| Scrip code | 511208 |
|---|---|
| NSE Symbol | IVC |
| MSEI Symbol | NOTLISTED |
| ISIN | INE050B01023 |
| Name of company | IL&FS Investment Managers Limited |
| Type of company | Main Board |
| Class of security | Equity |
| Date of start of financial year | 01-04-2025 |
| Date of end of financial year | 31-03-2026 |
| Date of board meeting when results were approved | 13-02-2026 |
| Date on which prior intimation of the meeting for considering financial results was informed to the exchange | 09-02-2026 |
| Description of presentation currency | INR |
| Level of rounding used in financial results | Lakhs |
| Reporting Type | Quarterly |
| Reporting Quarter | Third quarter |
| Nature of report standalone or consolidated | Consolidated |
| Whether results are audited or unaudited for the quarter ended | Unaudited |
| Whether results are audited or unaudited for the Year to date for current period ended/year ended | Unaudited |
| Segment Reporting | Single segment |
| Description of single segment | Management Fees |
| Start date and time of board meeting | 13-02-2026 12:30:00 |
| End date and time of board meeting | 13-02-2026 20:00:00 |
| Whether cash flow statement is applicable on company | |
| Type of cash flow statement | |
| Declaration of unmodified opinion or statement on impact of audit qualification | Statement on impact of audit qualification |
| Particulars | 3 months/ 6 months ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
|---|---|---|---|
| A | Date of start of reporting period | 01-10-2025 | 01-04-2025 |
| B | Date of end of reporting period | 31-12-2025 | 31-12-2025 |
| C | Whether results are audited or unaudited | Unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Consolidated | Consolidated |
| 1 | Income | ||
| Revenue from operations | |||
| (i) | Interest Income | 0.00 | 0.00 |
| (ii) | Dividend Income | 0.00 | 0.00 |
| (iii) | Rental Income | 0.00 | 0.00 |
| (iv) | Fees and commission Income | 0.00 | 0.00 |
| (v) | Net gain on fair value changes | 0.00 | 0.00 |
| (vi) | Net gain on derecognition of financial instruments under amortised cost category | 0.00 | 0.00 |
| (vii) | Sale of products (including Excise Duty) | 0.00 | 0.00 |
| (viii) | Sale of services | 673.39 | 1,969.75 |
| (ix) | Other revenue from operations | ||
| Total other revenue from operations | |||
| Total Revenue From Operations | 673.39 | 1,969.75 | |
| Other income | 183.73 | 879.70 | |
| Total income | 857.12 | 2,849.45 | |
| 2 | Expenses | ||
| Cost of materials consumed | 0.00 | 0.00 | |
| Purchases of stock-in-trade | 0.00 | 0.00 | |
| Changes in inventories of finished goods, work-in-progress and stock-in-trade | 0.00 | 0.00 | |
| Employee benefit expense | 246.54 | 667.13 | |
| Finance costs | 0.00 | 0.00 | |
| Depreciation, depletion and amortisation expense | 4.49 | 14.06 | |
| Fees and commission expense | 0.00 | 0.00 | |
| Net loss on fair value changes | 0.00 | 0.00 | |
| Net loss on derecognition of financial instruments under amortised cost category | 0.00 | 0.00 | |
| Impairment on financial instruments | 0.00 | 0.00 | |
| (f) | Other expenses | ||
| 1 | Rent expense | 40.61 | 125.83 |
| 2 | Legal and Professional expense | 383.83 | 1,183.75 |
| 3 | Expected Credit loss arising on Receivables | 158.75 | (40.32) |
| 4 | Write-off of Unbilled Revenue | 157.15 | 157.15 |
| 5 | Fair Value loss on Investments measured at FVTPL | 0.00 | 0.00 |
| 6 | Net Loss on sale of non-current Investments | 0.00 | 84.57 |
| 7 | Other Expenses | 149.48 | 406.49 |
| Total other expenses | 889.82 | 1,917.47 | |
| Total expenses | 1,140.85 | 2,598.66 | |
| 3 | Total profit before exceptional items and tax | (283.73) | 250.79 |
| 4 | Exceptional items | 0.00 | 0.00 |
| 5 | Total profit before tax | (283.73) | 250.79 |
| 7 | Tax expense | ||
| 8 | Current tax | 38.57 | 148.99 |
| 9 | Deferred tax | (29.51) | 27.51 |
| 10 | Total tax expenses | 9.06 | 176.50 |
| 11 | Net Profit Loss for the period from continuing operations | (292.79) | 74.29 |
| 12 | Profit (loss) from discontinued operations before tax | 0.00 | 0.00 |
| 13 | Tax expense of discontinued operations | 0.00 | 0.00 |
| 17 | Net profit (loss) from discontinued operation after tax | 0.00 | 0.00 |
| 14 | Share of profit (loss) of associates and joint ventures accounted for using equity method | (0.35) | 8.77 |
| 15 | Total profit (loss) for period | (293.14) | 83.06 |
| 16 | Other comprehensive income net of taxes | 158.41 | 426.37 |
| 17 | Total Comprehensive Income for the period | (134.73) | 509.43 |
| 18 | Total profit or loss, attributable to | ||
| Profit or loss, attributable to owners of parent | (191.82) | 164.63 | |
| Total profit or loss, attributable to non-controlling interests | (101.32) | (81.57) | |
| 19 | Total Comprehensive income for the period attributable to | ||
| Comprehensive income for the period attributable to owners of parent | 161.42 | 429.31 | |
| Total comprehensive income for the period attributable to owners of parent non-controlling interests | (3.01) | (2.94) | |
| 20 | Details of equity share capital | ||
| Paid-up equity share capital | 6,280.85 | 6,280.85 | |
| Face value of equity share capital | 2 | 2 | |
| 21 | Reserves excluding revaluation reserve | ||
| 22 | Earnings per share | ||
| i | Earnings per equity share for continuing operations | ||
| Basic earnings per share from continuing operations | -0.06 | 0.05 | |
| Diluted earnings per share from continuing operations | -0.06 | 0.05 | |
| ii | Earnings per equity share for discontinued operations | ||
| Basic earnings per share from discontinued operations | 0 | 0 | |
| Diluted earnings per share from discontinued operations | 0 | 0 | |
| ii | Earnings per equity share | ||
| Basic earnings per share | -0.06 | 0.05 | |
| Diluted earnings per share | -0.06 | 0.05 | |
| 23 | Debt equity ratio | 0.0 | 0.0 |
| 24 | Debt service coverage ratio | 0.0 | 0.0 |
| 25 | Interest service coverage ratio | 0.0 | 0.0 |
| 26 | Disclosure of notes on financial results | Textual Information(1) | |
| 23 | Debt equity ratio | Not applicable as Company does not have borrowings |
|---|---|---|
| 24 | Debt service coverage ratio | Not applicable as Company does not have borrowings |
| 25 | Interest service coverage ratio | Not applicable as Company does not have borrowings |
| Textual Information(1) | NOTES : (1) The aforesaid consolidated financial results of IL&FS Investment Managers Limited (the “Holding Company” of the Company), its subsidiaries (the Holding Company and its subsidiaries together constitute the “Group”) and jointly controlled entities for the quarter and nine months ended December 31, 2025 along-with comparative period have been reviewed by the Audit Committee and subsequently approved by the Board of Directors of the Company at its meeting held on February 13, 2026 in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The financial results for the quarter and nine months ended December 31, 2025 have been subjected to Limited Review by the Statutory Auditors of the Company (2) The consolidated financial results have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 – Interim Financial Reporting, notified under Section 133 of the Companies Act 2013 read with Companies (Indian Accounting Standards) Rules 2015, as amended from time to time and other accounting principles generally accepted in India (3) As per requirements of Indian Accounting Standard (Ind AS) 108 on ‘Operating Segments’, based on evaluation of financial information for allocation of resources and assessing performance, the Group has identified a single segment i.e. providing asset management services and other related services. As such, there are no separate reportable business or geographical segments as per Ind AS 108 (4) The Ministry of Corporate Affairs (MCA), Government of India, has vide its letter dated October 1, 2018 initiated investigation by Serious Fraud Investigation Office (SFIO) against Infrastructure Leasing & Financial Services Limited (IL&FS), the Holding Company and its subsidiaries (including the Company) under Section 212(1) of the Companies Act, 2013. On December 3, 2018, MCA on the directions of the National Company Law Tribunal, Mumbai (NCLT) has impleaded various Group Companies of IL&FS (which includes the Company) as Respondents to the Petition filed by them on October 1, 2018. The Company has received the “Summary of Charges” sent by the Ministry of Corporate Affairs through IL&FS, based on which the Ultimate Holding Company has submitted the necessary response (5) The term of most of the existing funds being managed/advised by the Company are approaching end of their extended term in the near future which has resulted in significant reduction in the Group’s fee revenue. Management expects that its future income from existing funds being managed/advised together with liquid assets held by the Group as at December 31, 2025 will be adequately sufficient to meet the Groups's existing and future obligations arising over the next 12 months. Management believes that use of the going concern assumption for preparation of these financial results is appropriate. The IL&FS Board has been working on a resolution plan, with a view to enable value preservation for stakeholders of IL&FS Group. The resolution plan, inter alia, involves sale of assets/businesses/companies owned by IL&FS. And in this regard, the IL&FS Board had on December 21, 2023 invited a public Expression of Interest (EoI) for sale of its entire stake in the Company. In response to the EOI, few prospective bidders have shown interest and the process is underway (6) The summarised unaudited standalone financial results of the Company are as below. The detailed standalone financial results of the Company are available on the Company’s website www.iimlindia.com (7) The Company has 6 Subsidiaries and 1 Jointly Controlled Entities as at December 31, 2025 (8) The financial statements of its Joint Venture IL&FS Milestone Realty Advisors Private Limited has been prepared on the basis that it does not continue as a going concern (9) The Holding Company Management is currently in the process of reviewing and assessing the recoverability of unbilled revenue pertaining to one of the Company’s subsidiaries, Andhra Pradesh Urban Infrastructure Asset Management Limited (“APUIAML”), in consultation with the subsidiary’s management and based on ongoing communications with the concerned parties. During the period ended December 31, 2025, the subsidiary has written off unbilled revenue amounting to Rs. 1.57 crores. In respect of the remaining balance of unbilled revenue, appropriate actions, including recognition of any provision or further write-off, if required, will be undertaken by the subsidiary’s management upon completion of this assessment at the earliest (10) On November 21, 2025, the Government of India notified the provisions of the Labour Codes, which consolidate twenty-nine existing labour laws into a single framework governing employee benefit during and after employment. The Codes, inter alia, introduce a uniform definition of wages and revise certain employee entitlements. The Group has evaluated the incremental impact of these changes based on the position presently ascertainable and has disclosed the same in line with the guidance issued by the Institute of Chartered Accountants of India. Accordingly, the Group has recognised an incremental expense of Rs. 54.90 lakhs towards gratuity obligations, which has been presented as part of employee benefit expenses and represents past service cost for the period ended 31 December 2025. In respect of one subsidiary company, Andhra Pradesh Urban Infrastructure Asset Management Limited, the impact of the new Labour Codes has not been recognised, as the relevant state-specific rules are yet to be notified. Pending such notification, the subsidiary continues to account for employee benefit obligations based on the existing applicable laws. The Group continues to monitor the notification of Central and State rules, as well as any further clarifications issued by the Government, and will recognise any additional accounting implications as and when the rules are notified and become effective (10) Previous year numbers are regrouped/reclassified wherever necessary |
|---|
| Particulars | 3 months/ 6 month ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
|---|---|---|---|
| A | Date of start of reporting period | 01-10-2025 | 01-04-2025 |
| B | Date of end of reporting period | 31-12-2025 | 31-12-2025 |
| Whether results are audited or unaudited | Unaudited | Unaudited | |
| Nature of report standalone or consolidated | Consolidated | Consolidated | |
| 1 | Segment Revenue (Income) | ||
| (net sale/income from each segment should be disclosed) | |||
| Total Segment Revenue | |||
| Less: Inter segment revenue | |||
| Revenue from operations | |||
| 2 | Segment Result | ||
| Profit (+) / Loss (-) before tax and interest from each segment | |||
| Total Profit before tax | |||
| i. Finance cost | |||
| ii. Other Unallocable Expenditure net off Unallocable income | |||
| Profit before tax | |||
| 3 | (Segment Asset - Segment Liabilities) | ||
| Segment Asset | |||
| Total Segment Asset | |||
| Un-allocable Assets | |||
| Net Segment Asset | |||
| 4 | Segment Liabilities | ||
| Segment Liabilities | |||
| Total Segment Liabilities | |||
| Un-allocable Liabilities | |||
| Net Segment Liabilities | |||
| Disclosure of notes on segments | |||
| Particulars | 3 months/ 6 month ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
|---|---|---|---|
| A | Date of start of reporting period | 01-10-2025 | 01-04-2025 |
| B | Date of end of reporting period | 31-12-2025 | 31-12-2025 |
| C | Whether results are audited or unaudited | Unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Consolidated | Consolidated |
| Other comprehensive income [Abstract] | |||
| 1 | Amount of items that will not be reclassified to profit and loss | ||
| 1 | Actuarial Gain of the defined benefit plans | 5117000 | 5442000 |
| Total Amount of items that will not be reclassified to profit and loss | 5117000 | 5442000 | |
| 2 | Income tax relating to items that will not be reclassified to profit or loss | 1.24 | 1.21 |
| 3 | Amount of items that will be reclassified to profit and loss | ||
| 1 | Gain/(Loss) on Foreign currency translation reserve (net) | 10848000 | 37316000 |
| Total Amount of items that will be reclassified to profit and loss | 10848000 | 37316000 | |
| 4 | Income tax relating to items that will be reclassified to profit or loss | 0.00 | 0.00 |
| 5 | Total Other comprehensive income | 158.41 | 426.37 |
| Whether results are audited or unaudited | Unaudited |
|---|---|
| Declaration of unmodified opinion or statement on impact of audit qualification | Statement on impact of audit qualification |
| Auditor's opinion | Qualified opinion |
| Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results |
| Sr No. | Audit firm's name | Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI | Certificate valid upto | ||
| 1 | KKC & Associates LLP | Yes | 31-07-2027 | ||
|---|---|---|---|---|---|
| Sr. | Particulars | Audited Figures (as reported before adjusting for qualifications) | Adjusted Figures (audited figures after adjusting for qualifications) |
| 1 | Turnover / Total income | 857.12 | 857.12 |
| 2 | Total Expenditure | 1,140.85 | 1,140.85 |
| 3 | Net Profit/(Loss) | (283.73) | (283.73) |
| 4 | Earnings Per Share | -0.06 | 0.05 |
| 5 | Total Assets | 21,924.59 | 21,924.59 |
| 6 | Total Liabilities | 1,365.75 | 1,365.75 |
| 7 | Net Worth | 20,558.84 | 20,558.84 |
| Sr. | Details of Audit Qualification | Type of Audit Qualification | Frequency of qualification | For Audit Qualification(s) where the impact is quantified by the auditor | For Audit Qualification(s) where the impact is not quantified by the auditor | ||
|---|---|---|---|---|---|---|---|
| Management's Views | (i) Management's estimation on the impact of audit qualification | (ii) If management is unable to estimate the impact, reasons for the same | Auditors' Comments on (i) or (ii) above | ||||
| 1 | Textual Information(1) | Qualified opinion | Repetitive | Textual Information(2) | Textual Information(3) | Textual Information(4) | Textual Information(5) |
| 2 | Textual Information(6) | Qualified opinion | Since how long continuing | Textual Information(7) | Textual Information(8) | Textual Information(9) | Textual Information(10) |
| Textual Information(1) | Refer below details of qualification as per Audit Report dated February 13, 2026 Attention is drawn to Note 4 of the Statement which describes the situation faced by the Group in view of the ongoing investigation by Serious Fraud Investigation Office of Ministry of Corporate Affairs (SFIO) against Infrastructure Leasing & Financial Services Limited (IL&FS or the Ultimate Holding Company), and its subsidiaries (including the Group). In view of the aforesaid ongoing investigations of the entire IL&FS Group by the SFIO, including the summary of charges received from Ministry of Corporate Affairs in October 2024 by the Ultimate Holding Company pertaining to the matters of the Group, we are unable to comment on the consequential impact(s) upon conclusion of the said investigation |
|---|---|
| Textual Information(2) | Not Applicable |
| Textual Information(3) | Unable to estimate impact |
| Textual Information(4) | In the absence of any specific findings as on date, the financial impact if any can only be ascertained once the SFIO investigation is completed and the exercise of the restatement of financial statements is completed |
| Textual Information(5) | No Comments |
| Textual Information(6) | Attention is drawn to Note 9 of the Statement regarding the recoverability of unbilled revenue of one of the subsidiary company, Andhra Pradesh Urban Infrastructure Asset Management Limited (APUIAML). As further stated in the said Note that the management of APUIAML is reviewing and assessing the recoverability of its unbilled revenue. As on the date of the report, Management is still in the process of assessing the recoverability of the said balance. As a result, we are unable to determine the financial effects of this matter on the statement, as it is not practicable to quantify the same |
| Textual Information(7) | The Management of APUIAML has assessed the recoverability of unbilled revenue and made adequate write-off for the quarter of Rs. 157.15 Lakh. The Auditors of APUIAML has reported the matter in Emphasis of Matter. The Auditors of the Holding Company have, however, qualified their Limited Review report. The Management of the Holding Company is in agreement with the Management and Auditors of APUIAML. |
| Textual Information(8) | Unable to estimate impact |
| Textual Information(9) | In the absence of any specific findings as on date, the financial impact if any can only be ascertained on detailed analysis. |
| Textual Information(10) | No Comments |
| Name of CEO / Managing director | Lubna Usman |
|---|---|
| Name of CFO | Lubna Usman |
| Name of audit committee chairman | Munish Kumar Saraogi |
| Name of statutory auditor | Bharat Jain |
| Name of other signatory, if any, with designation | |
| Place | Mumbai |
| Date | 13-02-2026 |