Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹17551 Cr.
Stock P/E
40.4
P/B
1.9
Current Price
₹65.1
Book Value
₹ 33.4
Face Value
10
52W High
₹107.5
52W Low
₹ 46.2
Dividend Yield
0%

IFCI Overview

Business

IFCI Ltd. (Industrial Finance Corporation of India) is a Development Financial Institution (DFI) that transitioned into a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India. Established in 1948, it was India's first DFI, initially set up to provide medium and long-term finance to industrial undertakings. Currently, IFCI primarily provides long-term financial assistance to various sectors, including manufacturing, infrastructure, services, and agriculture. Its core business model revolves around term lending, project finance, corporate loans, and financial advisory services. The company makes money primarily through net interest income earned on its loan portfolio, along with fees from advisory services and treasury operations.

Revenue Mix

IFCI's business is predominantly focused on term lending and project finance. While granular revenue segmentation is not consistently available, its revenue mix primarily derives from interest income on its loan book. It lends to a diverse set of sectors, including power, telecom, road, port, airport, manufacturing, and services. The company also engages in some treasury operations and offers limited financial advisory services, but these are secondary to its core lending activities.

Industry

IFCI operates in the broad Indian financial services sector, specifically in the segment of long-term project finance and corporate lending. This industry is highly competitive, comprising large public and private sector commercial banks, specialized infrastructure finance companies, and other large NBFCs. Historically, IFCI held a unique position as a DFI, but its role has evolved. Today, it positions itself as a long-term financier, often involved in large-scale infrastructure and industrial projects. However, it faces significant competition from better-capitalized and more agile financial institutions, which often have lower cost of funds and wider distribution networks.

MOAT

IFCI's historical competitive advantages, stemming from its DFI status and government backing, have largely diminished over time, especially given its financial challenges. Its primary lingering advantages include:

Long-standing Experience: Over seven decades of experience in project appraisal and long-term financing, particularly in complex industrial and infrastructure projects.

Government Ownership: Majority ownership by the Government of India provides implicit backing, which can be crucial for raising capital or during periods of financial stress. However, this also comes with bureaucratic inefficiencies.

Legacy Relationships: Established relationships with various government entities, public sector undertakings, and large corporates.

These advantages are, however, significantly constrained by its historical asset quality issues and limited capital base compared to its peers.

Growth Drivers

Infrastructure Spending: Continued government focus on infrastructure development (roads, railways, power, renewable energy) in India provides a pipeline for long-term project finance opportunities.

"Make in India" Initiative: Government thrust on boosting domestic manufacturing could lead to demand for industrial project finance.

Government Initiatives: Specific government-backed schemes or mandates for financing certain sectors or projects could channel business towards institutions like IFCI.

Strategic Revival/Restructuring: Any government-led initiatives for recapitalization or restructuring of DFIs/NBFCs with a specific development mandate could improve IFCI's ability to lend.

Risks

Asset Quality & NPAs: Historically, IFCI has struggled with high levels of Non-Performing Assets (NPAs), which strain its profitability and capital. This remains a significant risk.

Capital Adequacy: Maintaining adequate capital is crucial for an NBFC, and IFCI has periodically required capital infusions, indicating potential challenges in generating capital organically.

Interest Rate Risk: As a lending institution, fluctuations in interest rates can impact its Net Interest Margin (NIM) if it cannot effectively reprice its assets and liabilities.

Competition: Intense competition from commercial banks and other large NBFCs with stronger balance sheets and lower cost of funds can limit its market share and pricing power.

Regulatory Changes: Being regulated by the RBI, any changes in NBFC regulations, capital norms, or asset classification rules could impact its operations and financial performance.

Economic Slowdown: A general economic slowdown can lead to increased credit defaults and lower demand for fresh credit, negatively impacting its loan book quality and growth.

Management & Ownership

IFCI Ltd. is majority-owned by the Government of India. As of recent disclosures, the Government holds a significant stake, typically over 60%. This implies that the management, including the Chairman & Managing Director, is appointed by the Government of India. The quality of management is generally stable but can be influenced by government policy priorities and administrative processes. The ownership structure ensures strategic direction aligns with national development goals, but also means it operates within public sector guidelines.

Outlook

IFCI holds a unique legacy as India's first DFI, with extensive experience in financing critical industrial and infrastructure projects. Its continued existence benefits from majority government ownership, which provides a degree of stability and potential for strategic support. There is a potential for IFCI to play a role in India's ongoing infrastructure push and industrial growth, especially if the government chooses to revitalize its specific mandate or recapitalize it effectively.

However, IFCI faces substantial challenges. Its financial performance has been consistently impacted by high asset quality issues, leading to elevated NPAs and pressure on profitability and capital adequacy. In an increasingly competitive financial landscape, IFCI's ability to grow its loan book profitably while managing legacy issues and securing fresh capital remains a key concern. Its future trajectory will largely depend on its ability to resolve existing asset quality challenges, raise sufficient capital, and adapt its business model to compete effectively against more agile and better-capitalized financial institutions, or a renewed, clear mandate from the government.

IFCI Share Price

Live · BSE / NSE · Inception: 1993
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

IFCI Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Operating Revenue 605 388 617 459 414 407 732 456 470 327
Other Income 103 17 169 -2 2 38 20 11 0 31
Total Income 709 405 786 457 416 445 752 467 471 358
Total Expenditure 269 210 353 211 -80 215 243 326 314 138
Operating Profit 440 195 433 247 495 230 509 141 156 219
Interest Expense 136 135 135 131 134 104 107 103 102 104
Depreciation 21 20 22 21 21 21 21 21 23 20
Profit Before Tax 287 40 275 94 340 103 381 13 27 96
Provision for Tax 130 128 90 103 79 40 64 -8 -7 36
Profit After Tax 157 -88 185 -9 260 62 317 21 34 60
Adjustments -24 -20 -102 -22 -33 -22 -174 -36 -21 -27
Profit After Adjustments 133 -108 83 -31 227 40 143 -15 13 34
Adjusted Earnings Per Share 0.5 -0.4 0.3 -0.1 0.8 0.1 0.5 -0.1 0 0.1

IFCI Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Operating Revenue 4458 3579 4129 2821 2872 2066 1552 1695 1987 2019 2069 1985
Other Income 755 752 309 368 62 46 93 34 453 270 68 62
Total Income 5213 4331 4439 3189 2934 2113 1646 1728 2440 2289 2137 2048
Total Expenditure 2089 2500 1791 2017 1491 2980 2159 986 1040 919 1100 1021
Operating Profit 3124 1831 2647 1172 1442 -868 -513 743 1400 1370 1037 1025
Interest Expense 2599 2380 2144 1803 1451 1147 943 642 571 535 416 416
Depreciation 24 61 63 63 81 72 66 74 81 83 86 85
Profit Before Tax 501 -609 439 -696 -94 -2085 -1523 26 751 749 524 517
Provision for Tax 122 -285 22 -220 129 -173 238 146 510 400 90 85
Profit After Tax 379 -324 416 -476 -223 -1912 -1761 -120 241 349 435 432
Adjustments 16 -15 -33 -13 -7 -30 -70 -88 -137 -178 -254 -258
Profit After Adjustments 394 -340 383 -489 -230 -1942 -1831 -208 104 171 181 175
Adjusted Earnings Per Share 2.4 -2 2.3 -2.9 -1.4 -10.2 -8.7 -0.9 0.4 0.6 0.7 0.5

IFCI Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 7565 7134 5889 5357 5249 3738 2818 3767 4534 8691 8945
Minority's Interest 320 367 1100 1111 1078 1287 2236 2902 3145 6388 6560
Borrowings 22213 19537 20656 16394 12566 11041 7095 6020 5367 3714 3523
Current Liability 7996 6172 2033 1611 1857 2762 2062 1558 2969 2661 2395
Other Liabilities & Provisions 304 -0 -404 -199 52 -171 351 2262 2902 4270 5147
Total Liabilities 38398 33209 29273 24274 20803 18657 14563 16509 18918 25724 26570
Loans 22366 18581 16653 13714 10767 6841 2623 1908 1363 1361 1194
Investments 5273 4174 6127 5275 3872 4235 5895 7526 7889 15032 14927
Fixed Assets 1860 1823 1503 1492 1514 1561 1455 1466 1450 1394 1182
Other Loans 269 278 319 416 564 325 319 257 252 228 569
Other Non Current Assets 26 24 3 1 4 9 16 11 13 23 0
Current Assets 8605 8329 3879 3110 3864 5474 3961 5036 7617 7330 8195
Total Assets 38398 33209 29273 24274 20803 18657 14563 16509 18918 25724 26570

IFCI Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 781 536 1277 543 729 1528 1180 966 1037 1298 660
Cash Flow from Operating Activities -5 802 -972 444 635 -438 -257 -336 12 -984 280
Cash Flow from Investing Activities 77 -8 195 -23 -33 -103 -30 -59 -155 -70 25
Cash Flow from Financing Activities -316 -29 43 -234 196 193 73 465 404 415 -149
Net Cash Inflow / Outflow -245 765 -734 186 798 -348 -213 70 261 -638 156
Closing Cash & Cash Equivalent 536 1301 543 729 1528 1180 966 1037 1298 660 816

IFCI Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 2.37 -2.05 2.26 -2.88 -1.36 -10.24 -8.71 -0.95 0.42 0.63 0.67
CEPS(Rs) 2.43 -1.59 2.82 -2.43 -0.84 -9.7 -8.06 -0.21 1.29 1.6 1.93
DPS(Rs) 1 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 39.06 36.62 34.72 31.58 29.77 18.66 13.4 15.33 16.2 32.26 33.2
Net Profit Margin 8.49 -9.06 10.08 -16.87 -7.77 -92.51 -113.46 -7.07 12.13 17.27 21.01
Operating Margin 69.53 49.47 62.56 39.24 47.25 -45.37 -37.38 39.4 66.55 63.61 45.46
PBT Margin 11.24 -17.02 10.63 -24.66 -3.28 -100.89 -98.14 1.54 37.8 37.11 25.34
ROA(%) 1.01 -0.91 1.33 -1.78 -0.99 -9.69 -10.6 -0.77 1.36 1.56 1.66
ROE(%) 5.9 -5.16 6.95 -8.47 -4.29 -44.52 -55.42 -3.87 6.51 5.48 4.93
ROCE(%) 9.09 5.44 9.13 4.58 6.86 -5.75 -4.7 6.78 13.43 11.51 7.56
Price/Earnings(x) 10.38 0 8.74 0 0 0 0 0 95.36 67.86 71.43
Price/Book(x) 0.63 0.81 0.57 0.44 0.14 0.64 0.83 0.64 2.45 1.34 1.44
Dividend Yield(%) 4.07 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 7.06 7.44 5.42 6.05 3.72 5.23 4.6 2.61 5.14 4.86 4.51
EV/Core EBITDA(x) 10.07 14.55 8.46 14.56 7.4 -12.45 -13.91 5.95 7.29 7.16 9.01
Interest Earned Growth(%) 15.56 -19.72 15.38 -31.67 1.79 -28.05 -24.88 9.18 17.23 1.61 2.49
Net Profit Growth -32.19 -185.65 228.42 -214.3 53.11 -756.4 7.87 93.2 301.24 44.62 24.7
EPS Growth(%) -29.3 -186.27 210.45 -227.55 52.84 -653.67 14.96 89.14 144 52.49 5.75
Interest Coverage(x) % 1.19 0.74 1.2 0.61 0.94 -0.82 -0.62 1.04 2.31 2.4 2.26

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +2% +7% 0% -7%
Operating Profit CAGR -24% +12% — -10%
PAT CAGR +25% — — +1%
Share Price CAGR +18% +40% +38% +9%
ROE Average +5% +6% -8% -8%
ROCE Average +8% +11% +7% +6%

IFCI Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 72.57 %
FII 3.51 %
DII (MF + Insurance) 3.78 %
Public (retail) 20.15 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 70.3271.7271.7271.7272.5772.5772.5772.5772.5772.57
FII 2.292.42.542.62.732.512.62.582.653.51
DII 6.025.284.714.624.464.113.953.953.863.78
Public 21.3720.621.0221.0520.2320.8120.8820.920.9220.15
Others 0000000000
Total 100100100100100100100100100100

IFCI Peer Comparison

Finance Term Lending Edit Columns

IFCI Quarterly Price

10-year quarterly close · BSE
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News & Updates

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IFCI Pros & Cons

Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend.
  • Company has a low return on equity of 6% over the last 3 years.
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