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Indian Railway Finance Corporation Q2 FY27 Share Price & Earnings Call Analysis

₹75.71+1.45% today
Market cap
₹98,992 Cr
P/E
13.44
ROE
12.81%
PEG
3.94
Price to sales
3.29
Debt to equity
7.12
52W high / low
₹134 / ₹74.3
Sales growth (5Y)
11.59%
EBITDA margin
98.97%
Net profit margin
25.69%
Promoter holding
82.90%
Sales (last year)
₹30,125 Cr

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[1]

Guidance scorecard · Q2 FY27 call

What Indian Railway Finance Corporation Ltd's management guided
and where it ranks in Finance

#46of 59 in
Finance
Revenue10–20%MarginsFlatCapexPlannedFundraisingPlannedOrder bookWhat management said

RevenueQ2 FY27 call

10–20%
  • IRFC aims to reach an Asset Under Management (AUM) of around INR 5,00,000 crores by the end of FY27, with confident projection to meet or exceed this target.
  • The company anticipates continued growth in disbursements, especially in H2 of the fiscal year, focusing on metro, port, renewable energy, thermal power, and road linkage projects.
  • The diversification strategy is expected to bolster profitability, as non-railway assets command 2 to 3.5 times higher margin than traditional railway lending.
  • IRFC projects revenue growth over 20% and profit after tax (PAT) growth over 10% for H1 FY26-27, with this positive trend expected to continue.

2 more points from Indian Railway Finance Corporation Ltd's call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Flat

See what Indian Railway Finance Corporation Ltd said on margins — free account, 30 seconds.

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • IRFC is actively engaged with stakeholders including Indian Railways and multilaterals to fund large infrastructure projects aligned with Government of India's vision of "Viksit Bharat."
  • Planned disbursements include metros, ports, renewable energy, thermal power, Gencos linked to Railways, and some road linkages, with execution ready in Q3/Q4 of FY27.
  • Expected to fund Dedicated Freight Corridors (over 2,000 km, costing INR 3 lakh crores+) and seven high-speed rail corridors, alongside six freight lines via JV/PPP models.
  • IRFC aims to provide INR 50,000+ crores annually from FY28 onwards for at least the next decade in railway infrastructure funding.

2 more points from Indian Railway Finance Corporation Ltd's call on capex

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

Planned

See what Indian Railway Finance Corporation Ltd said on fundraising — free account, 30 seconds.

Full Q2 FY27 analysis

Order bookQ2 FY27 call

  • IRFC is actively engaging with stakeholders including Indian Railways, multilaterals, and bilaterals to manage a large funding requirement that spans the next 10 years.
  • There is a huge infrastructure pie with government projects like Dedicated Freight Corridors, high-speed rail corridors, and freight lines under JV/PPP models, amounting to over INR 20 lakh crores.
  • IRFC aims to be the sole financing arm and aggregator for Indian Railways projects and plans annual disbursements in the range of INR 50,000 crores starting FY28 for at least a decade.

2 more points from Indian Railway Finance Corporation Ltd's call on the order book

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Full Q2 FY27 analysis
Full Finance ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Finance
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Indian Railway Finance Corporation Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Finance companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹2,742 Cr71.8
240%+Up 2%+₹464 Cr23.9
340%+Up 0–2%₹961 Cr32.7
440%+Flat₹23,820 Cr21.1
540%+Flat₹16,498 Cr72.4
640%+Flat₹15,549 Cr—

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Financials of Indian Railway Finance Corporation Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Indian Railway Finance Corporation Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +86.36%86.36%86.36%86.36%86.36%86.36%86.36%86.36%86.36%84.65%82.90%82.90%
FIIs +1.15%1.08%1.11%1.09%1.01%0.98%0.93%0.97%0.98%1.16%1.17%1.15%
DIIs +1.15%0.89%1.08%1.08%1.24%1.34%1.45%1.48%1.54%2.89%3.98%3.96%
Public +11.34%11.68%11.45%11.48%11.40%11.32%11.24%11.17%11.10%11.29%11.94%11.99%
No. of Shareholders32,51,99345,26,34151,08,89355,00,05455,40,76756,35,77554,51,17253,17,98151,69,33151,13,56950,86,48850,13,659

Financials of Indian Railway Finance Corporation Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Revenue +6,7616,7376,4756,7666,9006,7636,7236,9156,3726,6617,3368,2617,866
Interest5,1815,1044,7255,1555,2495,0954,9965,1244,5444,8125,5246,4215,917
Expenses +3435343338394447491041184247
Financing Profit1,5461,5971,7161,5781,6131,6291,6831,7441,7781,7461,6941,7981,902
Financing Margin %23%24%26%23%23%24%25%25%28%26%23%22%24%
Other Income +13301313058-713058
Depreciation2122111111212
Profit before tax1,5451,5991,7171,5771,6131,6311,6821,7461,7771,8021,6841,9271,958
Tax %0%0%0%0%0%0%0%0%0%0%0%0%0%
Net Profit +1,5451,5991,7171,5771,6131,6311,6821,7461,7771,8021,6841,9271,958
EPS in Rs1.181.221.311.211.231.251.291.341.361.381.291.471.50
Gross NPA %
Net NPA %

Financials of Indian Railway Finance Corporation Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue +6,9397,5079,0479,26711,13413,42115,77120,29923,89226,65027,15327,28530,125
Interest4,9925,5196,8886,6388,18310,16311,23714,07517,44720,10120,49520,00522,675
Expenses +343826384866113123134133154318310
Financing Profit1,9141,9502,1332,5922,9023,1924,4206,1026,3106,4156,5046,9627,140
Financing Margin %28%26%24%28%26%24%28%30%26%24%24%26%24%
Other Income +1101-0002416453239
Depreciation000000414149567
Profit before tax1,9141,9502,1332,5922,9023,1924,4166,0906,3376,4126,5027,0097,372
Tax %60%56%56%21%22%0%0%0%0%0%0%0%
Net Profit +7588499342,0552,2553,1924,4166,0906,3376,4126,5027,0097,372
EPS in Rs2.121.871.433.152.402.693.384.664.854.914.985.365.64
Dividend Payout %20%40%40%18%18%0%31%30%31%31%32%39%

Financials of Indian Railway Finance Corporation Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital3,5844,5266,5266,5269,38011,88013,06913,06913,06913,06913,06913,06913,069
Reserves5,0986,9995,4837,40215,64818,41922,84527,92832,40236,11039,59943,68047,505
Borrowing71,27087,503106,395134,006173,933234,377323,145388,440418,935412,039412,133436,471431,483
Other Liabilities +7,6969,37211,24513,5347,64210,82821,42320,54426,74223,86524,03423,45735,920
Total Liabilities87,647108,400129,650161,468206,604275,504380,482449,980491,147485,082488,835516,676527,977
Fixed Assets +12121211111145381922181826
CWIP00000000044100
Investments98814131212101454382829
Other Assets +87,626108,381129,630161,443206,579275,482380,424449,932491,114485,003488,775516,620527,922
Total Assets87,647108,400129,650161,468206,604275,504380,482449,980491,147485,082488,835516,676527,977

Financials of Indian Railway Finance Corporation Ltd

Cash Flows

Operating, investing and financing cash movement

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 Activity +222110-50-8-0-3
Cash from Financing Activity +17,58218,25028,07541,74962,69790,20264,26628,643-8,046-2,57221,560
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

Financials of Indian Railway Finance Corporation Ltd

Ratios

Working capital efficiency and return ratios

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%

Guidance history

How Indian Railway Finance Corporation Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →10–20%FlatPlannedPlanned—
Q1 FY27 call →10–20%Up 0–2%Planned—Rising
Q4 FY26 call →10–20%FlatPlanned—Rising
Q3 FY26 call →10–20%FlatPlanned—Rising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

7out of 100

Momentum score · price trend

7 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−39.5%12%
Last 6 months−27.3%10%
Last 3 months−14.9%29%

The price is 65.2% below its all-time high of ₹217.43 (12 Jul 2024). Stocks more than 20% below their peak have their score halved, so 14 became 7.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Indian Railway Finance Corporation Ltd: 0.4 × 12 + 0.4 × 10 + 0.2 × 29 = 14, halved to 7 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Indian Railway Finance Corporation Ltd's management said in earlier quarters

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