IIFLCAPS's Q2 FY27 numbers came in strong, with revenue of Rs. 714.40 Cr (+24.90% YoY) and PAT growth of +50.30% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 28, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 714.40 Cr (+24.90% YoY) |
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| PAT (Q2) | Rs. 126.90 Cr (+50.30% YoY) |
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| EPS (Q2) | Rs. 4.07 (+49.60% YoY) |
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| Market cap | Rs. 10,950.59 Cr |
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| CMP | Rs. 347.25 |
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Quarter Snapshot
Q2 FY27 delivered 24.9% YoY revenue growth and 50.3% YoY PAT growth with operating PBT up 37.2% YoY and operating margin expanding to 27.76%. The Fairfax transaction (up to 51% at Rs.350/share) has all approvals and is under implementation, a confirmed near-term catalyst. Watch items are finance cost (+40.2% YoY) scaling with the MTF book and the insurance broking segment's swing to loss.
Key Investment Insights
Key Positives
- Revenue from operations grew 24.9% YoY to Rs.714.40 Cr; fees & commission income +24.9% YoY and interest income +28.1% YoY
- PAT attributable to owners grew 50.3% YoY to Rs.126.90 Cr; PBT +45.3% YoY
- Operating PBT Rs.198.33 Cr, +37.2% YoY and +32.7% QoQ, with operating margin at 27.76% vs 25.27% a year ago
- Operating leverage visible: fees & commission expense +12.9% YoY and administration +10.6% YoY vs revenue +24.9% YoY
- Capital market segment revenue +30.5% YoY with segment result +51.5% YoY
- Fairfax acquisition of up to 51%: all regulatory and shareholder approvals received; preferential allotment and open offer under implementation
- Net worth rose 12.9% since March 2026 to Rs.3,463 Cr despite Rs.93.40 Cr dividend outflow; H1 CFO improved to −Rs.195.02 Cr from −Rs.526.96 Cr
- Subsidiary perimeter swung from −Rs.6.97 Cr drag to +Rs.4.78 Cr contribution YoY
Risk Factors
- Finance cost rose 40.2% YoY and 24.9% QoQ to Rs.74.76 Cr, outpacing revenue growth
- Insurance broking segment slipped to a Rs.(3.35) Cr loss from +Rs.4.90 Cr a year ago, with revenue −6.9% YoY
- Income-tax block assessment demands of Rs.124.37 Cr (group) pending appeal; no provision taken
- Debt mix shifted toward market funding: debt securities rose from Rs.614.80 Cr to Rs.1,492.68 Cr; D/E up to 0.65x from ~0.59x
- Capital market segment revenue fell 6.1% QoQ on retail F&O volume softness