{"id":181438,"date":"2026-02-20T17:27:56","date_gmt":"2026-02-20T22:27:56","guid":{"rendered":"https:\/\/alphastreet.com\/india\/iifl-capital-services-limited-iiflcaps-q3-2026-earnings-call-transcript\/"},"modified":"2026-02-20T17:27:56","modified_gmt":"2026-02-20T22:27:56","slug":"iifl-capital-services-limited-iiflcaps-q3-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/iifl-capital-services-limited-iiflcaps-q3-2026-earnings-call-transcript\/","title":{"rendered":"IIFL CAPITAL SERVICES LIMITED (IIFLCAPS) Q3 2026 Earnings Call Transcript"},"content":{"rendered":"

IIFL CAPITAL SERVICES LIMITED (NSE: IIFLCAPS) Q3 2026 Earnings Call dated Feb. 11, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

R. Venkataraman<\/strong> \u2014 Managing Director<\/em><\/p>\n

Analysts:<\/h2>\n

Keshav Kanwa<\/strong> \u2014 Analyst<\/em><\/p>\n

Aditya Bhatia<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

operator<\/strong><\/p>\n

Sa. Foreign. Ladies and gentlemen, good day and welcome to IIFL Capital Services Limited Q3FY26 conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchscreen. Please note that the conference is being recorded. I now hand the conference over to Mr. R. Venkatraman. Thank you and over due sir.<\/p>\n

R. Venkataraman<\/strong> \u2014 Managing Director<\/em><\/p>\n

Thank you and good afternoon friends. Welcome to the Q3FY26 analyst call of IFL Capital. I am joined in this call with Ronald Gandhi who is our cfo. Despite a challenging global environment, the Indian economy has remained resilient, demonstrating growth with historically low inflation, improving labor market indicators and strengthening external financial buffers. Coordinated fiscal, monetary and structural policies have reinforced macroeconomic stability by supporting investment and consumption. The Trump tariff deal and a fiscally prudent budget with CAPEX focus ensures stable macroeconomic environment with a positive bias. The RBI has also raised its real GDP growth projection to 7.4% signaling confidence in the durability of domestic demand.<\/p>\n

However, global trade uncertainties and commodities and financial market volatility may cloud the external outlook. Coming to our results, consolidated operational revenues for the quarter stood at 586 crores, virtually flat on a quarter on quarter and in year on year basis. Coming to details on a quarter on quarter basis, retail broking income was 288 crores this quarter versus 271 crores in Q2 FY26 which is up 6% mostly on line of increased volumes. Institutional and investment banking revenues had decreased 14% to 160 crores which was 186 crores in the previous quarter. The financial product distribution income was up by 3% 134 crores versus 130 crores.<\/p>\n

Now coming to the expenses, we have seen an increase in the employee cost to 175 crores in this quarter from 154 crores in the previous quarter due to variable pay provisioning and a one time charge of rupees seven crores due to changes in labor laws. Depreciation increased by 13% on account of investment in branches. Fees and Commissioning expenses increased by 10% due to higher payouts which is now standing at 130 crores. Admin expense was up 5% to 91 crores. Operational profit before tax was 119 crores down 27% on a quarter on quarter basis primarily a count of increase of expenses other income was 135crores and this includes a gain of almost 90crores on sale of real estate property held in IFL facilities and also mark to market gains on BSE shares coming to year on year basis.<\/p>\n

Retail equities volume was 280crores 288crores this quarter versus 299crores in the Q3FY25 which is down 3%. Institutional and investment banking revenues decreased 6% 160crores this quarter versus 171crores in Q3FY25. FPD income financial products distribution income was 134crores versus 107crores up 25% because of increased focus on distribution income. Again we have seen an increase in employee cost. Employee cost increased 17% to 175 crores this quarter versus almost 150 crores in Q3 FY25 because of increase in headcount. Also apart from the variable pay provisions which I spoke about earlier and the 7 crore hit, depreciation increased 21% to 17 crores from 14 crores due to setup of new branches and investments in technology.<\/p>\n

Fees and commissions increased 10% to 130 crores because of higher payouts. Admin expense stood at 91 crores almost 30% increase because of increase in technology and branding and marketing costs. Operational PBT was 119 crores before the mark to market which is down almost 35% on year on year basis as I mentioned again because of increased expenses coming to some housekeeping numbers. Average daily turnover this quarter was 3.14,660 crores which was futures and options of 3.11,976 crores and a cash of 2,685 crores which was in the previous quarter 2.63,568 crores, FNO was 2.60,956 crores and cash was 2,612 crores which is up 19% and and the same was 2.78,267 in Q3 FY25.<\/p>\n

FNO was 2.75,520 crores and cash was 2,747 crores. Now there are other inputs, other updates I want to share with you. First and foremost there have been media reports regarding some investments in the company. We constantly explore strategic and other opportunities to enhance shareholder value. If and when there is a development that requires any disclosure LODR regulations, we will make it coming to income Tax Matters the Income Tax Department as you are aware of had conducted a search under section 132 in January 2025. In the course of the proceedings various matters examined in the holding company and the subsidiaries they are fully cooperated with the Department by furnishing all requisite information and evidences as sought from time to time as a prudential measure and without prejudice to our rights and contentions.<\/p>\n

On a consolidated basis we have paid an ad hoc taxes of 27 crores approximately and this has been accounted for this quarter as tax expense tax adjustment for prior years. The post search assessment proceedings are currently in progress and we continue to extend full cooperation. As of now there is no order demand notice at this point and hence potential impact at this point is is not a certain level. We believe after considering all available facts and records that there is no material adverse effect on the financial position of the group and no material adjustments are required to be made to the financial statement.<\/p>\n

With this I come to the end of my talk and we are open to handle any questions that you may have.<\/p>\n

Questions and Answers:<\/h2>\n

operator<\/strong><\/p>\n

Thank you very much sir. We will now begin with a question and answer session. Anyone who wishes to ask questions may please press Star and one on their touchtone phone. If you wish to withdraw yourself from the question queue, you may press star and 2. Participants are requested to use only handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. You may please press Star and one to ask questions. The first question is from the line of Keshav Kanma from White Vine Investments. Please go ahead sir.<\/p>\n

Keshav Kanwa<\/strong><\/p>\n

Hi sir. Thank you for the opportunity. How many RNs did you add this quarter? And also my second question is that when do you think wealth management business will break even and become profitable? Yeah.<\/p>\n

R. Venkataraman<\/strong><\/p>\n

Okay. To answer your second question first we believe that we are continuing to invest in the wealth management practice and I hope that at this point in time they are loss making but by next year we should be closer to breakeven. Second thing is about the rm. If you see we have two channels basically wealth as well as the private client group or the existing RM base. So effectively we have, 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 2, 3 RM’s this quarter in the wealth space and as I mentioned in the earlier call, this space is becoming increasingly competitive and recruitment we have faced, I think everybody is facing recruitment challenges and hence we are going slow in the way we are recruiting.<\/p>\n

So as you speak right now we have about 470 RMS on a combined wealth and the old private land group.<\/p>\n

Keshav Kanwa<\/strong><\/p>\n

My question was that by year end like in FY26, by your end, how many RMS do you see to add?<\/p>\n

R. Venkataraman<\/strong><\/p>\n

I think we’ll be adding maybe another 1015 RMS. Beyond that. I don’t think that will happen in the next two months.<\/p>\n

Keshav Kanwa<\/strong><\/p>\n

Okay, sir, thank you.<\/p>\n

operator<\/strong><\/p>\n

A reminder to all the participants that you may please press Star and one to ask questions. The next, the next question is from the line of Aditya Bhatia from Electron Capital. Please go ahead.<\/p>\n

Aditya Bhatia<\/strong><\/p>\n

Yeah, thank you for the opportunity. Just a question regarding the distribution assets. For the last nine months I’ve been seeing that the mix is increasing towards our TBR rather than the ARR which we expect towards wealth management. So just if your comments on that, that’d be really helpful.<\/p>\n

R. Venkataraman<\/strong><\/p>\n

No, actually if you see that mix between TBR and ARR has been broadly in the 60, 40 range. And I think last quarter we have seen some increase in the fixed income space because of increased allocation of fixed income like NCDs. So we would hope that in the going ahead also we’ll be in the 60 to 40 range or maybe 65, 35. I think last quarter we have seen some increase in TBR assets simply because of more NCDs and fixed income allocation.<\/p>\n

Aditya Bhatia<\/strong><\/p>\n

Okay, understood. So 65, 35 going forward.<\/p>\n

R. Venkataraman<\/strong><\/p>\n

60, 40. 65, 35, 60, 40. I think it’s better if you take at 60, 40.<\/p>\n

Aditya Bhatia<\/strong><\/p>\n

Okay. 60, 40. Okay. And secondly if you can give me the split between IE and IB income.<\/p>\n

R. Venkataraman<\/strong><\/p>\n

See basically last quarter I think instant was 100 crores. No, last year. Yes, broking was about 100 crores. In the 160 crores.<\/p>\n

Aditya Bhatia<\/strong><\/p>\n

Okay, understood. Okay. And yeah, I was wondering also if you can tell me what is the yield that we’re making on broking income for institution as well as retail.<\/p>\n

R. Venkataraman<\/strong><\/p>\n

I think the broking yields is like on the institutional business. I don’t have the data up front. Hello, I don’t have this data up front so maybe I’ll contact you offline and share that.<\/p>\n

Aditya Bhatia<\/strong><\/p>\n

Sure. Okay. That’s all from my end. Thank you. Thank you so much.<\/p>\n

R. Venkataraman<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

You may please press Star and one to ask questions at this time. Participants who wish us to ask questions may please press Star and one now.<\/p>\n

R. Venkataraman<\/strong><\/p>\n

If there are no more questions, I want to thank the participants and Raunak and I are available to answer any questions you have. So you can meet, you can connect offline also to discuss the same.<\/p>\n

operator<\/strong><\/p>\n

Thank you members of the management. Ladies and gentlemen, on behalf of IIFL Capital Services Limited, that concludes this conference. We thank you for joining us, and you may now disconnect your lines. Thank you.<\/p>\n

R. Venkataraman<\/strong><\/p>\n

Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

IIFL CAPITAL SERVICES LIMITED (NSE: IIFLCAPS) Q3 2026 Earnings Call dated Feb. 11, 2026 Corporate Participants: R. Venkataraman \u2014 Managing Director Analysts: Keshav Kanwa \u2014 Analyst Aditya Bhatia \u2014 Analyst Presentation: operator Sa. Foreign. Ladies and gentlemen, good day and welcome to IIFL Capital Services Limited Q3FY26 conference call. As a reminder, all participant lines […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,13842,10089],"class_list":["post-181438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-motherson","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":130749,"url":"https:\/\/alphastreet.com\/india\/emudhra-limited-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":181438,"position":0},"title":"eMudhra Limited Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 22, 2022","format":false,"excerpt":"Key highlights from eMudhra Limited (EMUDHRA) Q4 FY22 Earnings Concall \u00a0 Q&A Highlights: Himani Shah - Alchemy Capital - Analyst Impact on pricing on EMUDHRA products due to geopolitical factors? 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