its managed funds ended. Additionally, the ongoing SFIO investigation into the IL&FS group remains a significant legal overhang. Consolidated results were delayed by one day due to missing data from international subsidiaries.
- Recommended a final dividend of ₹0.70 per equity share of face value ₹2 for FY26.
- Auditor issued a qualified opinion citing inability to determine the impact of the ongoing SFIO investigation.
- Reported zero fee income for the financial year as the extended terms of existing funds ended.
- Auditor raised a 'Material Uncertainty' regarding the company's status as a going concern.
- Consolidated financial results were delayed to May 30, 2026, due to non-receipt of audit reports from offshore subsidiaries.
IL&FS Investment Managers (IVC) has approved its standalone financial results for FY26, recommending a dividend of ₹0.70 per share. However, the auditors have issued a qualified opinion due to the ongoing SFIO investigation and highlighted a 'Material Uncertainty' regarding the company's ability to continue as a going concern. Notably, the company reported zero fee income during the year as the terms of its managed funds ended, relying currently on liquid assets to meet obligations.
- Recommended a final dividend of ₹0.70 per equity share of face value ₹2 for FY 2025-26.
- Auditors issued a qualified opinion citing inability to comment on the impact of the ongoing SFIO investigation.
- Reported zero fee income for the year as the extended terms of existing funds managed by the company ended.
- Material uncertainty exists regarding 'Going Concern' status, though management claims liquid assets are sufficient for 12 months.
- Consolidated financial results were delayed to May 30, 2026, due to non-receipt of data from international subsidiaries.
Infrastructure Leasing & Financial Services Limited (IL&FS), the promoter of IL&FS Investment Managers Limited (IIML), has submitted its annual declaration under SEBI Takeover Regulations. The promoter confirmed that no new encumbrances, direct or indirect, were created on its shareholding during the financial year ending March 31, 2026. It clarified that an existing lien from FY 2013-14 remains in place as part of a pooled security package for debenture holders, which is not classified as a formal pledge in depository records.
- Promoter IL&FS declares zero new encumbrances on IIML shares for the financial year ending March 31, 2026.
- An existing lien on shares has been in effect since FY 2013-14 to safeguard the interests of debenture holders.
- The encumbrance is part of a pooled asset security package and is not marked as a 'pledge' in depository records.
- The disclosure is a mandatory annual compliance under Regulation 31(4) of SEBI (SAST) Regulations, 2011.
IL&FS Investment Managers Limited (IVC) has approved its audited consolidated financial results for the quarter and financial year ended March 31, 2026. Crucially, the company disclosed that the Auditors' Report contains a 'modified opinion,' which typically indicates reservations or exceptions regarding the financial statements. The board meeting was notably brief, lasting only 20 minutes from 09:40 a.m. to 10:00 a.m. Investors should be wary of the implications of the audit qualification given the company's complex corporate history.
- Board approved audited consolidated financial results for the full year ended March 31, 2026.
- Statutory auditors issued a 'modified opinion' on the consolidated financial statements.
- The board meeting concluded in a short duration of 20 minutes on May 30, 2026.
- Results were submitted in compliance with SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations.
IL&FS Investment Managers (IVC) has recommended a final dividend of ₹0.70 per equity share (35% on face value of ₹2) for FY 2025-26. The company approved its standalone financial results but noted a modified opinion from the auditors, indicating potential accounting or disclosure concerns. Consolidated results were postponed to May 30, 2026, as data from international subsidiaries was not yet finalized. The dividend remains subject to shareholder approval at the upcoming AGM.
- Recommended a final dividend of ₹0.70 per equity share of face value ₹2.
- Standalone financial results for FY26 approved with a modified auditor's opinion.
- Consolidated results delayed to May 30, 2026, due to pending reports from IL&FS Investment Advisors LLC.
- The Board meeting concluded at 4:00 p.m. on May 29, 2026, after a 3.5-hour session.
IL&FS Investment Managers (IVC) has approved its standalone financial results for the fiscal year ended March 31, 2026, while recommending a dividend of ₹0.70 per share. However, the auditor's report for the standalone results contains a modified opinion, which warrants investor caution. The company was unable to finalize its consolidated results due to missing data from its subsidiary, IL&FS Investment Advisors LLC, and has rescheduled that approval for May 30, 2026. The recommended dividend represents a 35% payout on the face value of ₹2 per share.
- Recommended a final dividend of ₹0.70 per equity share (35% of face value ₹2) for FY26.
- Standalone financial results for FY26 approved but accompanied by a modified auditor's opinion.
- Consolidated financial results delayed to May 30, 2026, due to non-receipt of audit reports from overseas subsidiaries.
- The delay specifically involves IL&FS Investment Advisors LLC and its step-down subsidiary Saffron Investment Trust.
Financial Performance
Revenue Growth by Segment
The company operates in a single segment: asset management and related services. Standalone revenue from operations fell 69.4% YoY to INR 9.79 Cr (INR 979.35 lakhs) in FY25 from INR 32.02 Cr (INR 3,202.03 lakhs) in FY24. Consolidated revenue from operations for FY25 was INR 29.08 Cr (INR 2,907.57 lakhs).
Profitability Margins
Standalone Net Profit Margin collapsed from 70.30% in FY24 to -24.00% in FY25, resulting in a net loss of INR 2.35 Cr (INR 235.09 lakhs). This decline was primarily driven by the absence of dividend income from subsidiary companies during the year.
EBITDA Margin
Standalone Operating Profit Margin decreased from 70.43% in FY24 to -15.76% in FY25. Consolidated Profit Before Tax for FY25 was INR 14.52 Cr (INR 1,452.06 lakhs) on a total income of INR 46.64 Cr (INR 4,663.97 lakhs).
Credit Rating & Borrowing
Debt Equity Ratio is listed as N.A., suggesting no significant long-term borrowings. Interest Coverage Ratio is also N.A.
Operational Drivers
Capacity Expansion
The company currently has 15 employees, down from previous levels due to notable departures of key managerial personnel. It is currently operating in 'maintenance mode' and not undertaking new business activities.
Strategic Growth
Expected Growth Rate
0%
Growth Strategy
The company is not pursuing growth but is in maintenance mode. The strategy is focused on a resolution plan by the newly constituted IL&FS Board, which includes the sale of IL&FS's stake in the company to preserve value for stakeholders.
Products & Services
Asset management services, private equity fund management, and related financial advisory services.
Brand Portfolio
IL&FS Investment Managers Limited (IIML), IL&FS Private Equity.
New Products/Services
No new product launches; the company is not undertaking new business activities.
Market Expansion
None; operations are restricted to managing existing portfolios and enabling divestments for fund investors.
Strategic Alliances
Joint Venture: IL&FS Milestone Realty Advisors Private Limited (currently not a going concern). Subsidiaries include IL&FS Urban Infrastructure Managers Limited and IL&FS Infra Asset Management Limited.
External Factors
Industry Trends
The PE industry is seeing significant 'dry powder' for Indian opportunities in sectors like financial services and real estate. However, the company is positioned only to divest existing assets rather than raise new capital.
Competitive Landscape
Key competitors are not named, but the company faces competition from other asset management firms in a market with high deal activity.
Competitive Moat
The company's historical moat in infrastructure and urban asset management has been severely compromised by the adverse developments at the parent IL&FS Group and the resulting loss of key personnel.
Macro Economic Sensitivity
The private equity industry is sensitive to GDP growth, inflation, and interest rate cycles. While the Indian market shows robust deal pipelines, the company's internal issues prevent it from capitalizing on these trends.
Geopolitical Risks
Mindful of global volatility and trade risks that impact investor sentiment in Indian opportunities.
Regulatory & Governance
Industry Regulations
Operations are governed by SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Indian Accounting Standards (Ind AS) 108 regarding operating segments.
Taxation Policy Impact
The current ratio decreased from 1.41 to 0.98 in FY25 due to a decrease in Deferred Tax Assets.
Legal Contingencies
The Serious Fraud Investigation Office (SFIO) initiated an investigation against the ultimate holding company (IL&FS) and its subsidiaries, including this company, on October 1, 2018, under Section 212(1) of the Companies Act. Summary of charges were received in October 2024.
Risk Analysis
Key Uncertainties
There is material uncertainty regarding the company's ability to continue as a going concern due to the significant reduction in fee revenue and lack of new fund raises. Auditors have issued a qualified conclusion based on the ongoing SFIO investigations.
Third Party Dependencies
High dependency on the IL&FS Board for the execution of the resolution plan and the sale of the company.
Credit & Counterparty Risk
Expected Credit Loss (ECL) arising on receivables was INR 1.41 Cr (INR 141.31 lakhs) for the quarter ended June 30, 2025.
