Shares of state-owned IFCI Ltd surged 6.85 per cent in Monday's trade to hit a new 52-week high of Rs 90.43. The stock was later trading 5.60 per cent higher at Rs 89.37. At this level, it has gained 41.16 per cent in a month and 84.04 per cent over the last six months.

Some market participants attributed the sharp rise in IFCI shares to its indirect exposure to the National Stock Exchange of India (NSE). The state-owned lender holds a stake in NSE through its majority ownership of Stock Holding Corporation of India Ltd (SHCIL).

The rally gathered pace amid renewed optimism over NSE's long-awaited initial public offering (IPO), which is reportedly expected to hit the market this week.

Ravi Singh, Chief Research Officer at Master Capital Services, said IFCI has investments linked to NSE, and the stock has been gaining traction amid expectations that the exchange's public listing is nearing the final stage.

Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, also noted that IFCI's share price movement appears connected to a development around the NSE IPO.

From a technical standpoint, Osho Krishan of Angel One noted that IFCI has witnessed a strong spurt in both price and volume and has scaled a fresh 52-week high. He advised investors to trail profits as long as the momentum remains intact.

According to AR Ramachandran, Sebi-registered research analyst at Tips2trades, the stock appeared bullish on daily charts with resistance at Rs 91 in the near term.

Q4 earnings

For the March-ended quarter (Q4 FY26), the non-banking financial company (NBFC) reported total revenue from operations of Rs 470 crore, compared with Rs 413.61 crore in the corresponding quarter last year, reflecting a growth of around 13.63 per cent.

Interest income during the quarter rose to Rs 153.40 crore from Rs 149.07 crore a year ago.

Profit after tax (PAT), however, declined to Rs 34 crore in Q4 FY26 from Rs 260 crore in the corresponding period last year.

As of March 2026, the government held a 72.57 per cent stake in IFCI.