Indian Railway Finance Corporation Limited (IRFC)

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Indian Railway Finance Corporation Limited (IRFC) · mywealthgrid

About

IRFC operates as a financial institution within India's financials sector with a market capitalization of ₹1,14,441 Cr. The company maintains exceptionally high operating margins (98.84%) and generates consistent quarterly net profits of ₹1.6–₹1.9 Cr, while operating at high financial leverage (debt-to-equity ratio 7.69).

Face value: ₹10

Market cap

₹1,00,706 Cr

P/E

14.0×

P/B

1.8×

Dividend yield

3.8%

ROE

12.8%

ROCE

—

Debt / equity

7.69

OPM

98.8%

EPS (TTM)

₹5.5

Book value

₹43.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Debt-to-equity ratio of 7.69 creates significant refinancing and interest-rate risk; verify the interest elasticity of net margins and debt-maturity profile

Stock declined 31% over 12 months and now trades at 52-week low of ₹87.57; investigate whether this reflects valuation reset, credit concerns, or change in market outlook

Limited public float of 11.95% restricts institutional investment capacity and secondary-market liquidity

Verify whether lending concentration exists (single sector or customer base); if so, sector slowdown or borrower credit deterioration would impair revenues and asset quality

Generated analysis · source review pending

Growth drivers

Revenue expanded 20% year-on-year from ₹6.9Cr (Jun 2025) to ₹8.3Cr (Jun 2026), with net profit tracking from ₹1.7Cr to ₹1.9Cr, demonstrating growth momentum in the core business

EPS rose 10% from ₹1.34 (Jun 2025) to ₹1.47 (Jun 2026), translating revenue growth to per-share value creation despite high leverage

Operating margin at 98.84% sustained across recent quarters indicates stable unit economics that preserve profit upside as revenue scales

Five dividend payouts from Aug 2024 to Mar 2026 backed by stable quarterly profitability evidence underlying cash generation supporting both capital returns and reinvestment

Generated analysis · source review pending

1,398 historical price candles were omitted because the exchange source has not been verified.

₹77.1-4%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 98.8%
+Dividend yield of 3.8%
+Dividend payout of 52.7% of profit
+High promoter holding of 82.9% with no pledge

Cons

−Heavily leveraged (debt/equity 7.7)
−Weak interest coverage of 1.4×
−Promoter holding fell 3.5 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

49/100

Business quality: 33
Growth: 39

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY NEXT 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	13,421	15,770	20,299	23,892	26,645	27,152	27,285
Interest	10,163	11,237	14,075	17,447	20,101	20,495	20,005
Expenses	66	113	123	134	133	154	318
Financing profit	3,192	4,420	6,102	6,310	6,411	6,503	6,962
Financing margin %	23.8%	28%	30.1%	26.4%	24.1%	24%	25.5%
Other income	0	0	2	41	11	4	53
Depreciation	—	4	14	14	9	5	6
Profit before tax	3,192	4,416	6,090	6,337	6,412	6,502	7,009
Tax	—	0	0	0	0	0	0
Tax %	—	0%	0%	0%	0%	0%	0%
PAT	3,192	4,416	6,090	6,337	6,412	6,502	7,009
EPS (₹)	3.4	3.7	4.7	4.9	4.9	5	5.4
EPS adjusted (₹)	3.4	3.4	4.7	4.9	4.9	5	5.4
	0%	28.7%	30%	30.9%	30.5%	32.1%	—
Annual report	—	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	9,380	13,069	13,069	13,069	13,069	13,069	13,069
Reserves	15,486	22,845	27,928	32,402	36,110	39,599	43,680
	1,73,933	3,23,111	3,88,417	4,18,929	4,12,032	4,12,129	4,36,470
	7,639	21,457	20,567	26,747	23,872	24,038	23,457
Total equity & liabilities	2,06,438	3,80,482	4,49,980	4,91,147	4,85,082	4,88,835	5,16,676
	11	11	16	19	22	14	18
CWIP	—	—	—	0	0	0	0
Investments	13	12	10	14	54	38	28
	2,06,414	3,80,459	4,49,955	4,91,114	4,85,007	4,88,782	5,16,630
Total assets	2,06,438	3,80,482	4,49,980	4,91,147	4,85,082	4,88,835	5,16,676

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-62,701	-89,928	-64,412	-28,584	7,914	8,230	-27,026
	1	1	-5	0	-8	-0	-3
	62,697	93,975	64,266	28,643	-8,046	-2,572	21,560
Net cash flow	-2	4,048	-151	60	-140	5,658	-5,469
Free cash flow	-62,701	-89,928	-64,419	-28,585	7,906	8,229	-27,040
CFO / Operating profit %	-469.5%	-574.4%	-319.2%	-120.3%	29.9%	30.5%	-100.2%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—
EBITDA margin %	99.5%	99.3%	99.4%	99.4%	99.5%	99.4%	98.8%
EBIT margin %	99.5%	99.3%	99.3%	99.4%	99.5%	99.4%	98.8%
PAT margin %	23.8%	28%	30%	26.5%	24.1%	24%	25.7%
Working capital
Receivable days	—	—	—	—	—	—	—
Inventory days	—	—	—	—	—	—	0
Payable days	—	—	—	—	—	—	—
NWC days	—	—	—	—	—	—	—
Leverage
Current ratio	—	—	—	—	—	—	—
Debt to EBITDA	13.02	20.64	19.25	17.63	15.54	15.27	16.19
Debt to equity	6.99	9	9.47	9.21	8.38	7.83	7.69
Interest coverage	1.3	1.4	1.4	1.4	1.3	1.3	1.4
Asset turnover	0.07	0.04	0.05	0.05	0.05	0.06	0.05
Return ratios
Return on assets %	1.5%	1.2%	1.4%	1.3%	1.3%	1.3%	1.4%
Return on capital employed %	—	—	—	—	—	—	—
Return on equity %	12.8%	12.3%	14.9%	13.9%	13%	12.3%	12.4%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	86.36%	86.36%	86.36%	86.36%	86.36%	86.36%	86.36%	86.36%	86.36%	86.36%	84.65%	82.9%
	1.13%	1.15%	1.08%	1.11%	1.09%	1.01%	0.98%	0.93%	0.97%	0.98%	1.17%	1.18%
	1.63%	1.16%	0.89%	1.07%	1.08%	1.24%	1.34%	1.46%	1.49%	1.55%	2.89%	3.97%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	10.88%	11.33%	11.67%	11.46%	11.47%	11.39%	11.32%	11.25%	11.18%	11.11%	11.29%	11.95%
No. of shareholders	—	—	—	—	—	—	—	—	53,17,981	51,69,331	51,13,569	50,86,488

Promoter holding down 3.46 percentage points since Sep 2023.

Mr. Manoj Kumar DubeyExecutive Director-Chairperson-CEO-MD
Mr. Ajoy ChoudhuryChief Risk Officer
Mr. Ranjay ChoudharyExecutive Director
Mr. Abhishek KumarNon-Executive - Nominee Director
Ms. Laya MadduriNon-Executive - Nominee Director
Ms. Deepa KotnisChief Financial Officer
Vijay Babulal ShirodeCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹79.3 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹77.9	+0.5	+0.7%	₹77.9	17,073	+685	4,621	5425
23 Nov 2026	₹76.9	-0	-0.1%	₹76.9	1,640	+224	904	5425
29 Dec 2026	₹76.5	-4.9	-6.1%	₹76.5	104	+104	146	5425

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 12 fund houses

Held by these funds

0.24%

of the company's equity

All mutual funds

0.3%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

47 schemes · 12 fund houses

		Shares
Nifty Next 50 Index Fund	ICICI Prudential Mutual Fund	80.07 L	66.73	0.66%	0.061%	+1.28 L
ETF NIFTY NEXT 50 JUNIOR BEES	Nippon India Mutual Fund	70.99 L	59.17	0.66%	0.054%	+2.28 L
IB32-Groww Nifty India Railways PSU ETF	Groww Mutual Fund	38.46 L	32.05	18.88%	0.029%	+4.87 L
Nifty Next 50 ETF	SBI Mutual Fund	24.21 L	20.18	0.66%	0.019%	+5,494
Nifty Next 50 ETF	ICICI Prudential Mutual Fund	21.53 L	17.94	0.66%	0.016%	+9,824
Nifty Next 50 Index Fund	SBI Mutual Fund	18.77 L	15.64	0.66%	0.014%	+75,577
IB31-Groww Nifty India Railways PSU IndexNEW	Groww Mutual Fund	13.6 L	11.34	18.93%	0.01%	—
Nifty Next 50 Index Fund	DSP Mutual Fund	11.14 L	9.28	0.66%	0.009%	+12,679

1–8 of 47

1 / 6

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Jul 2026TranscriptAI SummaryPPTREC
May 2026Transcript AI SummaryPPTREC

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

11

Interim dividend13 Mar 2026 · ex-date₹1.05
Interim dividend24 Oct 2025 · ex-date₹1.05
Interim dividend21 Mar 2025 · ex-date₹0.8
Interim dividend12 Nov 2024 · ex-date₹0.8
Final dividend22 Aug 2024 · ex-date₹0.7
Interim dividend10 Nov 2023 · ex-date₹0.8
Final dividend15 Sept 2023 · ex-date₹0.7
Interim dividend17 Nov 2022 · ex-date₹0.8
Final dividend15 Sept 2022 · ex-date₹0.63
Interim dividend10 Nov 2021 · ex-date₹0.77
Interim dividend17 Feb 2021 · ex-date₹1.05

1

Board meeting to consider results30 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

118 announcementsExport CSV

30 Sept 2026, 4:31 pmOthers

Disclosure under Regulation 30A of LODR

Exchange filing PDF

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—
EBITDA margin %	99.5%	99.3%	99.4%	99.4%	99.5%	99.4%	98.8%
EBIT margin %	99.5%	99.3%	99.3%	99.4%	99.5%	99.4%	98.8%
PAT margin %	23.8%	28%	30%	26.5%	24.1%	24%	25.7%
Working capital
Receivable days	—	—	—	—	—	—	—
Inventory days	—	—	—	—	—	—	0
Payable days	—	—	—	—	—	—	—
NWC days	—	—	—	—	—	—	—
Leverage
Current ratio	—	—	—	—	—	—	—
Debt to EBITDA	13.02	20.64	19.25	17.63	15.54	15.27	16.19
Debt to equity	6.99	9	9.47	9.21	8.38	7.83	7.69
Interest coverage	1.3	1.4	1.4	1.4	1.3	1.3	1.4
Asset turnover	0.07	0.04	0.05	0.05	0.05	0.06	0.05
Return ratios
Return on assets %	1.5%	1.2%	1.4%	1.3%	1.3%	1.3%	1.4%
Return on capital employed %	—	—	—	—	—	—	—
Return on equity %	12.8%	12.3%	14.9%	13.9%	13%	12.3%	12.4%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Power Finance Corporation LimitedPFCPFC	₹1,04,943 Cr	₹11,17,447 Cr	₹1,15,431 Cr	₹1,12,436 Cr	97.2%	₹26,046 Cr	29.1%	—	20.7%	—
Indian Railway Finance Corporation LimitedIRFCIRFC	₹1,00,706 Cr	₹5,37,176 Cr	₹28,630 Cr	₹28,318 Cr	98.8%	₹7,191 Cr	25.7%	—	12.8%	—
Rec LimitedRECLTDRECLTD	₹75,770 Cr	₹5,90,496 Cr	₹59,169 Cr	₹56,360 Cr	95.7%	₹16,035 Cr	27.4%	—	20%	—
Housing & Urban Development Corporation LimitedHUDCOHUDCO	₹32,339 Cr	₹1,74,016 Cr	₹13,930 Cr	₹12,768 Cr	91.2%	₹4,255 Cr	30.7%	—	20.2%	—
Indian Renewable Energy Development Agency LimitedIREDAIREDA	₹31,182 Cr	₹1,09,028 Cr	₹8,612 Cr	₹7,501 Cr	87.3%	₹1,983 Cr	22.6%	—	15.6%	—
Ifci LimitedIFCIIFCI	₹17,551 Cr	₹21,074 Cr	₹1,986 Cr	₹964 Cr	47%	₹174 Cr	21%	—	2.1%	—
Tourism Finance Corporation Of India LimitedTFCILTDTFCILTD	₹6,426 Cr	₹7,698 Cr	₹232 Cr	₹204 Cr	90.2%	₹85 Cr	33.6%	—	9.9%	—
Gujarat State Financial CorporationGUJSTATFINGUJSTATFIN	₹84 Cr	₹745 Cr	₹0 Cr	₹0 Cr	—	₹-125 Cr	—	—	—	—

34

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	64	₹0.1	53	+34	34
0	0	0	₹0.0	66	₹0.0	0	0	0
0	0	0	₹0.0	68	₹0.3	292	+8	140
0	0	0	₹0.0	69	₹0.3	75	+6	41
10	+4	15	₹9.0	70	₹0.4	377	-82	330
1	0	0	₹8.9	71	₹0.5	251	+80	80
3	0	0	₹5.6	72	₹0.7	483	+96	320
0	0	0	₹0.0	73	₹0.8	301	+128	128

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

Date	Category	Subject	Filing
30 Sept 2026, 4:31 pm	Others	Disclosure under Regulation 30A of LODR	PDF
30 Sept 2026, 4:05 pm	Company Update General	Board Comments On Fine Levied By The Exchanges	PDF
28 Sept 2026, 5:17 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
17 Sept 2026, 6:31 pm	Company Update Appointment of Statutory Auditor/s	Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s	PDF
10 Sept 2026, 11:26 am	Company Update General	Announcement Under Regulation 30 Of SEBI (LODR), 2015	PDF
3 Sept 2026, 4:03 pm	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
26 Aug 2026, 4:50 pm	Company Update General	Disclosure Under Regulation 30 Of SEBI(LODR) Regulations, 2015	PDF
26 Aug 2026, 4:44 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

Indian Railway Finance Corporation Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

11

1

Announcements

11

1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

3

34

Compounded sales growth

Compounded profit growth

Return on equity

Indian Railway Finance Corporation Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Ratios

Ratio timeline

Shareholding

Quarterly record

Board and management

F&O

Futures3

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends11

Board meetings1

Announcements

Dividends11

Board meetings1

Ratio timeline

Quarterly record

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Futures3

Option chain34

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

11

1

11

1

3

34