Indian Railway Finance Corporation Limited has informed the Exchange about Transcript
IRFC · price
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Awaiting price reaction for this filing.
IRFC held an earnings call to discuss Q1 FY26 results, highlighting strong business momentum under its 'IRFC 2.0' diversification strategy beyond Indian Railways. Q1 disbursement was ~INR 3,000 crores against a full-year target of INR 30,000 crores, with sanctioned pipeline at ~INR 25,000 crores (of a INR 60,000 crore full-year sanction target). NIM improved sharply to 1.51% from 1.31% the previous quarter, and PAT grew ~11% year-on-year. Management expects AUM to cross INR 5 lakh crores by FY27, up from the current ~INR 4.59 lakh crores. Cost of capital is ~7%, and new business margins are 2-3x the legacy 35-40 bps spread from Indian Railways, driven by refinancing deals and lending to entities linked to railways (metros, NTPC, renewable power suppliers). The company maintains zero NPA, no corporate tax for 5-7 years, and a very low overhead cost of 0.1%.
Positive for shareholders: management's guidance signals accelerating loan growth, structurally improving NIM, and a multi-year AUM expansion path. The diversification beyond Indian Railways reduces concentration risk, while the zero-NPA track record and lowest cost of funds in the ecosystem support sustainable profitability and likely defend the AAA rating.