5112082025-10-012025-12-315112082025-04-012025-12-315112082025-10-012025-12-31in-capmkt:OtherExpenses1Member5112082025-10-012025-12-31in-capmkt:OtherExpenses2Member5112082025-10-012025-12-31in-capmkt:OtherExpenses3Member5112082025-10-012025-12-31in-capmkt:OtherExpenses4Member5112082025-10-012025-12-31in-capmkt:OtherExpenses5Member5112082025-10-012025-12-31in-capmkt:OtherExpenses6Member5112082025-10-012025-12-31in-capmkt:OtherExpenses7Member5112082025-04-012025-12-31in-capmkt:OtherExpenses1Member5112082025-04-012025-12-31in-capmkt:OtherExpenses2Member5112082025-04-012025-12-31in-capmkt:OtherExpenses3Member5112082025-04-012025-12-31in-capmkt:OtherExpenses4Member5112082025-04-012025-12-31in-capmkt:OtherExpenses5Member5112082025-04-012025-12-31in-capmkt:OtherExpenses6Member5112082025-04-012025-12-31in-capmkt:OtherExpenses7Member5112082025-10-012025-12-31ItemsThatWillNotBeReclassifiedToProfitAndLoss15112082025-04-012025-12-31ItemsThatWillNotBeReclassifiedToProfitAndLoss15112082025-10-012025-12-31ItemsThatWillBeReclassifiedToProfitAndLoss15112082025-04-012025-12-31ItemsThatWillBeReclassifiedToProfitAndLoss15112082025-10-012025-12-31AuditorDomain15112082025-10-012025-12-31in-capmkt:AuditedMember5112082025-12-31in-capmkt:AuditedMember5112082025-10-012025-12-31in-capmkt:AdjustedMember5112082025-12-31in-capmkt:AdjustedMember5112082025-10-012025-12-31AuditQualification15112082025-10-012025-12-31AuditQualification2iso4217:INRxbrli:pureiso4217:INRxbrli:shares511208IVCNOTLISTEDINE050B01023IL&FS Investment Managers LimitedMain BoardEquity2025-04-012026-03-312026-02-132026-02-09INRLakhsQuarterlyThird quarterSingle segmentManagement Fees2026-02-1312:30:002026-02-1320:00:00Statement on impact of audit qualification2025-10-012025-12-31UnauditedConsolidated000000067339000673390001837300085712000000246540000449000000088982000114085000-283730000-283730003857000-2951000906000-29279000000-35000-2931400015841000-13473000-19182000-1013200016142000-3010006280850002-0.06-0.0600-0.06-0.06000NOTES : <BR> <BR> (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 <BR> <BR> (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 <BR> <BR> (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 <BR> <BR> (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 <BR> <BR> (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. <BR> <BR> 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 <BR> <BR> (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 <BR> <BR> (7) The Company has 6 Subsidiaries and 1 Jointly Controlled Entities as at December 31, 2025 <BR> <BR> (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 <BR> <BR> (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. <BR> <BR> 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 <BR> <BR> (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. <BR> <BR> 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. <BR> <BR> 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. <BR> <BR> 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 <BR> <BR> (10) Previous year numbers are regrouped/reclassified wherever necessary <BR> 2025-04-012025-12-31UnauditedConsolidated00000001969750001969750008797000028494500000066713000014060000000191747000259866000250790000250790001489900027510001765000074290000008770008306000426370005094300016463000-815700042931000-29400062808500020.050.05000.050.05000Not applicable as Company does not have borrowingsNot applicable as Company does not have borrowingsNot applicable as Company does not have borrowingsRent expense4061000Legal and Professional expense38383000Expected Credit loss arising on Receivables15875000Write-off of Unbilled Revenue15715000Fair Value loss on Investments measured at FVTPL0Net Loss on sale of non-current Investments0Other Expenses14948000Rent expense12583000Legal and Professional expense118375000Expected Credit loss arising on Receivables-4032000Write-off of Unbilled Revenue15715000Fair Value loss on Investments measured at FVTPL0Net Loss on sale of non-current Investments8457000Other Expenses40649000Actuarial Gain of the defined benefit plans51170005117000Actuarial Gain of the defined benefit plans54420005442000124000121000Gain/(Loss) on Foreign currency translation reserve (net)1084800010848000Gain/(Loss) on Foreign currency translation reserve (net)3731600037316000001584100042637000UnauditedQualified opinionKKC & Associates LLPtrue2027-07-318571200085712000114085000114085000-28373000-28373000-0.060.052192459000219245900013657500013657500020558840002055884000Refer below details of qualification as per <br></br> Audit Report dated February 13, 2026 <br></br> <br></br> 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 investigationQualified opinionRepetitiveNot ApplicableUnable to estimate impact 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 completedNo CommentsAttention 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 sameQualified opinionSince how long continuingThe 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. <br></br> 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. <br></br> Unable to estimate impact In the absence of any specific findings as on date, the financial impact if any can only be ascertained on detailed analysis.No CommentsLubna UsmanLubna UsmanMunish Kumar SaraogiBharat JainMumbai2026-02-13