IIFL Capital Services Limited — Investor Meet, 04-08-2025: Analysts/Institutional Investor Meet/Con. Call Updates

IIFL Capital's Q1 FY26 results show revenue up 6% YoY to Rs.680 Cr, with PAT at Rs.176 Cr (down 4% YoY). Institutional & Investment Banking revenue doubled QoQ. Retail brokerage declined 28% YoY due to regulatory changes impacting expiry dates. The company is transforming retail broking into wealth management, adding ~50 RMs (salaries around Rs.0.5 Cr). This strategic build-out will elevate cost-to-income this year, with benefits of scale expected next year. Distribution AUM reached Rs.35,700 Cr. Investment banking pipeline remains strong. Management is focused on transformation and asset gathering.