Indian Railway Finance Corporation Ltd.

•

irfc.co.inBSE: 543257NSE: IRFC

Market Cap₹ 1,05,946 Cr.

Current Price

High / Low₹ 137 / 80

Stock P/E14.7

Book Value₹ 45

Price to Book2.01

Dividend Yield2.59 %

ROCE5.6 %

ROE12.8 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Asset quality is healthy - gross NPA of just 0.0%
Solid return on assets for a lender - ROA of 1.4%
Company has been maintaining a healthy dividend payout of 39.2%
Stock looks reasonably valued - P/E of 14.7 is below its historical median
Company generates healthy free cash flow
Company has a consistent dividend-paying track record

CONS

Company has a low return on capital employed of 5.7%
Promoter holding has decreased over last 2 years: -3.5pp
Effective tax rate is unusually low at 0.0% - earnings may be flattered
Company has delivered a poor profit growth of 9.7% over past five years
Expensive relative to growth - PEG of 3.4
Company's return on assets is weak at 1.4%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance Term Lending

Part ofNIFTY NEXT 50 NIFTY DIV OPPS 50 NIFTYLARGEMIDCAP250 NIFTY100 EQL WGT NIFTY TOTAL MKT

S.No.	Name
1.	PFC	353.25	4.48	116576.09	5.25	8997.92	0.18	28526.86	0.32	10.05	99.88
2.	IRFC	81.07	14.73	105946.38	2.59	1927.21	10.40	8261.11	451.73	5.64	99.49
3.	RECLTD	312.90	5.14	82393.58	5.93	4192.76	-6.11	14434.92	-1.51	9.71	96.90
4.	IFCI	82.32	127.15	22179.60	0.00	60.27	-3.46	327.06	4.79	7.56	57.66
5.	TFCILTD	140.55	76.12	6507.15	0.43	18.38	-8.25	51.00	-17.46	11.13	90.10
6.	SATIN	216.75	5.84	2394.46	0.00	1226.46	2619.42	7621.36	983.89	12.15	62.96
7.	TRU	4.32	0.00	51.35	0.00	-10.58	-16.29	11.27	-62.55	3.48	-79.12

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	2,131	6,766	2,335	2,141	1,819	1,921	2,011	1,970	1,497	2,829	2,312	2,902	8,261
	29	5,218	35	34	33	38	39	44	47	49	104	118	6,464
Operating Profit	6,645	6,732	6,701	6,441	6,733	6,862	6,724	6,679	6,869	6,323	6,558	7,218	8,219
OPM %	311.77%	99.50%	287.00%	300.76%	370.14%	357.24%	334.44%	339.03%	458.72%	223.48%	283.68%	248.71%	99.49%
Other Income	2	1	3	3	0	1	3	1	3	0	58	-7	130
Interest	5,091	5,181	5,104	4,725	5,155	5,249	5,095	4,996	5,124	4,544	4,812	5,524	6,421
Depreciation	4	2	1	2	2	1	1	1	1	1	1	2	1
	1,551	1,550	1,599	1,717	1,577	1,613	1,631	1,682	1,746	1,777	1,802	1,684	1,927
Tax %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Profit	1,551	1,550	1,599	1,717	1,577	1,613	1,631	1,682	1,746	1,777	1,802	1,684	1,927
	1	0	1	1	1	1	1	1	1	1	1	1	0

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	9,047	11,019	11,134	13,421	15,770	20,299	23,721	26,649	27,152	27,284	16,304
	26	38	48	66	113	123	137	137	154	318	6,735
Operating Profit	9,021	10,981	11,085	13,355	15,657	20,177	23,584	26,512	26,998	26,967	9,569
OPM %	99.71%	99.66%	99.56%	99.51%	99.28%	99.40%	99.42%	99.49%	99.43%	98.84%	58.69%
	1	2	0	0	0	2	44	11	4	54	181
Interest	6,888	8,437	8,183	10,163	11,237	14,075	17,447	20,101	20,495	20,005	21,302
Depreciation	0	0	0	0	4	14	14	9	5	6	6
Profit before Tax	2,133	2,545	2,902	3,192	4,416	6,090	6,167	6,412	6,502	7,009	7,191
Tax %	56.23%	21.13%	22.29%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Profit	934	2,007	2,255	3,192	4,416	6,090	6,167	6,412	6,502	7,009	7,191
EPS	1.43	3.08	3.43	3.40	3.66	4.66	4.72	4.91	4.98	5.36	—
Dividend Payout %	39.98%	18.66%	16.64%	15.63%	31.07%	30.04%	31.79%	30.57%	32.16%	39.15%	—

COMPOUNDED SALES GROWTH

10 Years:: 14%
5 Years:: 12%
3 Years:: 5%

COMPOUNDED PROFIT GROWTH

10 Years:: 24%
5 Years:: 10%
3 Years:: 4%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 29%
3 Years:: -1%
1 Year:: -35%

RETURN ON EQUITY

10 Years:: 13%
5 Years:: 14%
3 Years:: 13%
Last Year:: 13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	6,526	6,526	9,380	11,880	13,069	13,069	13,069	13,069	13,069	13,069
	5,483	7,039	15,648	18,419	22,845	27,928	31,612	36,110	39,599	43,680
	1,06,168	1,31,108	1,73,941	2,34,386	3,23,119	3,88,428	4,18,942	4,13,889	4,13,626	4,38,075
Trade Payables	0	0	12	0	0	0	0	0	0	0
	11,472	17,659	10,167	13,366	22,098	20,568	26,737	22,015	22,541	21,852
Total Liabilities	1,29,650	1,62,332	2,09,148	2,78,052	3,81,130	4,49,993	4,90,359	4,85,082	4,88,835	5,16,676
	12	11	11	11	45	38	19	22	18	18
	8	7	13	12	12	10	14	54	38	28
Cash & Bank	8	100	81	101	459	303	542	467	6,143	978
	1,29,623	1,62,214	2,09,043	2,77,929	3,80,614	4,49,641	4,89,784	4,84,539	4,82,636	5,15,652
Total Assets	1,29,650	1,62,332	2,09,148	2,78,052	3,81,130	4,49,993	4,90,359	4,85,082	4,88,835	5,16,676

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-19,008	-27,383	-41,129	-62,111	-89,603	-64,708	-28,858	7,914	8,230	-27,026
Cash from Investing	2	2	1	1	0	-5	0	-8	-0	-3
Cash from Financing	18,250	28,027	41,749	62,697	90,202	64,266	28,644	-8,046	-2,572	21,560
	-1,204	92	3	-2	296	-151	56	-140	5,658	-5,469

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	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	84.65	82.90
	1.11	1.09	1.01	0.98	0.93	0.97	0.98	1.16	1.18
	1.08	1.08	1.24	1.34	1.45	1.48	1.53	2.88	3.98
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	11.45	11.46	11.39	11.32	11.24	11.18	11.11	11.29	11.95

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10

General Updates

2026-09-10 - Indian Railway Finance Corporation Limited has informed the Exchange about General Updates

2026-09-03

Credit Rating- Revision

2026-09-03 - Indian Railway Finance Corporation Limited has informed the Exchange about Credit Rating- Revision

2026-08-26

Disclosure of material issue

2026-08-26 - Indian Railway Finance Corporation Limited has informed regarding Disclosure under regulation 30 of SEBI (LODR) REgulations, 2015 -Intimation of fine

2026-08-26

Updates

2026-08-26 - Indian Railway Finance Corporation Limited has informed the Exchange regarding newspaper publication under regulation 47 of SEBI (LODR) Regulations, 2015.

2026-08-25

Shareholders meeting

2026-08-25 - Indian Railway Finance Corporation Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 25, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-25

Shareholders meeting

2026-08-25 - Indian Railway Finance Corporation Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 25, 2026

2026-08-25

Change in Director(s)

2026-08-25 - Indian Railway Finance Corporation Limited has informed the Exchange regarding Change in Director(s) of the company.

2026-08-25

Outcome of Board Meeting

2026-08-25 - Indian Railway Finance Corporation Limited has informed the Exchange regarding Outcome of Board Meeting held on August 25, 2026.

2026-08-24

Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

2026-08-24 - Indian Railway Finance Corporation Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

News

Recent coverage and analyst commentary for IRFC

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