IIFL Capital Services Limited (IIFLCAPS)

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IIFL Capital Services Limited (IIFLCAPS) · mywealthgrid

About

IIFL Capital Services operates in stockbroking and capital markets services within India's Financials sector. With ₹10,438 Cr market cap and standalone quarterly revenues of ₹500–644 Cr, it generates operating margins of 35% and ROE of 20.15%, positioning it as a profitable incumbent in the broking space.

Face value: ₹2

Market cap

₹10,762 Cr

P/E

18.8×

P/B

3.5×

Dividend yield

1.7%

ROE

20.1%

ROCE

—

Debt / equity

0.59

OPM

35%

EPS (TTM)

₹18.4

Book value

₹98.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Margin volatility: Operating margins swing 10%+ quarter-to-quarter (32–43%); verify which revenue streams drive the swings and whether client or market concentration is at play.
Revenue unpredictability: Quarterly revenue varies ₹500–644 Cr; identify top revenue pools and their cyclicality (trading volumes, advisory, transaction fees).
Market-participation cyclicality: Broking profitability is tied to equity trading volumes and client market activity; model earnings under reduced participation and identify hedges.
Low domestic institutional participation: DII holding just 4.7%; research whether this reflects product gaps, pricing, or competitive disadvantage vs. emerging brokers.

Generated analysis · source review pending

Growth drivers

ROE of 20.15% indicates profitable capital deployment; growth depends on expanding the client base or revenue per client—verify whether market share is expanding in retail or institutional broking.
Operating margins around 35% provide buffer for growth; track whether incremental revenues maintain margins or face compression as markets become more competitive.
Quarterly net profits of ₹85–189 Cr generate substantial cash; verify management's reinvestment strategy and appetite to deploy capital into adjacent businesses (wealth, advisory, fintech).
D/E n/a shows zero financial leverage; the company has capacity to fund growth, M&A, or shareholder returns through debt if needed—confirm management's capital allocation priorities.

Generated analysis · source review pending

1,734 historical price candles were omitted because the exchange source has not been verified.

₹345.6+0.2%1Y

Quick read

rule-based

Pros

+Strong return on equity of 28.7% (3-yr avg)
+Healthy operating margin of 35%
+Profit CAGR of 20.6% over the last 5 years
+Revenue CAGR of 25.1% over the last 5 years
+Dividend payout of 32.6% of profit

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

64/100

Business quality: 64
Growth: 60
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	835	835	724	791	1,232	1,352	2,161	2,405	2,420
	523	499	433	487	749	887	1,287	1,408	1,572
	311	336	291	303	483	465	874	997	848
OPM %	37.3%	40.2%	40.2%	38.4%	39.2%	34.4%	40.5%	41.5%	35%
Depreciation	—	—	55	46	63	67	114	55	65
Interest	145	115	102	50	102	76	148	180	210
	392	302	168	77	84	18	70	162	183
Profit before tax	274	258	301	285	402	341	683	925	756
Tax	93	87	68	64	96	91	169	212	193
Tax %	34%	33.6%	22.4%	22.6%	23.9%	26.7%	24.8%	22.9%	25.5%
	181	171	234	220	306	250	513	713	564
PAT margin %	21.6%	20.5%	32.3%	27.9%	24.8%	18.5%	23.8%	29.6%	23.3%
EPS (₹)	5.7	5.4	7.3	7	10.1	8.2	16.7	23.1	18.1
EPS adjusted (₹)	5.7	5.4	7.3	7.3	10.1	8.2	16.7	23	18
	0%	0%	27.3%	14.3%	29.7%	36.5%	17.9%	13%	—
Annual report	—	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	64	64	64	61	61	61	62	62	62
Reserves	351	560	816	907	1,121	1,289	1,725	2,445	3,003
Minority interest	—	—	—	—	—	—	2	3	5
	588	1,147	459	292	607	486	1,154	937	1,821
	1,433	1,091	1,095	2,285	4,252	3,401	4,933	4,509	4,666
Total equity & liabilities	2,436	2,862	2,434	3,544	6,041	5,237	7,875	7,956	9,558
	465	508	371	425	406	363	302	311	231
CWIP	64	84	130	132	3	1	1	2	1
Investments	225	159	231	74	228	90	159	486	390
	1,682	2,111	1,702	2,914	5,405	4,784	7,412	7,157	8,936
Total assets	2,436	2,862	2,434	3,544	6,041	5,237	7,875	7,956	9,558

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Capital market activity	2,205.72	631.91	9,005.31	6,288.95	2,716.36	23.26
Insurance Broking	284.7	21.74

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	40.2%	40.2%	38.4%	39.2%	34.4%	40.5%	41.5%	35%
EBIT margin %	40.2%	32.6%	32.6%	34%	29.4%	35.2%	39.2%	32.4%
PAT margin %	20.5%	32.3%	27.9%	24.8%	18.5%	23.8%	29.6%	23.3%
Working capital
Receivable days	11	16	16	8	—	—	—	—
Inventory days	—	11	2	0	0	0	0	0
Payable days	—	—	—	—	—	—	—	—
NWC days	—	—	—	—	—	—	—	—
Leverage
Current ratio	—	—	—	—	—	—	—	—
Debt to EBITDA	3.42	1.58	0.96	1.26	1.04	1.32	0.94	2.15
Debt to equity	1.84	0.52	0.3	0.51	0.36	0.65	0.37	0.59
Interest coverage	3.3	3	6.7	5	5.5	5.6	6.1	4.6
Asset turnover	0.29	0.3	0.22	0.2	0.26	0.27	0.3	0.25
Return ratios
Return on assets %	6%	9.6%	6.2%	5.1%	4.8%	6.5%	9%	5.9%
Return on capital employed %	—	—	—	—	—	—	—	—
Return on equity %	27.5%	26.6%	22.8%	25.9%	18.5%	28.7%	28.4%	18.4%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	31.11%	30.97%	30.9%	30.88%	30.79%	30.71%	30.7%	31.02%	30.98%	30.93%	30.87%	30.67%
	13.59%	15.54%	15.18%	17.51%	19%	19.12%	18.98%	17.24%	16.93%	16.51%	16.33%	15.34%
	3.31%	3.29%	3.37%	3.18%	3.7%	3.99%	4.31%	4.92%	5.03%	5.39%	5.57%	4.72%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	51.99%	50.2%	50.55%	48.43%	46.51%	46.18%	46.01%	46.82%	47.06%	47.17%	47.23%	49.27%
No. of shareholders	—	—	—	—	—	—	—	—	74,006	67,865	66,511	70,558

Promoter holding down 0.44 percentage points since Sep 2023.

4 deals · 16 Aug 2023 – 25 Jan 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
25 Jan 2024	MARSHALL WACE INVESTMENT STRATEGIES - EUREKA FUND	Block	BSE	Buy	6,95,353	₹176.25	₹12.26 Cr
25 Jan 2024	BNP PARIBAS ARBITRAGE	Block	BSE	Sell	6,95,353	₹176.25	₹12.26 Cr
16 Aug 2023	HAMBLIN WATSA INVESTMENT COUNSEL LIMITED A/C HWIC ASIA FUND CLASS A SHARES	Bulk	BSE	Sell	60,00,000	₹65.67	₹39.40 Cr
16 Aug 2023	AALIDHRA TEXTOOL ENGINEERS PRIVATE LIMITED	Bulk	BSE	Buy	32,05,809	₹65.45	₹20.98 Cr

1–4 of 4

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Ms. REKHA GOPAL WARRIARNon-Executive - Independent Director-Chairperson
Mr. NARENDRA DESHMAL JAINExecutive Director
Mr. VENKATARAMAN RAJAMANIExecutive Director
Mr. ANAND SHAILESH BATHIYANon-Executive - Independent Director
Mr. SHAMIK DAS SHARMANon-Executive - Independent Director
Mr. VISWANATHAN KRISHNANNon-Executive - Independent Director
Mr. Ronak GandhiChief Financial Officer
Ms. Meghal ShahCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 4 fund houses

Held by these funds

0.79%

of the company's equity

All mutual funds

1.12%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

7 schemes · 4 fund houses

		Shares
Small Cap FundNEW	ICICI Prudential Mutual Fund	13.98 L	47.11	0.48%	0.449%	—
Exports and Services Fund	ICICI Prudential Mutual Fund	6.84 L	23.04	1.49%	0.22%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	3.06 L	10.31	0.41%	0.098%	-6,700
Banking and Financial Services Fund	Bajaj Finserv Mutual Fund	70,119	2.36	0.47%	0.023%	+37,119
IB41-Groww Nifty India Internet ETF	Groww Mutual Fund	9,431	0.32	0.74%	0.003%	+591
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	2,095	0.07	0.02%	0.001%	+10
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	351	0.01	0.02%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

7

Interim dividend16 Feb 2026 · ex-date₹3
Interim dividend17 Feb 2025 · ex-date₹3
Interim dividend15 Mar 2024 · ex-date₹3
Interim dividend3 Feb 2023 · ex-date₹3
Interim dividend3 Feb 2022 · ex-date₹3
Interim dividend18 Mar 2021 · ex-date₹1
Interim dividend13 Feb 2020 · ex-date₹2

1

Board meeting to consider results23 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

131 announcementsExport CSV

1 Oct 2026, 4:08 pmCompany Update

Announcement Under Regulation 30 Of SEBI (Listing Obligation And Disclosure Requirement) Regulations, 2015

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	40.2%	40.2%	38.4%	39.2%	34.4%	40.5%	41.5%	35%
EBIT margin %	40.2%	32.6%	32.6%	34%	29.4%	35.2%	39.2%	32.4%
PAT margin %	20.5%	32.3%	27.9%	24.8%	18.5%	23.8%	29.6%	23.3%
Working capital
Receivable days	11	16	16	8	—	—	—	—
Inventory days	—	11	2	0	0	0	0	0
Payable days	—	—	—	—	—	—	—	—
NWC days	—	—	—	—	—	—	—	—
Leverage
Current ratio	—	—	—	—	—	—	—	—
Debt to EBITDA	3.42	1.58	0.96	1.26	1.04	1.32	0.94	2.15
Debt to equity	1.84	0.52	0.3	0.51	0.36	0.65	0.37	0.59
Interest coverage	3.3	3	6.7	5	5.5	5.6	6.1	4.6
Asset turnover	0.29	0.3	0.22	0.2	0.26	0.27	0.3	0.25
Return ratios
Return on assets %	6%	9.6%	6.2%	5.1%	4.8%	6.5%	9%	5.9%
Return on capital employed %	—	—	—	—	—	—	—	—
Return on equity %	27.5%	26.6%	22.8%	25.9%	18.5%	28.7%	28.4%	18.4%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Billionbrains Garage Ventures LimitedGROWWGROWW	₹1,12,994 Cr	₹1,13,218 Cr	₹5,242 Cr	₹3,234 Cr	59.1%	₹2,440 Cr	44.9%	29.4%	21.6%	-1,528
Motilal Oswal Financial Services LimitedMOTILALOFSMOTILALOFS	₹59,602 Cr	₹80,857 Cr	₹10,063 Cr	₹4,120 Cr	41.3%	₹1,980 Cr	20%	—	15.6%	—
360 One Wam Limited360ONE360ONE	₹42,297 Cr	₹57,749 Cr	₹4,638 Cr	₹2,875 Cr	62.1%	₹1,262 Cr	27.9%	—	14.4%	—
Nuvama Wealth Management LimitedNUVAMANUVAMA	₹31,051 Cr	₹42,594 Cr	₹4,884 Cr	₹2,554 Cr	52.7%	₹1,083 Cr	22.5%	—	27.4%	—
Angel One LimitedANGELONEANGELONE	₹25,280 Cr	₹33,159 Cr	₹5,426 Cr	₹2,028 Cr	35.4%	₹1,032 Cr	17.8%	—	15.6%	—
IIFL Capital Services LimitedIIFLCAPSIIFLCAPS	₹10,762 Cr	₹12,583 Cr	₹2,434 Cr	₹853 Cr	35%	₹572 Cr	23.3%	—	20.1%	—
Share India Securities LimitedSHAREINDIASHAREINDIA	₹4,487 Cr	₹5,158 Cr	₹1,577 Cr	₹633 Cr	38.8%	₹363 Cr	22.1%	—	13%	—
Anand Rathi Share And Stock Brokers LimitedARSSBLARSSBL	₹3,283 Cr	₹4,114 Cr	₹977 Cr	₹401 Cr	40.7%	₹130 Cr	13.9%	23.9%	14%	-3,037
Monarch Networth Capital LimitedMONARCHMONARCH	₹2,718 Cr	₹2,744 Cr	₹365 Cr	₹255 Cr	69.3%	₹181 Cr	48.7%	28.3%	20.5%	-1,399
Geojit Financial Services LimitedGEOJITFSLGEOJITFSL	₹2,113 Cr	₹2,177 Cr	₹678 Cr	₹145 Cr	24%	₹73 Cr	12.5%	—	6.8%	—
Smc Global Securities LimitedSMCGLOBALSMCGLOBAL	₹2,074 Cr	₹4,072 Cr	₹1,967 Cr	₹383 Cr	20.1%	₹109 Cr	5.5%	—	8.1%	—
Algoquant Fintech LimitedALGOQUANTALGOQUANT	₹1,898 Cr	₹1,929 Cr	₹235 Cr	₹53 Cr	22.4%	₹33 Cr	14.2%	17.6%	24.8%	2

Date	Category	Subject	Filing
1 Oct 2026, 4:08 pm	Company Update General	Announcement Under Regulation 30 Of SEBI (Listing Obligation And Disclosure Requirement) Regulations, 2015	PDF
28 Sept 2026, 6:20 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
22 Sept 2026, 3:03 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
11 Sept 2026, 7:20 pm	Company Update General	Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015	PDF
11 Sept 2026, 7:18 pm	Others Outcome without intimation	Board Meeting Outcome for Outcome Of The Meeting Of Board Of Directors	PDF
10 Sept 2026, 7:30 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
9 Sept 2026, 6:42 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
31 Aug 2026, 6:20 pm	Company Update General	Intimation Under Regulation 30 Of Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-266	804	352	152	795	-793	-118	871	-1,070
	-95	-153	16	148	-86	163	-74	-177	314
	536	-522	-514	-361	108	-296	430	-490	568
Net cash flow	175	129	-146	-62	817	-925	239	204	-187
Free cash flow	—	—	290	-1	777	-806	-149	823	-1,098
CFO / Operating profit %	-85.4%	239.4%	120.8%	50.1%	164.6%	-170.6%	-13.5%	87.4%	-126.1%

IIFL Capital Services Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

7

1

Announcements

7

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Capital market activity · revenue

IIFL Capital Services Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends7

Board meetings1

Announcements

Ratio timeline

Dividends7

Board meetings1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Capital market activity · revenue

Quarterly record

Bulk & block deals

Board and management

7

1

7

1