IIFL Capital Services Limited (IIFLCAPS) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of IIFL Capital Services Limited ₹434, price ₹346, upside +25.5%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 1, 2026.
How to read this chart
60‑month range ₹46.19 – ₹434.58 · fair‑value band ₹173.56 – ₹638.86 · the ₹345.60 price screens below the ₹433.86 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 1, 2026.
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IIFL Capital Services Limited provides capital market services in the primary and secondary markets in India.
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IIFL Capital Services Limited provides capital market services in the primary and secondary markets in India. The company offers an investment and trading platform for equities, commodities, currency, and margin trade funding; investment solutions, including equity, debt, alternative investment funds, insurance, and others; and equity, debt, commodities, and currency broking, as well as corporate access, research, depository participant services, and merchant banking. It also provides investment banking services consisting of initial public offerings, qualified institutional placement, right issues, preferential placement, follow-on public offer, buybacks of share, tender offers, and delisting services; and private equity advisory services, and mergers and acquisitions. In addition, the company distributes third-party financial products, such as mutual funds, insurance, portfolio management services, alternate investment funds, fixed income, and healthcare and wellness products. Further, it operates a mobile trading application under the IIFL Markets brand name. It serves institutional and non-institutional investors, foreign portfolio investors, private equity funds, mutual funds, insurance companies, pension funds, corporates, alternative investment funds, trusts, high net-worth and ultra-high net-worth individuals, and affluent investors. The company was formerly known as IIFL Securities Limited and changed its name to IIFL Capital Services Limited in November 2024. IIFL Capital Services Limited was incorporated in 1996 and is based in Mumbai, India.
Stock analysis
IIFL Capital Services Limited (IIFLCAPS) currently trades at ₹345.60, while our model-based Fair Value estimate is ₹433.86, implying the stock looks roughly 20.3% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ₹560.90 per share, and 7 of the 13 models we run sit above the ₹345.60 price.
Bear case: the Asset-Based group reads lowest at ₹65.13, and 6 of the 13 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹173.56 (bear) to ₹638.86 (bull), the price of ₹345.60 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
IIFL Capital Services Limited reported revenue of ₹26.0B in FY2026 versus ₹10.5B in FY2022, a compound +25.4%/yr. Reported net income was ₹5.6B in FY2026, compounding +16.4%/yr from FY2022.
Key figures
Market cap ₹114B (≈ $1.2B) · P/E ratio 20.0 · P/S ratio 4.31 · EPS (TTM) ₹17.30 · Dividend yield 0.9% · Net margin 21.6% · Return on equity 20.2% · Return on assets (EBIT) 5.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and 42% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −18% fair-value upside, at 26%, IIFLCAPS screens cheaper than that median.
Fair Value models
Bear ₹173.56Fair Value ₹433.86Bull ₹638.86
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹7.21 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+31.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+31.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+29.5%
Start year 2021 (pandemic)
’21
’22
’23
’24
’25
’26
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+15.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+14.5%
Dividend (yield on the price)0.9%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.26% → 29%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+15.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +11.1% a year for the price.
Compare IIFL Capital Services Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Capital Markets · 464 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside+25.4% · Above median
Profitability
Return on equity (TTM)20.2% · Top 25%
Return on assets6.4% · Top 25%
Net margin (TTM)24.5% · Above median
Operating margin (TTM)36.2% · Above median
Growth and dividend
Revenue growth3.3% · Below median
Dividend yield (TTM)0.9% · Below median
Balance sheet
Debt / equity0.59× · Highest 25%
Valuation Multiplesvs Capital Markets median · lower = cheaper
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Cite: Fair Value Calculator (2026). "IIFL Capital Services Limited Fair Value". https://www.fairvalue-calculator.com/stock/IIFLCAPS
Frequently asked questions
Is IIFL Capital Services Limited (IIFLCAPS) overvalued or undervalued?
As of Oct 1, 2026, our model estimates a fair value of ₹433.86 versus a price of ₹345.60, about +26% upside (undervalued).
What is the fair value of IIFLCAPS?
Our model-based fair value for IIFL Capital Services Limited is ₹433.86 (as of Oct 1, 2026), built from audited fundamentals. The current price: ₹345.60.
What is the quality score of IIFLCAPS?
IIFL Capital Services Limited has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for IIFL Capital Services Limited (IIFLCAPS)?
Our model-based price target is the fair value of ₹433.86 (as of Oct 1, 2026) from 13 valuation models. Cautious scenario ₹173.56, optimistic scenario ₹638.86. It is a calculation from audited fundamentals, not an analyst target.
What is the IIFL Capital Services Limited stock forecast for 2026?
Our models put fair value at ₹433.86, about +26% upside versus a price of ₹345.60 (undervalued). Cautious scenario ₹173.56, optimistic scenario ₹638.86. The calculation is refreshed regularly with new filings.
What is the revenue of IIFL Capital Services Limited (IIFLCAPS)?
IIFL Capital Services Limited reported trailing-twelve-month revenue of about ₹23.3B (latest available figure, as of Oct 1, 2026).
Does IIFL Capital Services Limited pay a dividend?
IIFL Capital Services Limited currently shows a dividend yield of about 0.87% relative to its recent price (as of Oct 1, 2026).
What growth is priced into IIFL Capital Services Limited (IIFLCAPS)?
For today's price to be fair in a discounted-cash-flow model, IIFL Capital Services Limited would have to grow free cash flow by +15.7 % per year for five years (discount rate 13.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +29.5 % per year. As of Oct 1, 2026.
What discount rate (WACC) does the fair value of IIFLCAPS use?
Our models discount IIFL Capital Services Limited at 13.0 %: a base by market capitalisation (small), damped by beta 0.76, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For IIFL Capital Services Limited that is +15.7 % per year a year over ten years, using the same discount rate (13.0 %) and the same formula as our fair value.
How much growth has IIFL Capital Services Limited (IIFLCAPS) delivered so far?
Over the past 5 years revenue at IIFL Capital Services Limited grew +29.5 % a year. The price currently implies +15.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of IIFL Capital Services Limited (IIFLCAPS) growing?
The median revenue growth in the sector is +5.0 % a year. That is the yardstick for the growth priced into IIFL Capital Services Limited (+15.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of IIFL Capital Services Limited (IIFLCAPS)?
The free-cash-flow yield on the price is 4.24 %: that much free cash flow IIFL Capital Services Limited produces per unit of market value. When it exceeds the discount rate of our models (13.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of IIFL Capital Services Limited (IIFLCAPS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For IIFL Capital Services Limited it is ₹433.86 per share (as of Oct 1, 2026), against a price of ₹345.60. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is IIFL Capital Services Limited stock overvalued or undervalued in 2026?
As of Oct 1, 2026, IIFLCAPS trades below its calculated fair value: price ₹345.60, fair value ₹433.86, a gap of about +26% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of IIFLCAPS?
No. The price is what the market pays today (₹345.60); the fair value is what the company's own numbers justify (₹433.86). For IIFL Capital Services Limited the two are ₹88.26 per share apart. That gap is exactly why we show both numbers side by side.
How much is IIFL Capital Services Limited worth?
The market values IIFL Capital Services Limited at about ₹114B (market capitalisation, as of Oct 1, 2026). Per share that is ₹345.60; our models calculate a fair value of ₹433.86 per share.
What do the bullish and bearish scenarios say about IIFLCAPS?
Our models span a range for IIFL Capital Services Limited: cautious scenario ₹173.56, base ₹433.86, optimistic ₹638.86 per share (as of Oct 1, 2026, price ₹345.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IIFLCAPS?
IIFL Capital Services Limited trades at a price-to-earnings ratio of 20.0 (as of Oct 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹433.86 is built from several models across several years. Other multiples: P/B 3.7, P/S 4.9, EV/EBITDA 9.9.
How solid is the balance sheet of IIFL Capital Services Limited (IIFLCAPS)?
Balance-sheet figures for IIFL Capital Services Limited (as of Oct 1, 2026): return on equity 20.2%, debt of 0.59 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is IIFLCAPS from its 52-week high?
IIFL Capital Services Limited trades at ₹345.60, about 12% below its 52-week high of ₹391.85 and 42% above the low of ₹244.15 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹433.86 is for.
Which stocks are comparable to IIFL Capital Services Limited?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is IIFL Capital Services Limited stock attractive at the current price?
The data as of Oct 1, 2026: price ₹345.60, calculated fair value ₹433.86 (+26%), Quality Score 59/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of IIFLCAPS calculated?
We run IIFL Capital Services Limited through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹433.86, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.7 % above its aggregate fair value. IIFL Capital Services Limited currently trades 20 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of IIFL Capital Services Limited (IIFLCAPS)?
The closing price on Oct 1, 2026 was ₹345.60. Our model-based fair value is ₹433.86, about +26% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with IIFL Capital Services Limited right now?
The model range is unusually wide (₹173.56 to ₹638.86). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of IIFL Capital Services Limited
How large is the market capitalisation of IIFL Capital Services Limited (IIFLCAPS)?
The market capitalisation of IIFL Capital Services Limited is ₹114B (≈ $1.2B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of IIFL Capital Services Limited (IIFLCAPS)?
The price-to-sales ratio of IIFL Capital Services Limited is 4.31 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of IIFL Capital Services Limited (IIFLCAPS)?
Earnings per share at IIFL Capital Services Limited are ₹17.30 (price ÷ EPS = P/E 20.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of IIFL Capital Services Limited (IIFLCAPS)?
The dividend yield of IIFL Capital Services Limited is 0.9% (payout 17.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of IIFL Capital Services Limited (IIFLCAPS)?
The net margin of IIFL Capital Services Limited is 21.6% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of IIFL Capital Services Limited (IIFLCAPS)?
The return on equity (ROE) of IIFL Capital Services Limited is 20.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of IIFL Capital Services Limited (IIFLCAPS)?
On an EBIT basis the return on assets of IIFL Capital Services Limited is 5.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of IIFL Capital Services Limited (IIFLCAPS)?
The operating margin of IIFL Capital Services Limited is 36.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at IIFL Capital Services Limited (IIFLCAPS)?
Revenue at IIFL Capital Services Limited is growing +3.3% versus a year earlier (3y avg +31.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at IIFL Capital Services Limited (IIFLCAPS)?
Earnings per share at IIFL Capital Services Limited are growing +4.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does IIFL Capital Services Limited (IIFLCAPS) hold?
IIFL Capital Services Limited holds more cash than debt, ₹32.4B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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