Indian Railway Finance Corporation Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
IRFC · price
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On the reaction day the stock moved 2.7 pts less than Nifty 100 and 2.5 pts less than its Financial Institution peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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IRFC reported its highest-ever PAT of Rs 7,009.17 crore for FY26, up 7.80% from Rs 6,502 crore in FY25. Total revenue from operations remained largely flat at Rs 27,284 crore vs Rs 27,152 crore. The company executed a strategic shift toward diversified infrastructure financing (metro, ports, fertilizers, power) after Indian Railways stopped fresh disbursements from FY23-24, sanctioning projects worth Rs 72,949 crore and disbursing ~Rs 35,067 crore. AUM crossed Rs 4.85 lakh crore and total assets crossed Rs 5 lakh crore. Net interest margin improved to 1.50%. EPS rose to Rs 5.36 from Rs 4.98. The company maintained its zero NPA status. Auditors issued an unmodified opinion with an Emphasis of Matter on recognition of lease receivables worth Rs 1,64,769 crore (for EBR IF 2019-20, 2020-21 & MR-S projects) where lease agreements are still under execution as of the reporting date. Debt-equity ratio improved marginally to 7.69 from 7.83.
Solid earnings growth with diversification paying off; the unmodified audit opinion and zero NPA status are positives, though the high leverage (D/E of 7.69) and pending lease agreements for Rs 1.65 lakh crore of receivables warrant monitoring.