Finances railway rolling stock, infrastructure and other large-scale mobility projects in India, primarily for the Ministry of Railways and government counterparties. Core lending is to the Ministry of Railways at fixed spreads, while a diversification push launched in FY26 has added metro rail, high-speed rail corridors, dedicated freight corridors, power, mining and logistics. Non-railway business carries higher NIM of 100–120 bps versus ~40 bps on legacy railway assets, and the blended NIM is guided from 1.50% in FY26 to 1.65% by FY27-end. Loan sanctions and disbursements in FY26 both exceeded initial guidance, with a >60% win rate on competitive bids. The portfolio carries zero NPAs. Operating costs are minimal — employee costs 0.1% of revenue and other opex 0.6% — with cost of borrowings being the principal expense as an NBFC. The Government of India is the promoter, holding 82.90% after a 2026 Offer for Sale. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Railway financing, Non-railway / diversified financing, Fund-in-India conduit. Asset-heavy government-backed NBFC, leverage-driven returns, minimal credit losses, low operating cost base.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 20,299 | 23,892 | 26,645 | 27,152 | 27,285 |
| EBITDA (ex other income) | 20,177 | 23,757 | 26,512 | 26,998 | 26,967 |
| margin % | 99.4 | 99.4 | 99.5 | 99.4 | 98.8 |
| Owners' profit | 6,090 | 6,337 | 6,412 | 6,502 | 7,009 |
| EPS, as reported (₹) | 4.66 | 4.85 | 4.91 | 4.98 | 5.36 |
| ROE % · ROCE % | 14.9 · — | 13.9 · — | 13.0 · — | 12.3 · — | 12.4 · — |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (64,412) | (28,584) | 7,914 | 8,230 | (27,026) |
| Capex | (7) | (1) | (8) | (1) | (13) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6,900 | 6,763 | 6,723 | 6,915 | 6,372 | 6,661 | 7,336 | 8,261 |
| Profit before tax | 1,613 | 1,631 | 1,682 | 1,746 | 1,777 | 1,802 | 1,684 | 1,927 |
| Net profit | 1,613 | 1,631 | 1,682 | 1,746 | 1,777 | 1,802 | 1,684 | 1,927 |
| EPS (₹) | 1.23 | 1.25 | 1.29 | 1.34 | 1.36 | 1.38 | 1.29 | 1.47 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| POWER FIN CORP LTD. | 1,16,642 | 4.5 | 0.67 | 1.0 | 19.4 | — | 10.0 | 100.0 |
| INDIAN RAILWAY FIN CORP L ◆ | 1,05,973 | 14.7 | 1.87 | — | 12.4 | — | — | 101.1 |
| REC LIMITED | 82,341 | 5.2 | 0.97 | 1.4 | 19.2 | — | 10.9 | 97.1 |
| HSG & URBAN DEV CORPN LTD | 34,513 | 8.1 | 1.57 | 2.8 | 18.4 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · IRFC appoints Joint Statutory Auditors for FY 2026-27 | management changes | medium | — | — |
| 3 Sept 2026 · IRFC credit rating upgraded to AAA by Japan Credit Rating Agency | credit debt | high | — | — |
| 26 Aug 2026 · IRFC faces BSE and NSE fines for board composition non-compliance | regulatory legal | high | — | — |
| 26 Aug 2026 · IRFC files newspaper clippings of Chairman speech at 39th AGM | compliance | minimal | — | — |
| 25 Aug 2026 · IRFC 39th AGM voting results: All 4 resolutions passed | compliance | minimal | — | — |
| 25 Aug 2026 · IRFC 39th AGM held; final voting results pending | board shareholder meetings | medium | — | — |
| 25 Aug 2026 · IRFC Board appoints two Independent Directors | board shareholder meetings | medium | — | — |
| 25 Aug 2026 · IRFC reappoints two independent directors | board shareholder meetings | medium | — | — |
| 24 Aug 2026 · IRFC receives GST show cause notice for Rs 549 crore demand | regulatory legal | high | — | — |
| 20 Aug 2026 · IRFC appoints two Non-Official Independent Directors effective Aug 20, 2026 | general | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| — |
| 12.7 |
| 97.6 |
| INDIAN RENEWABLE ENERGY | 31,382 | 15.9 | 2.28 | 4.3 | 13.6 | — | — | 78.5 |
| IFCI LTD | 22,274 | 129.2 | 1.44 | 20.9 | 2.8 | — | 0.0 | 67.2 |
| TOURISM FINANCE CORP. OF | 6,563 | 15.0 | 6.74 | 27.7 | 4.6 | — | — | 90.1 |
| HARYANA FINANCIAL CORPORATION | 1,246 | 1200.0 | — | — | — | 4.9 | — | — |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.7 | 14.7 | 5 of 9 | 50% |
| P/B | 1.9 | 1.6 | 5 of 7 | 33% |
| ROE | 12.3 | 13.6 | 5 of 7 | 33% |
| Debt / Equity | 0.0 | 0.0 | 1 of 7 | 0% |
| EBITDA margin | 101.1 | 97.1 | 1 of 7 | 100% |
| Revenue growth | 19.5 | (0.0) | 2 of 7 | 83% |
| Profit growth | 10.4 | (1.6) | 3 of 8 | 71% |
| Market cap | 105973 | 31382 | 2 of 9 | 88% |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
