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IRFC

Indian Railway Finance Corporation Ltd

IRFC NSE
₹77.84 +1.94 (+2.56%)
P/E
13.80
View as Markdown
MCP
Close 4 Nov 2026 ₹77.84 −42.41 −35.3% 1Y
Start ₹120.25

Key Fundamentals

MidcapFinanceFinancial Services

Price-based figures as of · EPS basis: Standalone · TTM

Debt to Equity
7.12
EPS (TTM)
₹5.64
Book Value
₹46.35
Market Cap
—
P/E (TTM)
13.80
P/B
1.68
ROE
12.80%
Dividend Yield
1.52%
52W High
₹137.17
52W Low
₹73.05
Day Range
₹75.20 – ₹77.98
Volume
1,05,25,545
ROCE
Not meaningful for a lender: the ratio describes an industrial company’s balance sheet
EBITDA
Not meaningful for a lender: the ratio describes an industrial company’s balance sheet

Peer Comparison

Financial Services › Financial Institution

IRFC peer comparison
Power Finance Corporation
₹322.504.09₹1,05,884 Cr0.741.23%20.70%—₹1,15,431 Cr₹33,642 Cr
IRFC (this company)
₹77.8413.80₹1,00,876 Cr1.681.52%12.80%—₹30,125 Cr₹7,371 Cr
REC
₹287.004.71₹75,534 Cr0.792.72%20.10%—₹59,202 Cr₹16,035 Cr
HUDCO
₹153.067.20₹29,482 Cr1.490.86%20.00%—₹13,930 Cr₹4,255 Cr
IREDA
₹106.0015.14₹29,202 Cr2.081.32%15.60%—₹8,897 Cr₹1,970 Cr
IFCI
₹59.4292.84₹15,778 Cr1.790.00%1.97%—₹1,988 Cr₹432 Cr
Tourism Finance Corporation of India
₹160.8948.32₹7,170 Cr5.660.37%9.75%—₹291 Cr₹154 Cr
Median 7 companies₹153.0613.80₹29,482 Cr1.681.23%15.60%—₹13,930 Cr₹4,255 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

46 Average

Data confidence 94/100

Category scores

Quality
57
Good
Returns, margins, earnings quality 22% weight
Valuation
69
Strong
Cheap vs sector & own history 24% weight
Growth
47
Average
Sales & profit trajectory 9% weight
Financial Health
22
Poor
Solvency, leverage, coverage 9% weight
Momentum
9
Poor
Trend strength, vol-adjusted 12% weight
Ownership
44
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 34.0%

Weaknesses

6
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 11.6% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 13.0% over last 3 years.
  • Company might be capitalizing the interest cost
  • Company has high debtors of 5,136 days.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish856
OscillatorsNeutral252
Moving AveragesStrong Bearish604

Key readings

RSI (14)
51.89
Neutral
MACD (12,26,9)
−1.08
Bullish
SMA (50)
79.34
Bearish
SMA (200)
94.43
Bearish

As of

Analyst Rating

Based on 1 analysts
SELL100%

0 of 1 analyst rates Buy, 0 Hold, 1 Sell.

As of

BUY
0
0%
HOLD
0
0%
SELL
1
100%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+13.77%
5Y+11.59%
3Y+4.53%
1Y+0.49%
TTM+12.52%

Net profit

Net profit growth by window
10Y+23.50%
5Y+9.68%
3Y+3.42%
1Y+7.80%
TTM+7.83%

Operating cash flow

Not meaningful

A bank's or NBFC's operating cash flow moves with deposits and loans, so its growth says little about the business.

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹9,047 Cr
Mar 2018₹9,267 Cr
Mar 2019₹11,134 Cr
Mar 2020₹13,421 Cr
Mar 2021₹15,771 Cr
Mar 2022₹20,299 Cr
Mar 2023₹23,892 Cr
Mar 2024₹26,650 Cr
Mar 2025₹27,153 Cr
Mar 2026₹27,285 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹934 Cr
Mar 2018₹2,055 Cr
Mar 2019₹2,255 Cr
Mar 2020₹3,192 Cr
Mar 2021₹4,416 Cr
Mar 2022₹6,090 Cr
Mar 2023₹6,337 Cr
Mar 2024₹6,412 Cr
Mar 2025₹6,502 Cr
Mar 2026₹7,009 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EPS
₹6.90 +28.7% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk high

Indian Railway Finance Corporation Ltd trades at ₹75.9 as of 2026-11-03 with a market cap of ₹1,00,249 crore and a trailing PE of 13.46. The stock has declined roughly 45% from its 52-week high of ₹137.17 and sits near its 52-week low of ₹73.05, while the company continues to post steady revenue growth of 13% TTM and maintains a consistent dividend payout of 34%.

Bull Case 7
  • Trailing PE of 13.46 is modest for a government-backed financial services entity, suggesting the stock is not priced at an aggressive premium after its recent correction.
  • 10-year compounded sales growth of 14% and 10-year compounded profit growth of 24% demonstrate a long track record of consistent expansion in both top line and bottom line.
  • TTM revenue growth has accelerated to 13%, up from the 3-year compounded sales growth of 5%, indicating a recent improvement in the business trajectory.
  • The company has maintained a healthy dividend payout ratio of 34%, and the current dividend yield stands at 1.52%, providing a regular income component for shareholders.
  • As the dedicated financing arm of Indian Railways, IRFC benefits from a sovereign-backed borrower profile, with lending almost entirely to a single government entity, minimising conventional credit risk.
  • Return on equity has been stable at 13-14% across 3-year, 5-year and 10-year periods, reflecting predictable and recurring earnings without significant volatility.
  • Five-year stock price CAGR of 27% shows meaningful long-term wealth creation despite the recent sharp drawdown.
Bear Case 8
  • The stock has fallen 37% over the past one year (1-year stock CAGR of -37%) and is trading near its 52-week low of ₹73.05, reflecting sustained negative momentum.
  • Interest coverage ratio is low, which is a structural risk for a company whose entire business model revolves around borrowing at scale and lending to Indian Railways.
  • Debtor days stand at an extremely elevated 5,136 days, implying receivables take over 14 years to convert to cash, creating significant working capital strain.
  • Return on capital employed is just 5.48%, indicating that the overall capital base — including the large debt component — generates thin returns.
  • Three-year compounded profit growth has slowed to just 3%, a sharp deceleration from the 10-year CAGR of 24%, suggesting the high-growth phase may be behind.
  • Price-to-book ratio of 1.64 needs to be weighed against the low ROE of 12.35% and ROCE of 5.48%; the spread between cost of equity and return on equity appears narrow.
  • The company's tax rate appears low, which introduces the risk that any normalisation of tax incidence could compress net margins going forward.
  • There are indications the company may be capitalising interest costs, which could overstate reported earnings quality and mask true borrowing expenses in the profit and loss statement.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: IRFC delivered record H1 FY27 profits and a highest-ever interim dividend, backed by 23% revenue growth and a pristine zero-NPA book with sovereign backing. The key risk is finance costs growing faster than revenue, compressing already thin margins, while the stock's 36% one-year decline reflects concern over premium valuations relative to peers with higher ROEs. The diversification push into metros, power, and renewables opens a massive multi-decade pipeline but introduces untested credit exposure. Margin trajectory toward the 2% NIM target by 2030 and credit quality in the diversified book will be the decisive factors for re-rating.

Headwinds 5
  • Costs outpacing revenue growth Oct 16

    Q2 FY27 revenue grew 23.45% to ₹7,866 crore but total expenses surged 29.84% to ₹5,966 crore, squeezing margins as finance costs climb faster than income.

  • Stock down 36% in one year Oct 15

    IRFC shares closed at ₹79, declining 11% in three months, 22% in six months, and approximately 36% over the past year despite improving fundamentals.

  • Premium valuation vs peers Oct 16

    IRFC trades at a price-to-book ratio of 1.84, well above PFC (0.80) and REC (0.97), while its return on equity of 12.81% trails PFC (20.67%), REC (20.05%), and HUDCO (20.20%).

Positives 6
  • Record H1 profit, highest dividend Oct 15

    IRFC posted highest-ever H1 FY27 net profit of ₹3,885.69 crore, up 10.31% YoY, and declared a record interim dividend of ₹1.15 per share with October 23 as the record date.

  • Strong revenue growth at 23% Oct 16

    Q2 FY27 revenue rose 23.45% YoY to ₹7,866.41 crore while net profit grew 10.21% to ₹1,958.48 crore, reflecting continued infrastructure lending momentum.

  • Zero NPAs, sovereign backstop Oct 16

    IRFC maintains 0% gross NPAs with 92.43% of assets leased to the Ministry of Railways under a shortfall-funding undertaking, treated as sovereign receivables.

Neutral 2
  • Net worth grew to ₹60,573 crore Oct 16

    Net worth increased from ₹56,749 crore in March 2026 to ₹60,573.35 crore by September 2026, driven primarily by retained earnings with no dividend outflow in H1.

  • Dividend payout at ~38% Oct 16

    The trailing 12-month payout of ₹2.10 per share on EPS of ₹5.50 works out to about 38%, following DIPAM guidelines of the higher of 30% of PAT or 5% of net worth.

Quarterly Results

₹ Cr
IRFC quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Revenue
6,761
6,737
6,475
6,766
6,900
6,763
6,723
6,915
6,372
6,661
7,336
8,261
7,866
Expenses
34
35
34
33
38
39
44
47
49
104
118
42
47
Financing Profit
1,546
1,597
1,716
1,578
1,613
1,629
1,683
1,744
1,778
1,746
1,694
1,798
1,902
Fin. Margin %
23%
24%
26%
23%
23%
24%
25%
25%
28%
26%
23%
22%
24%
Other Income
1
3
3
0
1
3
1
3
0
58
−7
130
58
Interest
5,181
5,104
4,725
5,155
5,249
5,095
4,996
5,124
4,544
4,812
5,524
6,421
5,917
Depreciation
2
1
2
2
1
1
1
1
1
1
2
1
2
PBT
1,545
1,599
1,717
1,577
1,613
1,631
1,682
1,746
1,777
1,802
1,684
1,927
1,958
Tax %
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
Net Profit
1,545
1,599
1,717
1,577
1,613
1,631
1,682
1,746
1,777
1,802
1,684
1,927
1,958
EPS (₹)
1.18
1.22
1.31
1.21
1.23
1.25
1.29
1.34
1.36
1.38
1.29
1.47
1.5

Profit & Loss

₹ Cr
IRFC profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
6,939
7,507
9,047
9,267
11,134
13,421
15,771
20,299
23,892
26,650
27,152
27,285
30,125
Expenses
34
38
26
38
48
66
113
123
134
133
154
318
310
Financing Profit
1,914
1,950
2,133
2,592
2,902
3,192
4,420
6,102
6,310
6,415
6,504
6,962
7,140
Fin. Margin %
28%
26%
24%
28%
26%
24%
28%
30%
26%
24%
24%
26%
24%
Other Income
1
1
0
1
0
0
0
2
41
6
4
53
239
Interest
4,992
5,519
6,888
6,638
8,183
10,163
11,237
14,075
17,447
20,101
20,495
20,005
22,675
Depreciation
0
0
0
0
0
0
4
14
14
9
5
6
7
PBT
1,914
1,950
2,133
2,592
2,902
3,192
4,416
6,090
6,337
6,412
6,502
7,009
7,372
Tax %
60%
56%
56%
21%
22%
0%
0%
0%
0%
0%
0%
0%
—
Net Profit
758
849
934
2,055
2,255
3,192
4,416
6,090
6,337
6,412
6,502
7,009
7,372
EPS (₹)
2.12
1.87
1.43
3.15
2.4
2.69
3.38
4.66
4.85
4.91
4.98
5.36
5.64
Div. Payout %
20%
40%
40%
18%
18%
0%
31%
30%
31%
31%
32%
39%
—

Balance Sheet

₹ Cr
IRFC balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
3,584
4,526
6,526
6,526
9,380
11,880
13,069
13,069
13,069
13,069
13,069
13,069
13,069
Reserves
5,098
6,999
5,483
7,402
15,648
18,419
22,845
27,928
32,402
36,110
39,599
43,680
47,505
Borrowing
71,270
87,503
1,06,395
1,34,006
1,73,933
2,34,377
3,23,145
3,88,440
4,18,935
4,12,039
4,12,133
4,36,471
4,31,483
Other Liabilities
7,696
9,372
11,245
13,534
7,642
10,828
21,423
20,544
26,742
23,865
24,034
23,457
35,920
Total Liabilities
87,647
1,08,400
1,29,650
1,61,468
2,06,604
2,75,504
3,80,482
4,49,980
4,91,147
4,85,082
4,88,835
5,16,676
5,27,977
Fixed Assets
12
12
12
11
11
11
45
38
19
22
18
18
26
CWIP
0
0
0
0
0
0
0
0
0
4
4
10
0
Investments
9
8
8
14
13
12
12
10
14
54
38
28
29
Other Assets
87,626
1,08,381
1,29,630
1,61,443
2,06,579
2,75,482
3,80,424
4,49,932
4,91,114
4,85,003
4,88,775
5,16,620
5,27,922
Total Assets
87,647
1,08,400
1,29,650
1,61,468
2,06,604
2,75,504
3,80,482
4,49,980
4,91,147
4,85,082
4,88,835
5,16,676
5,27,977

Cash Flow

₹ Cr
IRFC cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
—
−16,378
−19,455
−28,076
−41,748
−62,701
−89,907
−64,412
−28,584
7,914
8,230
−27,026
Investing
—
2
2
2
1
1
0
−5
0
−8
0
−3
Financing
—
17,582
18,250
28,075
41,749
62,697
90,202
64,266
28,643
−8,046
−2,572
21,560
Net Cash Flow
—
1,206
−1,204
0
3
−2
296
−151
60
−140
5,658
−5,469
Free Cash Flow
—
−16,378
−19,455
−28,076
−41,749
−62,701
−89,907
−64,419
−28,585
7,906
8,229
−27,030

Ratios

IRFC financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %
9%
8%
8%
16%
12%
12%
13%
16%
15%
14%
13%
13%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view IRFC insights

47 extracted metrics across FY15–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 82.90%
  • Public 11.35%
  • DIIs 3.97%
  • FIIs 1.15%
  • Others 0.64%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about IRFC

What does Indian Railway Finance Corporation Ltd do?
Incorporated in 1986, Indian Railway Finance Corporation borrows funds from the financial markets to finance the acquisition / creation of assets which are then leased out to the Indian Railways as finance lease
Where is Indian Railway Finance Corporation Ltd (IRFC) listed?
Indian Railway Finance Corporation Ltd trades as IRFC on the NSE and under code 543257 on the BSE.
Which sector does Indian Railway Finance Corporation Ltd belong to?
Indian Railway Finance Corporation Ltd is classified under the Financial Services sector, in the Financial Institution industry.
What is the PE ratio of Indian Railway Finance Corporation Ltd?
Indian Railway Finance Corporation Ltd trades at a PE ratio of 13.80 as of 4 Nov 2026, on earnings per share of ₹5.64, against a book value of ₹46.35 per share.
What is the 52-week high and low of Indian Railway Finance Corporation Ltd?
Over the last 52 weeks Indian Railway Finance Corporation Ltd has traded between ₹73.05 and ₹137.17 as of 4 Nov 2026.
Does Indian Railway Finance Corporation Ltd pay dividends?
Indian Railway Finance Corporation Ltd has a dividend yield of 1.52%.
What is the Return on Equity (ROE) of Indian Railway Finance Corporation Ltd?
Indian Railway Finance Corporation Ltd reported a return on equity of 12.80%. Its debt-to-equity ratio is 7.12.

Company Information

Incorporated in 1986, Indian Railway Finance Corporation borrows funds from the financial markets to finance the acquisition / creation of assets which are then leased out to the Indian Railways as finance lease

Website irfc.co.in
Listed 29 Jan 2021
Face Value ₹10

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