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Indian Railway Finance Corp. Ltd.

Indian Railway Finance Corp. Ltd.

77.05
INR
+0.25
(+0.33%)
5.48EPS
16.51P/E
1.18TMarket Cap
Feb 05Next Earn
Indian Railway Finance Corp. Ltd.
BSE:IRFC
(Bombay Stock Exchange)

Recent

price

77.05

P/E

ratio

16.51

div

yld

1.36%

ROIC.AI

2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
INR
7.04
8.41
10.24
13.04
15.52
18.1
20.3
20.71
20.72
22.3
Revenue per Share
1.53
1.64
2.44
3.66
4.66
4.72
4.91
4.98
5.36
5.48
Basic EPS, GAAP
-21.48
-31.95
-47.98
-74.41
-49.29
-21.88
6.05
6.3
-20.69
- -
Free Cash Flow per Basic Share
0.18
0.29
0.15
1.55
0.77
1.43
1.5
2.3
2.1
1.05
Dividend per Share
15.55
19.03
23.19
27.48
30.9
34.19
37.63
40.3
43.42
- -
Book Value per Share
15.55
19.03
23.19
27.48
30.89
34.19
37.63
40.3
43.42
- -
Tangible Book Value per Share
13,069
13,069
13,069
12,082
13,069
13,069
13,069
13,069
13,069
13,063
Basic Weighted Avg Shares
92,065
109,868
133,872
157,513
202,803
236,507
265,304
270,598
270,753
291,360
Sales/Revenue/Turnover
96.72
82.01
70.91
66.18
57.09
47.3
45.47
53.41
64.84
24.33
Operating Margin (%)
4
4
5
44
140
141
94
53
61
63
Depreciation Expense
20,015
21,399
31,921
44,161
60,898
61,672
64,121
65,020
70,092
71,594
Net Income, GAAP
20.95
22.34
- -
- -
0.01
- -
- -
- -
- -
- -
Effective Tax Rate (%)
21.74
19.48
23.84
28.04
30.03
26.08
24.17
24.03
25.89
24.57
Profit Margin (%)
-103,021
-140,404
-173,016
-141,423
-11,581
-146,998
-9,223
31,920
-50,835
- -
Working Capital
1,144,229
1,509,003
2,077,129
3,018,019
3,720,000
3,949,536
3,993,864
3,944,671
4,051,849
- -
LT Debt
203,243
248,663
302,998
359,134
403,761
446,802
491,786
526,679
567,488
- -
Total Equity
- -
3.96
4.1
3.34
2.93
2.51
2.61
3.12
3.64
- -
Return on Invested Capital (%)
- -
3.9
4.05
3.33
2.93
2.53
2.62
3.13
3.68
- -
Return on Capital (%)
- -
9.47
11.57
13.34
15.97
14.5
13.66
12.77
12.81
- -
Return on Common Equity (%)

Capital Structure

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
ST Debt
- -
312,862
- -
LT Borrowings
4,179,404
4,051,849
- -
LT Finance Leases
8
8
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
13,069
13,069
13,069
Market Capitalization
1,628,336
1,140,227
1,182,830

Working Capital

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
Total Current Assets
2,478,752
480,498
- -
Cash, Cash Equivalents & STI
6,833
78,068
- -
Accounts Receivable, Net
- -
- -
- -
Inventories
- -
- -
- -
Total Current Liabilities
134
531,333
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
312,862
- -
Deferred Revenue
- -
- -
- -

Growth Rates

INR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
9.6%
7.75%
Free Cash Flow
- -
-127.23%
-428.6%
Net Income, GAAP
- -
10.47%
7.8%
Sales/Revenue/Turnover
- -
11.92%
0.06%
Total Cash Common Dividend
- -
17.8%
-8.7%

Quarterly Revenue

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
67,656
68,993
67,634
67,187
270,598
2026
69,011
- -
66,571
73,358
270,753
2027
82,420
- -
- -
- -
- -

Quarterly Earnings Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
1.21
1.23
1.25
1.29
4.98
2026
1.34
- -
1.38
1.29
5.36
2027
1.47
- -
- -
- -
- -

Quarterly Dividends Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
- -
- -
0.8
0.8
2.3
2026
- -
- -
- -
1.05
2.1
2027
- -
- -
- -
- -
- -
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Business
Indian Railway Finance Corporation Limited (IRFC) serves as the dedicated financing arm of Indian Railways, mobilizing funds from domestic and overseas capital markets through bonds, term loans, and external commercial borrowings to meet the predominant portion of Indian Railways' extra budgetary resources requirements. The company leases rolling stock assets including locomotives, passenger coaches, and freight wagons; finances railway infrastructure and project assets such as capacity enhancement works; and extends loans to railway sector entities like Rail Vikas Nigam Limited, Railtel Corporation of India Limited, Konkan Railway Corporation Limited, and others. Registered as a systemically important non-deposit taking non-banking financial company and infrastructure finance company with the Reserve Bank of India, IRFC operates primarily in India under the administrative control of the Ministry of Railways, Government of India, which holds an 86.36% promoter stake as of late 2024. Founded on December 12, 1986, and headquartered in New Delhi, IRFC has cumulatively funded over 13,349 locomotives, 73,979 passenger coaches, 259,661 freight wagons, and significant project assets, constituting approximately 75% of Indian Railways' rolling stock fleet. In recent developments, IRFC attained Navratna public sector enterprise status in March 2025, enhancing its operational autonomy as the 26th such PSU in India; signed a memorandum of understanding with RITES Limited to strengthen cooperation in financing and developing railway infrastructure projects; entered a co-financing agreement with India Infrastructure Finance Company Limited (IIFCL) for railway infrastructure initiatives; secured a USD 300 million external commercial borrowing from Sumitomo Mitsui Banking Corporation's GIFT City branch in December 2025, marking its return to international markets after over three years; and signed a lease agreement with NTPC in January 2025 to finance eight BOBR rakes under the General Purpose Wagon Investment Scheme, with plans to fund up to 20 such rakes worth up to Rs. 700 crore.