Scans

Tools

Home

Charts

Watchlist

Products

IL&FS Investment Managers Ltd

IVC

NSE

₹7.57-3.93%19 Oct 2026

Reports

NBFC Asset Management Companies

IL&FS Investment Managers Ltd

IVC

NSE

₹7.57

-3.93%

19 Oct 2026

SOICxStockScans Reports

Ask AI

NBFC Asset Management Companies

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.

IL&FS Investment Managers Ltd is a private equity fund manager that once raised and deployed capital for some of India’s largest institutional investors - but since the 2018 collapse of its parent, the IL&FS Group, it has been frozen in place, operating in what it calls “maintenance mode”. The company was incorporated in 1986 and built its business as the sponsor and manager of multiple generations of private equity, real estate, and infrastructure funds, earning fees for investing money on behalf of Indian and international institutions. Today, with its brand damaged, its fund terms expiring, and a stalled stake-sale process leaving its future in limbo, the recurring approach is not growth but a single-minded wind-down: divest what remains in the portfolio, return cash to investors, and keep the lights on while the parent tries to find a buyer.

Business segments

A single engine in run-off - a private equity fund manager that no longer raises new money, now focused entirely on selling down legacy investments and managing the tail of a shrinking infrastructure-debt and urban-finance portfolio through its subsidiaries.

1. Fund management: a fiduciary business in wind-down

The company earns management fees by looking after other people’s money, but almost all of its funds have reached or passed their end dates - so the fee pool shrinks with every asset sold.

Paid to manage, not to own - IIML acts as sponsor and investment manager to private equity funds, collecting management and advisory fees calculated on net invested capital, outstanding commitments, or disposition proceeds, with revenue recognised over the life of each fund.
The funds are expiring - the term of most existing funds has already ended, and others are approaching the end of their term, which has caused a significant reduction in fee revenue because the company earns fees only while the funds are active.
Divestment is the only mandate - with new fund-raising on hold pending a stake sale by IL&FS, the team has focused primarily on selling down the remaining portfolio investments, and fee-earning assets under management have been consistently declining as a result.
Investors walked away - after the IL&FS crisis, investors in some funds terminated their management contracts, and investors in one private equity fund initiated a process to end the management agreement, which the company challenged.

2. Infrastructure debt: a closed-ended loan book running off

Through a subsidiary, IIML manages an Infrastructure Debt Fund that operates like a mutual fund of infrastructure loans - but the schemes are closed-ended, so the asset pool only gets smaller.

A mutual fund for infrastructure loans - IL&FS Infra Asset Management Limited (86.61%-owned) is the asset manager of the IL&FS Mutual Fund, an Infrastructure Debt Fund registered under SEBI’s mutual fund regulations, with a separate 100%-owned trustee company providing oversight.
Five schemes left - the fund’s assets under management stood at ₹1,348.78 crore across 5 schemes as of March 2023, down from ₹16.7 billion across 7 schemes two years earlier, because the closed-ended structure means capital is returned to investors as loans mature and no new money flows in.
Fee income follows the AUM down - the company earns fee income from managing these schemes, recognised over time as services are provided, so every repayment shrinks the revenue base.

3. Urban infrastructure finance: a public-sector lending and project-management franchise

Two subsidiaries lend to municipalities and manage urban projects, mostly in Andhra Pradesh - a steady but concentrated fee stream that depends on government clients.

A lender to cities - IL&FS Urban Infrastructure Managers Limited (100%-owned) runs the Pooled Municipal Debt Obligations Facility, which provides long-tenure term loans to urban infrastructure projects across Indian cities, earning asset management fees of roughly 1% per year on the outstanding loan balance.
An end-to-end partner for Andhra Pradesh - Andhra Pradesh Urban Infrastructure Asset Management Limited (51% IIML, 49% state government) finances urban local bodies and delivers integrated project development and programme management, handling projects of around ₹132 billion as of FY23.
Concentration risk is real - APUIAML’s customers are urban local bodies and government authorities in a single state, and as of early 2026 the auditor flagged that unbilled revenue outstanding for more than a year ought to have been reversed, potentially overstating revenue and contract assets.

Group structure and partners

IIML is a subsidiary of a parent in resolution, with a simplified structure after recent mergers and a board dominated by the troubled promoter.

Infrastructure Leasing & Financial Services Limited owns 50.42% of IIML and has been trying to sell that stake since the 2018 crisis, with a fresh expression of interest invited in December 2023 and the process still underway as of May 2025.
The company’s six-person board includes three non-executive promoter nominee directors from IL&FS, alongside an independent chairman, one other independent director, and one executive director - and the NCLT has granted an exemption from the requirement to appoint independent and women directors.
Two wholly owned subsidiaries - IL&FS Asian Infrastructure Managers Limited and IIML Asset Advisors Limited - were amalgamated into IIML effective July 2024, eliminating duplicate entities and rationalising compliance costs since all three were in the same line of fund-management business.
The offshore subsidiary in Mauritius remains active as investment manager to two legacy funds, while the Singapore fund-management subsidiary was struck off in November 2024 after surrendering its licence in FY2019 with no operations or employees.
The 50:50 joint venture with Standard Chartered Bank, which managed an Asia infrastructure growth fund, was struck off in February 2025 after the fund completed all divestments and was wound up.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹243Cr

Close Price

₹7.75

Industry

NBFC Asset Management Companies

Price To Earnings

48.44

Price To Sales

4.25

Revenue

₹57Cr

Rev Gr TTM

Revenue Growth TTM

111.37%

PAT Gr TTM

PAT Growth TTM

-68.58%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	12	14	13	8	5	9	8	6	7	7	35	8
Growth YoY Revenue Growth YoY%	-26.4	-2.1	-24.7	-41.6	-55.3	-38.3	-42.5	-25.4	37.9	-21.0	364.5	40.9
Expenses ExpensesCr	13	14	10	12	5	9	6	8	6	11	31	10
Operating Profit Operating ProfitCr	-1	-1	3	-4	0	-1	1	-3	1	-5	4	-2
OPM OPM%	-12.0	-4.2	21.4	-52.6	-2.7	-6.6	16.4	-45.0	15.2	-69.0	10.7	-18.6
Other Income Other IncomeCr	3	3	3	2	3	5	7	3	4	2	3	2
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	2	2	6	-2	3	5	9	0	5	-3	6	3
Tax TaxCr	0	0	1	2	2	1	-4	0	1	0	2	2
PAT PATCr	2	2	5	-4	1	4	13	0	3	-3	4	1
Growth YoY PAT Growth YoY%	-64.5	-1.8	35.9	-220.0	-16.0	65.6	155.4	106.2	134.0	-179.0	-68.8	430.4
NPM NPM%	15.1	16.2	37.6	-47.9	28.3	43.5	167.2	4.0	48.0	-43.5	11.2	14.9
EPS EPS₹	0.1	0.0	0.1	-0.1	0.0	0.1	0.4	0.0	0.1	-0.1	0.1	0.1

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	12	14	13	8	5	9	8	6	7	7	35	8
Growth YoY Revenue Growth YoY%	-26.4	-2.1	-24.7	-41.6	-55.3	-38.3	-42.5	-25.4	37.9	-21.0	364.5	40.9
Expenses ExpensesCr	13	14	10	12	5	9	6	8	6	11	31	10
Operating Profit Operating ProfitCr	-1	-1	3	-4	0	-1	1	-3	1	-5	4	-2
OPM OPM%	-12.0	-4.2	21.4	-52.6	-2.7	-6.6	16.4	-45.0	15.2	-69.0	10.7	-18.6
Other Income Other IncomeCr	3	3	3	2	3	5	7	3	4	2	3	2
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	2	2	6	-2	3	5	9	0	5	-3	6	3
Tax TaxCr	0	0	1	2	2	1	-4	0	1	0	2	2
PAT PATCr	2	2	5	-4	1	4	13	0	3	-3	4	1
Growth YoY PAT Growth YoY%	-64.5	-1.8	35.9	-220.0	-16.0	65.6	155.4	106.2	134.0	-179.0	-68.8	430.4
NPM NPM%	15.1	16.2	37.6	-47.9	28.3	43.5	167.2	4.0	48.0	-43.5	11.2	14.9
EPS EPS₹	0.1	0.0	0.1	-0.1	0.0	0.1	0.4	0.0	0.1	-0.1	0.1	0.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	183	101	108	89	36	46	42	64	52	29	55	57
Growth Revenue Growth%	-4.8	-44.6	6.9	-18.1	-58.9	26.6	-9.7	54.7	-19.4	-44.0	88.8	111.4
Expenses ExpensesCr	96	85	83	74	55	48	42	57	51	32	56	59
Operating Profit Operating ProfitCr	87	17	25	15	-18	-2	0	8	1	-3	-2	-1
OPM OPM%	47.7	16.4	23.0	16.9	-49.9	-4.9	-0.6	11.7	2.6	-9.6	-2.8	-2.3
Other Income Other IncomeCr	8	14	11	14	12	12	16	11	14	18	11	10
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	20	17	12	9	1	0	0	0	0	0	0	0
PBT PBTCr	75	14	27	-8	-20	10	15	22	16	15	9	11
Tax TaxCr	19	7	9	6	0	0	2	5	4	0	4	6
PAT PATCr	56	7	18	-14	-20	10	13	17	12	14	5	6
Growth PAT Growth%	-23.2	-87.8	157.9	-177.4	-43.9	148.7	37.0	29.6	-29.1	18.2	-66.4	-68.6
NPM NPM%	30.7	6.8	16.3	-15.4	-54.0	20.8	31.5	26.4	23.2	49.0	8.7	9.9
EPS EPS₹	1.8	0.2	0.2	-0.5	-0.4	0.3	0.3	0.4	0.3	0.4	0.1	0.2

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	183	101	108	89	36	46	42	64	52	29	55	57
Growth Revenue Growth%	-4.8	-44.6	6.9	-18.1	-58.9	26.6	-9.7	54.7	-19.4	-44.0	88.8	111.4
Expenses ExpensesCr	96	85	83	74	55	48	42	57	51	32	56	59
Operating Profit Operating ProfitCr	87	17	25	15	-18	-2	0	8	1	-3	-2	-1
OPM OPM%	47.7	16.4	23.0	16.9	-49.9	-4.9	-0.6	11.7	2.6	-9.6	-2.8	-2.3
Other Income Other IncomeCr	8	14	11	14	12	12	16	11	14	18	11	10
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	20	17	12	9	1	0	0	0	0	0	0	0
PBT PBTCr	75	14	27	-8	-20	10	15	22	16	15	9	11
Tax TaxCr	19	7	9	6	0	0	2	5	4	0	4	6
PAT PATCr	56	7	18	-14	-20	10	13	17	12	14	5	6
Growth PAT Growth%	-23.2	-87.8	157.9	-177.4	-43.9	148.7	37.0	29.6	-29.1	18.2	-66.4	-68.6
NPM NPM%	30.7	6.8	16.3	-15.4	-54.0	20.8	31.5	26.4	23.2	49.0	8.7	9.9
EPS EPS₹	1.8	0.2	0.2	-0.5	-0.4	0.3	0.3	0.4	0.3	0.4	0.1	0.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	63	63	63	63	63	63	63	63	63	63	63
Reserves ReservesCr	334	246	205	177	160	147	148	154	140	142	128
Current Liabilities Current LiabilitiesCr	72	30	25	24	16	17	16	20	19	13	32
Non Current Liabilities Non Current LiabilitiesCr	8	5	14	15	12	10	10	10	8	0	0
Total Liabilities Total LiabilitiesCr	479	360	323	297	263	250	255	267	249	239	244
Current Assets Current AssetsCr	304	298	237	211	200	208	222	195	187	183	163
Non Current Assets Non Current AssetsCr	175	62	86	86	63	42	32	72	62	56	81
Total Assets Total AssetsCr	479	360	323	297	263	250	255	267	249	239	244

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	63	63	63	63	63	63	63	63	63	63	63
Reserves ReservesCr	334	246	205	177	160	147	148	154	140	142	128
Current Liabilities Current LiabilitiesCr	72	30	25	24	16	17	16	20	19	13	32
Non Current Liabilities Non Current LiabilitiesCr	8	5	14	15	12	10	10	10	8	0	0
Total Liabilities Total LiabilitiesCr	479	360	323	297	263	250	255	267	249	239	244
Current Assets Current AssetsCr	304	298	237	211	200	208	222	195	187	183	163
Non Current Assets Non Current AssetsCr	175	62	86	86	63	42	32	72	62	56	81
Total Assets Total AssetsCr	479	360	323	297	263	250	255	267	249	239	244

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	92	28	-4	75	-23	11	6	0	0	-9	21
Investing Cash Flow Investing Cash FlowCr	21	24	-10	-51	34	-6	-15	0	0	19	-5
Financing Cash Flow Financing Cash FlowCr	-47	-41	-20	-20	-10	-19	-9	0	0	-22	-26
Net Cash Flow Net Cash FlowCr	67	11	-33	4	2	-14	-18	0	0	-11	-9
Free Cash Flow Free Cash FlowCr	92	32	-4	75	-23	11	6	0	0	-9	21
CFO To PAT CFO To PAT%	164.0	413.1	-21.5	-549.9	114.8	112.2	49.0	0.0	0.0	-62.5	447.4
CFO To EBITDA CFO To EBITDA%	105.5	170.5	-15.3	502.7	124.3	-470.9	-2,601.5	0.0	0.0	318.2	-1,401.8

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	92	28	-4	75	-23	11	6	0	0	-9	21
Investing Cash Flow Investing Cash FlowCr	21	24	-10	-51	34	-6	-15	0	0	19	-5
Financing Cash Flow Financing Cash FlowCr	-47	-41	-20	-20	-10	-19	-9	0	0	-22	-26
Net Cash Flow Net Cash FlowCr	67	11	-33	4	2	-14	-18	0	0	-11	-9
Free Cash Flow Free Cash FlowCr	92	32	-4	75	-23	11	6	0	0	-9	21
CFO To PAT CFO To PAT%	164.0	413.1	-21.5	-549.9	114.8	112.2	49.0	0.0	0.0	-62.5	447.4
CFO To EBITDA CFO To EBITDA%	105.5	170.5	-15.3	502.7	124.3	-470.9	-2,601.5	0.0	0.0	318.2	-1,401.8

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	506	434	537	148	61	121	210	185	294	280	195	243
Price To Earnings Price To Earnings	9.6	69.1	34.9			15.4	26.8	15.5	29.2	21.2	51.8	48.4
Price To Sales Price To Sales	2.7	3.9	4.6	1.5	1.4	2.1	3.7	2.5	4.5	6.4	3.0	4.3
Price To Book Price To Book	1.3	1.4	2.0	0.6	0.3	0.6	1.0	0.9	1.4	1.4	1.0	1.3
EV To EBITDA EV To EBITDA	4.6	18.1	18.2	-0.6	5.6	25.0	-71.8	4.2	113.3	-51.4	-72.0	-125.0
Profitability Ratios Profitability Ratios
GPM GPM%	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
OPM OPM%	47.7	16.4	23.0	16.9	-49.9	-4.9	-0.6	11.7	2.6	-9.6	-2.8	-2.3
NPM NPM%	30.7	6.8	16.3	-15.4	-54.0	20.8	31.5	26.4	23.2	49.0	8.7	9.9
ROCE ROCE%	18.9	4.5	9.9	-3.3	-8.9	4.7	7.2	10.0	7.7	7.1	4.7	4.7
ROE ROE%	14.2	2.2	6.6	-5.7	-8.8	4.6	6.2	7.8	6.0	6.9	2.5	2.5
ROA ROA%	11.7	1.9	5.5	-4.6	-7.5	3.8	5.2	6.4	4.8	6.0	2.0	2.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	506	434	537	148	61	121	210	185	294	280	195	243
Price To Earnings Price To Earnings	9.6	69.1	34.9			15.4	26.8	15.5	29.2	21.2	51.8	48.4
Price To Sales Price To Sales	2.7	3.9	4.6	1.5	1.4	2.1	3.7	2.5	4.5	6.4	3.0	4.3
Price To Book Price To Book	1.3	1.4	2.0	0.6	0.3	0.6	1.0	0.9	1.4	1.4	1.0	1.3
EV To EBITDA EV To EBITDA	4.6	18.1	18.2	-0.6	5.6	25.0	-71.8	4.2	113.3	-51.4	-72.0	-125.0
Profitability Ratios Profitability Ratios
GPM GPM%	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
OPM OPM%	47.7	16.4	23.0	16.9	-49.9	-4.9	-0.6	11.7	2.6	-9.6	-2.8	-2.3
NPM NPM%	30.7	6.8	16.3	-15.4	-54.0	20.8	31.5	26.4	23.2	49.0	8.7	9.9
ROCE ROCE%	18.9	4.5	9.9	-3.3	-8.9	4.7	7.2	10.0	7.7	7.1	4.7	4.7
ROE ROE%	14.2	2.2	6.6	-5.7	-8.8	4.6	6.2	7.8	6.0	6.9	2.5	2.5
ROA ROA%	11.7	1.9	5.5	-4.6	-7.5	3.8	5.2	6.4	4.8	6.0	2.0	2.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26