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RBI margin regulation impact
View Risks →IIFL Capital Services Ltd — Q4 FY26
IIFL Capital Services reported flat full-year operational revenue of ₹2,439 crore for FY26, with retail equities revenue down 9% due to regulatory changes, while institutional/IB revenue grew 11% and financial distribution income rose 16% to ₹590 crore.
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IIFL Capital Services reported flat full-year operational revenue of ₹2,439 crore for FY26, with retail equities revenue down 9% due to regulatory changes, while institutional/IB revenue grew 11% and financial distribution income rose 16% to ₹590 crore. Q4 revenue grew 20% YoY to ₹644 crore, driven by retail (+22%) and institutional/IB (+67%). Employee costs rose sharply, impacting operational PBT which fell 22% for the year. The MTF book declined sequentially due to market volatility. Management highlighted resilience in domestic flows but flagged near-term headwinds from RBI margin regulations and geopolitical uncertainty. The company is well-capitalized with net worth of ₹3,000 crore and is exploring opportunities in alternative asset management. Key risk: sustained market volatility could further pressure broking volumes and MTF income.
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Average Daily Turnover (F&O + Cash)
₹3,22,886 crore
+3% QoQ
Q4 FY26 average daily turnover was ₹3,22,886 crore, virtually flat sequentially.
Financial Distribution AUM
₹52,000 crore
+68% YoY
AUM grew from ₹31,000 crore to ₹52,000 crore, driven by mutual funds, AIF, PMS, and fixed income.
Wealth Management AUM (High Net Worth Channel)
₹12,000 crore
new channel
The newly set up high net worth channel contributes roughly ₹12,000 crore of AUM.
MTF Book Interest Income
₹173 crore
flat YoY
MTF interest income was about ₹173 crore in FY26, similar to the prior year.
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Guidance and risk preview
Management aims to increase the number of wealth relationship managers from the current ~300, though no specific number was provided.
New RBI regulations effective July 2026 will increase working capital and margin requirements, likely causing a short-term impact on broking volume...
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