Indian Railway Finance Corporation Ltd
IRFC NSE
Indian Railway Finance Corporation Ltd
Financial Services F&ONSE: IRFC BSE: 543257 Financial Institution
Key Fundamentals
LargecapFinancial InstitutionFinancial ServicesMarket Cap
1.1L Cr
Volatility
Moderate
P/E Ratio
16.06
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
₹86.02
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 5d agoAI opinion · based on fundamentals
Risk high
IRFC is a ₹1.16 lakh crore market-cap NBFC serving as the dedicated financing arm of Indian Railways, trading at a P/E of 16.2x and P/B of 2.06x. FY25 revenue stood at ₹27,152 crore with net profit of ₹6,502 crore, while the stock has declined approximately 30% over the past year from its highs. The company operates with a high leverage model (debt-to-equity of ~7.8x) that is characteristic of its government-backed lending mandate.
Bull Case 8
- Government of India holds ~86% stake, providing sovereign-backed credit profile and near-zero default risk on its loan book to Indian Railways
- Consistent ROE of ~13% maintained over 3, 5, and 10-year periods despite being a low-spread lending business
- Healthy dividend payout ratio of 34%, translating to a dividend yield of 2.35% at current prices — attractive among PSU financials
- Net profit grew at 10% CAGR over 5 years and 24% CAGR over 10 years, demonstrating long-term earnings compounding
- FY25 net profit of ₹6,502 crore vs ₹6,412 crore in FY24, showing continued profitability growth even in a slower revenue environment
- India's railway capex outlay remains elevated at ₹2.5+ lakh crore annually, ensuring sustained demand for IRFC's financing services
- Stock trades at 16.2x P/E, which is reasonable relative to its 10-year profit CAGR of 24% and stable government-backed earnings
- Debt-to-equity ratio improved to 7.83x as of September 2024, showing gradual de-leveraging from historically higher levels
Bear Case 8
- Extremely high debtor days of 5,136 days, indicating receivables are locked up for over 14 years — a structural cash flow concern
- Stock has declined ~30% over the past year (1-year CAGR of -30%), significantly underperforming broader markets
- Revenue growth has slowed to just 5% TTM and 5% 3-year CAGR, down sharply from the 14% 10-year CAGR
- Low interest coverage ratio reflects vulnerability to any mismatch in borrowing and lending spreads
- Debt-to-equity of ~7.8x is extremely high, meaning even small margin compression could materially impact equity returns
- ROE of 13% is modest for a financial services company operating at nearly 8x leverage, implying very thin net interest margins
- Potential capitalization of interest costs may overstate reported profitability and asset quality
- Concentrated single-borrower risk — virtually entire loan book is lent to Indian Railways, offering no diversification
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago Headwinds 1
- Board non-compliance fine Jul 22
Exchanges fined IRFC ₹9.55 lakh for failing to meet board composition norms for Q4FY26. Company seeking waiver citing lack of control over government-appointed directors.
Positives 5
- Record Q1FY27 PAT ₹1,927 Cr Jul 30
IRFC reported 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 reconsideration within three months.
- Strong BRSR disclosure, ₹56,749 Cr networth Aug 1
IRFC disclosed FY 2025-26 BRSR reporting turnover of ₹27,284.15 Crore and net worth of ₹56,748.76 Crore, signaling robust financial position.
- High speed rail foray planned Jul 31
IRFC announced plans to enter high speed rail project financing in the near term, positioning itself in one of India's most capital-intensive infrastructure segments.
- Higher loan disbursements expected FY27 Jul 31
IRFC communicated expectations of increased loan disbursements for the remaining part of FY27, pointing to sustained railway financing activity.
Neutral 3
- 39th AGM on August 25 Aug 2
IRFC holds its 39th AGM on August 25, 2026. Shareholders to confirm interim dividends and approve appointment of Dr. Ranjay Choudhary as Director (Finance).
- 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 assessing spread between borrowing costs and lending returns.
- Q1FY27 earnings call held Jul 31 Jul 31
IRFC held its post-results conference call on July 31, 2026 to discuss unaudited Q1FY27 financial results. Audio recording made available.
TL;DR: IRFC delivered a strong Q1FY27 with record PAT of ₹1,927 Cr, zero NPAs, and got relief from a ₹353 Cr tax demand. The company is expanding into high speed rail financing and expects higher disbursements in FY27. Risks are minimal — a small ₹9.55 lakh compliance fine is the only headwind. The trend is firmly positive with improving earnings visibility and strategic diversification into capital-intensive rail projects.
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 ₹114976.72 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 16.06. 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 ₹86.02 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 2.38%. 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]