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Motilal Oswal Report
IIFL Finance Ltd.'s management had shared in its last earnings call that the company was in compliance with all the RBI observations, which led to the ban on gold loans. It is now better placed for the next phase of high-quality growth.
We have not made any changes in our estimates. We look forward to engaging with the company management to understand its strategy and approach going ahead and to understand its outlook on AUM growth.
The stock trades at 1.5 times FY26E price/book value and ~10 times P/E.
IIFL could see a valuation re-rating as investors get renewed confidence in its ability to claw back its market share in gold loans.
We maintain our Buy rating on the company with a revised target price of Rs 600 (based on March'26E SOTP of the standalone business and the two subsidiaries).
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