IL& FS Investment ManagersNSE:IVC -0.12%63 Altman Z2-Score is 21.58 as of Jul. 02, 2026, which is 67% above its 10-year median of 12.91. GuruFocus rates NSE:IVC with a GF Score™ of 63/100 and a GF Value™ of ₹5.78 (Significantly Overvalued). The stock has 9 warning signs investors should review. Among 420 Diversified Financial Services companies, IL& FS Investment Managers ranks better than 73.81% on this metric.
Altman Z2-Score, also known as Z"-Score, is used to predict the likelihood that a non-manufacturing company (excluding property/financial company) will face bankruptcy within a two-year period.
Good Sign:
IL& FS Investment Managers has a Altman Z2-Score of 21.58, indicating it is in Safe Zones. This implies the Altman Z2-Score is strong.
The zones of discrimination were as such:
When Altman Z2-Score <= 1.1, it is in Distress Zones.
When Altman Z2-Score >= 2.6, it is in Safe Zones.
When Altman Z2-Score is between 1.1 and 2.6, it is in Grey Zones.
The historical rank and industry rank for IL& FS Investment Managers's Altman Z2-Score or its related term are showing as below:
NSE:IVC'
s Altman Z2-Score Range Over the Past 10 Years
Min: 10.62 Med: 12.91 Max: 21.58
Current: 21.58
During the past 13 years, IL& FS Investment Managers's highest Altman Z2-Score was 21.58. The lowest was 10.62. And the median was 12.91.
The original Z-Score model was based on publicly traded manufacturing companies while the Z2-Score, also known as Z"-score can be used for any type of company excluding property/financial companies. Both Z-Score and Z2-Score describes the financial health of a company, and its likelihood of financial distress.
X1: The Working Capital/Total Assets (WC/TA) ratio is a measure of the net liquid assets of the firm relative to the total capitalization. Working capital is defined as the difference between current assets and current liabilities. Ordinarily, a firm experiencing consistent operating losses will have shrinking current assets in relation to total assets. Altman found this one proved to be the most valuable liquidity ratio comparing with the current ratio and the quick ratio. This is however the least significant of the five factors.
X2: Retained Earnings/Total Assets: the RE/TA ratio measures the leverage of a firm. Retained earnings is the account which reports the total amount of reinvested earnings and/or losses of a firm over its entire life. Those firms with high RE, relative to TA, have financed their assets through retention of profits and have not utilized as much debt.
X3, Earnings Before Interest and Taxes/Total Assets (EBIT/TA): This ratio is a measure of the true productivity of the firm's assets, independent of any tax or leverage factors. Since a firm's ultimate existence is based on the earning power of its assets, this ratio appears to be particularly appropriate for studies dealing with corporate failure. This ratio continually outperforms other profitability measures, including cash flow.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Financial Conglomerates subindustry, IL& FS Investment Managers's Altman Z2-Score, along with its competitors' market caps and Altman Z2-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
IL& FS Investment Managers Altman Z2-Score vs Diversified Financial Services Industry
For the Diversified Financial Services industry and Financial Services sector, IL& FS Investment Managers's Altman Z2-Score distribution charts can be found below:
* The bar in red indicates where IL& FS Investment Managers's Altman Z2-Score falls into.
Altman Z-Score model is an accurate forecaster of failure up to two years prior to distress. It can be considered the assessment of the distress of industrial corporations.
Z2-Score, also known as Z"-Score is the Z-Score for non-manufacturing companies excluding property/financial companies.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency. GuruFocus does not calculate Altman Z2-Score when X4_2 value is 0.
IL& FS Investment Managers (NSE:IVC) has a Altman Z2-Score of 21.58 as of Jul. 02, 2026. Z2-Score is the Z-Score for non-manufacturing companies excluding property/financial companies, which measures a company's bankruptcy risk. View historical data on IL& FS Investment Managers and its competitors. This is 67% above median its historical median of 12.91. Over the past decade, IL& FS Investment Managers' Altman Z2-Score has ranged from 10.62 to 21.58. According to the industry distribution chart, IL& FS Investment Managers ranks #110 out of 420 companies in the Diversified Financial Services industry, placing it in the top 26.2%.
Is IL& FS Investment Managers' Altman Z2-Score too high?
IL& FS Investment Managers' current Altman Z2-Score of 21.58 is 67% above median its 10-year median of 12.91. Over the past 10 years, this metric has ranged from a low of 10.62 to a high of 21.58. The Diversified Financial Services industry median Altman Z2-Score is 10.95. IL& FS Investment Managers' value of 21.58 is 97.1% above this industry median. Based on the distribution chart, IL& FS Investment Managers ranks #110 out of 420 companies in the Diversified Financial Services industry, which is above the industry midpoint. Overall, IL& FS Investment Managers has a GF Score™ of 63/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does IL& FS Investment Managers' Altman Z2-Score compare to VOYA and FRHC?
According to the Diversified Financial Services industry distribution chart, IL& FS Investment Managers ranks #110 out of 420 companies for Altman Z2-Score. This puts IL& FS Investment Managers in the upper half of its industry. The industry median Altman Z2-Score is 10.95. IL& FS Investment Managers' value of 21.58 is 97.1% above this benchmark. Historically, IL& FS Investment Managers' own Altman Z2-Score has ranged from 10.62 to 21.58 over the past decade. While the company's 10-year median is 12.91 vs. the industry median of 10.95, IL& FS Investment Managers has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Altman Z2-Score for a Diversified Financial Services company?
The median Altman Z2-Score among Diversified Financial Services companies is 10.95, based on 420 companies in the industry. Companies in the top quartile (top 25%) have a Altman Z2-Score significantly above this median, while those in the bottom quartile fall well below. However, Altman Z2-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. IL& FS Investment Managers's current Altman Z2-Score of 21.58 is 97.1% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Altman Z2-Score mean?
A high Altman Z2-Score can signal that a stock is expensive relative to its fundamentals. Z2-Score is the Z-Score for non-manufacturing companies excluding property/financial companies, which measures a company's bankruptcy risk. View historical data on IL& FS Investment Managers and its competitors. For the Diversified Financial Services industry, the median Altman Z2-Score is 10.95 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. IL& FS Investment Managers's current Altman Z2-Score is 21.58, which is 67% above median its own 10-year median of 12.91. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is IL& FS Investment Managers stock overvalued right now?
Based on GuruFocus' analysis, IL& FS Investment Managers (NSE:IVC) is currently considered Significantly Overvalued. The stock's GF Value™ is ₹5.78, compared to a current price of ₹8.14 — trading 40.8% above its estimated fair value. The current Altman Z2-Score is 21.58, which is 67% above median its 10-year median of 12.91 and 97.1% above the Diversified Financial Services industry median of 10.95. IL& FS Investment Managers' overall GF Score™ is 63/100 with 9 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Altman Z2-Score calculated?
Altman Z2-Score is calculated from a company's financial statements. For IL& FS Investment Managers (NSE:IVC), the current Altman Z2-Score is 21.58 as of Jul. 02, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is IL& FS Investment Managers (NSE:IVC) Overvalued in 2026?
Based on GuruFocus' analysis, IL& FS Investment Managers stock appears to be overvalued.
The current stock price of ₹8.14 is trading 40.8% above its estimated GF Value™ of ₹5.78.
GuruFocus considers IL& FS Investment Managers to be Significantly Overvalued.
Key valuation signals for NSE:IVC:
Altman Z2-Score: 21.58 (67% above median its 10-year median of 12.91)
GF Value™: ₹5.78 vs. price of ₹8.14 (40.8% above fair value)
Industry Position: 97.1% above the Diversified Financial Services median (#110 of 420)
No single metric tells the full story. See the NSE:IVC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
IL& FS Investment Managers Ltd is a company operating in the financial sector. It operates in one business segment fund management and related services. It has also established investment banking, project finance, project development, management and implementation, merchant banking, infrastructure financing, and corporate advisory capabilities.
63GF Score
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