IFCI Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

IFCI Ltd trades at ₹82.3, in a confirmed uptrend and 30 weeks into that stage. That is +19.1% against its own 200-day average. It sits at 64% of a 52-week range of ₹48 to ₹101. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.

Today the stock is in a confirmed uptrend — week 30 of stage 2, confirmed. At ₹82.3 it trades +19.1% versus its 200-day average and sits at 64% of its 52-week range (₹48–₹101).

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +292% while the NIFTY 500 moved +273% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation For a bank we price the book, not the earnings: P/BV is what the market pays for each ₹1 of the bank's net worth. A bank below 1× book is priced below the value of what it owns, net of what it owes.

IFCI Ltd trades at 2.5× P/BV, at the pricey end of its own range (87th percentile). Its long-run median P/BV is 0.6×, measured across 10.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/BV of 2.5× is at the pricey end of its own range (87th percentile), against a long-run median of 0.6× measured over 10.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

The honest context for that discount: a bank earning about 2% on its equity is worth less per rupee of book, and the market has priced that in rather than overlooked it. The discount closes only if the returns themselves improve.

🚨 Why the multiple sits where it does: over the past year book value grew while the price moved +54.2% — the price ran ahead of the book, pushing the multiple up its own range.

The price move, decomposed: over 5y, of the +48.7%/yr price move, ~−2.7%/yr came from book-value growth and ~+51.4 pp from the multiple (expanding); over 10y, of the +11.1%/yr price move, ~−2.2%/yr came from book-value growth and ~+13.3 pp from the multiple (expanding). The split is the honest approximate (price return minus book-value growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the book-value line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources disagree by up to 235% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 13 June 2026 price, IFCI Ltd was paying for profit growth of about 27.8% a year. Profit itself has compounded 1.0% a year over the past 10 years. Today the market pays 2.5× P/BV, the 87th percentile of its own 11-year range.

What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is far above what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

IFCI Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 8 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

35.4/100 — rank 5 of 6 in Finance - PSU Lending · 64% evidence confidence

IFCI Ltd scores 35.4 out of 100 against the 6 companies it is compared with in Finance - PSU Lending, ranking 5. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 10.2 + 8.7 + 4.8 + 11.7 = 35.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if ROA rolls over or gross NPA rises while sector-relative strength deteriorates.

Revenue For a bank, revenue is everything the franchise earns — interest on the loan book plus fee and other income.

IFCI Ltd reported ₹327 Cr of income in the Jun 26 quarter, −19.7% year on year. Over 10 years it has compounded at −7.4% a year. The last full year, FY26, came in at ₹2,077 Cr. The last four reported quarters add to ₹1,988 Cr.

FY26 revenue came in at ₹2,077 Cr (+2.8% on the year), capping 10 years at −7.4% compound. The latest quarter (Jun 26) printed ₹327 Cr, −19.7% year on year.

Pace check: the last four quarters averaged +3.1% growth against the decade's −7.4% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +4.8% over the last 4 quarters against −1.6%/yr over the last 8 — accelerating; TTM profit −13.3% vs +23.8%/yr — rolling over.

Net margin Net margin — what the bank keeps of every ₹100 of revenue after every cost, provision and tax. It is the cleanest single margin we can read for a lender.

IFCI Ltd's net margin is 18.3% in the Jun 26 quarter, +3.1 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the net margin has ranged −113.2% to 20.9%. The current quarter sits inside that band.

The latest quarter's net margin is 18.3%, +3.1 pp against the same quarter a year ago. Across 13 fiscal years the net margin has ranged −113.2%–20.9%, and FY26's 20.9% is the top of that band — a record year.

Why: the numbers show the net margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

IFCI Ltd earned ₹60.0 Cr of net profit in the Jun 26 quarter, −3.2% year on year. Full-year FY26 profit was ₹435 Cr. The 10-year compound rate is 1.0%. That is 18.3% of the quarter's revenue. The same quarter a year earlier earned ₹62.0 Cr. 2 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹60.0 Cr, −3.2% year on year. On the full year, FY26 printed ₹435 Cr (+24.6%), and the 10-year compound rate is 1.0%.

🚨 Why profit moved: revenue contributed −19.7% and the margin +3.1 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit −6.2% vs revenue +3.1%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

Asset quality — the ladder Gross NPA is the slice of the loan book where repayments have stopped. Net NPA is what remains after the money already set aside against those loans. Falling is healing; rising is damage arriving.

Loan-book quality history is not available for IFCI Ltd, so this section names the gap rather than estimating a ratio. No gross or net non-performing-asset series is filed in a form this page can read, and none is inferred from the profit line. The income, margin and return sections above carry the evidence this business does report.

We do not hold quarterly loan-book quality numbers for this bank, so this section states that plainly rather than working around it.

Why: loan-book quality is the engine room of a bank, and its drivers — slippages, recoveries, provisioning — sit below what we hold for this name; the sections around it carry the reads we can stand behind.

The loan book We read the loan book through revenue — when the book grows, revenue grows with it. It is a rough proxy, and we say so: rate moves and fee swings can shift it a few points in any one year.

IFCI Ltd's revenue grew +2.8% in FY26 to ₹2,077 Cr, so the book is growing. The latest quarter ran −19.7% year on year. The net margin on that income is 18.3%, +3.1 percentage points against a year ago. Interest income is a proxy for the book; rate moves can shift it a few points in any one year.

FY26 revenue was ₹2,077 Cr, +2.8% on the year, and the latest quarter ran −19.7% year on year. The net margin on that revenue is 18.3% this quarter (+3.1 pp YoY) — growth with a widening margin on it.

The synthesis: a lender compounds when the book grows while the margin holds and the loan book stays clean — gross NPA is the loan-quality read we carry here.

Returns on equity and assets Two numbers rate a bank: ROE — what it earns on shareholder money — and ROA — what it earns on everything it deploys. ROE above ~13–15% earns its keep; below that, growth builds book slowly.

IFCI Ltd earns a return on equity of 2% in FY26. Its trough over the ladder below was −56% in FY22. For a lender the balance sheet is the operating asset, so equity return and asset return have to be read together.

FY26 ROE came in at 2%, recovered from a FY22 trough of −56%. Return on assets is withheld on this page — its two source series disagree for this quarter. That return is below the bar a bank must clear to compound book value quickly — which is also the honest reason the stock trades where it does.

Why ROE moved: profit compounded 1.0% a year over 10 years while the equity base grew more slowly — earnings recovering faster than book value builds is what lifts ROE off a trough.

The quarterly return-on-equity and return-on-assets curves, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 235% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Debt

For a bank, borrowings are raw material, not a warning sign — solvency is read through the returns and the loan book. A manufacturer’s debt is a claim against its profits, so the debt-to-equity lens that works everywhere else misleads on a lender and is not applied here.

A manufacturer’s debt is a claim against its profits; a bank’s borrowings are its inventory — money taken in to be lent out. The debt lens that works everywhere else misleads here, so this page does not apply it. The solvency questions for a bank — is the loan book sound, is the equity earning — are read through the loan-book and returns sections above.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions added 1.1 points of IFCI Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 3.5% of the company. Promoters moved +0.8 points over the same window, to 72.6%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: +1.1 points over 8 quarters to 3.5%; Promoters: +0.8 points over 8 quarters to 72.6%; Domestic institutions: −0.3 points over 8 quarters to 1.7%.

Why the register moved: foreign institutions drove it (+1.1 points), alongside promoters (+0.8 points) — steady accumulation by institutions reading the same numbers this page reads.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

IFCI Ltd: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre. The Z-score was built for manufacturers and is not applied to banks and lenders, so solvency here is read from the capital and asset-quality lines instead.

The safety line in one sentence: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre.

Frequently asked questions