Quarter Ended: March 2026

IFCI Limited – Q4 FY26 Results Analysis

NSE

ifci

BSE

500106

IFCI shows sequential improvement, but underlying profitability remains weak on a YoY basis due to volatility in financial income and impairments

key financial highlights

Revenue from Operations:
- Revenue (Q4 FY26): ₹470.43 Cr
  - QoQ Change: +3.20%
  - YoY Change: +13.74%
- Previous Quarter (Q3 FY26): ₹455.86 Cr
- Previous Year (Q4 FY25): ₹413.61 Cr
Profit After Tax (PAT):
- PAT (Q4 FY26): ₹34.06 Cr
  - QoQ Change: +63.70%
  - YoY Change: -86.92%
- Previous Quarter (Q3 FY26): ₹20.82 Cr
- Previous Year (Q4 FY25): ₹260.43 Cr
QoQ Performance
- Revenue Trend: Positive
- Profit Trend: Strong Recovery

Margin Analysis

Key Drivers:

High impairment on financial instruments (~₹83.5 Cr)
Volatility in fair value gains/losses
Increase in employee and operating costs
Reduced contribution from non-core income

Key Signal: Margins remain highly volatile, reflecting instability in core earnings of a financial institution

Segment insight

Summary:

Revenue mix driven by interest income, fees, and fair value adjustments

Characteristics:

Dependence on investment income & financial instruments
Exposure to mark-to-market volatility
Mixed contribution from lending and fee-based segments

Earning quality check

Drivers:

High reliance on non-core income (fair value changes, dividend income)
Significant impairment charges
Inconsistent core profitability

Interpretation:

Earnings quality is weak and volatile, lacking consistency and predictability

balance sheet Analysis

Total Assets (Consolidated): ₹26,570.37 Cr
Total Liabilities: ₹11,065.85 Cr (approx excluding equity)

Insight:

Large investment book (~₹15,000+ Cr)
Declining loan assets
Moderate leverage profile
Increase in cash & bank balances (~₹815 Cr)

key risks

High earnings volatility due to fair value accounting
Elevated impairment risk
Weak core lending growth
Dependence on investment income
PSU-linked operational inefficiencies

management strategy signals

Focus Area:

Asset monetization
Improving asset quality
Strengthening investment returns
Reducing NPAs

Financial Metrics

Particular	Q4 FY26	Q.O.Q	Y.O.Y
Total Income	₹470.55 Crore	+0.83%	+13.16%
PBT	₹27.36 Crore	+118%	-91.94%
PAT	₹34.06 Crore	+63.70%	-86.92%

IFCI remains a highly volatile financial play, with inconsistent earnings driven by impairments and mark-to-market movements. While QoQ recovery is visible, the sharp YoY decline highlights structural weakness, making the outlook cautious unless stability in core operations improves.

Official Exchange Filing: IFCI Ltd

Quarterly Performance Context

COST OF OPERATIONS AS % OF REVENUE

93%

NET PROFIT AS % OF REVENUE

7.42%

FISCAL YEAR

2025-2026

AUDIT STATUS

REVIEWED