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IIFL Finance Results: Latest Quarterly Results & Analysis

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IIFL Finance Ltd. 31 Oct 2025 11:35 AM
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Q2FY26 Quarterly Result Announced for IIFL Finance Ltd.

Financial Services company IIFL Finance announced Q2FY26 results

Q2FY26 Financial Highlights:

  • Gold Loans: Fully normalized post-embargo (Sep 2024); AUM at record high, yields rising, > 98 % customer retention.
  • Asset Quality: Stage 2/3 trending down; PCR 93 %.
  • Portfolio Re-set: Exited unsecured MSME, micro-LAP & high-risk MFI geographies.
  • Financial Strength: ROA 1.9 % | ROE 9.8 % | CRAR (Consolidated, Computed) 28.2 % | Liquidity Rs 8,170 crore | PAT Rs 692 crore (H1FY26).
  • Growth Focus: Collateral-backed retail lending – Gold, MSME Secured & Home Finance.
  • Operating Model: AI-led risk and governance systems; phygital reach of ~ 4,800 branches.
  • Fitch Ratings affirmed the rating at ‘B ’ and revised the outlook on IIFL Finance’s Long term Issuer Default Rating from Stable to Positive.

Business Highlights:

  • Home Loans: AUM grew 10% YoY to Rs 32,034 crore but was flat QoQ; business is steady and on track to deliver as per plan.
  • Gold Loans: AUM surged 220% YoY and 27% QoQ to Rs 34,577 crore, demonstrating a strong momentum supported by healthy tonnage growth and stable asset quality.
  • MSME Loans: AUM was in line with YoY to Rs 13,474 crore but was down 3% QoQ, owing to strategic re-calibration towards low risk secured lending and pullback from unsecured lending.
  • Microfinance: AUM stood at Rs 8,362 crore, down 26% YoY and 6% QoQ, impacted by macroeconomic pressures in unsecured lending

Nirmal Jain, Founder & Managing Director, IIFL Finance said: "The past year has been a true test of our resilience and an affirmation of our core strengths. We faced challenges with complete transparency and used them as an opportunity to fortify every pillar of governance, compliance, and customer trust. Today, with risks well-contained, a stronger balance sheet, and renewed operational momentum, IIFL Finance stands poised at the cusp of a new growth cycle. The recent quarterly results reflect that this momentum is translating into strong operating performance. Our unwavering focus on collateral-backed retail lending, technology enablement, and execution excellence will continue to drive sustainable value creation for all stakeholders."

Kapish Jain, Group Chief Financial Officer, IIFL Finance said: “Our strong rebound both in topline and bottom line continues in the current quarter as well. With strategic focus on increasing share of secured assets we recorded all time highest AUM of Rs 90,122 crore led by Gold and home loans which together account for 74% of the total AUM with stable asset quality, low LTV and healthy yields. Our strong partnership with banks has been reaping good results with share of off book touching 34% of the total AUM.”

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Financial Services company IIFL Finance announced Q1FY26 results

Q1FY26 Financial Highlights:

  • Loan AUM: Rs 83,889 crore compared to Rs 69,610 crore during Q1FY25, change 21%.
  • Profit before tax: Rs 356.3 crore compared to Rs 436.2 crore during Q1FY25, change -18%.
  • Profit after tax: Rs 274.2 crore compared to Rs 338.2 crore during Q1FY25, change -19%.
  • Return on assets: 1.6% for Q1FY26.
  • Return on equity: 7.6% for Q1FY26.
  • GNPA: 2.3% for Q1FY26.
  • NNPA: 1.1% for Q1FY26.

Business Highlights:

  • Home Loans: AUM grew 14% YoY and 1% QoQ to Rs 32,017 crore, maintaining our leadership in affordable housing.
  • Gold Loans: AUM surged 85% YoY and 30% QoQ to Rs 27,274 crore, demonstrating a continued recovery momentum post-RBI embargo.
  • MSME Loans: AUM rose 13% YoY to Rs 13,939 crore but was down 2% QoQ, owing to seasonal dip and strategic re-calibration towards low risk secured lending.
  • Microfinance: AUM stood at Rs 8,916 crore, down 26% YoY and 10% QoQ, impacted by macroeconomic pressures in unsecured lending.

Nirmal Jain, Managing Director, said: "Q1 has been a quarter of revival and reassurance. Our Gold Loan business has not just recovered postembargo—it has surged to a new peak in loan AUM, reaffirming customer trust and branch-level resilience. MSME lending continues to present a strong structural opportunity, though we remain cautious and calibrated in our approach. With strengthened governance, sharper risk controls, and techdriven execution, we are well-positioned for sustainable and compliant growth. We remain steadfast in our mission to enable credit access for India’s underbanked—responsibly, transparently, and at scale."

Kapish Jain, Group Chief Financial Officer, said: “The year has started on a strong footing both on the top line and bottom line with the flagship business of Gold showing smart AUM growth of 30% QoQ and 85% YoY supported by healthy LTV, improving yield and best in class asset quality. We continue to remain cautious on the MSME and MFI space given the current headwinds and would retain our focus on further strengthening the credit, recovery and collection process in this space. We also commence our journey towards AI with the formation of dedicated internal and external team to work with a time bound program to implement decisive transformation across business and customer facing processes.

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Financial Services company IIFL Finance announced Q4FY25 results

  • Consolidated profit after tax of Rs 251 crore (pre non-controlling interest) up 208% QoQ.
  • Profit before tax: Rs 309.5 crore compared to Rs 553.7 crore during Q4FY24, change -44% YoY.
  • The company’s AUM rose 10% QoQ to Rs 78,341 crore, reflecting steady growth across key segments despite a 1% YoY dip.
  • Return on assets: 1.6% for Q4FY25.
  • Return on equity: 7.0% for Q4FY25.
  • GNPA: 2.2% for Q4FY25.
  • NNPA: 1.0% for Q4FY25.

Nirmal Jain, Managing Director, IIFL, said: "Q4 marks a decisive turnaround with consistent growth across key performance indicators. Gold loans have rebounded strongly post-embargo, and MSME lending continues its steady expansion. Asset quality has improved, with GNPA declining to 2.2%. Backed by a focused digital strategy, the potential to recapture lost business, and a favorable credit environment, we are confident of sustaining and accelerating momentum into FY26. We remain firmly committed to ensuring that our governance is anchored in rigorous risk monitoring, transparent disclosures, and a zero-tolerance approach to non-compliance - striving not just to meet but to stay ahead of evolving regulatory standards."

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Financial Services company IIFL Finance announced Q3FY25 results

  • For the Q3FY25, the Company reported profit after tax of Rs 82 crore (before non-controlling interest) down 85% YoY.
  • Home loan AUM grew by 19% and MSME loan AUM grew by 31%.
  • Microfinance de-grew 14% on YoY basis while Gold loans de-grew by 39% YoY.
  • Overall loan AUM de-grew by 8% YoY to Rs 71,410 crore.
  • The company’s annualized ROE and ROA for Q3FY25 stood at 1.4% and 0.6% respectively. Pre-provision operating profit stood at Rs 534 crore for the quarter, down 45% YoY. Average borrowing costs for the quarter increased 9 bps YoY and 1 bps QoQ to 9.16%.
  • 98% of their loans are retail in nature and 69% of our retail loans (excluding gold loans which are not classified as PSL loans but are still zero risk weights for the banks on a net exposure basis) are PSL compliant. The assigned loan book, is currently at Rs 12,472 crore. Besides the co-lending book is at Rs 9,236 crore.
  • GNPA stood at 2.4% up by 70 bps YoY and NNPA stood at 1.0% up 14 bps YoY, as at December 31, 2024. With implementation of Expected Credit Loss under Ind AS, overall provision coverage on NPAs stands at 114%.
  • Total CRAR stood at 22.0% as at December 31, 2024, as against minimum regulatory requirement of 15%. The total presence of branches stood at 4,858 as at the end of Q3FY25 compared to 4,810 branches last quarter, spanning the length and breadth of the country.

Nirmal Jain, Managing Director, IIFL Finance, said: “This quarter has been challenging, with asset quality stress in microfinance, unsecured lending, and small-ticket LAP reflecting broader macroeconomic trends. Our gold loan portfolio yield remains under pressure as we work to regain customers. Economic headwinds persist, as seen in December 2024’s industrial output slowing to 3.2%.

The recent 25 bps rate cut the first in five years signals policy support for growth. With fiscal and monetary measures driving recovery, we believe the worst is behind us, and performance should improve meaningfully in the coming quarters.”

Result PDF

Financial Services company IIFL Finance announced Q2FY25 results

  • Net loss after tax of Rs 93 crore (before non-controlling interest) down 118% YoY.
  • Loss before tax (LBT) for the quarter was Rs 140 crore down 120% YoY.
  • Home loans grew by 21% and loan against property AUM grew by 18%
  • Microfinance was stagnant on YoY basis while digital loans grew by 53% YoY
  • Gold loans de-grew by 54% YoY
  • Overall loan AUM de-grew by 8% YoY to Rs 66,964 crore.
  • The company’s annualized ROE and ROA for Q2FY25 stood at (5.3%) and (0.7%) respectively.
  • GNPA stood at 2.4% up by 51 bps YoY and NNPA stood at 1.1% up 3 bps YoY, as at September 30, 2024.
  • Total CRAR stood at 26.3% as at September 30, 2024, as against minimum regulatory requirement of 15% supported by the capital raised during the quarter.

Nirmal Jain, Managing Director, IIFL Finance, said: “This past quarter has been one of our most challenging, primarily due to the regulatory embargo on our gold loan business. We have taken corrective actions that have satisfied the regulatory authorities, and I’m pleased to announce that the embargo has now been lifted. Although this quarter has seen our lowest financial performance, I believe the worst is behind us. We are committed to not only restoring these standards but also strengthening them moving forward. I am proud of the dedication and resilience shown by our teams, who have remained steadfast in their commitment to our long-term success during these difficult times. Our fortified compliance framework, robust distribution network, combined with our advanced technology platforms, positions us well to recover and grow stronger than ever."

Kapish Jain, President & Group Chief Financial Officer, IIFL Finance, said: “With the lifting of the embargo in the gold loan business we are back to business normalcy across all our businesses. During this challenging phase we were well supported by all our stakeholders more particularly our lenders, rating agencies, our loyal customers, our employee and last but not the least our Board of Directors. We are also immensely grateful to the Reserve Bank of India for guiding us during this period and help us getting our house back in order.”

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Finance company IIFL Finance announced Q1FY25 results:

  • Company reported net profit after tax of Rs 338 crore (before non-controlling interest) down 28% YoY.
  • Profit before tax (PBT) for the quarter was Rs 436 crore down 29% YoY.
  • Among core products, home loans and loan against property AUM grew by 23%. Microfinance grew by 17% while digital loans grew by 59% YoY. gold loans de-grew by 33% YoY. Overall loan AUM grew by 2% YoY to Rs 69,610 crore.
  • The company’s annualized ROE and ROA for Q1FY25 stood at 10.3% and 2.3% respectively. Pre-provision operating profit stood at Rs.647 crore. for the quarter down 18% YoY. Average borrowing costs for the quarter decreased 2 bps YoY and 2 bps QoQ to 9.11%.
  • 98% of our loans are retail in nature and 66% of our retail loans (excluding gold loans which are not classified as PSL loans but are still zero risk weights for the banks on a net exposure basis) are PSL compliant. The assigned loan book, is currently at Rs 14,609 crore. Besides the co-lending book is at Rs 9,532 crore.
  • GNPA stood at 2.2% up by 40 bps YoY and NNPA stood at 1.1% up 4 bps YoY, as at June 30, 2024. With implementation of Expected Credit Loss under Ind AS, provision coverage on NPAs stands at 128%.
  • Total CRAR stood at 27.8% as at June 30, 2024, as against minimum regulatory requirement of 15% supported by the capital raised during the quarter. The total presence of branches stood at 4,774 as at the end of Q1FY25 compared to 4,801 branches last quarter, spanning the length and breadth of the country.

Nirmal Jain, Managing Director, IIFL Finance, commented on the results: “The recent RBI embargo on gold loans has impacted our financial performance during the quarter. However, we have diligently followed all RBI guidelines and are committed to full compliance. We have taken significant steps to strengthen our system, process management, and compliance risk and audit teams.

Our gold loan assets, being short tenure products, have demonstrated resilience under this trial by fire. Over a million customers have successfully closed their accounts and retrieved their jewellery, and we have repaid banks over Rs 13,500 crore from asset liquidation, without any issues, showcasing the robustness of our asset quality and operations."

Kapish Jain, President & Group Chief Financial Officer, IIFL Finance, commented on the results: “Our financial performance for current quarter is hugely impacted by the ongoing embargo on our gold loan business with AUM in the gold business dropping by near 37% QoQ. During this period both the material subsidiaries have reported healthy performance both in terms of growth and profitability.”

Result PDF

Financial Services company IIFL Finance announced Q3FY24 results:

  • For Q3FY24, the company reported a net profit after tax of Rs 545 crore (before non-controlling interest) up 29% YoY.
  • Profit before tax (PBT) for the quarter was Rs 716 crore up 29% YoY.
  • Loan growth in core products was robust – Gold loans and Home loans AUM grew by 35% and 25% YoY respectively.
  • Microfinance grew by 54% while Digital loans and Loan against property grew by 96% and 27% YoY respectively.
  • Overall core loan portfolio grew by 34% YoY.

Nirmal Jain, Founder, IIFL Finance, remarked on the financial results: “We continue to grow at a healthy pace, in all core businesses in line with our targets. Our focus on asset quality is unflinching. Our Net NPAs are now below 1%, and GNPAs at lower than 2% are amongst the best in the industry. India is in a sweet spot to capitalize on reforms and growth focus of the government, favorable demographics, and improved global standing. The outlook for the next five years is distinctly sanguine and we are well placed to sustain our strong growth momentum."

Kapish Jain, President & Group Chief Financial Officer, of IIFL Finance, commented on the financial results: “Despite healthy CAGR growth in our asset under management of ~ 23% since fiscal 2019, we continue to strengthen our capital position with net gearing at a consolidated level touching a five-year low of 3.3x. This was enabled through healthy internal accruals with expanded margins and asset-light business strategy.”

 

Result PDF

Financial Services company IIFL Finance announced Q2FY24 results:

  • For Q2FY24, the company reported a net profit after tax of Rs 526 crore (before non-controlling interest) up 32% YoY.
  • Profit before tax (PBT) for Q2FY24 was Rs 684 up 29% YoY.
  • Loan growth in core products was robust – Gold loans and Home loans AUM grew by 33% and 22% YoY respectively.
  • Microfinance grew by 67% while Digital loans and loans against property grew by 77% and 21% YoY respectively.
  • Overall core loan portfolio grew by 34% YoY.
  • The company’s annualized ROE and ROA for Q2FY24 stood at 20.1% and 3.9% respectively.
  • Pre-provision operating profit stood at Rs 922 crore for the quarter up 41% YoY.
  • Average borrowing costs for the quarter increased 40 bps YoY and are down by 6 bps QoQ to 9.0%.

Nirmal Jain, Founder, IIFL Finance, remarked on the financial results, “The financial results for the quarter vindicate our strategy focused on retail loans to relatively under-banked customer segments and in credit under-penetrated geographies. We have been at the forefront of digital technology and are very excited to see the unprecedented opportunities emerging from the digital infrastructure our country has put in place and advancements in machine learning and artificial intelligence. We are at the cusp of revolutionary changes in the lending ecosystem. We are making the requisite investments in human and technology resources to tap the potential of retail lending in India."

Kapish Jain, President & Group Chief Financial Officer, IIFL Finance, commented on the financial results, “With increasing market share we are firmly positioning ourselves as a dominant player in most of the core retail segments we operate in. With growth, we continue to gain benefits of scale both in our sales team and business operations thus reducing our operating expense to average AUM."

 

 

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Other Financial Services company IIFL Finance announced Q1FY24 results:

  • For Q1FY24, the Company reported a net profit after tax of Rs 473 crore (before non-controlling interest) up 43% YoY.
  • Profit before tax (PBT) for the quarter was Rs 618 up 43% YoY.
  • Loan growth in core products was robust – Gold loans and Home loans AUM grew by 29% and 23% YoY respectively. Microfinance grew by 63% while Digital loans and loans against property grew by 54% and 19% YoY respectively.
  • Overall core loan portfolio grew by 31% YoY.
  • The company’s annualized ROE and ROA for Q1FY24 stood at 19.1% and 3.6% respectively.
  • Pre-provision operating profit stood at Rs 787 crore for Q1FY24 up 20% YoY.
  • Average borrowing costs for the quarter increased 44 bps YoY and 15 bps QoQ to 9.1%. 96% of our loans are retail and 67% of our retail loans (excluding gold loans which are not classified as PSL loans) are PSL compliant.
  • The assigned loan book, is currently at Rs 17,700 crore. Besides, there are securitized assets of Rs 808 crore.
  • Besides the co-lending book is at Rs 8,963 crore. GNPA stood at 1.8% down by 73 bps YoY and NNPA stood at 1.1% down 42 bps YoY, as of June 30, 2023.
  • With the implementation of Expected Credit Loss under Ind AS, provision coverage on NPAs stands at 159%.
  • Total CRAR stood at 20.6% as of June 30, 2023, as against the minimum regulatory requirement of 15%.
  • The total presence of branches stood at 4,412 as at the end of the quarter, spanning the length and breadth of the country.

Nirmal Jain, Founder, IIFL Finance, remarked on the financial results: “The financial year has begun well and economic activity is showing robust growth. We plan to focus on productivity improvement and sharpening our digital edge in the current year. Banks and NBFCs have been witnessing very high employee churn in the front-level staff. We plan innovative long-term reward and retention schemes to fortify our the competitive edge of superior talent"

Kapish Jain, Group Chief Financial Officer, IIFL Finance, commented on the financial results: “Fiscal 2023 shall lay the foundation for the next cycle of growth for IIFL Finance. In Q1FY24, we witnessed broad-based growth across all our core retail segments without any major expansion. This should enable further improvement in operating efficiency and performance."

 

 

Result PDF

Financial services company IIFL Finance announced Q4FY23 & FY23 results:

  • Q4FY23:
    • Net profit after tax was Rs 458 crore (before non-controlling interest) for Q4FY23, up 43% YoY
    • Profit before tax (PBT) was Rs 594 crore for Q4FY23, up 42% YoY
    • The company’s annualized ROE and ROA for Q4FY23 stood at 19.3% and 3.6% respectively
    • Pre-provision operating profit stood at Rs 766 crore for Q4FY23, up 17% YoY
    • Average borrowing costs for Q4FY23 increased 38 bps QoQ and 14 bps YoY to 8.9%
    • GNPA stood at 1.8%, down from 2.1% QoQ and NNPA stood at 1.1% steady QoQ, as of March 31, 2023
  • FY23:
    • For FY23, the company reported a net profit after tax of Rs 1,608 crore (before non-controlling interest), up 35% YoY
    • Profit before tax (PBT) for FY23 was Rs 2,113, up 38% YoY
    • Total CRAR stood at 20.4% as of March 31, 2023, as against the minimum regulatory requirement of 15%

Nirmal Jain, Managing Director, IIFL Finance, remarked on the financial results: “We are pleased to report a robust performance across all core loan products. We ended the year with loan AUM of over Rs 64,000 crores and net profit (pre NCI) of over Rs 1,600 crores. The demand for affordable home loans and MSME loans is expected to accelerate with revival in the business sentiment. We have expanded the branch network and invested aggressively in technology over the last two years. Having done the hard work, we expect to reap the rewards of the investment from the current year."

Kapish Jain, Group Chief Financial Officer, IIFL Finance, commented on the financial results: “The consistency in our financial performance confirms the robustness of our business model and our asset-light strategy driven in partnership with banks and financial institutions."

 

 

Result PDF

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