Mumbai, January 29, 2026: IFCI Limited, a government-owned financial institution, announced its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, following a board meeting held today.
Key Financial Highlights (Standalone - Q3 FY26):
The company reported a modest standalone profit after tax of ₹6.85 crore for the October-December 2025 quarter, a significant turnaround from a loss of ₹229.75 crore in the same period last year. Total income for the quarter stood at ₹299.10 crore, up from ₹195.33 crore in Q3 FY25.
Revenue from operations saw a robust increase to ₹298.80 crore, driven largely by a substantial net gain on fair value changes of ₹113.85 crore. Interest income was recorded at ₹85.09 crore, and dividend income contributed ₹66.32 crore.
Persistent Asset Quality Challenges:
A major area of concern remains the company's asset quality. Gross Non-Performing Assets (NPAs) stood at a staggering 96.31% (₹3,700.82 crore) as of December 31, 2025. The company stated that not taking fresh loan exposure has resulted in a reduction in standard loan accounts and a higher proportion of NPAs.
Furthermore, the Capital to Risk-Weighted Assets Ratio (CRAR) was negative at (-)16.51%, which is below the regulatory requirement set by the Reserve Bank of India (RBI).
Board Approves In-Principle Group Consolidation:
In a significant strategic development, the board noted the in-principle approval from the Department of Financial Services (DFS) for the 'Consolidation of IFCI Group'. This plan entails a merger or amalgamation of certain group companies at both holding and subsidiary levels. The board has given its in-principle nod to commence the process in accordance with applicable laws and regulations.
Auditors' Emphasis on Key Matters:
The limited review report by S. Mann & Company, Chartered Accountants, highlighted several key points:
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Recognition of ₹23.34 crore in interest income on Stage 3 assets (NPAs), which was simultaneously written off as bad debts due to no expectation of recovery.
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The negative CRAR position.
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A conflict-of-interest observation where IFCI acted as a paid consultant to a company applying for a government scheme while also being the nodal agency conducting due diligence for the same scheme.
Consolidated Performance:
On a consolidated basis, the group reported a stronger profit after tax of ₹20.82 crore for Q3 FY26, compared to a loss of ₹8.74 crore in Q3 FY25. Total consolidated income for the quarter was ₹466.65 crore.
Other Disclosures:
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The company maintains a 109% security cover on its secured bonds and debentures.
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The earnings per share (EPS) on a standalone basis for the nine-month period stood at ₹0.11 (basic).
The results reflect IFCI's ongoing struggle with legacy NPAs while showing improvement in profitability through fair value gains and other income. The proposed group consolidation marks a potential turning point for the organization's future structure and strategy.
About IFCI Limited:
IFCI Limited, established in 1948, is a systemically important Non-Banking Financial Company (NBFC-ND-SI). It is a government-owned development financial institution.