NSE: IRFC · BSE: 543257
INDIAN RAILWAY FIN CORP L
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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | 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) | — | — | — | — | — |
| Cash from operations | (64,412) | (28,584) | 7,914 | 8,230 | (27,026) |
| Capex | (7) | (1) | (8) | (1) | (13) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| POWER FIN CORP LTD. | 1,04,415 | 4.0 | 0.60 | — | 19.4 | — | 10.0 | 100.0 |
| INDIAN RAILWAY FIN CORP L ◆ | 97,530 | 13.6 | 1.72 | — | 12.4 | — | — | 101.1 |
| REC LIMITED | 76,363 | 4.8 | 0.90 | — | 19.2 | — | 10.9 | 97.1 |
| HSG & URBAN DEV CORPN LTD | 29,388 | 6.9 | 1.34 | — | 18.4 | — | 12.7 | 97.6 |
| INDIAN RENEWABLE ENERGY | 28,250 | 14.3 | 2.05 | — | 13.6 | — | — | 78.5 |
| IFCI LTD | 15,896 | 92.2 | 1.03 | — | 2.8 | — | 0.0 | 67.2 |
| TOURISM FINANCE CORP. OF | 7,291 | 16.7 | 7.49 | — | 4.6 | — | — | 90.1 |
| HARYANA FINANCIAL CORPORATION | 1,189 | 1145.0 | — | — | — | 4.9 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.6 | 13.9 | 4 of 8 | 57% |
| P/B | 1.7 | 1.3 | 5 of 7 | 33% |
| ROE | 12.3 | 13.6 | 5 of 7 | 33% |
| 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 | 97530 | 28250 | 2 of 9 | 88% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · GST authority drops IRFC tax demand of Rs 549.32 crore | compliance | minimal | — | — |
| 22 Oct 2026 · IRFC Q2 FY27 earnings call: results beat guidance, diversification on track | investor communications | medium | — | — |
| 16 Oct 2026 · Newspaper publication of Q2 and H1 FY27 unaudited results | compliance | minimal | — | — |
| 16 Oct 2026 · IRFC posts audio recording of Q2 FY26-27 investor call | investor communications | low | — | — |
| 15 Oct 2026 · IRFC declares record-high interim dividend of Rs 1.15 per share, record date Oct 23 | corporate actions | high | — | — |
| 15 Oct 2026 · IRFC Q2 FY27 results: income up 22.77 percent, PAT up 10.31 percent, record dividend at Rs 1.15 per share | results | high | — | — |
| 15 Oct 2026 · IRFC declares record interim dividend of Rs 1.15 per share for FY27 | corporate actions | high | — | — |
| 15 Oct 2026 · IRFC Q2/H1 FY26-27 results: revenue up 22.77%, PAT up 10.31%, dividend Rs 1.15/share | results | high | — | — |
| 15 Oct 2026 · IRFC Q2/H1 FY27 results: PAT up 10%, Rs 1.15 interim dividend declared | board shareholder meetings | medium | — | — |
| 8 Oct 2026 · IRFC to hold analyst call on Q2 and H1 FY27 results on Oct 16 | board shareholder meetings | low | — | — |
How to read this document
| 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 |
| 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 |
Sources, method and disclosures
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.