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IFCI

IFCI NSE

Key Fundamentals

SmallcapFinancial InstitutionFinancial Services
Market Cap
₹17,898 Cr
P/E (TTM)
103.8
EBITDA
₹1,037 Cr
Return on Equity
2.8%
Debt to Equity
0.41
Book Value
₹33.20
EPS (TTM)
₹0.64
52W High
₹107.50
52W Low
₹46.23

Price-based figures as of 8 Oct 2026, 3:59 pm IST · EPS basis: Consolidated · TTM

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Weaknesses

3
  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of -0.05% over past five years.
  • Company has a low return on equity of 2.29% over last 3 years.

Growth Rate

Revenue Growth
3.4% lower than 3Y
Net Income Growth
24.7% lower than 3Y
Cash Flow Change
128%
EBITDA Margin (Avg.)
-26.81% lower than 3Y

AI Analysis — Bull vs Bear

Figures as of 1 Oct 2026
AI opinion · based on fundamentals
Risk high

As of the 2026-10-01 close, IFCI Ltd traded at ₹65.14, giving a market cap of ₹17,550.76 crore. That works out to a trailing P/E of 101.78 on TTM EPS of ₹0.64 and a price-to-book of 1.96. Profit has compounded at 41% over 3 years, but TTM profit is down 44%, ROE is 2.8% and 5-year sales growth is 0%. The stock has risen at a 41% CAGR over 3 years, and it trades between a 52-week high of ₹107.5 and a low of ₹46.23.

Bull Case 7
  • Net profit has compounded at 41% over 3 years and 16% over 5 years, a turnaround from a 10-year profit CAGR of -6%.
  • Sales growth has picked up: revenue compounded at 7% over 3 years and 5% TTM, compared with 0% over 5 years and -7% over 10 years.
  • ROE has stayed positive at about 2% over the last year and 3 years, up from -6% over 5 years and -8% over 10 years. Losses no longer drive the balance sheet.
  • The stock has returned a 41% CAGR over 3 years and 37% over 5 years, which shows sustained market interest in the restructuring story.
  • At ₹65.14 as of 2026-10-01, the stock trades about 39% below its 52-week high of ₹107.5. Some of the earlier speculative premium has already come out of the price.
  • The company is reporting repeated profits, though EPS is only ₹0.64 TTM. If profitability holds, the stock could eventually be eligible to pay dividends from its current 0% yield.
  • ROCE of 4.69% is above the ROE of 2.8%. The core business earns more on capital than shows up at the equity level.
Bear Case 8
  • A trailing P/E of 101.78 on EPS of ₹0.64 is a very high multiple for a company whose ROE is only 2.8%.
  • TTM profit has fallen 44%, which raises questions about whether the 41% 3-year profit CAGR can continue.
  • ROE has averaged about 2.29% over 3 years, -6% over 5 years and -8% over 10 years. Returns have stayed far below the cost of equity for a long time.
  • Sales grew 0% over 5 years (-0.05%) and shrank at -7% a year over 10 years. The business has not shown lasting growth.
  • A price-to-book of 1.96 is a premium to book value even though ROE is only 2.8%. Book-based valuation is hard to justify on returns alone.
  • The stock pays no dividend (0% yield) despite reporting repeated profits, so shareholders get no cash return.
  • The 52-week range runs from ₹46.23 to ₹107.5, a swing of more than 130% from low to high. That points to high volatility and speculative trading.
  • The 10-year stock CAGR is only 10% against 37-41% over the last 3-5 years. Recent gains may reflect a re-rating more than steady compounding.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

3h ago
Headwinds 4
  • Stretched valuation, P/E near 57 Sep 9

    IFCI's P/E has risen to about 57, well above sector averages, after a roughly 100% year-to-date surge. Much of the expected NSE value unlock may already be priced in.

  • Sharp 10% profit-booking drop Sep 9

    Shares fell 10.12% on September 8 on volume of 217 million shares, with no company-specific negative news. The pattern points to 'sell the news' distribution after a 25% two-week rally.

  • Speculative volume, momentum-driven trading Sep 9

    Single-day volume reached 428 million shares, over 18 times the normal average. That points to FOMO-driven momentum trading rather than buying on fundamentals.

  • Valuation hinges on NSE event Sep 9

    About ₹11,730 crore of IFCI's roughly ₹25,000 crore market cap comes from indirect NSE exposure. Any delay or disappointment in the NSE IPO could trigger a sharp de-rating.

Positives 4
  • SEBI clears NSE IPO path Sep 9

    SEBI issued its final observation letter to NSE on September 4, 2026, removing a decade-long hurdle. IFCI shares rallied about 25% between August 20 and September 7.

  • Embedded NSE stake worth ₹11,730cr Sep 9

    Through its 52.86% stake in SHCIL, which owns about 4.4% of NSE, IFCI has roughly 2.35% indirect exposure to NSE. At a ₹5 lakh crore NSE valuation, that is worth about ₹11,730 crore.

  • NSE moat supports long-term premium Sep 9

    NSE holds about 93% of equity cash turnover and 99.8% of equity futures turnover, and has been the world's largest derivatives exchange for five straight years. A ₹5-6 lakh crore listing would put it among India's top 10 most valuable companies.

  • Core business improving, Q1 profit ₹92.6cr Sep 9

    IFCI reported FY27 Q1 net profit of ₹92.6 crore with healthy margins. Institutional investors have reportedly added to their positions.

Neutral 2
  • 33rd AGM adopts FY26 financials Sep 25

    IFCI held its 33rd AGM on September 25, 2026. Members adopted the standalone and consolidated FY26 financial statements and approved key director appointments.

  • Dilip Singh Punia joins board Sep 15

    Dilip Singh Punia was appointed Additional and Independent Director effective September 11, 2026, for a three-year term. The appointment followed a directive from the Ministry of Finance.

TL;DR: IFCI has re-rated sharply, rising about 100% year-to-date, as SEBI's September 4 observation letter turned its indirect stake of roughly 2.35% in NSE, held through SHCIL, into a near-certain value-unlock event. Core operations are also improving, with FY27 Q1 profit of ₹92.6 crore. The risks are a stretched P/E of about 57, speculative volumes, and the 10% profit-booking drop on September 8, all of which show the stock now trades mainly on NSE IPO headlines. The trend is still positive but more fragile, and the next leg will depend on NSE's actual listing valuation and on whether IFCI's standalone earnings can justify a premium once the IPO has happened.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
320
607
454
605
388
617
459
414
407
735
456
470
327
Expenses
290
-74
230
269
210
353
211
-80
215
243
326
314
138
Financing Profit
-114
535
78
201
43
130
117
359
88
385
27
54
85
Fin. Margin %
-36%
88%
17%
33%
11%
21%
25%
87%
22%
52%
6%
11%
26%
Other Income
4
5
14
107
17
167
-2
1
36
17
6
-4
31
Interest
144
145
146
136
135
135
131
134
104
107
103
102
104
Depreciation
18
21
21
21
20
22
21
21
21
21
21
23
20
PBT
-128
520
71
287
40
275
94
340
103
381
13
27
96
Tax %
1%
66%
45%
45%
318%
33%
109%
23%
39%
17%
-66%
-24%
37%
Net Profit
-129
174
39
157
-88
185
-9
260
62
317
21
34
60
EPS in Rs
-0.64
0.44
0.08
0.61
-0.41
0.32
-0.12
0.84
0.15
0.53
-0.06
0.05
0.12
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
3,864
4,465
3,582
4,322
2,821
2,880
2,082
1,556
1,699
1,988
2,021
2,077
1,988
Expenses
1,010
1,509
1,850
1,714
1,962
1,463
2,961
2,108
986
715
694
1,097
1,021
Financing Profit
681
357
-647
463
-944
-34
-2,026
-1,496
72
702
793
564
551
Fin. Margin %
18%
8%
-18%
11%
-33%
-1%
-97%
-96%
4%
35%
39%
27%
28%
Other Income
82
168
99
38
311
21
14
39
28
130
40
46
50
Interest
2,173
2,599
2,380
2,144
1,803
1,451
1,147
943
642
571
535
416
416
Depreciation
-11
24
61
63
63
81
72
66
74
81
83
86
85
PBT
775
501
-609
439
-696
-94
-2,085
-1,523
26
751
749
524
517
Tax %
28%
24%
-47%
5%
-32%
137%
-8%
16%
559%
68%
53%
17%
—
Net Profit
575
394
-308
418
-476
-223
-1,912
-1,761
-120
241
349
435
433
EPS in Rs
3.23
2.18
-2.27
2.26
-2.88
-1.36
-10.24
-8.71
-0.95
0.47
0.63
0.67
0.64
Div. Payout %
46%
46%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
1,662
1,662
1,662
1,696
1,696
1,696
1,896
2,103
2,196
2,490
2,694
2,694
Reserves
5,561
5,639
5,208
4,193
3,661
3,553
1,842
715
1,571
2,045
5,996
6,250
Borrowing
26,767
28,598
23,919
20,665
16,394
12,566
11,041
7,095
6,020
5,367
3,714
3,523
Other Liabilities
2,980
3,247
3,493
4,244
4,291
4,623
5,585
5,574
7,152
9,016
13,319
14,103
Total Liabilities
36,970
39,146
34,282
30,798
26,042
22,439
20,364
15,487
16,939
18,918
25,724
26,570
Fixed Assets
1,935
1,860
1,823
1,721
1,701
1,720
1,762
1,741
1,764
1,734
1,700
1,486
CWIP
4
6
3
2
1
4
9
16
11
13
23
0
Investments
6,330
6,860
5,150
7,363
5,580
3,963
5,504
6,541
7,700
8,678
15,323
15,081
Other Assets
28,700
30,420
27,306
21,712
18,760
16,752
13,089
7,190
7,464
8,493
8,678
10,004
Total Assets
36,970
39,146
34,282
30,798
26,042
22,439
20,364
15,487
16,939
18,918
25,724
26,570
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
263
-5
802
-972
444
635
-438
-257
-336
12
-984
280
Investing
7
77
-8
195
-23
-33
-103
-30
-59
-155
-70
25
Financing
-409
-316
-29
43
-234
196
193
73
465
404
415
-149
Net Cash Flow
-138
-245
765
-734
186
798
-348
-213
70
261
-638
156
Free Cash Flow
270
71
794
-1,003
405
603
-545
-288
-383
-24
-1,011
313
CFO/OP
14
5
49
-35
63
48
50
46
-39
6
-71
36
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %
7%
4%
-6%
6%
-12%
-4%
-43%
-56%
-6%
2%
3%
2%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Govt.2.12%DIIs1.66%Promot.72.57%Others2.58%FIIs3.51%Public17.56%As ofJun 2026

Documents

Frequently Asked Questions about IFCI

What does IFCI Ltd do?
IFCI, previously known as Industrial Finance Corporation of India, is an Indian Government owned non banking finance company established to cater to the long-term finance needs of the industrial sector. [1]
Where is IFCI Ltd (IFCI) listed?
IFCI Ltd trades as IFCI on the NSE and under code 500106 on the BSE.
Which sector does IFCI Ltd belong to?
IFCI Ltd is classified under the Financial Services sector, in the Financial Institution industry.
What is the market capitalisation of IFCI Ltd?
IFCI Ltd has a market capitalisation of ₹17,898 Cr as of 8 Oct 2026, which places it in the Mid Cap band.
What is the PE ratio of IFCI Ltd?
IFCI Ltd trades at a PE ratio of 103.80 as of 8 Oct 2026, on earnings per share of ₹0.64, against a book value of ₹33.2 per share.
What is the 52-week high and low of IFCI Ltd?
Over the last 52 weeks IFCI Ltd has traded between ₹46.23 and ₹107.5 as of 8 Oct 2026.
What is the Return on Equity (ROE) of IFCI Ltd?
IFCI Ltd reported a return on equity of 2.80%. Its debt-to-equity ratio is 0.41.

Company Information

IFCI, previously known as Industrial Finance Corporation of India, is an Indian Government owned non banking finance company established to cater to the long-term finance needs of the industrial sector. [1]

Website ifciltd.com
CEO Mr. Rahul Bhave
Employees 117
Listed 1995-04-26
Face Value ₹ 10
Shares Outstanding 2,69,43,14,331

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