MarketFriction

Indian Railway Finance Corporation Ltd

NSE IRFC · BSE 543257 · Financial Institution
₹77.06 -2.80%
NSE close2026-10-01
52 week range77.07 - 137.17
Market cap₹1,04,888 Cr.
P/E14.6
IPO 2021 · +196% since Nifty Next 50Nifty 100Nifty 200Nifty 500Nifty PSE No price band Delivery 36.5%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue6,7616,7376,4756,7666,9006,7636,7236,9156,3726,6617,3368,261
Interest5,1815,1044,7255,1555,2495,0954,9965,1244,5444,8125,5246,421
Expenses34353433383944474910411842
Financing Profit1,5461,5971,7161,5781,6131,6291,6831,7441,7781,7461,6941,798
Financing Margin %23%24%26%23%23%24%25%25%28%26%23%22%
Other Income13301313058-7130
Depreciation212211111121
Profit before tax1,5451,5991,7171,5771,6131,6311,6821,7461,7771,8021,6841,927
Tax %0%0%0%0%0%0%0%0%0%0%0%0%
Net Profit1,5451,5991,7171,5771,6131,6311,6821,7461,7771,8021,6841,927
EPS in Rs1.181.221.311.211.231.251.291.341.361.381.291.47
Gross NPA %
Net NPA %
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue7,5079,0479,26711,13413,42115,77120,29923,89226,65027,15327,28528,630
Interest5,5196,8886,6388,18310,16311,23714,07517,44720,10120,49520,00521,302
Expenses3826384866113123134133154318313
Financing Profit1,9502,1332,5922,9023,1924,4206,1026,3106,4156,5046,9627,016
Financing Margin %26%24%28%26%24%28%30%26%24%24%26%24%
Other Income101-0002416453181
Depreciation00000414149566
Profit before tax1,9502,1332,5922,9023,1924,4166,0906,3376,4126,5027,0097,191
Tax %56%56%21%22%0%0%0%0%0%0%0%
Net Profit8499342,0552,2553,1924,4166,0906,3376,4126,5027,0097,191
EPS in Rs187.50143.083.152.402.693.384.664.854.914.985.365.50
Dividend Payout %40%40%18%18%0%31%30%31%31%32%39%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth14%12%5%5%
Compounded Profit Growth24%10%3%8%
Stock Price CAGR%27%2%-35%
Return on Equity13%14%13%13%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital3,5844,5266,5266,5269,38011,88013,06913,06913,06913,06913,06913,069
Reserves5,0986,9995,4837,40215,64818,41922,84527,92832,40236,11039,59943,680
Borrowing71,27087,503106,395134,006173,933234,377323,145388,440418,935412,039412,133436,471
Other Liabilities7,6969,37211,24513,5347,64210,82821,42320,54426,74223,86524,03423,457
Total Liabilities87,647108,400129,650161,468206,604275,504380,482449,980491,147485,082488,835516,676
Fixed Assets121212111111453819221818
CWIP0000000004410
Investments988141312121014543828
Other Assets87,626108,381129,630161,443206,579275,482380,424449,932491,114485,003488,775516,620
Total Assets87,647108,400129,650161,468206,604275,504380,482449,980491,147485,082488,835516,676
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-16,378-19,455-28,076-41,748-62,701-89,907-64,412-28,5847,9148,230-27,026
Cash from Investing Activity222110-50-8-0-3
Cash from Financing Activity17,58218,25028,07541,74962,69790,20264,26628,643-8,046-2,57221,560
Net Cash Flow1,206-1,20403-2296-15160-1405,658-5,469
Free Cash Flow-16,378-19,455-28,076-41,749-62,701-89,907-64,419-28,5857,9068,229-27,030
CFO/OP-213%-211%-298%-371%-465%-572%-319%-120%30%31%-100%
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%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters86.36%86.36%86.36%86.36%86.36%86.36%86.36%86.36%86.36%86.36%84.65%82.90%
FIIs1.14%1.15%1.08%1.11%1.09%1.01%0.98%0.93%0.97%0.98%1.16%1.17%
DIIs1.63%1.15%0.89%1.08%1.08%1.24%1.34%1.45%1.48%1.54%2.89%3.98%
Public10.88%11.34%11.68%11.45%11.48%11.40%11.32%11.24%11.17%11.10%11.29%11.94%
No. of Shareholders27,03,00032,51,99345,26,34151,08,89355,00,05455,40,76756,35,77554,51,17253,17,98151,69,33151,13,56950,86,488

Fundamentals

Market Cap₹ 1,04,888 Cr.
Current Price₹ 80.3
Stock P/E14.6
Book Value₹ 43.4
ROCE5.64 %
ROE12.8 %
Dividend Yield2.62 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)5%
Compounded Profit Growth (TTM)8%
Standalone figures.
Valuation
Market capRs 100,706 Cr
Enterprise valueRs 536,199 Cr
P/E (TTM)14.01x
Price to book1.77x
Price to sales3.52x
EV / EBITDA18.82x
EV / EBIT18.82x
EV / sales18.73x
Earnings yield7.14%
Dividend yield2.73%
P/E, 3-year average23.43x
P/B, 3-year average2.96x
P/E, 5-year average16.07x
P/B, 5-year average2.07x
Profitability
Operating margin (excl. other income)98.84%
Operating margin (incl. other income)99.03%
EBITDA margin99.54%
Pre-tax margin25.12%
Net profit margin25.12%
Net margin, latest quarter23.33%
ROE12.81%
ROCE5.64%
ROA1.39%
ROE, 3-year average13.04%
ROCE, 3-year average5.73%
ROA, 3-year average1.35%
ROE, 5-year average13.92%
ROCE, 5-year average5.53%
ROA, 5-year average1.37%
ROIC (approx.)5.79%
Other income / net worth0.09%
Growth
Sales growth (latest year)0.49%
Profit growth (latest year)7.80%
Sales CAGR, 3 years4.53%
Sales CAGR, 5 years11.59%
Profit CAGR, 3 years3.42%
Profit CAGR, 5 years9.68%
Sales growth QoQ12.61%
Profit growth QoQ14.42%
Sales growth YoY (latest quarter)19.46%
Profit growth YoY (latest quarter)10.40%
Per share
EPS (TTM)Rs 5.50
EPS (latest year)Rs 5.36
EPS (latest quarter)Rs 1.47
EPS, 3-year averageRs 5.08
EPS, 5-year averageRs 4.95
Book value per shareRs 43.42
Sales per shareRs 21.91
Cash flow per shareRs -20.68
Free cash flow per shareRs -20.68
Dividend per share (latest year)Rs 2.10
Dividend per share, 3-year averageRs 1.73
Dividend per share, 5-year averageRs 1.62
Dividends
Dividend payout39.15%
Dividend payout, 3-year average33.96%
Dividend payout, 5-year average32.57%
Efficiency
Asset turnover0.05x
Fixed asset turnover1488.53x
Debtor days5136 days
Debtors turnover0.07x
Leverage
Total debtRs 436,471 Cr
Cash and bankRs 978 Cr
Net debtRs 435,493 Cr
Debt to equity7.69x
Net debt / EBITDA15.28x
Interest coverage1.34x
Owners' fund to total sources10.98%
Debt to assets84.48%
Cash flow
Cash from Operating Activity (latest year)Rs -27,026 Cr
Cash from Investing Activity (latest year)Rs -3 Cr
Cash from Financing Activity (latest year)Rs 21,560 Cr
Net Cash Flow (latest year)Rs -5,469 Cr
Free cash flow (latest year)Rs -27,030 Cr
FCFE (approx.: FCF + change in debt)Rs -2,692 Cr
Cash from ops / profit, 5 years-3.21x
Statement figures
Net sales (TTM)Rs 28,630 Cr
Net sales (latest year)Rs 27,285 Cr
Sales (latest quarter)Rs 8,261 Cr
Operating profit excl. other income (latest year)Rs 26,967 Cr
Operating profit (latest quarter)Rs 8,219 Cr
Other income (TTM)Rs 181 Cr
EBITDA (TTM)Rs 28,498 Cr
PBDT (TTM)Rs 7,197 Cr
Profit before tax (TTM)Rs 7,191 Cr
Net profit (TTM)Rs 7,191 Cr
Net profit (latest year)Rs 7,009 Cr
Net profit (latest quarter)Rs 1,927 Cr
Depreciation (TTM)Rs 6 Cr
Depreciation (latest quarter)Rs 1 Cr
Interest (TTM)Rs 21,302 Cr
Cost of goods sold (latest year)Rs 7 Cr
Total expenditure (latest year)Rs 318 Cr
Total income (latest year)Rs 27,338 Cr
Share capitalRs 13,069 Cr
ReservesRs 43,680 Cr
Shareholders' fundsRs 56,749 Cr
Total assetsRs 516,676 Cr
Net blockRs 18 Cr
Capital work in progressRs 10 Cr
InvestmentsRs 28 Cr
ReceivablesRs 383,942 Cr
Other liabilitiesRs 23,457 Cr
Shares outstanding (crore)1,306.85
Ownership
Promoter holding82.90% (-3.46 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 14.0 is at the 46th percentile of its own 5.8-year range (median 15.0, low 4.2, high 39.5).
P/B 1.77 is at the 46th percentile (median 1.92).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodIRFCNifty 50Difference
1 week-3.5%-2.8% -0.7 pts
1 month-6.6%-6.8% +0.2 pts
3 months-14.9%-7.6% -7.3 pts
6 months-11.7%+0.4% -12.1 pts
1 year-37.9%-9.9% -28.0 pts
2 years-51.7%-13.6% -38.1 pts
3 years+0.7%+14.2% -13.5 pts
5 years+222.4%+27.9% +194.5 pts
69 mutual fund schemes hold about ₹229 Cr. Over three months 38 bought more and 4 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
ICICI Pru Nifty Next 50 Index Fund0.66%67 +4%
UTI Nifty Next 50 Index Fund0.66%50 +4%
HDFC NIFTY Next 50 Index Fund0.66%18 +4%
SBI Nifty Next 50 Index Fund0.66%16 +4%
Groww Nifty India Railways PSU Index Fund18.93%11 +12%
DSP NIFTY Next 50 Index Fund0.66%9 +4%
Navi Nifty Next 50 Index Fund0.66%9 +4%
Kotak Nifty Next 50 Index Fund0.66%8 +5%
HDFC NIFTY 100 Equal Weight Index Fund0.88%5 +6%
Axis Nifty Next 50 Index Fund0.66%4 +4%
Motilal Oswal Nifty Next 50 Index Fund0.66%3 +4%
Motilal Oswal Nifty 500 Index Fund0.08%3 +6%
Axis Nifty 100 Index Fund0.12%3 +7%
Axis Nifty 100 Index Fund0.12%3 +7%
Edelweiss Nifty Next 50 Index Fund0.66%2 +4%
Aditya Birla SL Nifty Next 50 Index Fund0.66%2 +4%
JioBlackRock Nifty Next 50 Index Fund0.66%1 +4%
Sundaram Nifty 100 Equal Weight Fund0.88%1 +20%
HSBC Nifty Next 50 Index Fund0.66%1 +4%
HSBC Nifty Next 50 Index Fund0.66%1 +4%
Parag Parikh Large Cap Fund0.12%1 +8%
Nippon India Nifty 500 Equal Weight Index Fund0.19%1 +12%
Zerodha Nifty LargeMidcap 250 Index Fund0.06%1 +5%
Kotak Nifty Financial Services Ex-Bank Index Fund0.92%1 +4%
Tata Nifty Next 50 Index Fund0.66%1 +4%

Red flags

F-score 3 of 8
explainWeak cash conversion Cash from operations was -55% of net profit over the last 3 years
explainReceivables outrunning sales Receivables grew 35% vs sales +0% in 2026
explainLow interest cover Interest cover 1.4x in 2026
lookAuditor change Auditor change 2026-09-17: Indian Railway Finance Corporation Limited has informed the Exchange regarding Change in Auditors of the company.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2026-02-26President of India acting through Promotersother224,040,829Rs 2332.64 CrOthers
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Revenue ₹8,261 Cr +19.5% vs Jun 2025. Net profit ₹1,927 Cr +10.4%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-03-13Interim Dividend - Rs 1.05 Per Share
2025-10-24Interim Dividend - Rs 1.05 Per Share
2025-03-21Interim Dividend - Re 0.80 Per Share
2024-11-12Interim Dividend - Re 0.80 Per Share
2024-08-23Annual General Meeting
2024-08-22Dividend - Rs 0.70 Per Share
2023-11-10Interim Dividend - Re 0.80 Per Share
2023-09-15Dividend - Re 0.70 Per Share
2023-09-15Annual General Meeting
2022-11-17Interim Dividend - Re 0.80 Per Share
2022-09-15Dividend - Re 0.63 Per Share
2022-09-15Annual General Meeting
2021-11-10 Interim Dividend - Rs 0.77 Per Share
2021-09-23 Annual General Meeting
2021-02-17 Interim Dividend - Rs 1.05 Per Share
DateTypeWhat it says
2026-09-30LitigationPendency of Litigation(s)/dispute(s) or the outcome impacting the Company
2026-09-30UpdatesBoard Comments on fine levied by the Exchanges.
2026-09-28Press ReleaseA press release dated September 28, 2026, titled "IRFC signs Rs 4.200 crore Loan Agreement with DVC for RenewableEnergy Projects".
2026-09-17Change in AuditorsChange in Auditors of the company.
2026-09-10General UpdatesGeneral Updates
2026-09-03Credit Rating- RevisionCredit Rating- Revision
2026-08-26Disclosure of material issueIndian Railway Finance Corporation Limited has informed regarding Disclosure under regulation 30 of SEBI (LODR) REgulations, 2015 -Intimation of fine
2026-08-26UpdatesNewspaper publication under regulation 47 of SEBI (LODR) Regulations, 2015.
2026-08-25Shareholder meetingVoting results.
2026-08-25Shareholder meetingProceedings of Annual General Meeting held on August 25, 2026
2026-08-25Director changeChange in Director(s) of the company.
2026-08-25Board meeting outcomeOutcome of Board Meeting held on August 25, 2026.
2026-08-24LitigationPendency of Litigation(s)/dispute(s) or the outcome impacting the Company
2026-08-20AppointmentAppointment of Mrs Manjula Mishra as Non- Executive Independent Director of the company w.e.f. August 20, 2026.
2026-08-20AppointmentAppointment of Mr Pradeep Ahlawat as Non- Executive Independent Director of the company w.e.f. August 20, 2026.
2026-08-20Director changeChange in Director(s) of the company.
2026-08-13Director changeChange in Director(s) of the company.
2026-08-06Concall / analyst meetTranscript
2026-08-01General UpdatesGeneral Updates
2026-08-01Shareholder meetingNotice of Annual General Meeting to be held on August 25, 2026
2026-07-31Concall / analyst meetLink of Recording
2026-07-30Press ReleaseA press release dated July 30, 2026, titled "IRFC reports its strongest-ever quarterly performance in Q1 FY 2026-27, with highest-ever quarterly reven...
2026-07-30Board meeting outcomeIndian Railway Finance Corporation Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-30LitigationPendency of Litigation(s)/dispute(s) or the outcome impacting the Company
2026-07-23Concall / analyst meetSchedule of meet
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.67
Max pain (expiry 2026-10-27)80
Largest call open interest at80
Largest put open interest at75
Implied volatility, at the money31.5%
Underlying at snapshot77.06
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-3021
2026-09-29121,230
2026-09-2816,275
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Indian Railway Finance Corporation Ltd?

Indian Railway Finance Corporation Ltd (IRFC) has a market capitalisation of Rs 1,04,888 Cr. at the 2026-10-01 close.

What is the P/E ratio of Indian Railway Finance Corporation Ltd?

Indian Railway Finance Corporation Ltd trades at a P/E of 14.6 on trailing twelve-month profit, at the 2026-10-01 close.

What were Indian Railway Finance Corporation Ltd's latest quarterly results?

In the Jun 2026 quarter, Indian Railway Finance Corporation Ltd revenue was Rs 8,261 Cr (+19.5% vs Jun 2025) and net profit was Rs 1,927 Cr.

What is the 52-week high and low of Indian Railway Finance Corporation Ltd?

The 52-week high is Rs 137.17 and the 52-week low is Rs 77.07.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03