Whalesbook
Toh scene kya hai? IIFL Finance ne strategy change ki hai, risky lending ko bye-bye keh diya aur ab core business par zyada focus kar rahe hain. Iss wajah se company ki financial health ekdum mast ho gayi hai.
Quarter 4 FY26 ke results dekh lo, consolidated profit after tax seedha 148% saal-dar-saal badh kar ₹623 crore pahunch gaya. Total income bhi 51% badh kar ₹2,090 crore ho gayi. Yeh sab tab hua jab company ne risky loans jaise property-backed micro-loans aur personal loans se bahar nikalne ka plan banaya. Iska asar dekho, gross NPAs (kharab loans) 77 basis points kam hokar sirf 1.5% reh gaye hain, aur Net NPAs toh 0.7% hain.
Ab baat karte hain Gold Loans ki, bhai! Is segment mein toh AUM 150% saal-dar-saal aur 21% quarter-on-quarter badh kar ₹52,581 crore tak pahunch gaya. Isme GNPA toh ekdum zero ke kareeb, sirf 0.35% hai. Home finance AUM stable hai, aur microfinance bhi ab theek ho raha hai. Operating profit (loan loss provision se pehle) bhi 80% badha hai, jo ₹1,173 crore hai. Company ki capital adequacy bhi 25.3% par solid hai. Stock price April 2026 ke end mein ₹446 ke aas-paas tha, jo ki 52-week high ₹675 se kaafi neeche hai. Toh potential lagta hai!
Valuation ki baat karein toh, company FY27 ke liye 1.2x price-to-book value aur 8x projected earnings par trade kar rahi hai. Indian NBFC sector ka average P/E 23.7x hai, toh IIFL Finance yahan undervalued lag raha hai. Jabki baaki NBFCs 15-17% grow karenge FY26 mein, IIFL ka risk-free strategy use clean growth de sakta hai, jo competitors ko shayad na mile jo abhi bhi purane issues se deal kar rahe hain.
Lekin haan, kuch risks bhi hain. Motilal Oswal ne 'Buy' rating dekar target ₹600 rakha hai, lekin HSBC ne apna target ₹510 kar diya hai. Analyst targets ₹510 se lekar ₹840 tak hain, matlab sabki rai thodi alag hai. Microfinance sector mein abhi bhi challenges hain, aur gold price mein bade changes AUM ko affect kar sakte hain. Company ne regulatory oversight bhi dekhi hai, toh compliance aur rules par dhyan dena zaroori hai.
Analysts overall positive hain, 4 ne 'Strong Buy' kaha hai aur average 12-month target ₹620 hai. Kuch estimates toh ₹840 tak jaa rahi hain. S&P Global Ratings ne bhi outlook 'positive' kar diya hai, unka kehna hai ki gold loan market share badh raha hai aur capitalization bhi achhi hai. IIFL Finance ne FY27 ke liye ₹10,000 crore tak fund raise karne ki approval bhi le li hai, jo unki future growth confidence dikhata hai. Management ka target hai ki next year credit cost 2% se kam rahe aur 2-3 saal mein ROE 18%-20% tak pahunche.