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IVC - IL&FS Inv.Manag.

📊 NSE: IVC 🏢 Finance & Investments 📅 Last Updated: 12/14/2025 7:56

📢 Recent Corporate Announcements

IL&FS Investment Managers Announces Resignation of Nominee Director Kaushik Modak

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 20 Feb 2026, 09:16 PM

Mr. Kaushik Modak has resigned from his position as a Non-Executive Nominee Director of IL&FS Investment Managers Limited (IVC) effective February 20, 2026. The resignation is attributed to personal reasons, and the holding company, Infrastructure Leasing & Financial Services Limited, has concurrently withdrawn his nomination. Consequently, Mr. Modak will also step down from all board committee memberships. The company has confirmed there are no other material reasons for this departure beyond those stated.

Mr. Kaushik Modak resigned as Non-Executive Nominee Director effective February 20, 2026.
The holding company, Infrastructure Leasing & Financial Services Limited, has withdrawn his nomination.
Mr. Modak will cease to be associated with the company in any capacity, including board committee memberships.
The company confirmed that the resignation is due to personal reasons with no other material factors involved.

💡 This is a routine board-level change involving a nominee director and is unlikely to impact the company's day-to-day operations. Investors should maintain their current positions while monitoring the broader IL&FS group resolution progress.

IL&FS Investment Managers Reports Nil Physical Share Transfer Re-lodgement Requests

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Feb 2026, 03:39 PM

IL&FS Investment Managers Limited has submitted its report regarding requests for the re-lodgement of physical share transfers for the period between December 1, 2025, and January 6, 2026. This filing is in compliance with SEBI's circular dated July 2, 2025, which provided a special window for such requests. The Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirmed that zero requests were received during this timeframe. Consequently, no shares were processed, approved, or rejected under this specific regulatory provision.

Reporting period covered from December 1, 2025, to January 6, 2026
Total number of re-lodgement requests for physical share transfers received was NIL
Zero requests were processed, approved, or rejected during the specified period
Compliance filing made under SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97

💡 No action is required as this is a routine regulatory filing with no material impact on the company's business or stock price. Investors should focus on the company's core financial performance.

IVC Appoints Nominee Director Amid Auditor Warnings on Going Concern and SFIO Probe

🔴 NEGATIVE ⭐ 8/10

MANAGEMENT 📅 13 Feb 2026, 09:11 PM

IL&FS Investment Managers (IVC) has appointed Ms. Jayashree Ramaswamy, the Group CFO of IL&FS, as a Nominee Director effective February 13, 2026. While the board approved financial results for the periods ending September and December 2025, the statutory auditors issued a qualified conclusion citing ongoing SFIO investigations. Most critically, the auditors highlighted a 'material uncertainty' regarding the company's ability to continue as a going concern due to a significant reduction in fee revenue and lack of new fund raises.

Ms. Jayashree Ramaswamy, Group CFO of IL&FS, appointed as Additional Director (Nominee) effective February 13, 2026.
Statutory auditors issued a qualified opinion due to ongoing Serious Fraud Investigation Office (SFIO) probes into the IL&FS Group.
Auditors flagged 'material uncertainty' regarding the company's status as a 'going concern' due to declining revenues.
Potential overstatement of revenue and contract assets noted in subsidiary APUIAML due to non-reversal of old unbilled revenue.
The company reported total assets of Rs. 7,443.09 Lakhs for two subsidiaries as of September 30, 2025.

💡 Investors should exercise extreme caution or exit positions as the 'going concern' warning and ongoing SFIO investigations indicate high structural and legal risks. The lack of new fund-raising activity suggests a stagnant or declining business model for the foreseeable future.

IVC Appoints Nominee Director; Auditors Flag Going Concern Uncertainty in Q2 & Q3 Results

🔴 NEGATIVE ⭐ 8/10

BOARD_MEETING 📅 13 Feb 2026, 09:06 PM

IL&FS Investment Managers (IVC) has appointed Ms. Jayashree Ramaswamy, Group CFO of IL&FS, as a Nominee Director effective February 13, 2026. The company simultaneously released financial results for the quarters ended September 2025 and December 2025, both of which received qualified conclusions from statutory auditors. Most critically, the auditors highlighted material uncertainty regarding the company's ability to continue as a 'going concern' due to a significant drop in fee revenue and lack of new fund raises. The ongoing SFIO investigation into the IL&FS group also continues to cloud financial clarity.

Ms. Jayashree Ramaswamy, a Fellow CA with 36 years of experience, appointed as Nominee Director.
Auditors issued a qualified opinion citing potential overstatement of revenue and contract assets in subsidiary APUIAML.
Material uncertainty exists regarding 'going concern' status due to dwindling fee income and no immediate fund-raising prospects.
Ongoing SFIO investigations against the IL&FS group prevent auditors from determining the full consequential impact on financial results.
The board meeting lasted 7.5 hours to conclude the appointment and review two quarters of financial results.

💡 Investors should exercise extreme caution as the 'going concern' warning indicates a high risk of business failure. The combination of qualified audit reports and ongoing legal investigations makes this a high-risk security with limited visibility on recovery.

IL&FS Investment Managers Reports Q2 & Q3 FY26 Results; Auditor Flags Going Concern Risks

🔴 NEGATIVE ⭐ 9/10

BOARD_MEETING 📅 13 Feb 2026, 09:03 PM

IL&FS Investment Managers Limited (IVC) has released its financial results for the quarters ended September and December 2025, accompanied by a highly cautious auditor's report. The statutory auditors issued a qualified conclusion citing ongoing SFIO investigations and potential revenue overstatement in a subsidiary, APUIAML. Most critically, the auditors highlighted material uncertainty regarding the company's ability to continue as a 'going concern' due to sharply declining fee revenue and a lack of new fund-raising activities. Amidst these challenges, the board has appointed Ms. Jayashree Ramaswamy, Group CFO of IL&FS, as a Nominee Director.

Auditors issued a qualified conclusion due to ongoing SFIO investigations into the IL&FS Group and its subsidiaries.
Material uncertainty exists regarding the company's 'going concern' status due to significant reduction in fee revenue and lack of new funds.
Potential overstatement of revenue noted in subsidiary APUIAML regarding unbilled revenue outstanding for more than one year.
Ms. Jayashree Ramaswamy appointed as Additional Director (Nominee Director) effective February 13, 2026.
Two subsidiaries reviewed by other auditors reported total assets of ₹7,443.09 Lakhs as of September 30, 2025.

💡 Investors should exercise extreme caution as the auditor's 'going concern' warning and qualified opinion indicate high risk to the company's survival. The ongoing legal investigations and lack of new business revenue make this a highly speculative and risky holding.

IVC Approves Q3 Results; Auditors Raise Going Concern Warning and SFIO Investigation Concerns

🔴 NEGATIVE ⭐ 8/10

BOARD_MEETING 📅 13 Feb 2026, 08:59 PM

IL&FS Investment Managers Limited (IVC) has approved its financial results for the quarter and nine months ended December 31, 2025. The statutory auditors have issued a qualified conclusion, citing ongoing investigations by the Serious Fraud Investigation Office (SFIO) and potential revenue overstatement in a subsidiary. Crucially, the auditors highlighted material uncertainty regarding the company's ability to continue as a 'going concern' due to declining fee revenue and lack of new fund raises. Additionally, Ms. Jayashree Ramaswamy, Group CFO of IL&FS, has been appointed as a Nominee Director.

Auditors issued a qualified opinion due to ongoing SFIO investigations into the IL&FS Group and its subsidiaries.
Potential overstatement of revenue in subsidiary APUIAML due to non-reversal of long-pending unbilled revenue.
Material uncertainty exists regarding the 'Going Concern' status as fee revenue has reduced significantly with no immediate new fund raises.
Ms. Jayashree Ramaswamy appointed as Additional Director (Nominee) effective February 13, 2026.
Reviewed subsidiary assets stood at Rs. 7,443.09 Lakhs with a net profit of Rs. 260.24 Lakhs for the half-year ended Sept 2025.

💡 Investors should exercise extreme caution given the 'going concern' warning and the qualified audit report. The stock remains high-risk until there is clarity on the SFIO investigations and the company's ability to generate new revenue streams.

IVC Faces Regulatory Action Over Delayed Q2 Consolidated Results; Blames Subsidiary APUIAML

🔴 NEGATIVE ⭐ 7/10

REGULATORY 📅 16 Jan 2026, 03:11 PM

IL&FS Investment Managers (IVC) missed the November 14, 2025, deadline for filing consolidated Q2 FY26 results, leading to fines and a proposed freeze on promoter demat accounts by BSE and NSE. The company successfully filed standalone results on time but claims the consolidated delay is due to its subsidiary, APUIAML, being unable to convene a board meeting. IVC's board has formally attributed the delay to 'impossibility of performance' caused by the unavailability of government-nominated directors at the subsidiary level. The company is currently appealing the penalties and seeking a personal hearing with the exchanges.

Standalone results were filed on Nov 13, 2025, but consolidated results remain pending past the Nov 14 deadline.
Stock exchanges levied fines on Dec 16, 2025, and proposed freezing promoter demat accounts on Jan 1, 2026.
Delay is attributed to subsidiary APUIAML's inability to hold board meetings due to unavailability of AP Government officials.
IVC Board formally endorsed a request for a waiver of penalties and a personal hearing with regulators.
The company maintains that the non-compliance was not deliberate and was beyond its administrative control.

💡 Investors should exercise caution as regulatory non-compliance and potential freezing of promoter accounts can negatively impact stock sentiment and liquidity. Monitor for the eventual release of consolidated results to assess the financial performance of the subsidiary.

IVC Seeks Shareholder Approval for Director Continuation Beyond 75 Years

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 16 Jan 2026, 01:30 PM

IL&FS Investment Managers Limited (IVC) has initiated a postal ballot to seek shareholder approval for the continuation of Mr. Chitranjan Singh Kahlon as an Independent Non-Executive Director. Under SEBI regulations, a special resolution is mandatory for directors to serve beyond the age of 75. The remote e-voting process is scheduled to take place between January 20, 2026, and February 18, 2026. This move aims to maintain board continuity and leverage the director's experience despite the age threshold.

Special resolution proposed for Mr. Chitranjan Singh Kahlon (DIN: 02823501) to continue as Independent Director beyond age 75
Remote e-voting period starts on January 20, 2026, and concludes on February 18, 2026
The cut-off date for determining shareholder eligibility for voting was January 9, 2026
Final results of the postal ballot will be declared on or before February 19, 2026

💡 Investors should note this as a routine governance procedure to comply with SEBI Listing Regulations. No immediate portfolio action is required as this does not impact the company's fundamental operations.

IVC Board Approves Continuation of Independent Director C.S. Kahlon Beyond 75 Years

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 15 Jan 2026, 01:00 PM

The Board of IL&FS Investment Managers (IVC) has approved the continuation of Mr. Chitranjan Singh Kahlon as an Independent Non-Executive Director beyond the age of 75. Mr. Kahlon is set to reach this age milestone on February 22, 2026, which necessitates a Special Resolution under SEBI LODR regulations. The company is seeking shareholder approval via a postal ballot, citing his strategic guidance as vital during the firm's current transition phase.

Board approved continuation of Mr. Chitranjan Singh Kahlon as Independent Director beyond age 75
Director attains the age of 75 years on February 22, 2026
Shareholder approval sought via Special Resolution through Postal Ballot and remote e-voting
Board emphasized his leadership is important for the company during its current transition phase

💡 This is a routine governance procedure required by SEBI for directors over 75. Investors should monitor the postal ballot results to ensure board continuity remains intact.

IVC Submits SEBI Regulation 74(5) Compliance Certificate for Quarter Ended Dec 31, 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Jan 2026, 12:41 PM

IL&FS Investment Managers Limited (IVC) has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by its RTA MUFG Intime India Private Limited, confirms that all securities received for dematerialization during the quarter ended December 31, 2025, were processed and listed on stock exchanges. It further verifies that physical certificates were mutilated and cancelled after due verification. This is a standard procedural filing required for all listed companies in India.

Compliance certificate submitted for the quarter ended December 31, 2025.
Issued by Registrar and Share Transfer Agent (RTA) MUFG Intime India Private Limited.
Confirms dematerialization requests were processed and listed on exchanges within timelines.
Verification that security certificates were mutilated and cancelled after due verification.

💡 This is a routine administrative filing with no impact on company fundamentals. No specific action is required from investors based on this announcement.

IL&FS Investment Managers to Consider Q3 FY26 Results by Feb 14; Trading Window Closed

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Dec 2025, 03:16 PM

IL&FS Investment Managers Limited has announced that its Board of Directors will meet on or before February 14, 2026, to review and approve the unaudited financial results for the quarter ended December 31, 2025. In accordance with SEBI Prohibition of Insider Trading Regulations, the trading window for the company's securities will remain closed until further notice. This is a standard regulatory procedure conducted before the release of quarterly financial performance data. Investors should look forward to the mid-February disclosure for updates on the company's operational health.

Board meeting to be held on or before February 14, 2026, to approve Q3 FY26 results.
Financial results cover the three-month period ending December 31, 2025.
Trading window for dealing in company securities remains closed as per SEBI regulations.
The notice follows a previous communication regarding window closure dated September 26, 2025.

💡 This is a routine regulatory announcement with no immediate impact on stock fundamentals. Investors should monitor the actual earnings release in February to evaluate the company's financial trajectory.

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💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment: asset management and related services. Standalone revenue from operations fell 69.4% YoY to INR 9.79 Cr (INR 979.35 lakhs) in FY25 from INR 32.02 Cr (INR 3,202.03 lakhs) in FY24. Consolidated revenue from operations for FY25 was INR 29.08 Cr (INR 2,907.57 lakhs).

Profitability Margins

Standalone Net Profit Margin collapsed from 70.30% in FY24 to -24.00% in FY25, resulting in a net loss of INR 2.35 Cr (INR 235.09 lakhs). This decline was primarily driven by the absence of dividend income from subsidiary companies during the year.

EBITDA Margin

Standalone Operating Profit Margin decreased from 70.43% in FY24 to -15.76% in FY25. Consolidated Profit Before Tax for FY25 was INR 14.52 Cr (INR 1,452.06 lakhs) on a total income of INR 46.64 Cr (INR 4,663.97 lakhs).

Credit Rating & Borrowing

Debt Equity Ratio is listed as N.A., suggesting no significant long-term borrowings. Interest Coverage Ratio is also N.A.

⚙️ Operational Drivers

Capacity Expansion

The company currently has 15 employees, down from previous levels due to notable departures of key managerial personnel. It is currently operating in 'maintenance mode' and not undertaking new business activities.

📈 Strategic Growth

Expected Growth Rate

Growth Strategy

The company is not pursuing growth but is in maintenance mode. The strategy is focused on a resolution plan by the newly constituted IL&FS Board, which includes the sale of IL&FS's stake in the company to preserve value for stakeholders.

Products & Services

Asset management services, private equity fund management, and related financial advisory services.

Brand Portfolio

IL&FS Investment Managers Limited (IIML), IL&FS Private Equity.

New Products/Services

No new product launches; the company is not undertaking new business activities.

Market Expansion

None; operations are restricted to managing existing portfolios and enabling divestments for fund investors.

Strategic Alliances

Joint Venture: IL&FS Milestone Realty Advisors Private Limited (currently not a going concern). Subsidiaries include IL&FS Urban Infrastructure Managers Limited and IL&FS Infra Asset Management Limited.

🌍 External Factors

Industry Trends

The PE industry is seeing significant 'dry powder' for Indian opportunities in sectors like financial services and real estate. However, the company is positioned only to divest existing assets rather than raise new capital.

Competitive Landscape

Key competitors are not named, but the company faces competition from other asset management firms in a market with high deal activity.

Competitive Moat

The company's historical moat in infrastructure and urban asset management has been severely compromised by the adverse developments at the parent IL&FS Group and the resulting loss of key personnel.

Macro Economic Sensitivity

The private equity industry is sensitive to GDP growth, inflation, and interest rate cycles. While the Indian market shows robust deal pipelines, the company's internal issues prevent it from capitalizing on these trends.

Geopolitical Risks

Mindful of global volatility and trade risks that impact investor sentiment in Indian opportunities.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Indian Accounting Standards (Ind AS) 108 regarding operating segments.

Taxation Policy Impact

The current ratio decreased from 1.41 to 0.98 in FY25 due to a decrease in Deferred Tax Assets.

Legal Contingencies

The Serious Fraud Investigation Office (SFIO) initiated an investigation against the ultimate holding company (IL&FS) and its subsidiaries, including this company, on October 1, 2018, under Section 212(1) of the Companies Act. Summary of charges were received in October 2024.

⚠️ Risk Analysis

Key Uncertainties

There is material uncertainty regarding the company's ability to continue as a going concern due to the significant reduction in fee revenue and lack of new fund raises. Auditors have issued a qualified conclusion based on the ongoing SFIO investigations.