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IFCI Ltd. Interim / Quarterly Report 2026

Jan 29, 2026

59191_rns_2026-01-29_69d84047-a29c-46f0-95c3-c9e27f325ae6.pdf

Interim / Quarterly Report

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January 29, 2026

No. IFCl/CS/62/2026-2
2. BSE LimitedDepartment of Corporate ServicePhiroze JeeJeebhoy TowerDalai Street, FortMumbai — 400 001
CODE:500106

Dear Sir/Madam,

Re: Outcome of the Board Meeting held on January 29, 2026.

The Board at its Meeting held on January 29, 2026, has inter-alia approved the Un-audited (standalone and consolidated) Financial Results of the Company for the quarter ended December 31, 2025. Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the same are enclosed herewith along with respective Limited Review Reports and other requisite disclosures as Enclosure.

The Board Meeting commenced at 02:30 P.M. and concluded at 04:50 P.M.

This is for your information and record.

Thanking You

For IFCI Limited

SHARMA Digitally signed by PRIYANKA SHARMA Date: 2026.01.29 16:57:43 +05'30'

(Priyanka Sharma) \Company Secretary tiv

End: As above.

3Tri Tr zit arrt 5

4-41-epr crimiou: 31-147Fd13T1 ZT-17,61 •Ur cke, Revil - rio 019 TD-T1T: +91-11-4173 2000, 4179 2800 tqRcr: +91-11-2623 0201, 2648 8471 sit-04e. www.ifdltd.com vf13T*79. : L74899DL1993G01053677 In Development of the Nation since 1948 PRIYANKA

1948 771 '"r l rnw

IFCI Limited

Regd. Office: IFCI Tower, 61 Nehru Pace, New Delhi - 110 019

Phone: +91-4173 2000, 4179 2600 Fax: +91-11-2623 0201, 2648 8471 Website: www.ifciltd.com CIN: L74899DL1993G01053677

FCI LTD.CIN: L74899DL1993GOI055677REGD. OFFICE : IFCI TOWER61, NEHRU PLACE, NEW DELHI – 110019WEBSITE: www.ifciltd.com

Standalone Results (Rs. In Crore)
Particulars Quarter ended31/12/25(Unaudited) Quarter ended30/09/25(Unaudited) Ouarter ended31/12/24(Unaudited) Period ended31/12/25(Unaudited) Period ended31/12/24(Unaudited) Year ended31/03/25(Audited)
$\mathbf{1}$ Revenue from operations
a) Interest Income 85.09 60.56 80.11 220.45 264.35 350.96
b) Dividend Income 66.32 80.03 0.85 146.41 20.97 110.92
$\mathsf{C}$ Rental Income 13.45 12.87 10.91 38.44 30.72 44.17
d) Fees and commission Income 20.09 13.55 16.65 44.04 35.00 73.19
e) Net gain on fair value changes 113.85 10.77 86.04 183.26 265.31 243.69
Total Revenue from operations 298.80 177.78 194.56 632.60 616.36 822.93
f Other Income 0.30 0.83 0.77 25.96 2.79 18.93
$\overline{2}$ Total income 299.10 178.61 195.33 658.56 619.15 841.86
Expenses(a)
b) Finance costsForeign exchange loss 104.45 107.03 131.79 314.09 402.23 537.18
$\mathbf{C}$ Impairment on financial instruments 142.88 17.49 $\ddot{\phantom{1}}$0.45 $\overline{a}$177.24 (0.34) (0.46)(224.37)
d) Employee Benefits Expenses 20.12 30.86 17.40 67.67 113.9557.73 85.66
e) Depreciation and Amortization 6.04 6.08 6.03 18.17 18.13 24.20
$\bigcap$ Others expenses 19.29 15.64 11.33 43.64 34.50 47.48
Total expenses 292.78 177.10 166.99 620.81 626.20 469.69
ੋ Profit/ (loss) before exceptional and tax (1-2) 6.32 1.51 28.34$\mathcal{L}(\mathcal{S},\mathcal{S})$ 37.75 (7.06) 372.17
$\overline{4}$ Exceptional items
$5^{\circ}$ Profit/ (loss) before tax (3-4) 6.32 1.51 28.34 37.75 (7.06) 372.17
6 Tax expense
a) Income tax $\omega$ $\omega$ $\sim$ ÷ $\omega^{-1}$
b) Taxation for earlier vears a. ÷. × $\sim$ $\sim$ ¥
$\mathsf{C}$ Deferred Tax (Net) (0.53) (14.62) 87.30 7.40 221.70 328.37
Total Tax expense [6(a) to 6(c)] (0.53) (14.62) 87.30 7.40 221.70 328.37
$7 -$ Profit/(loss) for the period (5+6) 6.85 16.13 (58.96) State of the30.35 (228.75) 43.80
$^{\circ}$ Other Comprehensive Income
a) Items that will not be reclassified to profit or loss
-Fair value changes on FVTOCI - equity securities-Loss on sale of FVTOCI - equity securities $\overline{\phantom{a}}$ ×. 40.52 40.52
-Actuarial gain/(loss) on defined benefit obligation (0.20) (0.04) ÷$\overline{\phantom{a}}$ $\sim$(1.55) (39.61) (39.61)
Income tax relating to items that will not be $\sim$ 0.27
reclassified to profit or loss
-Tax on Fair value changes on FVTOCI - Equity securities s. $\omega$ $\sim$ (14.16) (14.16)
-Tax on Actuarial gain/(loss) on Defined benefit obligation (0.03) 0.02 u. 0.54 (0.09)
With So $\mathcal{R}^{\text{max}}$ Subtotal (a) (0.23) (0.02) TARACTER STATE Windows $(1.01)$ (1.01) (13.07)STANCE AN
b) Items that will be reclassified to profit or loss
-Debt securities measured at FVTOCI - net change in fair value (0.07) (0.55)
(15.33) 0.27 (14.52) (14.37)
-Debt securities measured at FVTOCI - reclassified to profit and $\overline{a}$ $\sim$
loss Ċ. ×
Income tax relating to items that will be reclassified to
profit or loss
-Tax on Fair value changes on FVTOCI - Debt securities 0.03 0.19 5.36 (0.10) 5.08 5.03
Subtotal (b) and the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract (0.04) (0.36) (9.97) 0.18 (9.44) (9.34)
Other comprehensive income / (loss) (net of tax) (0.27) (0.38) (9.97) (0.83) (22.69) (22.41)
$9 \times$
10 Total comprehensive income / (loss) (after tax) (7+8)Paid-up equity share capital (Face Value of ₹ 10/- each) 6.58 15.75 (68.93) 29.52 ふつこうか(251.44) 21.393628
11 Other equity (as per audited balance sheet as at 31st March) 2,694.31 2,694.31 2,613.59 2,694.31 2,613.59 2,694.31(958.72)
12 Earnings per share (face value of ₹ 10 each) (not annualised for the
interim periods):
Basic (₹) 0.03 0.06 (0.23) 0.11 (0.88) 0.17
(a)

ANN & $\overline{C}$ New Deliv ed Acco

i.

$\sim$

IFCI LTD.CIN: L74899DL1993GOI053677REGD. OFFICE : IFCI TOWER61, NEHRU PLACE, NEW DELHI – 110 019WEBSITE: www.ifciltd.com

STATEMENT OF UNAUDITED (CONSOLIDATED) FINANCIAL RESULTS FOR THE QUARTER AND PERIOD ENDED DECEMBER 31, 2025
(₹ In Crore)
Consolidated Results
Particulars Quarter ended31/12/2025(Unaudited) Ouarter ended30/09/2025(Unaudited) Quarter ended31/12/2024(Unaudited) Period ended31/12/2025(Unaudited) Period ended31/12/2024(Unaudited) Year ended31/03/2025(Audited)
1 Revenue from operations
a) Interest Income 113.11 89.36 110.68 306.95 343.54 492.61
b) Dividend Income 1.21 385.54 0.85 386.81 201.59 204.10
c) Rental Income 15.34 9.21 9.91 39.27 28.32 40.32
d) Fees and commission Income 150.95 150.02 146.77 450.41 429.15 598.92
e) Net gain on fair value changes 110.60 13.03 83.91 182.29 266.65 245.58
f) Sale of products (including Excise Duty) 74.49 8.30 0.05 82.85 0.16 0.20
g) Sale of services (9.84) 79.39 106.82 149.83 334.19 436.79
Total Revenue from operations 455.86 734.85 458.99 1,598.41 1,603.60 2,018.52
h) Other Income 10.79 17.36 (1.66)457.33 65.31 44.651,648.25 45.642,064.16
$\overline{2}$ Total income 466.65 752.21 1,663.72
Expenses(s Finance costs 102.75 107.01 131.38 314.14 400.70 535.04
b) Fees and commission expense 26.75 27.40 29.16 82.45 83.98 107.98
C) Net loss on fair value changes
d) Impairment on financial instruments 140.04 20.30 0.55 177.20 111.75 (224.85)
e) Cost of materials consumed 0.48 0.37 0.58 1.37 1.47 1.95
f) Purchases of Stock-in-trade 0.21 0.10 0.05 0.37 0.16 0.20
g) Employee Benefits Expenses 71.48 89.65 63.70 232.00 206.01 311.28
h) Depreciation and Amortization 20.74 20.92 20.86 63.10 62.72 83.34
i Others expenses 86.71 104.99 116.68 289.67 370.01 497.24
Total expenses 449.16 370.74 362.96 1,160.30 1,236.80 1,312.18
3 Profit/ (loss) before exceptional and tax (1-2) 17,49 381.47 94.37 503.42 411.45 751.98
4 Exceptional items 4.94 (0.01) 6.57 1.92 2.95
5 Profit/ (loss) before tax (3-4) 12.55 381.47 94.38 496.85 409.53 749.03
6 Tax expense
a) Income tax (12.19) 77.68 17.48 82.42 94.40 70.14
b) Taxation for earlier years (0.16) (0.10) (0.16) (1.05) (1.23)331.51
c) Deferred Tax (Net) 4.08(8.27) (13.61)64.07 85.74 13.9496.20 228.00321.35 400.42
Tax expense [6(a) to 6(c)] 20.82 317.40 103.12(8.74) 400.65 88.18 348.61
78 Profit/(loss) for the period after taxes (5-6)Share of net profit of associates and joint ventures accounted for
9 Profit/(loss) for the period (7+8) 20.82 317.40 (8.74) 400.65 88.18 348.61
10 Other Comprehensive Income
a) Items that will not be reclassified to profit or loss
-Fair value changes on FVTOCI - Equity securities 23.18 (28.39) 1,724.97 157.35 4,130.54 7,156.75
-Gain/(loss) on sale of FVTOCI - Equity securities (38.57) (39.61)
-Actuarial gain/(loss) on Defined benefit obligation 1.11 2.81 1.17 (0.98) 0.53 0.02
Income tax relating to items that will not be reclassified to
profit or loss
-Tax on Fair value changes on FVTOCI - Equity securities (3.31) 4.05 (246.67) (23.13) (13.53) (446.13)0.01
-Tax on Actuarial gain/(loss) on Defined benefit obligation (0.39) (0.66) (0.30) 0.35 (0.14)
b) Items that will be reclassified to profit or loss-Fair value changes on FVTOCI - Debt securities (0.07) (0.55) (15.40) 0.27 (14.52) (14.37)
-Debt securities measured at FVTOCI - reclassified to profit and loss
- Exchange differences in translating the financial statements of a
foreign operation 0.13 0.53 0.40 0.66 0.40 0.39
Income tax relating to items that will be reclassified to profit
or loss-Tax on Fair value changes on FVTOCI - Debt securities 0.02 0.19 5.36 (0.10) 5.08 5.03
Other comprehensive income / (loss) (net of tax) 20.67 (22.02) 1,469.53 134.42 4,069.79 6,662.09
11 Total comprehensive income / (ioss) (after tax) (9+10) 41.49 295.38 1,460.79 535.07 4,157.97 7,010.70
12 Profit for the period attributable to Equity holders of the parent
(15.24) 142.96 (30.66) 167.65 (56.24) 171.04
Non-controlling interest 36.06 174.47 21.92 233.01 144.42 177.57
13 Other Comprehsive income attributable to Equity holders of the parent
10.69 (11.73) 772.19 70.59 2,141.15 3,511.59
Non-controlling interest 9.98 (10.30) 697.34 63.83 1,928.64 3,150.50
14 Total comprehensive income for the period attributable to Equity holders of
the parent (4.55) 131.23 741.53 238.24 2,084.91 3,682.63
Non-controlling interest 46.04 164.18 719.26 296.84 2,073.06 3,328.07
15 Paid-up equity share capital (Face Value of ₹ 10/- each) 2,694.31 2,694.31 2,613.59 2,694.31 2,613.59 2,694.31
16 Other Equity (as per audited balance sheet as at 31st March) 5,996.44
17 Earnings per share (face value of ₹ 10 each) (not annualised for the
(a) Basic $(\overline{\tau})$ (0.06) 0.53 (0.12) 0.62 (0.22) 0.65
$(h)$ Diluted $(\overline{\tau})$ (0.05) 0.53 (0.12) 052 (0.22) 0.65

$(0)$ | Diluted (<)See accompanying notes to the financial results

The above financial results were reviewed by the Audit Committee and approved by the Board of Directors at the meeting held on 29th January 2026. These results have been reviewed by M/s S Mann $\mathbf{1}$ and Company, Chartered Accountants

  • The Company has received an amount of Rs. 500 crore from GoI on January 28, 2025, towards subscription to the share capital of the Company for the FY 2024-25, as share application money. In thisregard, 8,07,23,280 number $\overline{z}$ share), on preferential basis. The issue proceeds had been fully utilised during the quarter ended June 30, 2025 and there was no deviation(s) in utilisation of the issue proceeds from the stated objects.
  • $\overline{3}$ In terms of the communication received by IFCI Limited from Department of Financial Services (DFS), Ministry of Finance, vide letter F.No.2/22/2016-IF-1 dated November 22, 2024, In-principle approval has been accorded to consider Consolidation of IFCI Group' which entails Merger / Amalgamation of certain group companies at the holding company level and subsidiary company level. DFS has advised to take further necessary has considered and accrorded In-principle approval to consider aforesaid Consolidation of IFCI Group, and to commence the process for the same, in accordance with the regulationy/statutory/applicable laws, rules, regulatio
  • As on December 31, 2025, provisioning required under RBI Prudential (IRACP) Norms (including standard assets provisioning) is higher than impairment allowance under Ind AS 109 by Rs. 89.10 crore.However, since the existin $\overline{a}$ notification.
  • The Company has recognised interest income of Rs. 23.34 crores on stage 3 assets (except on assets which are standard under IRAC norms) for the quarter ended December 31, 2025. Since, there is no expectation of recovery, t 5
  • 6 The Gross NPA numbers are provided below, Since IFCI has not been taking any fresh loan exposure, it has resulted in reduction in standard loan accounts and higher level of NPAs.
Dec-25 $Sep-25$ Mar-25
Gross NPAs
(Rs. Crore) 3,700.82 3.697.32 3,693.90
Gross NPA % 96.31% 96.28% 95.98%
  • For the purpose of assessment of impairment of investment in subsidiaries, the valuation of Investments in subsidiary companies has been considered on the basis of financial statements of the $\overline{7}$ subsidiaries for the period ended 30th September 2025, instead of 31st December 2025.
  • In the matter of Stockholding Corporation of India Ltd. (SHCIL) certain litigation is sub-judice before the Hon'ble supreme court since May 2015. As per legal opinion obtained by the management of 8 SHCIL, no provision has been recognised in the books of accounts
  • $\overline{9}$ On all the secured bonds and debentures issued by the Company and outstanding as on 31st December 2025, 100% security cover has been maintained against principal and interest, by way of floating charge on receivables of the Company and/or Government Securities owned by the Company. The security cover in the prescribed format has been annexed as Annexure A.
  • 10 The Capital Risk Adequacy Ratio (CRAR) stands at (-) 16.51% as on 31st December 2025, below the RBI notification no. RBI/DOR/2025-26/345 - DOR.CAP.REC.264/21-01-002/2025-26 dated November 28, 2025.
  • $11$ Some Audit observations in case of Subsidiary Companies are based on routine operations of the companies. The financial impact of such observations are not considered material, on overall basis.
  • In the context of reporting business/geographical segment as required by Ind AS 108 "Operating Segments", the Company operations comprise of only one business segment of financing. Hence, thereis no reportable segment a $12$
  • The details of loans transferred during the quarter ended December 31, 2025 are in accordance with RBI notification no. RBI/DOR/2025-26/352 DOR.STR.REC.271/21.04.048/2025-26 dated November 13 28, 2025, being the Reserve Bank of India (Non-Banking Financial Companies - Transfer and Distribution of Credit Risk) Directions, 2025 is as follows:

Details of stressed loans transferred during the quarter

(Amount in Rs. Crores)
Particulars To ARCs To permitted To other
Number of Accounts
Aggregate outstanding of accounts sold to SC/RC
Weighted average residual tenor of the loans transferred
Net book value of loans transferred (at the time of transfer
Aggregate consideration
Additional consideration realized in respect of accountstransferred in earlier years -
Aggregate gain/ (loss) over net book value

Details of loans acquired during the quarter

(Amount in Rs. Crores)
From lenders From ARCs
Aggregate principal outstanding of loans acquired
Aggregate consideration paid Nil
Weighted average residual tenor of loans acquired

Further, there are no cases during the period ended December 31, 2025, where resolution plan is implemented under the resolution framework for COVID 19 related stress as per RBI Circular dated 6th August 2020.

14 The additional Information as required under Regulation 52(4) of 5E61 (listing Obligations and Disclosure Requirements) Regulations, 2015 is annexed as Annexure B.

15 The figure for the quarter ended 31st December 2025 have been derived by deducting the figures far the half year ended 30th September 2025 from the figures of the period ended 31st December 2025.

16 As per the applicability criteria provided under SEBI circular 5561/HO/DDHS/P/2018/144 dated November 26, 2018, company Is not a large corporate, hence the disclosure required to he made in terms of the said circular is not applicable.

17 The figures for the previous quarter/period have been regrouped / rearranged wherever necessary to conform to the current period presentation.

Place: New Delhi Date: 29 January 2026

1.11Bhave)

ANNEXURE A-SECURITY COVER
Rs. in crore
Column A Column B Column C i Column D Column E iii Column Fiv Column G Column H vi Column I vii Column J Column K Column L Column M Column N Column O Column P
Particulars ExclusiveCharge ExclusiveCharge Pari-PassuCharge Pari-PassuCharge Pari-PassuCharge Assets notoffered asSecurity Elimination(amount innegative) (Total C to H) Related to only those items covered by this certificate Debt notbacked by anyassets offeredas security
Descriptionof asset forwhich thiscertificaterelate Debt forwhich thiscertificatebeing issued OtherSecuredDebt Debt forwhich thiscertificatebeing issued Assets shared bypari passu debtholder (includesdebt for whichthis certifictae isissued & otherdebt with partpassu charge) Other assetson whichthere is paripassu Charge(excludingitems coveredin column F) debt amountconsideredmore thanonce (due toexclusive pluspari passucharge) Marketvalue forAssetscharged orexclusivebasis Carrying /bookvalueforexclusive chargewhereassetsmarket valuenot ascertainableor applicable(For Eg. BankBalance, DSRAmarket value isnot applicable) Market Value wherefor Pari passucharge Assetsviii Carryingvalue/book valuefor pari passuchargeassetsmarketvalueisnotascertainable orapplicable(ForBankEg.Balance, DSRAmarket value isnot applicable) Total Value$(-K+L+M+N)$
Relating to Column F
Book Value Book Yes/No Book Value Book Value
ASSETS Value
Property, Plant and 492.22
Equipment 492.22
Capital Work in-Progress $\overline{a}$
Right of Use Assets $\overline{\phantom{a}}$ a.
Goodwill $\mathcal{L}_{\mathbf{H}}$
Intangible Assets 0.25 0.25
Intangible Assets underDevelopment ٠ $\overline{\phantom{a}}$
Investments 2,421.15 2,421.15
Loans Yes 1,244.46 $\sim$ 1,244.46 1,244.46 1,244.46
Inventories $\sim$
Trade Receivables Yes 94.47 94.47 94.47 94.47
Cash and Cash Equivalents 20.97 20.97
Bank Balances other thancash and cash equivalents 4,143.77 4,143.77
Others 1,356.69 1,356.69
Total $\omega$ 1,338.93 ٠ 8,435.05 9,773.98 1,338.93 1,338.93

$\overline{\mathcal{L}}$

$\sim$
LIABILITIES
Debt securities to which thiscertificate pertains Yes 154.60 154.60
Other debt sharing pari-passu charge with abovedcbt
Other Debt
Subordinated debt 744.67 744.67 744.67
Borrowings
Bank
Debt Securities not to befilled 2,692.16 2,692.16 2,692.16
Others (FC borrowing)
Trade payables 52.56 52.56
Lease Liabilities $\overline{\phantom{a}}$
Provisions 72.90 72.90
Others 6,057.09 6,057.09
Total 154.60 9,619.38 9,773.98
Cover on Book Value 8.66
Cover on Market Value ix
ExclusiveSecurityCover Ratio Pari-PassuSecurity CoverRatio
BASK AND A
We have examined the compliances made by the listed entity in respect of all the applicable covenants/terms of the issue of the secured and unsecureddebt securities (NCD's) and certify that such covenants/terms of the issue have been complied by the listed entity.
Loans/Trade receivables are accounted at amortized cost, net of provisioning required as per IND AS.

$\mathcal{L}_{\mathcal{A}}$ .

$\kappa^*$

CIN: L74899DL1993GOI053677 REGD. OFFICE: IFCI TOWER 61, NEHRU PLACE, NEW DELHI - 110 019 WEBSITE: www.ifciltd.com

Annexure B

Disclosure in compliance with Regulation 52(4) of Securities and Exchange Board of India SEBI (listing Obligations and Disclosure Requirements) Regulations, 2015 for the period ended 31st December, 2025 on standlone basis

S.NO Particulars Unit As at/ for the period ended 31.12.2025
Debt-Equity ratio 1 times 2.03
2 Outstanding Redeemable Preference Shares Rs. In Crore Nil
3 Capital Redemption Reserve Rs. In Crore 231.92
4 Debenture Redemption Reserve Rs. In Crore 87.58
5 Net Worth 2 Rs. In Crore 1,764.88
6 Net Profit After Tax Rs. In Crore 30.35
Earnings Per Share Rs. 0.11
8 Total Debts to Total Assets 3 times 0.37
9 Operating Margin 4 $\frac{0}{0}$ 33.99%
10 Net Profit Margin 5 0/6 4.61%
11 Sector Specific Equivalent Ratios
(a) CRAR 6 $\frac{0}{0}$ $-16.51%$
(b) Gross credit impaired Assets Ratio 7 $\frac{0}{0}$ 96.31%
(C) Net credit impaired Assets Ratio 8 $\frac{0}{0}$ 81.10%

Debt-Equity ratio = Debt/Net worth $\vert$ 1

$\overline{2}$ Net Worth is calculated as defined in Section 2(57) of Companies Act, 2013

  • Total Debts to Total Assets = (Debt securities + Borrowings (other than Debt Securities) +Subordinated 3 Liabilities)/ Total Assets
    • Operating Margin = Net Operating Profit before Tax/ Total Revenue from Operations
    • Net Profit Margin = Net Profit after Tax/ Total Income

CRAR = Adjusted Net Worth/ Risk Weighted Assets, calculated as per RBI guidelines

Gross credit impaired Assets Ratio = Gross Credit Impaired Assets/ Gross Loan Assets

Net credit impaired Assets Ratio = Net Credit Impaired Assets/ Net Loan Assets

Debt Service coverage Ratio, Interest Service Coverage Ratio, Current Ratio, Current Liablity Ratio, Long Term Debt to Working Capital, Debtors Turnover, Inventory Turnover and Bad Debts to Account Receivable Ratio is not applicable to the Company.

$\overline{4}$

5

6

7 $\overline{8}$

$\overline{9}$

1006, I 0TH FLOOR, VIKRANT TOWER, RAJ1NDRA. 'PLACE, NEW DELHI-110008 PHONE :OFF 011-25735612, 25811989 FAX 011-25754596 E-MAIL s.man'n I 978dhotmail.com

Inde endent Auditor's Limited Review Re ort on Standalone Unaudited Financial Results of IFCI Limited for the Quarter and Nine Months ended 31st December 2025 pursuant to the Regulation 33 & Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended

To, The Board of Directors IFCI Limited' New Delhi

    1. We have reviewed the accompanying statement of Standalone Unaudited Financial Results of WC! Limited ("The Company9 for the Quarter and Nine Months ended 31st December, 2025 ("The Statement") attached herewith, being submitted by the company pursuant to the requirements of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
    1. This statement, which is the responsibility of the Company's Management and has been approved by the Board of Directors, of the Company, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standards ("IND AS 34") "Interim Financial Reporting", prescribed under section 133 of the Companies Act, 2013, as amended read with relevant rules issued there under, as applicable and other accounting principles generally accepted in India. Our responsibility is to issue a report on these financial statements based on our review.

01

    1. We conducted our review in accordance with the Standard on Review Engagement ("SRE") 2410, "Review of Interim Financial Information performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India ("ICAI"). This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Financial Statements are free from material misstatement A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
    1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement of Unaudited Financial Results, prepared in accordance with applicable Indian Accounting Standards specified under Section 133 of the Companies Act, 2013, as amended, read with rules issued there under and other recognized accounting practices and policies generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52 of the SERI (Listing Obligations and Disclosure Requirements) Regulations, 2015, including the manner in which it is to be disclosed, or that it contains any material misstatement or that it has not been prepared in accordance with relevant prudential norms issued by the Reserve Bank of India (so far it is not inconsistent with IND AS norms) in respect of income recognition, asset classification, provisioning and other related matters.

Emphasis of Matter

  1. We draw attention to Note No. 3 of the Statement, according to which an in-principle approval has been accorded by the Department of Financial Services (DFS), Ministry of Finance, Government of India and duly considered and accorded by the Board of IFCI to consider "Consolidation of IFCI Group" which entails Merger / Amalgamation of IFCI Limited with certain group companies at the holding company level or subsidiary company level.

    1. We draw attention to Note No. 5 of the financial results regarding recognition of interest income of Rs. 23.34 crores on stage 3 assets (except on assets which are standard under IRAC norms) for the quarter ended 31.12.2025. Since, there is no expectation of recovery, the same has been written off as bad debts in the same period. Hence, there is no impact on net profit or loss for the period.
    1. The company has informed us vide letter dated 01.11.2022 received from nodal ministry that case specific data for SDF (Sugar Development Fund) Scheme may not be shared with auditors. Accordingly, same is not reviewed by us.
    1. The company has informed us that as per communication received from nodal ministry towards PLI (Production Linked Incentive) schemes, files and documents shall not be made available to the auditors, hence we have not reviewed the same.
    1. In a certain case, it was observed that one party has appointed the company as its advisor/consultant for assisting and preparation of their proposal under SDF (Sugar Development Fund) scheme of Government of India (GOD. However, company is also acting as nodal agency/agent of government for independently carrying out various due diligence procedures on application received by nodal ministry under SDF Scheme. Notwithstanding express approval from GUI, the action of assisting/coaching an applicant into preparation of documents/project reports on commercial terms, and simultaneously conducting due diligence on behalf of GUI, severely undermines the creditability of the proposals appraised by the company, and comprises the independent position of the company.
    1. We draw attention to Note No. 7 where the valuation of the investments in subsidiary companies has been considered on the basis of financial Statements of the subsidiaries for the period ended 30th September, 2025 instead of 31st December, 2025.

    1. We draw attention to Note No. 10 where the Capital Risk Adequacy Ratio (CRAR) stands at (-) 16.51% as on 31.12.2025, below the RBI notification no. RBI/DOR/2025- 26/345-DOR.CAP.REC.264/21-01-002/2025-26 dated November 28, 2025.
    1. We draw attention to Note No. 4 where the provisioning required under RBI Prudential (IRACP) Norms (including standard assets provisioning) is higher than impairment allowance under Ind AS 109 by Rs. 8910 crore. However, since the existing balance in the impairment reserve stands at Rs. 104.67 crores, no further Impairment Reserve has been created, as per the requirements of RBI notification no "RBI/DOR/2025-26/356-DOR.STR.REC.No.275/21.04.048/2025-26 dated November 28, 2025. Also, existing impairment reserve of Rs. 104.67 crores has not been reversed in accordance with the RBI notification.

Our opinion is not modified in respect of these matters.

For S MANN AND COMPANY Chartered Accountants Firm Registration No: 000075N

CA SUBHASH CHANDER MANN Partner Membership No. 080500 UDIN: 26080500PVGUSJ9440 Place: New Delhi Date: 29th January, 2026

1

1006, 10TH FLOOR, -VIKRANT TOWER, RAJ1NDM.PLACE, NEW DELHI 10008 PHONE.: OFF 011-25735612, 25811989 FAX : 011-25754596 B.Sc. ECA, E-MAIL : s.man'n 19786hotmail.com

Independent Auditor's Limited Review Report on Consolidated Unaudited Financial Results of IFCI Limited for the Quarter and Nine Months ended 31st December 2025. **p**ursuant to the Regulation 33 & Regulation 52 of the SEBI ations and Disclosure Requirements) Regulations, 2015 as amended

To, The Board of Directors IFCI Limited New Delhi

  • t We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of IFCI Limited ("The Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), and its share of the net profit/(lass) after tax and total comprehensive income/loss for the Quarter and Nine Months ended 31st December, 2025 ("The Statement") attached herewith, being submitted by the Parent pursuant to the requirements of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
    1. This statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standards ("Ind AS 34 17 ) "Interim Financial Reporting", prescribed under section 133 of the Companies Act, 2013, as amended read with relevant rules issued there under, as applicable and other accounting principles generally accepted in India. Our responsibility is to issue a report on these consolidated financial statements based on our review.

  1. We conducted our review of the Statement in accordance with the Standard on Review Engagement ("SRE") 2410, "Review of Interim Financial Information performed by the Independent Auditor of the Entity'', issued by the Institute of Chartered Accountants of India ("ICAI"). A review of interim financial information consists of making inquiries, primarily of Parent's personnel responsible for financial and accounting matters and applying analytical other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended to the extent applicable.

4.The consolidated financial results include the results of the following entities:
----------------------------------------------------------------------------------------- --
S. No. Name of the Entity 7' Relationship
1. IFCI Limited Parent Company
2. IFCI Financial Services Limited (IFIN) Subsidiary
3. IFCI Venture Capital Funds Limited (IVCF) Subsidiary
4. IFCI Infrastructure Development Ltd. (IIDL) Subsidiary
5. IFCI Factors Limited (IFL) Subsidiary
6. MPCON Limited Subsidiary
7. Stock HOlding Corporation of India Limited Subsidiary
8. CommoditiesLimited(indirectIFINcontrol Step-down
through (IFIN) Subsidiary
9. Credit Limited(indirectcontrol throughIFIN Step-down
(IFIN) Subsidiary
10. IFIN Securities Finance Limited (indirect control Step-down
through (IFIN) Subsidiary
11. IIDL Realtors Private Limited (indirect control Step-down
through (IIDL) Subsidiary
12. SHCIL Services Limited (indirect control through Step-down
",,;,,,,,t,,(SHCIL)./7 N.,1 N /-/ •-------", Subsidiary
13. ManagementStockholdingDocumentServices Step-down
Limited (indirect control through (SHCIL) Subsidiary
14. (indirectStockholdingSecuritiesLimitedIFSC Step-down
control through (SHCIL) Subsidiary
    1. Based on our review conducted and procedures performed stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement of Unaudited Financial Results, prepared in accordance with the applicable Indian Accounting Standards as specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued there under and other recognized accounting practices and policies, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, including the mariner in which it is to be disclosed, or that it contains any material misstatement.
    1. We did not review the unaudited financial results of six subsidiaries and seven stepdown subsidiaries included in the consolidated unaudited financial results, whose financial results reflect total income of -Rs. 235,16/Rs. 1157.09 Crores, total net profit/(loss) after tax of Rs. 79.09/Rs" .515.23 Crores and total comprehensive income (net of tax) Of Rs. 100.02/Rs. 650.48 Crores for the quarter and nine months ended 31.12.2025, as considered suitably in the consolidated unaudited financial results. These unaudited financial results have been reviewed by other Auditors whose report has been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based solely on the report of the other auditors and the procedures performed by us as stated in paragraph 3 above.

Emphasis of Matter

I. We draw attention to Note No. 3 of the Statement according to which an in-principle approval has been accorded by the Department of Financial Services (DFS), Ministry of Finance, Government of India and duly considered and accorded by the Board of MCI to consider "Consolidation of IFCI Group" which entails Merger / Amalgamation of IFCI Limited with certain group companies at the holding company level or subsidiary company level.

    1. We draw attention to Note No. 5 of the financial results regarding recognition of interest income of Rs. 23,34 crores on stage 3 assets (except on assets which are standard under IRAC norms) for the quarter ended 31.12.2025. Since, there is no expectation of recovery, the same has been written off as bad debts in the same period. Hence, there is no impact on net profit or loss for the period.
    1. The company has informed us vide letter dated 01,11.2022 received from nodal ministry that case specific data for SDF (Sugar Development Fund) Scheme may not be shared with auditors, Accordingly, same is not reviewed by us.
    1. The company has informed us that as per communication received from nodal ministry towards PLI (Production Linked Incentive) schemes, files and documents shall not be made available to the auditors, hence we have not reviewed the same.
    1. In a certain case, it was observed that one party has appointed the company as it's advisor/consultant for assisting and preparation d their proposal under SDF (Sugar Development Fund) scheme of Government of India (GOI). However, company is also acting as nodal agency/agent of government for independently carrying out various due diligence procedures on application received by nodal ministry under SDF Scheme. Notwithstanding express approval from GOI, the action of assisting/coaching an applicant into preparation of,documents/project reports on commercial terms, and simultaneously conducting due diligence on behalf of GOI, severely undermines the creditability of the. appraised by the company, and comprises the independent position of the company.
    1. We draw attention to Note No. 8 of the Financial Results in the matter of Stock Holding Corporation of India Limited where certain litigation is sub-judice before Honorable Supreme Court since May 2015. As per the legal opinion obtained by the Management of Stock Holding Corporation of India Limited, no provision has been recognized in the Statement of Profit and Loss.
    1. We draw attention to Note No. 10 where the Capital Risk Adequacy Ratio (CRAR) stands at (-) 16.51% as on 31.12.2025, below the RBI notification no. RBI/D0R/2025-26/345- DOR.CAP.REC264/21-01-002/2025-26 dated November 28, 2025.

    1. Refer to Note No. 11 of financial results, pertaining to audit observations of subsidiary companies, which are considered non-material at group level.
    1. We draw attention to Note No. 4 where the provisioning required under RBI Prudential (IRACP) Norms (including standard assets provisioning) is higher than impairment allowance under Ind AS 109 by Rs. 89.10 crore. However, since the existing balance in the impairment reserve stands at Rs. 104.67 crores, no further Impairment Reserve has been created, as per the requirements of RBI notification no. "RBI/DOR/2025-26/356- DOR.STR.REC.No.275/21.04,048/2025-26 dated November 28, 2025. Also, existing impairment reserve of Rs. 104,67 crores has not been reversed in accordance with the RBI notification.

Our opinion is not modified in respect of these matters.

For S MANN AND COMPANY

Chartered Accountants

Firm Registration No 000075N

CA SUBITA-SH CHANDER MANN Partner Membership No, 080500 UDIN: 26080500IVPQYK6365 Place: New Delhi Date: 29th January, 2026

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