Indian Railway Finance Corporation Ltd
IRFC NSE
Indian Railway Finance Corporation Ltd
Financial Services F&ONSE: IRFC BSE: 543257 Financial Institution
Key Fundamentals
MidcapFinancial InstitutionFinancial ServicesMarket Cap
1.1L Cr
Volatility
Moderate
P/E Ratio
15.66
EBITDA
₹27,021 Cr
Return on Equity
12.35%
Debt to Equity
7.76
Book Value
₹43.42
EPS
₹4.93
52W High
₹137.17
52W Low
₹85
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Indian Railway Finance Corporation Ltd insights
35 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
1- Company has been maintaining a healthy dividend payout of 34.0%
Weaknesses
6- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 11.6% over past five years.
- Tax rate seems low
- Company has a low return on equity of 13.0% over last 3 years.
- Company might be capitalizing the interest cost
- Company has high debtors of 5,136 days.
Growth Rate
Revenue Growth
0.67% ↘
Net Income Growth
7.80% ↘
Cash Flow Change
-428.41% ↘
ROE
0.00% ↗
ROCE
-5.68% ↘
EBITDA Margin (Avg.)
-0.59% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 13h agoAI opinion · based on fundamentals
Risk medium
IRFC is a ₹1,13,382 Cr market cap NBFC trading at 15.7x PE and 1.99x PB, serving as the dedicated financing arm of Indian Railways. The company delivers a consistent 13% ROE over 3 years with 5% TTM sales growth, while carrying structural risks from high leverage, concentrated lending, and elevated debtor days of 5,136.
Bull Case 7
- Market cap of ₹1,13,382 Cr reflects sovereign-backed lending franchise with near-zero credit risk given Indian Railways is the sole borrower
- PE of 15.7x is reasonable for a financial services company with predictable, annuity-like cash flows
- Consistent ROE of 13% maintained across 3-year, 5-year, and 10-year periods indicating earnings stability
- Dividend yield of 2.43% with healthy 34% payout ratio provides regular income to shareholders
- Compounded profit growth of 24% over 10 years demonstrates long-term earnings compounding ability
- 5-year stock CAGR of 30% reflects strong wealth creation track record for longer-term holders
- Government of India ownership provides implicit sovereign guarantee on borrowings, enabling low-cost fund raising
Bear Case 8
- Stock has declined 31% over the past 1 year, indicating significant correction from elevated levels
- Debtor days of 5,136 is extremely high, indicating massive receivables relative to revenue and potential cash flow stress
- Low interest coverage ratio suggests thin spread between borrowing costs and lending rates, leaving little margin for error
- Sales growth of only 5% on TTM and 5% over 3 years indicates meaningful deceleration from the 14% 10-year CAGR
- ROE of 13% is below the 15%+ threshold typically expected for quality financial services businesses
- Possible capitalization of interest costs may overstate reported profitability and asset quality
- PB ratio of 1.99x is elevated for a company with 13% ROE and decelerating growth
- Concentrated single-borrower exposure to Indian Railways means zero diversification in the loan book
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 1d ago Positives 5
- Record Q1FY27 PAT ₹1,927 Cr Jul 30
IRFC posted record Q1FY27 PAT of ₹1,927 crore and revenue of ₹8,261 crore, driven by lease income growth and zero NPAs.
- ₹353 Cr tax demand set aside Jul 30
Madras HC set aside a ₹353.18 crore tax demand related to unclaimed ITC, removing immediate financial liability. Matter remanded for fresh consideration within three months.
- Strong net worth, BRSR disclosed Aug 1
IRFC reported FY2025-26 turnover of ₹27,284.15 crore and net worth of ₹56,748.76 crore in its Business Responsibility & Sustainability Report.
- High speed rail foray planned Jul 31
IRFC announced plans to enter high speed rail project financing in the near term, expanding into one of India's most capital-intensive railway infrastructure segments.
- Increased FY27 loan disbursements expected Jul 31
IRFC expects increased loan disbursements for the remainder of FY27, signaling sustained railway sector financing activity.
Neutral 4
- NIM guidance at 1.6% for FY27 Jul 31
IRFC guided for a Net Interest Margin of 1.60% in FY27, providing a benchmark for spread-based profitability assessment.
- 39th AGM, dividend confirmed Aug 2
IRFC holds its 39th AGM on August 25, 2026. Shareholders confirmed interim dividends and appointed Dr. Ranjay Choudhary as Director (Finance).
- New independent directors appointed Aug 20
Pradeep Ahlawat and Manjula Mishra appointed as non-official independent directors effective August 20, 2026.
- Q1FY27 earnings call uploaded Jul 31
Audio recording of post-results conference call for quarter ended June 30, 2026 made available per SEBI Regulation 30.
TL;DR: IRFC delivered a strong Q1FY27 with record profitability, zero NPAs, and a favorable court ruling removing a ₹353 crore tax overhang. The company is expanding into high speed rail financing and expects higher disbursements through FY27. No material headwinds are visible currently. The trend is firmly positive with growth levers intact, though NIM guidance of 1.6% suggests limited spread expansion.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 6,679 | 6,761 | 6,737 | 6,475 | 6,766 | 6,900 | 6,763 | 6,723 | 6,915 | 6,372 | 6,661 | 7,336 | 8,261 |
| Expenses | 29 | 34 | 35 | 34 | 33 | 38 | 39 | 44 | 47 | 49 | 104 | 118 | 42 |
| Financing Profit | 1,559 | 1,546 | 1,597 | 1,716 | 1,578 | 1,613 | 1,629 | 1,683 | 1,744 | 1,778 | 1,746 | 1,694 | 1,798 |
| Fin. Margin % | 23% | 23% | 24% | 26% | 23% | 23% | 24% | 25% | 25% | 28% | 26% | 23% | 22% |
| Other Income | 2 | 1 | 3 | 3 | 0 | 1 | 3 | 1 | 3 | 0 | 58 | -7 | 130 |
| Interest | 5,091 | 5,181 | 5,104 | 4,725 | 5,155 | 5,249 | 5,095 | 4,996 | 5,124 | 4,544 | 4,812 | 5,524 | 6,421 |
| Depreciation | 4 | 2 | 1 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 |
| PBT | 1,557 | 1,545 | 1,599 | 1,717 | 1,577 | 1,613 | 1,631 | 1,682 | 1,746 | 1,777 | 1,802 | 1,684 | 1,927 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Profit | 1,557 | 1,545 | 1,599 | 1,717 | 1,577 | 1,613 | 1,631 | 1,682 | 1,746 | 1,777 | 1,802 | 1,684 | 1,927 |
| EPS in Rs | 1.19 | 1.18 | 1.22 | 1.31 | 1.21 | 1.23 | 1.25 | 1.29 | 1.34 | 1.36 | 1.38 | 1.29 | 1.47 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 6,939 | 7,507 | 9,047 | 9,267 | 11,134 | 13,421 | 15,771 | 20,299 | 23,892 | 26,650 | 27,153 | 27,285 | 28,630 |
| Expenses | 34 | 38 | 26 | 38 | 48 | 66 | 113 | 123 | 134 | 133 | 154 | 318 | 313 |
| Financing Profit | 1,914 | 1,950 | 2,133 | 2,592 | 2,902 | 3,192 | 4,420 | 6,102 | 6,310 | 6,415 | 6,504 | 6,962 | 7,016 |
| Fin. Margin % | 28% | 26% | 24% | 28% | 26% | 24% | 28% | 30% | 26% | 24% | 24% | 26% | 24% |
| Other Income | 1 | 1 | 0 | 1 | 0 | 0 | 0 | 2 | 41 | 6 | 4 | 53 | 181 |
| Interest | 4,992 | 5,519 | 6,888 | 6,638 | 8,183 | 10,163 | 11,237 | 14,075 | 17,447 | 20,101 | 20,495 | 20,005 | 21,302 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 14 | 14 | 9 | 5 | 6 | 6 |
| PBT | 1,914 | 1,950 | 2,133 | 2,592 | 2,902 | 3,192 | 4,416 | 6,090 | 6,337 | 6,412 | 6,502 | 7,009 | 7,191 |
| Tax % | 60% | 56% | 56% | 21% | 22% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
| Net Profit | 758 | 849 | 934 | 2,055 | 2,255 | 3,192 | 4,416 | 6,090 | 6,337 | 6,412 | 6,502 | 7,009 | 7,191 |
| EPS in Rs | 212 | 188 | 143 | 3.15 | 2.4 | 2.69 | 3.38 | 4.66 | 4.85 | 4.91 | 4.98 | 5.36 | 5.5 |
| Div. Payout % | 20% | 40% | 40% | 18% | 18% | 0% | 31% | 30% | 31% | 31% | 32% | 39% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 3,584 | 4,526 | 6,526 | 6,526 | 9,380 | 11,880 | 13,069 | 13,069 | 13,069 | 13,069 | 13,069 | 13,069 |
| Reserves | 5,098 | 6,999 | 5,483 | 7,402 | 15,648 | 18,419 | 22,845 | 27,928 | 32,402 | 36,110 | 39,599 | 43,680 |
| Borrowing | 71,270 | 87,503 | 1,06,395 | 1,34,006 | 1,73,933 | 2,34,377 | 3,23,145 | 3,88,440 | 4,18,935 | 4,12,039 | 4,12,133 | 4,36,471 |
| Other Liabilities | 7,696 | 9,372 | 11,245 | 13,534 | 7,642 | 10,828 | 21,423 | 20,544 | 26,742 | 23,865 | 24,034 | 23,457 |
| Total Liabilities | 87,647 | 1,08,400 | 1,29,650 | 1,61,468 | 2,06,604 | 2,75,504 | 3,80,482 | 4,49,980 | 4,91,147 | 4,85,082 | 4,88,835 | 5,16,676 |
| Fixed Assets | 12 | 12 | 12 | 11 | 11 | 11 | 45 | 38 | 19 | 22 | 18 | 18 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 4 | 10 |
| Investments | 9 | 8 | 8 | 14 | 13 | 12 | 12 | 10 | 14 | 54 | 38 | 28 |
| Other Assets | 87,626 | 1,08,381 | 1,29,630 | 1,61,443 | 2,06,579 | 2,75,482 | 3,80,424 | 4,49,932 | 4,91,114 | 4,85,003 | 4,88,775 | 5,16,620 |
| Total Assets | 87,647 | 1,08,400 | 1,29,650 | 1,61,468 | 2,06,604 | 2,75,504 | 3,80,482 | 4,49,980 | 4,91,147 | 4,85,082 | 4,88,835 | 5,16,676 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | — | -16,378 | -19,455 | -28,076 | -41,748 | -62,701 | -89,907 | -64,412 | -28,584 | 7,914 | 8,230 | -27,026 |
| Investing | — | 2 | 2 | 2 | 1 | 1 | 0 | -5 | 0 | -8 | 0 | -3 |
| Financing | — | 17,582 | 18,250 | 28,075 | 41,749 | 62,697 | 90,202 | 64,266 | 28,643 | -8,046 | -2,572 | 21,560 |
| Net Cash Flow | — | 1,206 | -1,204 | 0 | 3 | -2 | 296 | -151 | 60 | -140 | 5,658 | -5,469 |
| Free Cash Flow | — | -16,378 | -19,455 | -28,076 | -41,749 | -62,701 | -89,907 | -64,419 | -28,585 | 7,906 | 8,229 | -27,030 |
| CFO/OP | — | -213 | -211 | -298 | -371 | -465 | -572 | -319 | -120 | 30 | 31 | -100 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 9% | 8% | 8% | 16% | 12% | 12% | 13% | 16% | 15% | 14% | 13% | 13% |
Documents
1
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
8 May - IRFC to hold analyst and investor conference call on 15 May 2026 for Q4 FY25-26 and annual results. 8 May - IRFC to hold analyst and investor conference call on 15 May 2026 for Q4 FY25-26 and annual results.
2
Announcement under Regulation 30 (LODR)-Change in Directorate
7 May - Ms. Laya Madduri appointed Part-time Government Nominee Director on IRFC board from 7 May 2026. 7 May - Ms. Laya Madduri appointed Part-time Government Nominee Director on IRFC board from 7 May 2026.
3
Board Meeting Intimation for Intimation Of Board Meeting Scheduled To Be Held On Thursday, 14Th May 2026
7 May - Board meeting on 14 May 2026 to consider audited FY26 results and financial statements. 7 May - Board meeting on 14 May 2026 to consider audited FY26 results and financial statements.
4
Updated Intimation Of Board Meeting Scheduled To Be Held On Thursday, 14Th May 2026
7 May - Board meeting on 14 May 2026 to approve audited FY2025-26 results and financial statements; trading window remains closed. 7 May - Board meeting on 14 May 2026 to approve audited FY2025-26 results and financial statements; trading window remains closed.
5
Announcement under Regulation 30 (LODR)-Change in Directorate
6 May - Ministry of Railways appointed Ms. Laya Madduri as part-time government nominee director, effective 06 May 2026. 6 May - Ministry of Railways appointed Ms. Laya Madduri as part-time government nominee director, effective 06 May 2026.
Frequently Asked Questions about Indian Railway Finance Corporation Ltd
What does Indian Railway Finance Corporation Ltd do?
Incorporated in 1986, Indian Railway Finance Corporation borrows funds from the financial markets to finance the acquisition / creation of assets which are then leased out to the Indian Railways as finance lease[1]
Where is Indian Railway Finance Corporation Ltd (IRFC) listed?
Indian Railway Finance Corporation Ltd is listed on the Indian stock exchanges. It is listed on NSE: IRFC and BSE: 543257. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Indian Railway Finance Corporation Ltd belong to?
Indian Railway Finance Corporation Ltd operates in the Financial Services sector within the Financial Institution industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Indian Railway Finance Corporation Ltd?
Indian Railway Finance Corporation Ltd has a market capitalisation of approximately ₹112650.52 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Indian Railway Finance Corporation Ltd?
The Price-to-Earnings (PE) ratio of Indian Railway Finance Corporation Ltd is 15.66. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Indian Railway Finance Corporation Ltd?
Over the past 52 weeks, Indian Railway Finance Corporation Ltd has traded between a low of ₹85 and a high of ₹137.17. This range helps investors understand the stock's price volatility and recent trading levels.
Does Indian Railway Finance Corporation Ltd pay dividends?
Yes, Indian Railway Finance Corporation Ltd has a dividend yield of 2.43%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Indian Railway Finance Corporation Ltd?
Indian Railway Finance Corporation Ltd has a Return on Equity (ROE) of 12.35%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Indian Railway Finance Corporation Ltd on Tapetide?
On Tapetide, you can view Indian Railway Finance Corporation Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
Incorporated in 1986, Indian Railway Finance Corporation borrows funds from the financial markets to finance the acquisition / creation of assets which are then leased out to the Indian Railways as finance lease[1]