India · Delayed Price · Currency is INR IIFL Capital Services Earnings Call Transcripts
Fiscal Year 2027
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Q2 operational revenue rose 22% YoY and operational PBT before MTM increased 25%. Retail, institutional and distribution income advanced, while a BSE-related MTM loss weighed on other income; Fairfax’s proposed 51% acquisition is progressing.
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Q1 FY27 operational revenue was flat at INR 631 crores, while operational PBT rose 4% QoQ and fell ~9% YoY. A proposed Fairfax investment above INR 2,000 crores awaits approvals; distribution income declined amid prior-period insurance and lumpy transaction effects.
Fiscal Year 2026
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FY26 revenue was flat at INR 2,439 crore as higher costs pressured operating PBT, while Q4 revenue grew 20% YoY. Distribution assets rose to INR 52,000 crore, and management cited near-term market and regulatory pressures.
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Q3 operational revenue was INR 586 crore, while operational PBT fell 27% QoQ amid higher costs; other income included a nearly INR 90 crore property-sale gain. Wealth remains loss-making, with break-even expected closer next year.
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Q2 revenue fell 8% YoY and operational PBT fell nearly 20%, with retail equities pressured by F&O regulation. Distribution and institutional income grew YoY; wealth expansion remains an investment phase, with profitability targeted over 2–3 years.
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Q1 FY26 revenue rose 6% YoY to INR 680 crore, while PAT fell 4% to INR 176 crore. Wealth expansion is underway, with FY26 costs expected to stay elevated and deal activity exposed to volatility.
Fiscal Year 2025
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FY2025 revenue grew 15% and PAT 40%, but Q4 revenue and PAT fell amid lower broking volumes and subdued investment banking. The strategy is shifting toward wealth and recurring asset-based income, with near-term hiring costs and market volatility as headwinds.
Fiscal Year 2024
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Q4 revenue grew 74% YoY, led by brokerage, distribution and investment banking. Management cited a robust deal pipeline and long-term market opportunity, while flagging short-term volatility and derivatives concentration.
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Q3 FY24 revenue rose 68% YoY to INR 582 crore, led by brokerage, distribution and investment banking. Management cited a strong deal pipeline but emphasized market cyclicality and a renewed review of the proposed retail-customer transfer to 5paisa.
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Q2 revenue rose 65% YoY to INR 534 crore, led by brokerage and product distribution. Management expects longer-term growth and margin resilience, while noting volatility, competitive pricing and lumpy investment banking income.
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Q1 revenue rose 39% YoY to INR 411 crores, led by brokerage, distribution, and investment banking. Management is focused on affluent clients and cash preservation; the SEBI client-onboarding order remains stayed pending proceedings.