Results reported 15 October 2026 | NBFC: gold, home and MSME lending | Consolidated
The Quick Take
IIFL Finance’s Q2 FY27 PAT was Rs 805 cr, up 93% year on year and 13% quarter on quarter. Provisions fell to Rs 281 cr from Rs 500 cr a year ago, and AUM grew 38%. An equity raise is still pending, and gold loans are the concentration risk.
Q2 FY27 snapshot (consolidated, Rs crore)
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Total income | 2,339.6 | 2,202.4 | 1,902.7 |
| PPOP | 1,355.1 | 1,252.4 | 1,032.5 |
| Provisions | 280.8 | 294.2 | 500.3 |
| PAT (pre-NCI) | 805.0 | 713.1 | 417.9 |
| GNPA / NNPA | 1.48% / 0.87% | 1.55% / 0.82% | 2.14% / 1.00% |
| Loan AUM | 1,24,268 | 1,15,523 | 90,122 |
Balance sheet
Total borrowings Rs 83,794 cr; CRAR 23.5%, down from 28.4%; liquidity Rs 13,805 cr. Off-book lending through assignment and co-lending is Rs 42,796 cr, about 34% of AUM. Gold AUM rose 90% YoY to Rs 65,729 cr.
Guidance (per call summaries)
- AUM growth of about 25% in FY27, with ROA of 3.1 to 3.3% and credit cost of 1.5 to 1.7%.
- Equity raise of 10 to 20% of market cap, approved at the July AGM; form (preferential or QIP) not yet decided.
Risks
- Gold loan concentration; gold GNPA rose to 0.90% from 0.61% QoQ.
- Falling CRAR until the equity raise.
- Tax litigation.
Setup
Neutral. Momentum is strong, but dilution from the pending equity raise and gold concentration are the watch items.
This is educational analysis, not personalized investment advice. Do your own research before investing.
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