IIFL Finance Ltd. (IIFL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-145.6%

-₹248.89

vs ₹545.40 price

Levered DCF

-₹6,397.82

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.53

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	11.02×	35.82×	7.25×	12.36×	9.12×	14.03×	5.43×	10.42×
P/B	1.31×	1.14×	1.24×	2×	1.63×	1.92×	0.57×	1.85×
P/S	1.37×	1.42×	1.3×	2.28×	1.5×	1.74×	0.56×	1.58×
EV / EBITDA	31.16×	70.72×	20.95×	24.36×	23.67×	34.35×	32.89×	27.49×
Gross margin	54.1%	58.0%	61.9%	59.3%	57.4%	55.9%	50.5%	49.1%
Operating margin	31.0%	7.1%	25.3%	26.7%	21.9%	16.9%	14.9%	22.2%
Net margin	12.4%	3.8%	17.4%	19.0%	16.9%	12.8%	10.3%	15.6%
Current ratio	19.82×	15.03×	14.82×	18.4×	43.61×	48.76×	18.72×	43.42×
Debt / equity	5.01×	4.15×	4.43×	4.45×	5.7×	6.05×	5.88×	6.09×
Interest coverage	0.73×	0.17×	0.66×	0.66×	0.51×	0.38×	0.3×	0.44×
Dividend yield	1.1%	0.0%	1.4%	1.0%	1.3%	1.1%	3.6%	2.4%
Payout ratio	12.0%	0.0%	10.3%	11.6%	11.2%	15.0%	19.7%	24.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.9%	3.1%	16.6%	16.7%	18.4%	14.1%	10.5%	18.2%
Return on invested capital	3.5%	0.9%	3.2%	8.5%	7.1%	1.9%	26.8%	2.4%
Return on assets	1.9%	0.6%	2.8%	2.8%	2.6%	1.9%	1.5%	2.4%
Free cash flow yield	6.3%	-34.3%	-46.5%	-28.9%	16.0%	-35.0%	34.8%	3.2%
Earnings yield	9.1%	2.7%	13.4%	8.3%	11.3%	7.3%	18.4%	9.9%
Enterprise value	₹816.2B	₹633.4B	₹576.7B	₹551.8B	₹392.4B	₹381.5B	₹273.3B	₹319.4B
Net debt / EBITDA	24.18×	54.98×	16.17×	16.41×	17.33×	25.02×	29.61×	20.57×
Cash conversion cycle (days)	-7	-4	-8	661	968	13	589	134