IFCI logo

IFCI

IFCI NSE

Key Fundamentals

SmallcapFinancial InstitutionFinancial Services
Market Cap
₹22,524 Cr
Volatility
Moderate
P/E Ratio
128.58
EBITDA
₹1,037 Cr
Return on Equity
2.8%
Debt to Equity
0.41
Book Value
₹33.2
EPS
₹0.53
52W High
₹107.5
52W Low
₹46.23

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%
ROE
21.21% higher than 3Y
ROCE
-27.73% higher than 3Y
EBITDA Margin (Avg.)
-26.81% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

IFCI Ltd is a government-backed financial institution with a market cap of ₹22,524 Cr trading at a P/E of 52.9x and P/B of 2.56x. The company has shown a sharp stock price rally (75% CAGR over 3 years) but underlying fundamentals remain weak with near-flat sales growth over 5 years, a TTM profit decline of -44%, and a 3-year average ROE of just 2%.

Bull Case 7
  • Strong stock price momentum with 1-year CAGR of 58% and 3-year CAGR of 75%, reflecting sustained market interest
  • Company has turned profitable on a 3-year compounded basis with profit growth of 41% CAGR over 3 years, reversing years of losses
  • 5-year compounded profit growth of 16% indicates a structural shift from loss-making to sustained profitability
  • Government-owned development financial institution status provides implicit sovereign backing, reducing existential risk
  • 10-year stock CAGR of 12% shows long-term wealth creation despite periods of severe fundamental weakness
  • ROE has improved to 2% in the last year versus a negative -8% over 10 years, suggesting a turnaround trajectory
  • TTM sales growth of 5% marks an improvement over the 5-year compounded sales growth of approximately 0%, hinting at a possible revenue recovery
Bear Case 8
  • P/E ratio of 52.9x is significantly elevated for a financial services company with weak underlying growth, suggesting expensive valuation
  • 5-year compounded sales growth is virtually flat at -0.05%, indicating no meaningful top-line expansion over a long period
  • TTM profit has declined -44%, showing that the recent profitability trend may already be reversing
  • 3-year average ROE of just 2.29% is extremely low for a financial services firm, indicating poor capital efficiency
  • 10-year compounded sales growth of -7% reflects a structurally shrinking revenue base over the long term
  • Zero dividend yield despite reporting repeated profits suggests either weak cash generation or the need to retain capital for balance sheet repair
  • Trading at 2.56x book value is expensive for a company generating only 2% ROE — a sustainable P/B premium typically requires ROE well above cost of equity
  • 10-year compounded profit growth of -6% indicates the recent profitability is an exception to a long-term trend of value erosion

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 4
  • P/E at 57x, overbought RSI 71.7 Sep 9

    IFCI's price-to-earnings ratio has ballooned to ~57x, far above sector averages. RSI at 71.7 indicates overbought conditions, and single-day volumes hit 428M shares — 18x normal average, suggesting heavy speculative momentum.

  • 10% crash on profit booking Sep 8

    IFCI shares plummeted 10.12% to ₹92.13 on Sep 8 with 217M shares traded, despite no negative news. Classic 'buy the rumor, sell the news' distribution after a 25% rally in two weeks.

  • Valuation hinges on NSE event Sep 9

    Nearly half of IFCI's ~₹25,000-28,700 crore market cap is derived from its indirect 2.2-2.35% NSE exposure via SHCIL. If the NSE IPO disappoints or faces delays, IFCI could face sharp de-rating.

  • Core business modest vs hype Sep 9

    FY27 Q1 net profit was ₹92.6 crore, but standalone valuation contribution is modest compared to the NSE-driven narrative. Current valuation is heavily dependent on event-driven catalysts rather than operational performance.

Positives 5
  • SEBI approves ₹30,000 cr NSE IPO Sep 2

    SEBI issued its observation letter on Sep 4, clearing NSE's ₹30,000 crore IPO (OFS of 14.89 crore shares at ~₹1,800/share). IPO launch expected Sep 15 with listing targeted Sep 24-25, removing a decade-long regulatory overhang.

  • IFCI surges on NSE exposure Sep 2

    IFCI shares hit all-time high of ₹107.36, up 6% on Sep 2 and over 100% YTD in 2026. IFCI's 52.86% stake in SHCIL (which holds 4.4% of NSE) implies ~₹11,730 crore embedded value at ₹5 lakh crore NSE valuation.

  • NSE GMP soars post approval Sep 2

    NSE grey market premium jumped to ₹250-280/share from ₹150-180 after SEBI's Friday approval, with unlisted market trades near ₹1,970-2,000. NSE targets valuation of up to ₹5.26 lakh crore ($55B).

  • Technical breakout above ₹95 Sep 8

    Analysts note IFCI broke above its previous swing high of ₹95.80, with support at ₹95.5-96 and upside targets at ₹110, ₹120, and ₹126.33 (61.8% Fibonacci extension). Stock trades above all 8 key SMAs.

  • NSE's dominant market moat Sep 9

    NSE commands ~93% of India's equity cash-market turnover and 99.8% of equity futures turnover, and has been the world's largest derivatives exchange by volume for 5 consecutive years.

Neutral 3
  • IFCI files FY26 BRSR report Sep 2

    IFCI Limited filed its Business Responsibility and Sustainability Report for FY26, detailing employee welfare, energy usage, and regulatory compliance metrics.

  • 33rd AGM scheduled Sep 25 Sep 2

    IFCI announced its 33rd Annual General Meeting for September 25, 2026, to be held via video conference with electronic access to the annual report.

  • NSE IPO launch on Anant Chaturdashi Sep 2

    NSE is reportedly expecting its IPO launch on Anant Chaturdashi, with listing targeted before Pitru Paksha begins on September 26.

TL;DR: IFCI is riding an explosive rally driven almost entirely by its indirect NSE exposure via SHCIL, with shares up 100%+ YTD after SEBI's Sep 4 approval of NSE's ₹30,000 crore IPO. The embedded NSE value (~₹11,730 crore) is real, but at a P/E of 57x and after a 10% profit-booking crash on Sep 8, much of the upside may already be priced in. Core business fundamentals (Q1 profit ₹92.6 crore) are modest relative to the market cap of ~₹25,000-28,700 crore. The near-term trajectory depends heavily on NSE's IPO pricing and listing success around Sep 24-25 — any disappointment could trigger a sharp de-rating.

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 ₹22,524 Cr, which places it in the Large Cap band.
What is the PE ratio of IFCI Ltd?
IFCI Ltd trades at a PE ratio of 128.58, on earnings per share of ₹0.53, 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.
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
Issued Size 2,69,43,14,331

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