IFCI Limited

IFCI.BO

Financial - Credit Services · Financial Services

Price

₹80.90

-0.89 (-1.09%)

Market Cap

₹217.97B

Exchange

Bombay Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Exceptional

Stability

Weak

Valuation

Weak

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Share count rising — dilution

+24.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 2.10B (2022) → 2.62B (2026)

Winston Score History

The full picture

IFCI Limited is an Indian government-owned development finance institution that lends money to businesses and infrastructure projects across India. It provides long-term loans, financial guarantees, and advisory services mainly to companies in sectors like power, roads, manufacturing, and real estate. IFCI was India's first development finance institution, established in 1948, making it one of the oldest lenders of its kind in the country.

IFCI earns money primarily through interest income on the loans it gives out, along with fees from financial services and advisory work. It operates almost entirely within India and is majority-owned by the Indian government, which gives it a degree of stability and access to state-backed projects. However, IFCI has historically struggled with bad loans and weak asset quality, and its low return on invested capital of 1.9% signals that turning its large loan book into consistent profits remains a significant ongoing challenge.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+20.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-94.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

₹0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

73.1%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹247.2B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

IFCI Limited is a rare growth stock that's already generating positive cash flow while growing at 20%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

51.0%

Healthy — 51.0% gross margin

Profit after running costs

Operating Margin

14.2%

Healthy — 14.2% operating margin

Return on the money invested

ROCE

3.6%

Weak — 3.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-0.1%

Shrinking sales (-0.1% YoY)

Profit growth

EPS YoY

-47.5%

Earnings shrinking (-47.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

192%

Turns 192% of profit into real cash

Spare cash per sale

FCF Margin

16.5%

Converts sales into free cash efficiently (16.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

2.67x

Tight — interest eats into profit (2.7x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

126.4x

Expensive — P/E 126.4

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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