IIFL's Q2 FY27 numbers came in strong, with revenue of Rs. 4,246.45 Cr (+28.48% YoY) and PAT growth of +92.61% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 15, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 4,246.45 Cr (+28.48% YoY) |
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| PAT (Q2) | Rs. 805.01 Cr (+92.61% YoY) |
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| EBITDA margin | 31.91% (-7 bps YoY) |
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| EPS (Q2) | Rs. 18.00 (+103.20% YoY) |
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| Market cap | Rs. 25,566.04 Cr |
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| CMP | Rs. 599.00 |
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Quarter Snapshot
Consolidated PAT grew 92.61% YoY to Rs.805.01 Cr on revenue of Rs.4,246.45 Cr (+28.48% YoY), with NIM expanding 209 bps YoY to 53.10% and impairment on financial instruments falling 43.88% YoY to Rs.280.81 Cr. Consolidated GNPA improved to 1.48%, the lowest in the available series, while cost-to-income improved 365 bps YoY to 42.08%. H1 FY27 PAT of Rs.1,518.14 Cr already equals 83.6% of FY26 full-year PAT, though standalone CRAR of 17.03% remains near the regulatory threshold.
Key Investment Insights
Key Positives
- Consolidated PAT grew 92.61% YoY to Rs.805.01 Cr; PAT attributable to owners grew 103.66% YoY to Rs.766.42 Cr
- Revenue from operations grew 28.48% YoY to Rs.4,246.45 Cr, led by interest income up 44.27% YoY
- NIM expanded 209 bps YoY to 53.10% (consolidated); standalone NIM expanded 411 bps to 53.23%
- Impairment on financial instruments fell 43.88% YoY to Rs.280.81 Cr; consolidated GNPA improved to 1.48% from 1.6% in Q1 FY27
- Cost-to-income improved 365 bps YoY to 42.08%, with employee costs up only 13.03% YoY against revenue growth of 28.48%
- PPOP grew 28.20% YoY to Rs.1,355.09 Cr (consolidated); standalone PPOP grew 80.54% YoY to Rs.893.93 Cr
- H1 FY27 PAT of Rs.1,518.14 Cr equals 83.6% of FY26 full-year PAT of Rs.1,816.70 Cr
- Co-lending book of Rs.13,092 Cr across 13 active partners carries a 0.70% NPA rate
Risk Factors
- Standalone CRAR of 17.03% remains near the regulatory threshold, limiting headroom for AUM growth without equity infusion
- Finance cost grew 38.12% YoY to Rs.1,908.64 Cr, outpacing revenue growth of 28.48%
- Income-tax demands of Rs.475.56 Cr (IIFL Finance) and Rs.963.39 Cr (IIFL Home Finance) remain under appeal/stay
- Head-Legal and Business Head-LAP resigned effective Sep 11, 2026 with no successors disclosed; JMD re-designated to Non-Executive Non-Independent Director
- Other expenses rose 20.76% QoQ to Rs.347.37 Cr