IIFL Finance is a retail-focused NBFC lending against gold, homes, MSMEs and microfinance, and its Q2 FY27 print comes against a quarter where gold prices rose roughly 7.5% through August before correcting in September. The results will speak to whether gold-loan growth and asset quality held through the price pullback, and whether the parent's standalone capital adequacy of 17.1% prompts fresh equity-raise updates.
| Results date | October 15, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 3,919.15 Cr (revenue from operations, Q1 FY27) |
| Previous quarter PAT | Rs. 713.1 Cr (PAT before NCI, Q1 FY27) |
| Previous quarter loan AUM | Rs. 1,15,523 Cr (Q1 FY27) |
| Market cap | Rs. 25,510.55 Cr |
| CMP | Rs. 597.7 |
The Board was to meet on October 15, 2026, to approve standalone and consolidated unaudited results for the quarter and half-year ended September 30, 2026. The trading window was to remain closed until 48 hours after results declaration.
IIFL Finance scheduled its Q2FY27 earnings call for October 15, 2026, at 5:00 p.m. IST. Participants listed were Nirmal Jain, Girish Kousgi, Venkatesh N and Vikas Jain.
The quarter's central test is whether gold-loan momentum survived September's price correction: domestic gold rose roughly 7.5% from late June to early September (IBJA 999-purity at Rs. 1,52,475–Rs. 1,52,703/10gm) before declining 4.6% in September, shaping LTV headroom on IIFL's reported 70% LTV and demand for fresh loans. IIFL entered the quarter with consolidated AUM of Rs. 1,15,523 Cr, gold loans of Rs. 58,406 Cr (up 11% QoQ with tonnage growth of 5–6%), and management's FY27 targets of approximately 25% AUM growth, credit costs of 1.5–1.7%, ROA of 3.1–3.3% and ROE of 16–20%. Cost of funds was a tailwind, with the RBI holding the repo rate at 5.25% in August and system liquidity in surplus, though the company's September NCD issuances at 9.90% (perpetual) and 9.35% (subordinated) show its marginal tier-2 capital cost remains elevated. The fourth-lowest monsoon since 2001 — rainfall 16.3% below normal in August and 7.6% below normal in September — is a headwind for microfinance collections, where Samasta AUM of Rs. 9,473 Cr was growing 3–4% QoQ. The tax overhang also grew: the Rs. 475.56 Cr income-tax demand is stayed until December 31, 2026, conditional on paying Rs. 23.78 Cr, while subsidiary IIFL Home Finance received a fresh Rs. 963.39 Cr demand in August that it is contesting, though management has stated it expects no material impact on financial position or operations.
FY27 targets tracking: Compare reported progress against the company-wide targets from the Q1FY27 presentation.
Gold-loan quality and growth
Parent capital adequacy and equity raise
Home Finance growth trajectory
Tax demands and management transitions
Management clarified that Q1 FY27 gold-loan growth was 11% quarter-on-quarter rather than 21%, with tonnage growth of 5–6%. Gold-loan AUM reached Rs. 58,406 Cr in Q1 FY27, up from Rs. 52,581 Cr in FY26.
Management cited 40–50 bps of ROA improvement from lower credit costs and 20–30 bps from operating costs and NIM improvement. It also said lower funding costs could help if system liquidity improved.
Management reported gold-loan 30-plus slippage at 3.8% and characterized it as a marginal increase within historical ranges. It said the 1–30 and 30–90 DPD increases reflected the policy of not charging penal interest before 90 days, with most customers settling before then.
Management said the special tax audit was an income-tax assessment process and stated there was no regulatory or operational impact. The company filed appeal and stay applications for the Rs. 475.56 Cr demand and said it expected no material adverse impact.