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Indian Railway Finance Corporation Limited (IRFC) is a Navratna public sector enterprise under the administrative control of the Ministry of Railways. It was established as the dedicated financing arm of Indian Railways and raises funds from domestic and international markets for railway assets and eligible infrastructure linked to the railway ecosystem.
IRFC traditionally finances rolling stock and railway project assets through long-term lease arrangements. It also provides loans to railway-related and infrastructure entities. In FY 2025-26, the company expanded beyond conventional Ministry of Railways financing into railways, power, renewable energy, transmission, fertilizers, metro rail, logistics, ports, waterways and mining-related opportunities.
Key investor monitorables include assets under management, disbursements, net interest income, borrowing cost, net interest margin, gearing, return on equity, credit ratings, government shareholding and the quality of the diversified loan portfolio.
IRFC’s portfolio includes lease receivables for rolling stock and project assets, advances against railway infrastructure assets and loans to companies. Investors should distinguish the lower-risk traditional railway book from newer non-Ministry of Railways lending, where borrower selection, pricing and asset quality require closer monitoring.
IRFC raises long-term funds through bonds, term loans, external commercial borrowings and other sources. It then deploys these funds into railway leases and infrastructure loans. The difference between financing income and finance cost forms its core spread, while scale and low operating expenses support profitability.
Traditional railway financing includes rolling stock leases, project-asset leases and advances for railway infrastructure. Diversification areas include power generation and transmission, renewable energy, fertilizers, metro rail, multimodal logistics parks, ports, waterways and mining where there is a railway or infrastructure linkage.
The business is sensitive to borrowing rates, credit spreads, refinancing conditions, government policy, railway capital expenditure and execution of the diversified lending strategy. Latest segment exposure and sanctioned amounts should be verified from official investor presentations and exchange filings.
| Particulars | FY 2024-25 | FY 2025-26 |
|---|---|---|
| Interest Income | ₹7,719.69 Cr | ₹9,539.83 Cr |
| Lease Income | ₹19,427.44 Cr | ₹17,726.00 Cr |
| Revenue from Operations | ₹27,152.14 Cr | ₹27,284.15 Cr |
| Total Income | ₹27,156.41 Cr | ₹27,338.06 Cr |
| Finance Costs | ₹20,495.09 Cr | ₹20,005.26 Cr |
| Total Expenses | ₹20,654.41 Cr | ₹20,328.89 Cr |
| Profit Before Tax | ₹6,502.00 Cr | ₹7,009.17 Cr |
| Profit After Tax | ₹6,502.00 Cr | ₹7,009.17 Cr |
| EPS | ₹4.98 | ₹5.36 |
Financial and ownership data can be revised or restated. Verify the latest figures from IRFC, NSE and BSE filings before using them for an investment decision.
| Particulars | Mar 2025 | Mar 2026 |
|---|---|---|
| Cash and Cash Equivalents | ₹5,680.29 Cr | ₹211.31 Cr |
| Loans to Companies | ₹5,171.59 Cr | ₹35,949.52 Cr |
| Lease Receivables | ₹2,84,688.83 Cr | ₹3,83,942.01 Cr |
| Other Financial Assets | ₹1,80,859.04 Cr | ₹83,037.40 Cr |
| Total Financial Assets | ₹4,77,270.21 Cr | ₹5,06,411.25 Cr |
| Total Assets | ₹4,88,834.68 Cr | ₹5,16,676.48 Cr |
| Debt Securities | ₹2,48,831.41 Cr | ₹2,62,703.05 Cr |
| Other Borrowings | ₹1,63,297.99 Cr | ₹1,73,767.34 Cr |
| Total Liabilities | ₹4,36,166.91 Cr | ₹4,59,927.72 Cr |
| Equity Share Capital | ₹13,068.51 Cr | ₹13,068.51 Cr |
| Other Equity | ₹39,599.26 Cr | ₹43,680.25 Cr |
| Total Equity | ₹52,667.77 Cr | ₹56,748.76 Cr |
Financial and ownership data can be revised or restated. Verify the latest figures from IRFC, NSE and BSE filings before using them for an investment decision.
| Business / Funding Highlight | FY 2024-25 | FY 2025-26 |
|---|---|---|
| Assets Under Management | ₹4,60,047.84 Cr | ₹4,84,616.77 Cr |
| Total Disbursements | ₹732 Cr | ₹35,067 Cr |
| Agreements Executed outside conventional railway financing | Early diversification stage | ₹72,949 Cr |
| Ministry of Railways exposure as share of AUM | Verify official presentation | 92.56% |
| Bonds in borrowing mix | 54.64% | 54.21% |
| Long-term loans in borrowing mix | 22.36% | 22.10% |
| External commercial borrowings | 16.07% | 17.79% |
Financial and ownership data can be revised or restated. Verify the latest figures from IRFC, NSE and BSE filings before using them for an investment decision.
| Metric | FY 2024-25 | FY 2025-26 |
|---|---|---|
| Net Interest Margin | 1.42% | 1.50% |
| Return on Equity | 12.77% | 12.81% |
| Net Gearing Ratio | 7.83x | 7.69x |
| Capital Adequacy Ratio (CRAR) | 672.85% | 110.91% |
| EPS | ₹4.98 | ₹5.36 |
| Interim Dividend Paid | ₹1.60 per share | ₹2.10 per share |
Financial and ownership data can be revised or restated. Verify the latest figures from IRFC, NSE and BSE filings before using them for an investment decision.
| Company | Primary Business | Useful Comparison | Important Monitorable |
|---|---|---|---|
| Indian Railway Finance Corporation Ltd | Railway and infrastructure financing | Lease income, NIM, AUM, gearing | Borrowing cost and diversification |
| REC Ltd | Power-sector infrastructure finance | Yield, spreads, asset quality, ROE | Power-sector exposure |
| Power Finance Corporation Ltd | Power-sector infrastructure finance | NIM, loan growth, dividends | Borrower concentration |
| Indian Renewable Energy Development Agency Ltd | Renewable-energy finance | Growth, spreads, credit cost | Fast-growing loan book |
| Rail Vikas Nigam Ltd | Railway project execution | Order book and execution | Project margins and working capital |
Financial and ownership data can be revised or restated. Verify the latest figures from IRFC, NSE and BSE filings before using them for an investment decision.
| Year | Dividend Detail | Note |
|---|---|---|
| FY 2025-26 | Interim dividends aggregating ₹2.10 per share reported in the FY 2025-26 investor presentation | Verify each record date and any final dividend in official exchange filings |
| FY 2024-25 | Interim dividends aggregating ₹1.60 per share | Verify final entitlement and payment history from exchange filings |
| FY 2023-24 | ₹0.80 interim dividend and ₹0.70 final dividend | Historical figure; verify official corporate-action records |
| Action | Detail | Note |
|---|---|---|
| Bonus Issue | No confirmed bonus issue included | Check latest NSE, BSE and IRFC filings |
| Face Value | ₹10 per equity share | Verify after any future corporate action |
| Stock Split | No confirmed split included | Check latest exchange filings before relying on this status |
Dividend, bonus, split, face-value and record-date details can change. Verify the latest corporate-action announcement on IRFC, NSE and BSE before relying on this table.
These FAQs explain IRFC’s financing model, railway exposure, business risks, dividends, corporate actions and key investor monitorables.
Indian Railway Finance Corporation, commonly called IRFC, raises funds from domestic and international markets and uses them to finance railway rolling stock, railway infrastructure and eligible entities connected with the railway ecosystem. It mainly earns lease income and interest income.
IRFC borrows at competitive rates and provides long-term finance through leasing and lending. Its traditional model uses a cost-plus lease arrangement with the Ministry of Railways, while newer business includes financing railway-linked and infrastructure entities.
IRFC is a Government of India public sector enterprise under the administrative control of the Ministry of Railways. Investors should verify the latest government shareholding from the most recent stock-exchange filing because ownership can change through an offer for sale or other transactions.
The NSE symbol is IRFC and the BSE scrip code is 543257. This page uses the Yahoo Finance-compatible symbol IRFC.NS for live quote and chart data.
IRFC earns mainly from lease income on railway assets and interest income from loans and investments. Profit depends on the spread between its financing income and borrowing cost, operating expenses, impairment provisions and the scale of assets financed.
Important risks include interest-rate and refinancing risk, concentration in the railway ecosystem, policy or budget changes, execution risk in diversified lending, changes in credit spreads, market valuation risk and any deterioration in borrower quality outside the Ministry of Railways portfolio.
IRFC operates a high-volume, relatively low-spread financing model backed largely by railway-related assets and long-tenure borrowings. Its margin should be assessed together with asset quality, leverage, return on equity, borrowing cost and the contractual structure of railway financing.
IRFC has paid dividends, including interim and final dividends. Dividend amounts, record dates and eligibility can change, so investors should verify the latest board announcement and exchange filing before relying on historical figures.
No bonus or stock split is stated as confirmed on this page. Investors should check the latest NSE, BSE and company filings for any subsequent corporate action before making a decision.
Beginners can monitor assets under management, disbursements, lease receivables, loan growth, net interest income, profit after tax, net interest margin, return on equity, gearing, borrowing mix, credit ratings and the share of business outside traditional Ministry of Railways financing.
IRFC is primarily a financier, while companies such as RVNL and RailTel are more closely linked to project execution, construction or telecom services. Their revenue drivers, margins, risks and valuation methods are therefore different.
An offer for sale can increase public shareholding and market liquidity while reducing the government percentage. It does not by itself change the number of shares held by an existing investor, but the market price can react to offer size, floor price and demand.
Railway capital expenditure, government borrowing plans and infrastructure policy can influence investor expectations. However, the share price also depends on earnings, interest rates, valuation, liquidity, broader markets and company-specific developments.
Use IRFC investor-relations disclosures and official NSE or BSE filings for the latest audited results, shareholding pattern, dividend record dates, offer-for-sale details, bonus issues, splits and other material events.
