Any current/future new fundraising through debt or equity?

For FY2022, IRFC has a revised borrowing target of Rs. 65,000 Crores, with about Rs. 44,000 Crores already disbursed by Q3 and around Rs. 20,000 Crores more planned. Borrowings will likely favor term loans over bonds due to stiffening bond markets and better pricing in the loan market. No specific equity fundraising planned as the company currently maintains a comfortable gearing ratio of around 9.3X, and can go above 10X if needed without resistance. The company is considering securitization of lease receivables as a future route to de-leverage the balance sheet and improve financial ra

Any current/future capex/capital investment/strategic investment?

Indian Railway Finance Corporation Ltd (IRFC) plans a capex of Rs. 13 Lakh Crores by Indian Railways till 2030 as per the National Rail Plan (NRP 2030). Focus on maintaining disbursements to Indian Railways at current or higher levels in coming years, aligned with these capex needs. IRFC aims to diversify lending beyond Indian Railways, considering infrastructure projects in state governments and private sectors with due diligence. Discussions with entities like Government of Haryana for funding their infrastructure projects are ongoing. IRFC plans to actively consider securitization of some l

Future growth expectations in sales/revenue/volumes?

IRFC expects very healthy growth in disbursements to Indian Railways driven by the National Rail Plan and government capex plans. Indian Railways plans to spend Rs.13 Lakh Crores on capex by 2030, sustaining robust demand for IRFC financing. Disbursements to Indian Railways are planned to be maintained at current or higher levels, surpassing FY2022. IRFC aims to diversify lending beyond Indian Railways to state government and private infrastructure projects, broadening the revenue base. With the economy recovering and government budgetary support improving post-COVID, IRFC anticipates increase

Future growth expectations in earnings/operating earnings/profits/EPS?

IRFC expects very healthy growth in disbursements to Indian Railways driven by the National Rail Plan and government capex plans (Rs.13 lakh crores till 2030). Operating expenses are low (0.11% of turnover), supporting margin sustainability. Q3 FY2022 profit after tax grew 57% year-on-year to Rs.4,597 Crores. Earnings Per Share (EPS) to end of December 2021 stood at Rs.3.52. Return on Equity (ROE) is strong at 15.62% with expectation of sustaining around 15%. Revenue from operations grew 27% year-on-year to Rs.14,367 Crores for nine months ended Dec 2021. Management plans to diversify lending

Indian Railway Finance Corporation LtdQ3 FY22Finance

Indian Railway Finance Corporation Ltd Q3 FY22 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹77.1P/E: 14.5Market Cap: ₹1.0L CrSector: Finance

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

IRFC expects very healthy growth in disbursements to Indian Railways driven by the National Rail Plan and government capex plans.
Indian Railways plans to spend Rs.13 Lakh Crores on capex by 2030, sustaining robust demand for IRFC financing.
Disbursements to Indian Railways are planned to be maintained at current or higher levels, surpassing FY2022.
IRFC aims to diversify lending beyond Indian Railways to state government and private infrastructure projects, broadening the revenue base.
With the economy recovering and government budgetary support improving post-COVID, IRFC anticipates increased infrastructure funding.
Healthy organic growth in net interest margins is expected to continue, supporting revenue growth.
IRFC targets leveraging its ability to raise funds at competitive rates to expand its lending portfolio and revenues over the medium term.

Margin guidance

Category 3

IRFC expects very healthy growth in disbursements to Indian Railways driven by the National Rail Plan and government capex plans (Rs.13 lakh crores till 2030).
Operating expenses are low (0.11% of turnover), supporting margin sustainability.
Q3 FY2022 profit after tax grew 57% year-on-year to Rs.4,597 Crores.
Earnings Per Share (EPS) to end of December 2021 stood at Rs.3.52.
Return on Equity (ROE) is strong at 15.62% with expectation of sustaining around 15%.
Revenue from operations grew 27% year-on-year to Rs.14,367 Crores for nine months ended Dec 2021.
Management plans to diversify lending beyond Ministry of Railways, potentially boosting future profits.
NIM expected to have organic growth and margin compression is practically ruled out.
Dividend policy aims to continue at around 30% of PAT, balancing growth and shareholder returns.

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

Fundraise plans

Yes

For FY2022, IRFC has a revised borrowing target of Rs. 65,000 Crores, with about Rs. 44,000 Crores already disbursed by Q3 and around Rs. 20,000 Crores more planned.
Borrowings will likely favor term loans over bonds due to stiffening bond markets and better pricing in the loan market.
No specific equity fundraising planned as the company currently maintains a comfortable gearing ratio of around 9.3X, and can go above 10X if needed without resistance.
The company is considering securitization of lease receivables as a future route to de-leverage the balance sheet and improve financial ratios, but depends on market and banker interest.
No mention of any immediate plans for equity fundraising or IPO; focus remains on economical debt raising and portfolio diversification.

Order book

The transcript does not provide specific details on the current or expected order book or pending orders for Indian Railway Finance Corporation Ltd (IRFC). However, it highlights the following related points: - IRFC's disbursements to Indian Railways have grown exponentially to Rs.1,04,369 Crores by FY2021. - For FY2022, disbursements up to Q3 were Rs.43,745 Crores. - The initial disbursement target for FY2023 is Rs.68,000 Crores as per the budget announced on February 1, 2022. - IRFC plans to maintain or increase disbursements aligned with the National Rail Plan and Government of India's infrastructure capex plan of Rs.13 lakh crores by 2030. - IRFC is also working on diversifying its lending portfolio beyond Indian Railways to other infrastructure projects. No explicit mention of a specific order book or pending orders value is found in the document.

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

Capex plans

Yes

Indian Railway Finance Corporation Ltd (IRFC) plans a capex of Rs. 13 Lakh Crores by Indian Railways till 2030 as per the National Rail Plan (NRP 2030).
Focus on maintaining disbursements to Indian Railways at current or higher levels in coming years, aligned with these capex needs.
IRFC aims to diversify lending beyond Indian Railways, considering infrastructure projects in state governments and private sectors with due diligence.
Discussions with entities like Government of Haryana for funding their infrastructure projects are ongoing.
IRFC plans to actively consider securitization of some lease receivables from Ministry of Railways to de-leverage balance sheet and optimize capital.
Representations have been made to increase lending margins, though currently constrained by government policies.
The company seeks to leverage its ability to raise funds at economical rates to support infrastructure growth and strategic investments.

Track Indian Railway Finance Corporation Ltd — get its next earnings analysis in your feed

How does Indian Railway Finance Corporation Ltd rank vs peers in Finance?

Pro feature

ThisIndian Railway Finance Corporation Ltd

Rev 2Mar 3

See where Indian Railway Finance Corporation Ltd sits in FinanceSee which companies these are, and every other name in the sector.Open rankings

How does Indian Railway Finance Corporation Ltd rank in Finance?

Compare Indian Railway Finance Corporation Ltd against every Finance company (Q3 FY22) on revenue, margins and earnings-call signals.

View Finance leaderboard →

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

Others in Finance this season

Indian Renewable Energy Development Agency Ltd (Q4 FY26)
Revenue from operations for Q4 FY26: Rs 3091 crore . Key concall takeaways from Indian Renewable Energy Development Agency Ltd's Q4 FY26 earnings call — and…
SG Finserve Ltd (Q1 FY25)
Interest Income for Q1 FY25: INR 42.83 crore, up 26% YoY from INR 34.07 crore in Q1 FY24. Key concall takeaways from SG Finserve Ltd's Q1 FY25 earnings call…
Indian Renewable Energy Development Agency Ltd (Q3 FY26)
Revenue from operations for Q3 ended 31-Dec-2025: Rs 2,130 crores . Key concall takeaways from Indian Renewable Energy Development Agency Ltd's Q3 FY26…
Indian Renewable Energy Development Agency Ltd (Q2 FY25)
Revenue from operations for Q2 FY24-25: Rs 1,629.55 crores . Key concall takeaways from Indian Renewable Energy Development Agency Ltd's Q2 FY25 earnings call…

Compare:vs Bajaj Finance Ltd vs Bajaj Finserv vs Shriram Finance Ltd

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →