JPM on IIFL Fin ; OW, TP Rs 770

○ Strong 2QFY27, with net profit 6/4% ahead of Street/JPMe • Beat was driven by robust AuM growth (gold-led), better NIMs and lower credit costs. • Gold loan yields rose 15bps q/q to 18.72%, partly offset by lower housing yields • Raise FY27/28E EPS by 4%/7% while keeping FY29E largely unchanged • At 1.23x/1.06x FY28/29E P/B and 8.0x/7.1x FY28/29E P/E, risk-reward is favourable

IIFL FINANCE LIMITED

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