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Revenue
₹586 Cr
verified against source
Revenue YoY
0%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IIFL Capital Services reported flat consolidated operational revenues of 586 crores for Q3 FY26, with retail broking income up 6% QoQ but institutional and investment banking revenues declining 14%. Employee costs rose 17% YoY due to variable pay provisioning and a one-time charge, while operational PBT before mark-to-market fell 35% YoY to 119 crores. The company added only 2-3 relationship managers in wealth management and expects the wealth business to break even by next year. A tax search under Section 132 led to an additional tax payment of 27 crores, though no material adverse impact is expected. Risks include rising costs, competitive pressure in RM recruitment, and potential fallout from the ongoing tax proceedings.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects the wealth management business to approach break-even by the next fiscal year, as current losses are due to ongoing investments.
- The company plans to add another 10-15 relationship managers in the next two months of FY26, reflecting cautious recruitment amid competitive pressures.
- Management expects the mix between TBR and AR assets to stay around 60:40, with a possible shift to 65:35 due to increased fixed income allocation.
Risks flagged
- Employee costs rose 17% YoY and admin expenses increased 30% YoY, pressuring margins. Management cited variable pay provisioning, headcount growth, and technology investments.
- Income tax search under Section 132 in January 2025 led to an additional tax payment of 27 crores. Post-search proceedings are ongoing, and potential impact is not yet ascertainable.
- Management acknowledged recruitment challenges in the wealth management space, with only 2-3 RMs added this quarter. This could limit growth in high-margin advisory business.
- Institutional and IB revenues fell 14% QoQ and 6% YoY, reflecting a challenging environment. Management did not provide specific guidance for recovery.
Key quotes
- We constantly explore strategic and other opportunities to enhance shared value. If and when there is a development that requires any disclosure under SEBI LODR regulations, we will make it.
- We have lost some RMs in the existing PCG or the existing broking space and we have added marginally because I think we have added about two three RMs this quarter in the wealth space.
- We believe after considering all available facts and records that there's no material adverse effect on the financial position of the group and no material adjustments are required to be made to the financial statement.
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