- **IIFL Capital Services is fundamentally a research house that learned to trade - it began in 1995 as an equity research firm founded by first-generation entrepreneurs, built a retail brokerage on top of that insight, and then spent three decades layering on institutional execution, investment banking, and wealth management, all anchored to the same idea: if you understand companies deeply, you can serve every constituency that touches them. The company was demerged from its former parent over 2019-2022 into a standalone listed entity, and in 2024 it renamed itself from IIFL Securities to IIFL Capital Services, signalling a deliberate pivot from earning commissions on transactions to gathering assets and managing wealth for the long term. The recurring approach that explains the whole structure is a three-pillar philosophy - research, technology, and talent - applied across every business line, so that the same analyst coverage that wins a sovereign wealth fund’s trading mandate also populates the model portfolio of a domestic family office.** # Business segments Three engines built on a single research core - a broking and wealth franchise that gathers assets from over three million Indians, an institutional platform that converts research into execution for a thousand global funds, and an investment bank that uses both distribution networks to lead India’s IPO league tables. ## 1. Broking and wealth management: where trading relationships become long-term assets **A phygital network of branches, partners and a highly rated app brings retail and affluent clients onto the platform, where relationship managers then convert active traders into fee-generating wealth mandates.** - **Research is the front door** - the company was founded on equity research, and every broking client receives research-backed advisory rather than bare execution, which is why the mobile app ‘IIFL Markets’ carries a 4.3 rating and has been downloaded over 12.3 million times. - **Phygital reach, not just digital** - 100-plus branches and 2,600-plus external partners across 2,000 towns feed a pipeline that digital-only platforms cannot replicate, with roughly 50,000 new customers added in a single quarter. - **Segmented by net worth, not just activity** - clients with financial assets above ₹10 million are served by a Private Client Group, those in the ₹1-10 million band by franchisees, creating a natural escalator into wealth management as clients grow richer. - **Trading funds the wealth pivot** - the margin trading book stood at ₹14.5 billion, and equity assets held in demat accounts reached ₹1,775 billion, giving the firm a captive pool of assets to cross-sell into mutual funds, PMS, AIFs and insurance. - **Closed-loop cross-sell** - active traders are systematically converted into wealth clients through a model that layers on lending, structured solutions and family-office services, so that distribution AUM reached ₹521 billion, with mutual funds alone accounting for ₹211.7 billion. ## 2. Institutional equities: a research engine that global funds pay to access **A team of 48 analysts covering 318 stocks - more than 72% of India’s market capitalisation - feeds ideas to approximately 1,100 institutional clients through sales desks in Mumbai, Singapore, London and New York.** - **Coverage breadth is the moat** - the research team has grown steadily from 30 analysts covering 225 stocks to 48 analysts covering 318 stocks, spanning 20-plus sectors, which makes the firm a “port of call for most investors” entering India. - **Execution, not just ideas** - the platform offers Direct Market Access, algorithmic trading, high-touch block trading and a dedicated derivatives desk, upgraded with a next-generation Order Management System and servers colocated at the exchange for ultra-low latency. - **Global distribution, local depth** - clients include sovereign wealth funds, pension funds, mutual funds, insurers and hedge funds across 60 countries, and the firm holds its flagship “Enterprising India” conference in Mumbai with over 165 corporates and 800-plus investors. - **An alternatives desk that others lack** - a differentiated team offers ideas around special situations, index inclusions and exclusions, rebalancing and momentum themes, which broadens the revenue opportunity beyond plain-vanilla cash equities. ## 3. Investment banking: the banker of choice for India’s entrepreneurial mid-cap **A top-ranked IPO franchise that can fill all three buckets of a public offering - retail, HNI and institutional - using the group’s own distribution pipes, without depending on outside syndicates.** - **Number one by deal count** - the firm held a 25.9% market share of mainboard IPOs in FY2026 and completed 45 transactions across capital markets and advisory that year, including five IPOs and three private-placement deals in the final quarter alone. - **Own distribution is the differentiator** - because the group already serves over three million retail customers, a large HNI base and 1,100 institutions, it can place IPO paper across every investor category without relying on third-party distributors, which is rare among Indian investment banks. - **Mid-cap roots, moving up** - the franchise is firmly entrenched in mid-cap IPOs and has been expanding into larger transactions, while also diversifying into debt deals and M&A advisory to reduce dependence on equity capital markets cycles. - **Repeat business proves the model** - the strategy is explicitly built around being the “Banker of choice” for entrepreneurs, with repeat mandates forming a hallmark of the franchise, and the firm has won industry awards including “India Equity House” from IFR Asia. # Research **The firm’s single shared capability - a 48-person team covering 318 stocks - powers every business line, from the institutional trading desk in New York to the wealth manager advising a family office in Delhi.** - **Coverage that mirrors the market** - the 318 stocks span large-caps (79 above US$10 billion), mid-caps and small-caps, together representing over 72% of India’s total market capitalisation, so the research is relevant to global funds and domestic retail alike. - **Ideas flow both ways** - institutional equities converts research into execution and liquidity, while private wealth translates the same ideas into client portfolios and asset-allocation strategies, creating a single cost base that serves two revenue streams. - **Built, not bought** - the company was founded as Probity Research in 1995, and research has been the foundation ever since; the team has grown steadily over three decades rather than being assembled through acquisitions. # Group structure and partners **A listed entity with a long-standing strategic shareholder in Fairfax Financial, a growing asset-management subsidiary, and a network of insurance and facilities arms that support the core capital-markets franchise.** - **Fairfax is gaining control** - Fairfax Group entities (the Acquirer and PAC together) held 24.67% as of the PA date and launched a mandatory open offer to acquire up to 26% more, with a parallel preferential issue and promoter share sale designed to take total holding to 51%, giving Fairfax the right to nominate two non-executive directors. - **Asset management is being consolidated** - the wholly owned subsidiary IIFL Capital Asset Management Limited (formerly IIFL Securities Alternate Asset Management Limited) was renamed in 2025 to serve as investment manager to AIFs and PMS, and the group is transferring both the AIF and PMS businesses into it via slump sales, creating a dedicated asset-manufacturing entity. - **Insurance and wellness sit in separate subsidiaries** - Livlong Insurance Brokers Limited holds a direct broker licence from IRDAI, while Livlong Protection and Wellness Solutions Limited obtained a composite corporate agent licence in December 2024, enabling it to solicit life, general and health insurance. - **A GIFT City presence is underway** - in May 2026 the company incorporated IIFL Capital (IFSC) Limited in Gujarat’s GIFT City to act as a broker-dealer and distributor under IFSCA regulations, extending the platform into India’s international financial centre. - **Governance and scale** - the board has 50% independent directors with a separate chairperson and managing director, the company holds a CRISIL AA-/Stable long-term rating, and it employs 1,558 people with ISO certifications in information security, business continuity and environmental management.