IFCI shares hit fresh 52-week high, surge 22% in two days; is there more upside ahead?

Shares of state-owned IFCI Ltd soared 14.24 per cent in Wednesday's trade to hit a new 52-week high of Rs 81.90. At this level, the stock has gained 21.78 per cent in just two trading days.

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 excitement over NSE's long-awaited initial public offering (IPO), expected to hit the market later this month.

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.

Technical view

Osho Krishan, Chief Manager – Technical & Derivative Research at Angel One, said, "IFCI has seen a strong spurt in price and volume and has propelled to 52-week highs. The counter has witnessed a breakout around the Rs 65-70 zone and skyrocketed from thereon. The indicators are extremely stretched, with nearby resistance at the Rs 88-90 range. It is advised to trail profits till momentum persists."

Kunal Kamble, Senior Technical Research Analyst at Bonanza, said, "IFCI has delivered a decisive bullish breakout above the long-term ascending triangle pattern, supported by a massive bullish candle and exceptionally strong trading volumes, signalling aggressive buying interest and potential participation. The stock has surged above all key moving averages, confirming a strong uptrend. The breakout above the crucial resistance zone of Rs 65–67 indicates a significant trend continuation and opens the door for further upside towards Rs 88-95 in the medium term. On the lower side, Rs 72 now becomes an important support level, followed by Rs 66. Overall, the structure remains strongly bullish, and any short-term pullback towards support zones may present a favourable accumulation opportunity."

Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, stated, "Support will be at Rs 74 and resistance at Rs 80. A decisive move above Rs 80 level may trigger a further upside towards Rs 82. The expected trading range will be between Rs 72 and Rs 82 for the short 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.