IIFLCAPS
Micro CapIIFL Capital Services Limited
Financial Services
IIFL Capital Services Limited (formerly IIFL Securities Limited) is a leading full-service financial services platform with Assets Under Management and Custody of INR 2,296 Bn and a Net worth of INR 30.7 Bn. It offers integrated capital market services including affluent/HNI/UHNI broking, wealth management, investment banking, and institutional equities.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 2/100PAT -10% YoY · margin compression · Rev +20% YoY · +10% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹644 Cr | +19.9% | +9.9% |
| EBITDA | ₹224 Cr | +20.4% | +17.9% |
| Operating margin | 35.0% | +0 bps | +300 bps |
| PAT | ₹115 Cr | -10.2% | -38.8% |
| PAT margin | 17.9% | -598 bps | -1422 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 operating revenue grew 20% YoY and 10% QoQ, with operating PBT up 14% YoY and 21% QoQ. However, full-year FY26 PAT declined 21% YoY to ₹5,636 Mn, and RoE fell to 18.1% from 23.1%, impacted by MTM losses and higher finance costs.
The company shows strong operating revenue and PBT growth in Q4 FY26, driven by institutional equities and MTF book expansion. However, full-year PAT and RoE declined significantly due to MTM losses and increased finance costs, raising concerns about earnings volatility and core profitability.
Distribution Assets Mix
Latest issuer-disclosed distribution across 5 reported categories.
Wealth Management & Distribution
Core growth franchise, emerging wealth manager with an open-architecture platform, driving sticky AUM and recurring fee income.
Institutional Equities
Research and execution platform for institutional investors, strengthening market intelligence and supporting HNI/UHNI clients.
Investment Banking
Secured #1 position in FY26 IPO league tables with 25.9% market share, diversifying beyond ECM with debt and advisory transactions.
Net Margin Trading Facility (MTF) Book
Grew 55% YoY to ₹14.5 Bn, indicating strong client leverage and trading activity.
India Wealth Management Opportunity
Structural shift from income to savings to investments, with India GDP doubling in 10 years to ~US$4T (FY26E).
Rising Financial Savings
Gross financial savings improved to 11.2% of GNDI in FY24 (vs 10.7% in FY23), with SIP inflows hitting ₹32,087 crore in Mar-26.
Under-penetrated Financial Markets
~22.5 Cr Demat Accounts, ~13 Cr NSE Investors, and low penetration across MFs, pensions, bonds, and alternatives imply convergence runways.
Increasing Product Complexity & Technology
Shift to multi-asset, alternatives, offshore solutions, and digital rails expanding reach beyond Tier 1, favoring integrated platforms.
Earnings Volatility
MTM on Investments & Others declined 71% YoY and 92% QoQ in Q4 FY26, significantly impacting PBT and PAT.
Increased Finance Costs
Finance cost grew 45% YoY and 18% QoQ in Q4 FY26, and 17% YoY for FY26, impacting overall profitability.
Retail Equities Revenue Decline
Full-year FY26 retail equities revenue declined 9% YoY to ₹11,212 Mn, indicating potential pressure in a key segment.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document provides both quarterly (YoY and QoQ) and annual (YoY) comparisons. Quarterly comparisons are crucial for assessing sequential momentum in financial services, while annual figures provide a broader view of performance trends.
Assets Under Management & Custody
₹2,296 Bn, 4% y-o-y (Q4 FY26)
Net Margin Trading Facility (MTF) Book
₹14.5 Bn, 55% y-o-y (Q4 FY26)
Distribution AUM
₹521 Bn, 66% y-o-y (Q4 FY26)
Operating Revenue
₹6,443 Mn (Q4 FY26), 20% y-o-y, 10% q-o-q
Client-centric Wealth Management
Re-branded as IIFL Capital in 2024, focusing on client-centric wealth management leveraging institutional equities & investment banking platform.
Integrated Capital Markets Platform
Positioned to serve broadening market participation and increasing product complexity through integrated wealth + capital markets.
Transition to Asset Manufacturing
Transitioning from a product-led franchise to a scalable, multi-strategy asset manufacturing engine driving long-term AUM compounding.
Strong Investment Banking Pipeline
Pipeline remains strong, likely to be executed over the next 4-6 quarters, subject to market conditions.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| PAT Growth | -21% YoY (FY26) | Reversal of negative trend and sustained growth, indicating improved core profitability and reduced MTM impact. |
| Return on Equity | 18.1% (FY26) | Improvement towards previous levels (23.1% in FY25), reflecting efficient capital utilization. |
| MTM on Investments & Others | -71% YoY, -92% QoQ (Q4 FY26) | Stabilization or positive contribution, reducing earnings volatility. |
| Finance Cost Growth | 45% YoY (Q4 FY26) | Moderation in growth rate, indicating better cost management or stable borrowing costs. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
59NeutralSMA20 +14.9% / mo
Technical chart
IIFLCAPSdaily · 3Y+8.1%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 61.
- SMA20 rising (~5.5% over last month) — short-term momentum positive.
- RSI(14) at 61 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 16% off 52W high · 43% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 42.1%.
- Growth contributes 20/25 to the score.
- Quality contributes 11/20 to the score.
Main drags
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
- Valuation is weaker at 12/30; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
Bank valuation: P/B adjusted for ROE and asset quality
Banks are balance-sheet businesses, so book value quality matters more than simple earnings multiples.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 34th percentile of the scored universe and 53rd percentile within Financial Services. Main check: results consistency is weak at 31/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-1070 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 53rd pctile, median 62 · Micro: 19th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
- ▸ROCE is 23.2%.
Trust risks
- ▸Operating cash flow is negative at ₹-1070 Cr.
- ▸2 recent quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -7.1%.
- ▸OPM spread across recent quarters is 15%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 19.20
- P/B
- 3.51
- EV/EBITDA
- 13.79
- Market Cap
- 10765.00Cr
Profitability
- ROE
- 20.20%
- ROCE
- 23.20%
- ROA
- 5.90%
- Dividend Y
- 0.87%
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- 21.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- 31.00%
Balance Sheet
- Debt/Equity
- 0.59
- Interest Coverage
- 4.04×
- Altman Z
- 2.10
- Book Value
- 98.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- -1070.00 Cr
- EPS TTM
- 18.02
Shareholding
- Promoter Hold
- 30.87%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 61%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.