Announcement
Announcement Under Regulation 30 Of SEBI (Listing Obligation And Disclosure Requirement) Regulations, 2015 1 Oct - Crisil assigned ESG 69 and Core ESG 74 for FY2026, up from 63 last year.
Source: Bse
IIFL Capital Services Limited (IIFLCAPS)
Micro CapFinancial Services stocks · Micro cap · NSE
IIFL Capital Services is a full-service financial platform in India, offering institutional equities, investment banking, wealth management, and broking for affluent/HNI/UHNI clients. It boasts INR 2,571 Bn AUM & Custody, INR 33.1 Bn net worth, a wide distribution network, and market-leading research covering 317+ stocks.
Data qualityFresh enough for analysisQuote updated 21 Oct, 12:16 pm ISTDetails
Quote21 Oct, 12:16 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result24 Jul, 12:04 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
57NeutralSMA20 +2.4% / mo · MACD −
Stock trend: 64
Sector RS: 46
Sector 3M: -5.7% vs Nifty 500 -5.9%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
IIFLCAPSD candles · FIT view+6.1%TODAY · PROVISIONALLatest price ₹342.10 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-1.1%
RSI
46
MACD hist
-0.44
52W pos
60%
2026-10-21O ₹345.80H ₹347.00L ₹342.00C ₹342.10Vol 6.9L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
IIFLCAPSNifty Financial ServicesNifty 500
- IIFLCAPS
- +2.1%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- +7.6 pp
Chart stats
19 Oct 2026- From 52W high
- -16.0%
- 52W range position
- 61%
- ATR (14)
- 1.3%
- Volume vs 20D
- 0.19x
- Avg traded value
- ₹19.5 Cr
- 20D price channel
- ₹341.6 - ₹356.4
₹411.3
₹240.4 - ₹411.3
₹4.5
Latest completed session
20-session average
12.1% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST42
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad12
Revenue +2.3% · PAT +4.5% YoY
Technical
Neutral57
Price trend and sector-relative-strength timing.
Valuation
Legacy model+26.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence63
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 12/100margin compression · Rev +2% YoY · PAT +5% YoY
Filed 23 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹631 Cr | +2.3% | -2.0% |
| EBITDA | ₹226 Cr | +2.3% | +0.9% |
| Operating margin | 36.0% | +0 bps | +100 bps |
| PAT | ₹184 Cr | +4.5% | +60.0% |
| PAT margin | 29.2% | +63 bps | +1130 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 19.00
- P/B
- 3.49
- EV/EBITDA
- 13.76
- Market Cap
- 10812.00Cr
Profitability
- ROE
- 16.20%
- ROCE
- 21.10%
- ROA
- 5.98%
- Dividend Y
- 0.87%
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- 16.00%
- Revenue 3Y
- 23.00%
- EPS 3Y
- 22.00%
Balance Sheet
- Debt/Equity
- 0.59
- Interest Coverage
- 3.72×
- Altman Z
- 2.10
- Book Value
- 98.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- -1070.00 Cr
- EPS TTM
- 18.28
Shareholding
- Promoter Hold
- 30.67%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 60%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 2,508-0.5% vs prev
Net Profit
₹ CrLatest: 564-20.9% vs prev
Return on Equity
%Latest: 18.4-35.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 46. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~2.2% over last month) — short-term momentum positive.
- RSI(14) at 46 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 17% off 52W high · 42% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
62
RS percentile
Stage 2 UptrendRecent S2
1M return
+0.1%
3M return
+2.1%
6M return
+6.5%
1Y return
-7.5%
RS 1D
+5
RS 20D
-11
Sector rank
#10
Industry rank
#67
Stage evidence
- Price is 4.9% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.9%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
22 Sept 2026
S2 age
19 trading sessions
Sector
weakening
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 128.67+0.44%
RS vs Nifty 500129
Valuation & peers
U-Score 42 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 42 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation7/30
Growth16/25
Quality9/20
Balance Sheet4/15
Cash Flow3/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
42
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
42/100 · legacy band WATCHLIST
Positive drivers
- Fair-value margin of safety is positive at 26.6%.
- Growth contributes 16/25 to the score.
- Quality contributes 9/20 to the score.
Main drags
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Balance sheet is weaker at 4/15; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
Sector valuation model
Bank valuation: P/B adjusted for ROE and asset quality
Banks are balance-sheet businesses, so book value quality matters more than simple earnings multiples.
Primary lens
Price/book and ROE/ROA, not trailing PE alone.
Secondary checks
Capital adequacy, credit cost, NPA trend, deposit franchise.
Main risk check
Low P/B can be a trap if asset quality or credit cost is worsening.
PE
19.0
PB
3.5
EV/EBITDA
13.8
ROE
16.2%
ROCE
21.1%
FCF Yield
—
Debt/Equity
0.6
MoS
+26.6%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
42
Previous: 42
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+26.6%
Previous: +25.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
43
43
43
43
43
42
42
42
42
42
42
42
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹201.18
-70.0% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹466.14
+26.6% MoS
PEG
1.03
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
EDELWEISS
Micro
Edelweiss Financial Services Limited
NBFC
match 170
40
20.3
14.2%
+21%
WATCHLIST
JMFINANCIL
Small
JM Financial Limited
NBFC
match 164
58
11.0
11.9%
+58%
FAIR VALUE
AKCAPIT
Small
AK Capital Services Limited
NBFC
match 157
43
10.2
11.0%
+48%
WATCHLIST
CENTRUM
Small
Centrum Capital Limited
NBFC
match 156
35
—
-25.9%
-97%
WATCHLIST
INDIASHLTR
Micro
India Shelter Finance Corporation Limited
NBFC
match 140
49
13.6
17.0%
+48%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-24T00:40:46.404Z
Management commentary snapshot
IIFL Capital reports mixed Q1 FY27 results with strong QoQ PAT growth of 60% to INR 1,842 Mn, driven by MTM gains. Operating Revenue grew 2% QoQ and YoY to INR 6,315 Mn, while Operating PBT saw a 9% YoY decline. AUM & Custody grew 12% QoQ to INR 2,571 Bn.
The company shows robust AUM and MTF book growth, indicating strong client engagement. While operating PBT saw a YoY decline, overall PAT was boosted by MTM gains. The strategic investment by Fairfax, increasing its stake to 51% and injecting ₹2,000 crores, provides significant capital for multi-business growth and enhances institutional credibility.
Current business mix
Distribution Assets Mix (as of June 30, 2026)
Latest issuer-disclosed distribution across 5 reported categories.
Mutual Fund41.0%
Fixed Income32.0%
PMS10.0%
AIF10.0%
ETF6.0%
Growth engines
Wealth Management & Distribution
Core growth franchise, emerging wealth manager with open-architecture platform, driving sticky AUM and recurring fee income.
Investment Banking
Demonstrated strong leadership, #1 in FY2026 IPO league tables, robust deal pipeline for next 4-6 quarters.
Institutional Equities
Serving 1,100+ domestic and global institutional clients, strong derivatives and structured trading franchise, global investor engagement.
Net Margin Trading Facility (MTF) Book
Grew 24% QoQ to ₹17.9 Bn in Q1FY27, indicating strong client leverage and trading activity.
Tailwinds
Fairfax Strategic Investment
Fairfax India to increase shareholding to at least 51% through a preferential issue of ~₹2,000 crores, enhancing capital and credibility.
Robust Investment Banking Pipeline
Deal pipeline remains robust and is expected to be executed over the next 4–6 quarters, subject to market conditions.
Expanding Research Coverage
Bottom-up research led by 48 analysts, powering institutional decisions and strengthening competitive positioning through expanding coverage.
Risk radar
Market Conditions for Deal Execution
Investment banking deal pipeline execution is subject to market conditions, which could impact revenue realization.
Regulatory Approvals for Fairfax Acquisition
The Fairfax transaction, while approved by shareholders, is still subject to customary regulatory approvals.
Fluctuations in MTM on Investments
Profit Before Tax was significantly boosted by MTM on Investments & Others (756% QoQ), indicating potential volatility in earnings.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
QoQ comparison is crucial for sequential momentum in financial services, especially for AUM, MTF book, and operating metrics. YoY comparison provides context for seasonal trends and long-term growth, particularly for revenue and profitability.
Sector KPIs management disclosed
Asset Under Management & Custody
₹ 2,571 Bn, 12% q-o-q growth.
Net Margin Trading Facility (MTF) Book
₹ 17.9 Bn, 24% q-o-q growth.
Distribution AUM
₹ 574 Bn, 10% q-o-q growth.
Operating Revenue
₹ 6,315 Mn, 2% q-o-q and 2% y-o-y growth.
Management forward view
Capital for Multi-Business Growth
Proposed preferential issue to support scale-up across broking, wealth management, asset management, institutional equities, investment banking, and related financial services.
Enhanced Institutional Credibility
Fairfax's long-term capital, global reputation, financial strength, and international network are expected to enhance institutional confidence and strategic positioning.
Continuity of Leadership
Fairfax will join the Promoter Group, ensuring continuity of leadership, institutional knowledge, and entrepreneurial execution.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Fairfax Acquisition Completion | Shareholder approval received June 1, 2026. | Completion of regulatory approvals and capital infusion. |
| Investment Banking Deal Execution | 11 transactions completed in Q1FY27, robust pipeline. | Conversion rate of pipeline into completed transactions over next 4-6 quarters. |
| AUM & MTF Book Growth | AUM & Custody up 12% QoQ, MTF Book up 24% QoQ. | Sustained sequential growth in these key metrics. |
| Operating Profitability | Operating PBT up 4% QoQ but down 9% YoY. | Improvement in YoY operating PBT growth, reducing reliance on MTM gains. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
63Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 38th percentile of the scored universe and 55th percentile within Financial Services. Main check: results consistency is weak at 46/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
98 docs text-extracted · 38 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
38th percentile
overall median 67 · Financial Services: 55th pctile, median 62 · Micro: 21st pctile, median 73
Evidence depth
Financial-only
98 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
65
acceptable · leverage and solvency
Discipline
72
acceptable · capital discipline
Results
46
watch · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
- ▸ROCE is 21.1%.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-1070 Cr.
- ▸ROCE trend is -8.6%.
- ▸1/4 latest quarters had positive YoY PAT growth.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching IIFL Capital Services Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 22 Sep - The Nomination and Remuneration Committee of the Board of the Company by way of circular resolution dated September 22, 2026, allotted 1,73,150 Equity Shares to …
Source: Bse
Annual reportSep 2026
Sep 2026 · Announcement Under Regulation 30 - Letter To Shareholders 17 Aug - 31st AGM scheduled for September 9, 2026; FY2025-26 annual report and notice shared.
Source: Bse
Announcement
Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015 11 Sep - Board approved winding up dormant ISSIL and transferring India Infoline Foundation to IIFL Finance for ₹10,000.
Source: Bse
Annual reportAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Aug - Newspaper publication published on August 18, 2026 regarding dispatch of the Notice of 31st Annual General Meeting together with Annual Report for FY 2025-26.
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Updates on Acquisition 30 Jul - IIFL Capital incorporates wholly owned Singapore subsidiary, IIFL Capital Singapore Pte. Ltd., on July 30, 2026.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management 3h - Board re-designated four senior managers on July 23, 2026, including two Joint CEOs for Private Wealth.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1d - Earnings conference call on July 24, 2026 at 2:30 PM for Q1 ended June 30, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 24 Jul - Copies of the extract of Unaudited Financial Results for ....
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 3h - Q1FY27 results; Fairfax proposed to raise stake to 51% via ₹2,000 crore preferential issue and open offer.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.