IFCI Limited announced its unaudited financial results for the quarter ended December 31, 2025, marking a significant improvement in financial performance across both standalone and consolidated operations. The results were approved by the Board of Directors at their meeting held on January 29, 2026.

Standalone Financial Performance

The company demonstrated a remarkable turnaround in its standalone operations during Q3FY26. IFCI reported a net profit of ₹6.85 crore for the quarter, a substantial improvement from the net loss of ₹58.96 crore recorded in Q3FY25.

The revenue growth was primarily driven by higher net gain on fair value changes of ₹113.85 crore compared to ₹86.04 crore in Q3FY25, and increased dividend income of ₹66.32 crore versus ₹0.85 crore in the previous year quarter.

Consolidated Financial Results

The consolidated performance showed even stronger results, with IFCI and its subsidiaries collectively reporting a net profit of ₹20.82 crore in Q3FY26, compared to a net loss of ₹8.74 crore in Q3FY25.

Nine-Month Performance Analysis

For the nine-month period ended December 31, 2025, the standalone operations showed continued improvement with a net profit of ₹30.35 crore compared to a net loss of ₹228.75 crore in the corresponding period of FY25. The consolidated nine-month profit reached ₹400.65 crore, significantly higher than ₹88.18 crore in the previous year.

Key Financial Highlights

Revenue Composition (Standalone Q3FY26):

• Interest Income: ₹85.09 crore
• Dividend Income: ₹66.32 crore
• Net gain on fair value changes: ₹113.85 crore
• Fees and commission Income: ₹20.09 crore
• Rental Income: ₹13.45 crore

Expense Management: Total expenses for Q3FY26 stood at ₹292.78 crore compared to ₹166.99 crore in Q3FY25, primarily due to higher impairment on financial instruments of ₹142.88 crore and finance costs of ₹104.45 crore.

Regulatory and Operational Updates

The company maintains a paid-up equity share capital of ₹2,694.31 crore with a face value of ₹10 per share. IFCI received ₹500 crore from the Government of India on January 28, 2025, towards share capital subscription, with 8,07,23,280 equity shares allotted at ₹61.94 per share.

The Capital Risk Adequacy Ratio (CRAR) stands at -16.51% as of December 31, 2025, which is below RBI requirements. The Gross NPA ratio remained high at 96.31% as of December 2025, reflecting the company's legacy asset quality challenges.

Corporate Developments

The Department of Financial Services has accorded in-principle approval for the 'Consolidation of IFCI Group,' which involves potential merger or amalgamation of certain group companies. This strategic initiative aims to streamline operations and enhance operational efficiency across the IFCI ecosystem.

Source: IFCI Limited

IFCI shares have experienced a remarkable surge, gaining nearly 30% over the past five trading sessions as investor optimism builds around the much-anticipated National Stock Exchange IPO. The stock jumped 4.60% to ₹63.48 during Monday's trading session, extending its impressive rally.

Indirect NSE Exposure Drives Interest

The surge stems from IFCI's indirect exposure to NSE through its strategic shareholding structure. The company's connection to the exchange creates significant value potential as the IPO approaches.

Through its majority holding in Stock Holding Corporation of India, IFCI enjoys substantial indirect exposure to NSE, making the stock highly responsive to developments related to the exchange's public listing plans.

Regulatory Approval Process Advances

SEBI chairperson Tuhin Kanta Pandey provided encouraging updates on the NSE IPO timeline, stating the regulator could approve the offering as early as this month. The process for issuing the no-objection certificate has reached its final stages, marking significant progress toward the listing.

Key regulatory developments include SEBI's agreement in principle to NSE's settlement application in a long-standing unfair market access case. Additionally, the government has approved a 2.50% stake dilution in NSE, with official notification expected shortly. These developments signal strong momentum toward NSE's public debut.

Stock Performance and Valuation Metrics

IFCI's recent performance reflects both short-term excitement and long-term growth trends. The stock has delivered varied returns across different timeframes.

From a valuation perspective, the stock trades at premium levels reflecting market expectations around the NSE IPO potential.

Technical Analysis Shows Bullish Momentum

Technical indicators support the positive sentiment surrounding IFCI shares. The stock demonstrates strong momentum across multiple technical parameters, with the 14-day Relative Strength Index standing at 68.30, approaching but not yet reaching the 70.00 level that typically indicates overbought conditions.

The stock is currently trading above all eight of its simple moving averages, reinforcing the prevailing upward trend and suggesting continued bullish sentiment among investors as NSE IPO developments unfold.