appoints Jagdish Garwal as Chief Risk Officer for One Year
February 28, 2026
IFCI Limited has re-appointed Shri Jagdish Garwal as Chief Risk Officer for one year from March 01, 2026 to February 28, 2027, following RBI governance directions. Garwal, who holds B.E., MBA, LLB qualifications and CAIIB certification, brings 32 years of experience across various IFCI departments including IT, Vigilance, Recovery, and Internal Audit. The re-appointment ensures continuity in risk management as his current tenure ends February 28, 2026, and has been disclosed to stock exchanges under SEBI LODR regulations.
IFCI Limited has announced the re-appointment of Shri Jagdish Garwal as Chief Risk Officer (CRO), extending his tenure for another year as per regulatory requirements. The financial services company informed stock exchanges about this key management decision following RBI governance directions.
Re-appointment Details
The company has re-appointed Shri Jagdish Garwal, General Manager, as Chief Risk Officer in compliance with RBI (NBFC-Governance) Directions dated November 28, 2025. The re-appointment becomes necessary as his current tenure ends on February 28, 2026.
Parameter: Details Position: Chief Risk Officer (CRO) Appointment Period: One Year Effective From: March 01, 2026 Tenure Ends: February 28, 2027 Current Role: General Manager, IFCI Limited
Professional Background
Shri Jagdish Garwal brings substantial experience and qualifications to his role as Chief Risk Officer. He has been serving as the CRO of the company for the last two years, demonstrating continuity in the risk management function.
Educational Qualifications and Experience
Qualification: Details Engineering: B.E. (Computer) Management: MBA Legal: LLB Banking Certification: Certified Associate of Indian Institute of Bankers (CAIIB) Total Experience: Around 32 years in IFCI and subsidiary
Departmental Expertise
Garwal's extensive career at IFCI spans multiple critical departments, providing him with comprehensive understanding of the organization's operations:
Information Technology (IT)
Sugar Development Fund
Vigilance
Recovery operations
Internal Audit
Regulatory Compliance
The re-appointment has been communicated to both National Stock Exchange of India Limited and BSE Limited pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This ensures compliance with disclosure requirements for changes in key management personnel.
Company Information
IFCI Limited, established in 1948, operates as a government undertaking in the financial services sector. The company is headquartered at IFCI Tower, 61 Nehru Place, New Delhi, and continues its role in the nation's development through various financial services and lending activities.
IFCI Limited announced its unaudited financial results for the quarter ended December 31, 2025, marking a significant improvement in financial performance across both standalone and consolidated operations. The results were approved by the Board of Directors at their meeting held on January 29, 2026.
Standalone Financial Performance
The company demonstrated a remarkable turnaround in its standalone operations during Q3FY26. IFCI reported a net profit of ₹6.85 crore for the quarter, a substantial improvement from the net loss of ₹58.96 crore recorded in Q3FY25.
Financial Metric Q3FY26 Q3FY25 Change Total Income ₹299.10 crore ₹195.33 crore +53.13% Revenue from Operations ₹298.80 crore ₹194.56 crore +53.58% Net Profit/(Loss) ₹6.85 crore (₹58.96 crore) Turnaround Earnings Per Share ₹0.03 (₹0.23) Positive
The revenue growth was primarily driven by higher net gain on fair value changes of ₹113.85 crore compared to ₹86.04 crore in Q3FY25, and increased dividend income of ₹66.32 crore versus ₹0.85 crore in the previous year quarter.
Consolidated Financial Results
The consolidated performance showed even stronger results, with IFCI and its subsidiaries collectively reporting a net profit of ₹20.82 crore in Q3FY26, compared to a net loss of ₹8.74 crore in Q3FY25.
Consolidated Metrics Q3FY26 Q3FY25 Change Total Income ₹466.65 crore ₹457.33 crore +2.04% Revenue from Operations ₹455.86 crore ₹458.99 crore -0.68% Net Profit/(Loss) ₹20.82 crore (₹8.74 crore) Turnaround Basic EPS (₹0.06) (₹0.12) Improvement
Nine-Month Performance Analysis
For the nine-month period ended December 31, 2025, the standalone operations showed continued improvement with a net profit of ₹30.35 crore compared to a net loss of ₹228.75 crore in the corresponding period of FY25. The consolidated nine-month profit reached ₹400.65 crore, significantly higher than ₹88.18 crore in the previous year.
Key Financial Highlights
Revenue Composition (Standalone Q3FY26):
Interest Income: ₹85.09 crore
Dividend Income: ₹66.32 crore
Net gain on fair value changes: ₹113.85 crore
Fees and commission Income: ₹20.09 crore
Rental Income: ₹13.45 crore
Expense Management: Total expenses for Q3FY26 stood at ₹292.78 crore compared to ₹166.99 crore in Q3FY25, primarily due to higher impairment on financial instruments of ₹142.88 crore and finance costs of ₹104.45 crore.
Regulatory and Operational Updates
The company maintains a paid-up equity share capital of ₹2,694.31 crore with a face value of ₹10 per share. IFCI received ₹500 crore from the Government of India on January 28, 2025, towards share capital subscription, with 8,07,23,280 equity shares allotted at ₹61.94 per share.
The Capital Risk Adequacy Ratio (CRAR) stands at -16.51% as of December 31, 2025, which is below RBI requirements. The Gross NPA ratio remained high at 96.31% as of December 2025, reflecting the company's legacy asset quality challenges.
Corporate Developments
The Department of Financial Services has accorded in-principle approval for the 'Consolidation of IFCI Group,' which involves potential merger or amalgamation of certain group companies. This strategic initiative aims to streamline operations and enhance operational efficiency across the IFCI ecosystem.
Source: IFCI Limited
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As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. They value time and seek high quality products & services. Most screening, trading, investing platforms available today are more or less similar to each other, and they have not evolved with time. While both traders & investors have gotten smart about how they make money and build wealth, as users they have continued to use the same products, features, and platforms that were available for years with little or no innovation. We plan to change that - a technology-led platform built for super traders and long term investors.
Re-appointment Details
The company has re-appointed Shri Jagdish Garwal, General Manager, as Chief Risk Officer in compliance with RBI (NBFC-Governance) Directions dated November 28, 2025. The re-appointment becomes necessary as his current tenure ends on February 28, 2026.
Parameter: Details Position: Chief Risk Officer (CRO) Appointment Period: One Year Effective From: March 01, 2026 Tenure Ends: February 28, 2027 Current Role: General Manager, IFCI Limited
Professional Background
Shri Jagdish Garwal brings substantial experience and qualifications to his role as Chief Risk Officer. He has been serving as the CRO of the company for the last two years, demonstrating continuity in the risk management function.
Educational Qualifications and Experience
Qualification: Details Engineering: B.E. (Computer) Management: MBA Legal: LLB Banking Certification: Certified Associate of Indian Institute of Bankers (CAIIB) Total Experience: Around 32 years in IFCI and subsidiary
Departmental Expertise
Garwal's extensive career at IFCI spans multiple critical departments, providing him with comprehensive understanding of the organization's operations:
Information Technology (IT)
Sugar Development Fund
Vigilance
Recovery operations
Internal Audit
Regulatory Compliance
The re-appointment has been communicated to both National Stock Exchange of India Limited and BSE Limited pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This ensures compliance with disclosure requirements for changes in key management personnel.
Company Information
IFCI Limited, established in 1948, operates as a government undertaking in the financial services sector. The company is headquartered at IFCI Tower, 61 Nehru Place, New Delhi, and continues its role in the nation's development through various financial services and lending activities.
IFCI Limited announced its unaudited financial results for the quarter ended December 31, 2025, marking a significant improvement in financial performance across both standalone and consolidated operations. The results were approved by the Board of Directors at their meeting held on January 29, 2026.
Standalone Financial Performance
The company demonstrated a remarkable turnaround in its standalone operations during Q3FY26. IFCI reported a net profit of ₹6.85 crore for the quarter, a substantial improvement from the net loss of ₹58.96 crore recorded in Q3FY25.
Financial Metric Q3FY26 Q3FY25 Change Total Income ₹299.10 crore ₹195.33 crore +53.13% Revenue from Operations ₹298.80 crore ₹194.56 crore +53.58% Net Profit/(Loss) ₹6.85 crore (₹58.96 crore) Turnaround Earnings Per Share ₹0.03 (₹0.23) Positive
The revenue growth was primarily driven by higher net gain on fair value changes of ₹113.85 crore compared to ₹86.04 crore in Q3FY25, and increased dividend income of ₹66.32 crore versus ₹0.85 crore in the previous year quarter.
Consolidated Financial Results
The consolidated performance showed even stronger results, with IFCI and its subsidiaries collectively reporting a net profit of ₹20.82 crore in Q3FY26, compared to a net loss of ₹8.74 crore in Q3FY25.
Consolidated Metrics Q3FY26 Q3FY25 Change Total Income ₹466.65 crore ₹457.33 crore +2.04% Revenue from Operations ₹455.86 crore ₹458.99 crore -0.68% Net Profit/(Loss) ₹20.82 crore (₹8.74 crore) Turnaround Basic EPS (₹0.06) (₹0.12) Improvement
Nine-Month Performance Analysis
For the nine-month period ended December 31, 2025, the standalone operations showed continued improvement with a net profit of ₹30.35 crore compared to a net loss of ₹228.75 crore in the corresponding period of FY25. The consolidated nine-month profit reached ₹400.65 crore, significantly higher than ₹88.18 crore in the previous year.
Key Financial Highlights
Revenue Composition (Standalone Q3FY26):
Interest Income: ₹85.09 crore
Dividend Income: ₹66.32 crore
Net gain on fair value changes: ₹113.85 crore
Fees and commission Income: ₹20.09 crore
Rental Income: ₹13.45 crore
Expense Management: Total expenses for Q3FY26 stood at ₹292.78 crore compared to ₹166.99 crore in Q3FY25, primarily due to higher impairment on financial instruments of ₹142.88 crore and finance costs of ₹104.45 crore.
Regulatory and Operational Updates
The company maintains a paid-up equity share capital of ₹2,694.31 crore with a face value of ₹10 per share. IFCI received ₹500 crore from the Government of India on January 28, 2025, towards share capital subscription, with 8,07,23,280 equity shares allotted at ₹61.94 per share.
The Capital Risk Adequacy Ratio (CRAR) stands at -16.51% as of December 31, 2025, which is below RBI requirements. The Gross NPA ratio remained high at 96.31% as of December 2025, reflecting the company's legacy asset quality challenges.
Corporate Developments
The Department of Financial Services has accorded in-principle approval for the 'Consolidation of IFCI Group,' which involves potential merger or amalgamation of certain group companies. This strategic initiative aims to streamline operations and enhance operational efficiency across the IFCI ecosystem.
Source: IFCI Limited
We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better.
Stock Markets are the true indicator of the growth of any country's economy. We are bullish on India, we are bullish on India's prospects to be one of largest economies of the world. We believe that Stock Markets provide an unique opportunity for all Indians to participate in the growth story of India. We are enabling the same for Indians.
As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. They value time and seek high quality products & services. Most screening, trading, investing platforms available today are more or less similar to each other, and they have not evolved with time. While both traders & investors have gotten smart about how they make money and build wealth, as users they have continued to use the same products, features, and platforms that were available for years with little or no innovation. We plan to change that - a technology-led platform built for super traders and long term investors.