HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
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Research updated
IIFL Finance Ltd.
NSE: IIFLFinancial ServicesCredit Services
- Last close
- ₹531.65
- Day change
- −₹36.25 (−6.38%)vs
- Market cap
- ₹25,437 crIndian rupees
- Research updated
- 2 reports
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About IIFL Finance
IIFL Finance Ltd. is a prominent non-banking financial company (NBFC) engaged in providing various financial services primarily within India. The company's core function revolves around offering bespoke lending solutions, with a product lineup that includes home loans, gold loans, business loans, and microfinance loan offerings. It plays a crucial role in driving financial inclusion across different economic demographics, particularly focusing on underserved communities. IIFL Finance Ltd. is also recognized for its wealth management and asset management services, catering to both individual clients and institutional investors. A unique feature of IIFL Finance is its strong distribution network, which encompasses a mix of branch offices, digital platforms, and a robust sales force ensuring extensive reach. In the broader financial market, IIFL Finance Ltd. holds a significant position as a facilitator of economic growth by supporting small and medium enterprises (SMEs) and retail consumers with vital credit access. As part of the IIFL Group, the company benefits from a diverse range of financial service offerings, enhancing its ability to adapt to the dynamic needs of its clients and maintain a competitive stance in the ever-evolving financial landscape.
- Sector
- Financial Services
- Industry
- Credit Services
- Listing
- NSE: IIFL
- Employees
- 16,341
- Headquarters
- Mumbai, India
- ISIN
- INE530B01024
- Website
- iifl.com
Public research · Report of
Business model & financial foundation
IIFL Finance (NSE: IIFL), NBFC - diversified retail lending (gold loans, home loans, MSME, microfinance): revenue of ₹7,626 crore in FY26 (+37.8% on FY25) and net profit of ₹1,661 crore.
- Revenue, FY26 (₹ crore)
- 7,626
- consolidated
- Revenue growth, FY26
- +37.8%
- on FY25
- Net profit, FY26 (₹ crore)
- 1,661
- to owners
- Return on equity, FY26
- 11.2%
- on average equity
- Market capitalisation (₹ crore)
- 25,437
- at the close of 15 Oct 2026
Company profile
IIFL Finance is a diversified retail NBFC with Rs1.24 lakh crore of loan AUM at 30 September 2026, of which 53% is gold loans, 27% home loans (through IIFL Home Finance), 10% secured MSME and 8% microfinance (IIFL Samasta). About a third of AUM is assigned or co-lent to banks. The RBI barred it from new gold-loan disbursal from March to September 2024; since then gold AUM has risen from Rs10,797 cr to Rs65,729 cr and ROE recovered to 20.8% (Q2 FY27 annualised).
| Item | Value |
|---|---|
| Legal name | IIFL Finance Limited (formerly IIFL Holdings Limited, India Infoline Limited) |
| Exchange and ticker | NSE: IIFL; BSE: 532636 |
| ISIN | INE530B01024 |
| CIN | L67100MH1995PLC093797 |
| Sector | Financial Services |
| Industry | NBFC - diversified retail lending (gold loans, home loans, MSME, microfinance) |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Sharp & Tannan Associates and G. M. Kapadia & Co. (joint); Shah Gupta & Co. appointed joint auditor at the July 2026 AGM |
| Market capitalisation | ₹25,437 crore (15 Oct 2026) |
| Shares outstanding | 42.51 crore shares (FY26) |
| Price | ₹594.8 (close, 15 Oct 2026) |
| 52-week range | ₹409.1 - ₹705.0 (to 15 Oct 2026) |
| Website | https://www.iifl.com/finance |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| IIFL Home Finance Limited | 79.59% | Housing finance company: affordable home loans and LAP |
| IIFL Samasta Finance Limited | 99.56% | NBFC-MFI: microfinance joint-liability group loans |
| IIFL Fintech Private Limited | 100% | Technology / digital lending support |
| India Infoline Foundation | n.d. | Section 8 (not-for-profit) CSR company, acquisition intimated 15 Oct 2026 |
Promoters (Nirmal Jain and family, R Venkataraman) hold 24.76%; Fairfax (FIH Mauritius) is a large non-promoter holder (~13.7% after a July 2026 sale).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 24.85% | 24.85% | 24.85% | 24.76% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 27.77% | 28.16% | 23.86% | 25.64% |
| Domestic institutions | 9.16% | 7.09% | 7.50% | 4.19% |
| of which mutual funds | 6.57% | 4.22% | 3.65% | 3.66% |
| Retail | 38.22% | 39.90% | 43.79% | 41.75% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
IIFL Finance is a diversified retail NBFC. It earns interest spread on on-book loans and earns off-book income from assignment/co-lending. Gold loans were 52.9% of Q2 FY27 AUM, home loans 27.2%, MSME 9.6% and MFI 7.6%; therefore collateral value, branch execution, funding cost and credit cost are the operational variables that matter most.
| Peer | Why the dossier compares them |
|---|---|
| Muthoot Finance (MUTHOOTFIN) | Largest gold-loan NBFC; gold is 53% of IIFL AUM |
| Manappuram Finance (MANAPPURAM) | Gold loans plus microfinance subsidiary (Asirvad), the closest mix match |
| Aavas Financiers (AAVAS) | Affordable housing finance, peer to IIFL Home Finance |
| Aptus Value Housing Finance (APTUS) | Affordable housing and small-ticket LAP |
| Credit Access Grameen (CREDITACC) | Microfinance leader, peer to IIFL Samasta |
| Poonawalla Fincorp (POONAWALLA) | Diversified retail NBFC with MSME and gold growth |
| L&T Finance (LTF) | Diversified retail NBFC with gold, home and MFI books |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total (net) income: NII + off-book + other | n.r. | n.r. | 6,486 | 5,536 | 7,626 |
| Other operating costs (vendor classification) * | 515.9 | 728.0 | 890.2 | 799.2 | 1,028 |
| Profit before tax | 1,536 | 2,113 | 2,572 | 707.0 | 2,409 |
| Tax (PBT less PAT) | 347.7 | 505.0 | 597.7 | 128.9 | 591.9 |
| PAT before NCI | 1,188 | 1,608 | 1,974 | 578.1 | 1,817 |
| Diluted EPS (₹) * | 30.25 | 38.05 | 44.40 | 8.73 | 38.75 |
| Interest income | 8,036 | 8,165 | 10,021 | ||
| Interest expense | 3,868 | 4,170 | 5,717 | ||
| Net interest income | 4,168 | 3,996 | 4,304 | ||
| Income from off-book assets (assignment + co-lending) | 1,704 | 1,085 | 2,852 | ||
| Other income | 613.9 | 455.8 | 470.8 | ||
| Operating expenses | 2,807 | 2,963 | 3,510 | ||
| Pre-provision operating profit | 3,679 | 2,573 | 4,117 | ||
| Loan losses and provisions | 911.3 | 1,498 | 1,738 | ||
| Net gain/(loss) on fair value changes | -196.0 | 218.8 | 30.1 | ||
| Exceptional items | 0.00 | -586.5 | 0.00 | ||
| Minority interest | 210.7 | 199.4 | 155.9 | ||
| PAT to owners | 1,764 | 378.8 | 1,661 | ||
| Basic EPS (₹) | 46.30 | 9.10 | 39.10 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 6,470 | 10,202 | 12,056 | 13,955 | 15,619 |
| Borrowings (debt securities + other + subordinated) | 36,086 | 40,017 | 47,161 | 51,068 | 69,176 |
| Cash and cash equivalents * | 8,169 | 3,951 | 2,620 | 2,291 | 4,288 |
| Trade payables * | 142.4 | 197.3 | 216.7 | 185.6 | 246.7 |
| Net property, plant and equipment * | 5.03 | 9.72 | 12.4 | 12.7 | 12.9 |
| Capital work in progress * | 5.71 | 27.2 | 51.9 | 22.4 | 5.79 |
| Total assets * | 62,421 | 67,644 | 89,059 | ||
| Shareholders' equity (ex NCI) | 12,412 | 13,920 | |||
| Non-controlling interest (balance sheet) | 1,543 | 1,699 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations * | 1,881 | 5,438 | 6,543 | 5,436 | -13,976 |
| Free cash flow (vendor definition) * | 1,683 | -5,487 | -6,116 | -4,842 | -14,057 |
| Dividends paid (the provider's sign: an outflow is negative) * | -132.8 | -173.6 | -182.2 | -199.7 | |
| Capital expenditure (the provider's sign: an outflow is negative) * | -99.6 | -258.3 | -225.2 | -58.2 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 39.04 | 39.11 | 39.23 | 41.78 | 42.51 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Total (net) income: NII + off-book + other | 1,282 | 1,388 | 1,638 | 1,903 | 1,996 | 2,090 | 2,202 | 2,340 |
| Other operating costs (vendor classification) * | 223.4 | 218.8 | 259.2 | 302.4 | 311.7 | 287.7 | ||
| Profit before tax | 101.0 | 309.5 | 356.3 | 556.7 | 662.9 | 832.6 | 928.6 | 1,074 |
| Tax (PBT less PAT) | 19.3 | 58.1 | 82.1 | 138.8 | 161.5 | 209.4 | 215.5 | 268.7 |
| PAT before NCI | 81.7 | 251.4 | 274.2 | 417.9 | 501.4 | 623.2 | 713.1 | 805.0 |
| Diluted EPS (₹) * | 0.95 | 4.85 | 5.45 | 10.85 | 13.72 | 15.78 | ||
| Interest income | 1,943 | 2,202 | 2,265 | 2,447 | 2,536 | 2,773 | 3,030 | 3,390 |
| Interest expense | 995.7 | 1,169 | 1,289 | 1,382 | 1,437 | 1,610 | 1,720 | 1,909 |
| Net interest income | 947.0 | 1,032 | 976.5 | 1,065 | 1,099 | 1,164 | 1,311 | 1,481 |
| Income from off-book assets (assignment + co-lending) | 190.6 | 267.1 | 560.0 | 747.3 | 771.3 | 773.1 | 786.3 | 730.1 |
| Other income | 144.5 | 88.4 | 101.4 | 90.3 | 125.9 | 153.2 | 105.6 | 128.4 |
| Operating expenses | 747.8 | 736.6 | 801.7 | 870.2 | 920.4 | 917.3 | 950.0 | 984.5 |
| Pre-provision operating profit | 534.3 | 651.2 | 836.1 | 1,033 | 1,075 | 1,173 | 1,252 | 1,355 |
| Loan losses and provisions | 491.4 | 348.7 | 512.5 | 500.3 | 399.7 | 325.7 | 294.2 | 280.8 |
| Net gain/(loss) on fair value changes | 58.2 | 7.00 | 32.6 | 24.5 | -12.8 | -14.3 | -29.6 | -0.60 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Minority interest | 41.0 | 43.7 | 40.8 | 41.6 | 37.0 | 36.4 | 38.1 | 38.6 |
| PAT to owners | 40.7 | 207.7 | 233.4 | 376.3 | 464.3 | 586.8 | 675.1 | 766.4 |
| Basic EPS (not annualised) (₹) | 1.00 | 4.90 | 5.50 | 8.90 | 10.90 | 13.80 | 15.90 | 18.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | -14.6% | 37.8% | |||
| Net margin | 27.2% | 6.8% | 21.8% | ||
| Return on equity | 15.8% | 2.9% | 11.2% | ||
| Return on assets | 2.8% | 0.6% | 2.1% | ||
| Dividend payout | 10.3% | 12.0% | |||
| EPS, diluted (₹) | 30.25 | 38.05 | 44.40 | 8.73 | 38.75 |
| Book value per share (₹) | 165.7 | 260.8 | 307.3 | 334.0 | 367.5 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on IIFL Finance includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on IIFL Finance
- Research reportLatest
- Research report
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
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