IFCI Limited has announced the re-appointment of Shri Jagdish Garwal as Chief Risk Officer (CRO), extending his tenure for another year as per regulatory requirements. The financial services company informed stock exchanges about this key management decision following RBI governance directions.

Re-appointment Details

The company has re-appointed Shri Jagdish Garwal, General Manager, as Chief Risk Officer in compliance with RBI (NBFC-Governance) Directions dated November 28, 2025. The re-appointment becomes necessary as his current tenure ends on February 28, 2026.

Professional Background

Shri Jagdish Garwal brings substantial experience and qualifications to his role as Chief Risk Officer. He has been serving as the CRO of the company for the last two years, demonstrating continuity in the risk management function.

Educational Qualifications and Experience

Departmental Expertise

Garwal's extensive career at IFCI spans multiple critical departments, providing him with comprehensive understanding of the organization's operations:

• Information Technology (IT)
• Sugar Development Fund
• Vigilance
• Recovery operations
• Internal Audit

Regulatory Compliance

The re-appointment has been communicated to both National Stock Exchange of India Limited and BSE Limited pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This ensures compliance with disclosure requirements for changes in key management personnel.

Company Information

IFCI Limited, established in 1948, operates as a government undertaking in the financial services sector. The company is headquartered at IFCI Tower, 61 Nehru Place, New Delhi, and continues its role in the nation's development through various financial services and lending activities.

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