IIFL Capital Services Limited is a full-service financial services and wealth management firm offering retail and institutional broking, investment banking, portfolio management services, distribution of mutual funds and fixed income products, depository participant services and allied wealth advisory solutions, operating across India with institutional coverage in Singapore, London and New York and extensive wealth distribution channels.

Assets under management and custody stood at INR 2,606 billion (up 6% year-on-year), while Distribution AUM surged to INR 483 billion (up 59% year-on-year), reflecting a meaningful strategic shift toward product distribution and recurring revenue streams that is rapidly scaling IIFL Capital's fee-generating franchise across mutual funds, fixed income, PMS and AIF products.

IIFL Capital retains a market-leading investment banking and institutional equities franchise: 12 transactions completed in the quarter including multiple large IPOs, a #1 ranking by IPO count in CY2025 and an active pipeline with eight DRHP filings, indicating sustained mandate wins and potential high-margin fee recognition over the next four to six quarters.

Financial performance is mixed: Q3 FY26 operating revenue was broadly flat at INR 5,856 million while PAT (TCI) for 9MFY26 declined 23% year-on-year to INR 4,468 million, though Q3 PAT benefited from MTM gains and a property sale. Rising employee costs, higher fees & commissions and branch/technology investments compressed operating PBT.

Wealth management is a focus area: IIFL Capital is investing heavily to build HNI/UHNI capabilities with 470+ relationship managers and 3,100+ external wealth managers; management expects the wealth business to approach break-even within the next year, indicating strategic intent to convert scale and distribution into profitable recurring revenues.