IFCI Limited

IFCI.BO

Financial - Credit Services · Financial Services

Exchange

Bombay Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

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.

Winston Score History

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

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

Gross Margin

62.6%

Premium pricing power — 62.6% gross margin

Operating Margin

24.4%

Excellent — 24.4% operating margin

ROCE

0.9%

Weak — 0.9% 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 YoY

+4.9%

Slow sales growth (+4.9% YoY)

EPS YoY

+1.5%

Flat earnings

Single-digit earnings growth — steady but not exciting.

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion

185%

Turns 185% of profit into real cash

FCF Margin

16.1%

Converts sales into free cash efficiently (16.1%)

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

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Stability

Debt / Equity

0.39

Conservative — low debt load (0.39)

Interest Cover

1.95x

Dangerous — barely covers interest (1.9x)

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

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Valuation

P/E Ratio (TTM)

110.4x

no trend

Expensive — P/E 110.4

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

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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