IRFC

Indian Railway Finance Corporation Limited

Dedicated financing arm for Indian Railways and its allied ecosystem

Financial Services›Financial Services›Finance›Financial Institution

irfc.co(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹80.25
Market cap
1,04,875 Cr
Stock P/E
14.2
P/B
1.73
Dividend yield
2.6%
ROE (FY26)
12.4%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

IRFC (Indian Railway Finance Corporation) is a government company that raises money in the market and finances Indian Railways and, increasingly, other projects linked to the railways.

Company snapshot

2ndBy market cap

Ranked among 7 companies in Financial Institution.

What we see

Positives
  • ✓Net margin of 25.7% — the business keeps a healthy share of every rupee it earns.
Concerns
  • ✗Operating cash flow is negative even though the company shows a profit — the business may not be generating real cash yet.
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Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Standalone only

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricDec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026Sept 2026
Net Interest Income———-3,328 Cr-3,085 Cr-3,027 Cr-3,627 Cr-1,715 Cr-2,501 Cr-2,623 Cr-5,273 Cr-5,199 Cr
Other income0 Cr4 Cr0.39 Cr0.54 Cr3 Cr0.97 Cr3 Cr0.02 Cr58 Cr-7 Cr130 Cr58 Cr
Net operating income0 Cr4 Cr0.39 Cr-3,328 Cr-3,082 Cr-3,026 Cr-3,624 Cr-1,715 Cr-2,443 Cr-2,630 Cr-5,143 Cr-5,141 Cr
Employee cost3 Cr3 Cr3 Cr3 Cr4 Cr4 Cr4 Cr6 Cr5 Cr7 Cr5 Cr7 Cr
Other expenses32 Cr31 Cr34 Cr34 Cr35 Cr37 Cr37 Cr40 Cr39 Cr57 Cr38 Cr40 Cr
Provisions & contingencies————————————
Depreciation1 Cr2 Cr2 Cr1 Cr1 Cr1 Cr1 Cr1 Cr1 Cr2 Cr1 Cr2 Cr
Profit before tax1,604 Cr1,717 Cr1,577 Cr1,613 Cr1,631 Cr1,682 Cr1,746 Cr1,777 Cr1,802 Cr1,684 Cr1,927 Cr1,958 Cr
Tax %0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Net profit1,604 Cr1,717 Cr1,577 Cr1,613 Cr1,631 Cr1,682 Cr1,746 Cr1,777 Cr1,802 Cr1,684 Cr1,927 Cr1,958 Cr
EPS (₹)₹1.23₹1.32₹1.21₹1.23₹1.25₹1.29₹1.34₹1.36₹1.38₹1.29₹1.47₹1.50

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Net Interest Income———————-12,775 Cr-10,465 CrSign in free for the trailing twelve months
Other income0.87 Cr0.0010 Cr0.07 Cr0.39 Cr2 Cr41 Cr11 Cr4 Cr53 CrSign in free for the trailing twelve months
Net operating income0.87 Cr0.0010 Cr0.07 Cr0.39 Cr2 Cr41 Cr11 Cr-12,771 Cr-10,412 CrSign in free for the trailing twelve months
Employee cost6 Cr6 Cr6 Cr8 Cr11 Cr13 Cr11 Cr14 Cr21 CrSign in free for the trailing twelve months
Other expenses32 Cr15 Cr57 Cr103 Cr111 Cr124 Cr126 Cr140 Cr172 CrSign in free for the trailing twelve months
Provisions & contingencies—————————Sign in free for the trailing twelve months
Depreciation0.35 Cr0.42 Cr0.46 Cr4 Cr14 Cr14 Cr9 Cr5 Cr6 CrSign in free for the trailing twelve months
Profit before tax2,532 Cr2,755 Cr3,192 Cr4,416 Cr6,090 Cr6,337 Cr6,412 Cr6,502 Cr7,009 CrSign in free for the trailing twelve months
Tax %21.0%22.3%—0.0%0.0%0.0%0.0%0.0%0.0%Sign in free for the trailing twelve months
Net profit2,001 Cr2,140 Cr3,192 Cr4,416 Cr6,090 Cr6,337 Cr6,412 Cr6,502 Cr7,009 CrSign in free for the trailing twelve months
EPS (₹)₹3.07₹3.26₹3.40₹3.66₹4.66₹4.85₹4.91₹4.98₹5.36Sign in free for the trailing twelve months
Dividend payout %———-42.4%16.5%29.5%30.6%46.2%39.2%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital6,526 Cr9,380 Cr11,880 Cr13,069 Cr13,069 Cr13,069 Cr13,069 Cr13,069 Cr13,069 Cr
Reserves13,798 Cr15,486 Cr18,419 Cr22,845 Cr27,928 Cr32,402 Cr36,110 Cr39,599 Cr43,680 Cr
Borrowings———3,23,111 Cr3,88,417 Cr4,18,929 Cr4,12,032 Cr4,12,129 Cr4,36,470 Cr
Other liabilities1,41,127 Cr1,81,572 Cr2,45,204 Cr19,028 Cr20,567 Cr26,747 Cr23,872 Cr24,038 Cr23,457 Cr
Total liabilities1,61,451 Cr2,06,438 Cr2,75,504 Cr3,78,052 Cr4,49,980 Cr4,91,147 Cr4,85,082 Cr4,88,835 Cr5,16,676 Cr
Fixed assets (net)11 Cr11 Cr11 Cr45 Cr36 Cr18 Cr21 Cr14 Cr18 Cr
CWIP————0 Cr0 Cr0 Cr0 Cr0 Cr
Investments———12 Cr10 Cr14 Cr54 Cr38 Cr28 Cr
Loans & advances———6,970 Cr6,825 Cr2,50,080 Cr4,945 Cr5,172 Cr4,19,892 Cr
Cash & bank1 Cr4 Cr1 Cr297 Cr146 Cr206 Cr23 Cr5,680 Cr211 Cr
Other assets1,61,439 Cr2,06,423 Cr2,75,492 Cr3,70,727 Cr4,42,963 Cr2,40,829 Cr4,80,040 Cr4,77,931 Cr96,528 Cr
Total assets1,61,451 Cr2,06,438 Cr2,75,504 Cr3,78,052 Cr4,49,980 Cr4,91,147 Cr4,85,082 Cr4,88,835 Cr5,16,676 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-28,076 Cr-41,748 Cr-62,718 Cr-89,928 Cr-64,412 Cr-28,584 Cr7,914 Cr8,230 Cr-27,026 Cr
Cash from investing2 Cr1 Cr1 Cr0.82 Cr-5 Cr0.09 Cr-8 Cr-0.10 Cr-3 Cr
Cash from financing28,075 Cr41,749 Cr62,714 Cr93,975 Cr64,266 Cr28,643 Cr-8,046 Cr-2,572 Cr21,560 Cr
Net cash flow0.18 Cr3 Cr-2 Cr4,048 Cr-151 Cr60 Cr-140 Cr5,658 Cr-5,469 Cr
Free cash flow (OCF − Capex)-28,076 Cr-41,749 Cr-62,718 Cr-89,928 Cr-64,419 Cr-28,585 Cr7,906 Cr8,229 Cr-27,040 Cr

Ratios

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %9.8%8.6%10.5%12.3%14.9%13.9%13.0%12.3%12.4%
Debt / equity———9.009.479.218.387.837.69