IRFC
I R F C share price & financials
- Price
- ₹99.51
- Market cap
- ₹1.2L Cr
- Sector
- Financial Services
- Calls analysed
- 9
I R F C Q1 FY27
What went well
- Q1 FY27 results show "highest ever" revenue and PAT in company history, indicating strong overall performance.
- Guidance to surpass last year's disbursement of INR35,000 crores in FY27, demonstrating continued growth ambition.
- Targeting AUM of INR5 lakh crores by end of FY27, a significant increase from INR4.84 lakh crores in FY26.
What to watch
- Q1 FY27 disbursements were "sluggish" at around INR2,000 crores, though management expects a pick-up in subsequent quarters.
- A "slight decrease in AUM" on an accrual basis in Q1 FY27, which management explained as temporary due to railway payments.
What I R F C does
Indian Railway Finance Corporation (IRFC), established in 1986, is the dedicated market-borrowing arm of Indian Railways and an RBI-registered systemically important NBFC-ND-IFC. It raises funds from domestic and international capital markets and channels them to the Ministry of Railways (MoR) by financing the acquisition of rolling stock and leasing railway infrastructure and national projects under long-term cost-plus standard lease agreements. It earns the spread between its borrowing cost and lease/lending income, and under its 'IRFC 2.0' strategy is diversifying into lending to other CPSEs, state entities and the wider railway-linked infrastructure ecosystem.
Segments
- Lease receivables - project assets
- Rolling stock lease receivables
- Advance against railway infrastructure assets
- Loans to companies
- Role in Indian Railways
- Sole dedicated market-borrowing / financing arm of Indian Railways
- Regulatory status
- RBI-registered systemically important NBFC-ND-IFC
- Government status
- Navratna CPSE, majority-owned by Government of India via the Ministry of Railways
- Credit rating
- AAA (highest for an Indian issuer) from CRISIL, ICRA and CARE
- Assets financed
- Rolling stock (wagons, locomotives, coaches), railway project assets and national projects
- Diversified borrowers
- NTPC, NTPC Renewable Energy and RVNL; MoUs with DMRC, RITES, IIFCL, MMRDA, JNPT, VOCPA, SFCL and REMCL
Guidance record · Q1 FY27
what the last two calls moved 17 tracked 4 delivered 5 missed 8 open- Overhead Cost Ratio went quiet said Q1 FY26 Promised: We don't foresee our overhead cost going even 0.2% in next 2 to 3 years. Q1 FY27: Management again mentions 'low overhead costs' as a competitive advantage but provides no specific ratio, continuing to ghost the <0.2% target.
- AUM delayed said Q1 FY26 Promised: Sometime in FY '27, we should cross INR5 lakh mark of our asset under management. Q1 FY27: Management reiterates the ₹5 lakh crore AUM target but pushes the timeline from 'H1 FY27' to 'by the end of the year' after a slight AUM dip in Q1.
- Diversification Execution delivered said Q4 FY24 Promised: We have a period of about two years to get that thing in place... to make sure that we diversify our businesses. Q4 FY26: Successfully established and executed the diversification strategy ('IRFC 2.0') within the 2-year window. FY26 sanctions (₹74,000 cr) and disbursements (₹35,000 cr) significantly surpassed initial targets, validating the new business model.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 19.5%, net profit up 10.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6,900 | 6,763 | 6,723 | 6,915 | 6,372 −8% | 6,661 −2% | 7,336 +9% | 8,261 +19% |
| EBITDA | 6,862 | 6,724 | 6,679 | 6,869 | 6,323 −8% | — | — | — |
| Net profit | 1,613 | 1,631 | 1,682 | 1,746 | 1,777 +10% | 1,802 +10% | 1,684 +0% | 1,927 +10% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −35.7% 1Y
1Y: ₹126.18 on 10 Sept 2025 → ₹81.09. High ₹133.64 (26 Dec 2025), low ₹81.08 (10 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- +0.3%
- 31 Jul
- Q4 FY26
- −1.3%
- 15 May
- Q3 FY26
- −3.9%
- 20 Jan
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 4.6% a year over 3 years, FY23 to FY26.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹23.8k Cr | ₹26.7k Cr | ₹27.2k Cr | ₹27.3k Cr |
| Operating profit | ₹23.7k Cr | ₹26.5k Cr | ₹27.0k Cr | — |
| Operating margin | 99.4% | 99.5% | 99.4% | — |
| Interest | ₹17.4k Cr | ₹20.1k Cr | ₹20.5k Cr | ₹20.0k Cr |
| Depreciation | ₹15 Cr | ₹9 Cr | ₹5 Cr | ₹5 Cr |
| Net profit | ₹6.3k Cr | ₹6.4k Cr | ₹6.5k Cr | ₹7.0k Cr |
| Net margin | 26.4% | 24.1% | 24.0% | 25.7% |
| Cash from operations | ₹-28.6k Cr | ₹7.9k Cr | ₹8.2k Cr | ₹-27.0k Cr |
| Free cash flow | ₹-28.6k Cr | ₹7.9k Cr | ₹8.2k Cr | ₹-27.0k Cr |
| ROE | 15.0% | 14.0% | 13.0% | 13.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹13.1k Cr | ₹13.1k Cr | ₹13.1k Cr | ₹13.1k Cr | ₹13.1k Cr | ₹13.1k Cr |
| Reserves | ₹22.8k Cr | ₹27.9k Cr | ₹32.4k Cr | ₹36.1k Cr | ₹43.1k Cr | ₹43.7k Cr |
| Borrowings | ₹323.1k Cr | ₹388.4k Cr | ₹418.9k Cr | ₹412.0k Cr | ₹407.6k Cr | ₹436.5k Cr |
| Other liabilities | ₹21.4k Cr | ₹20.5k Cr | ₹26.7k Cr | ₹23.9k Cr | ₹40.2k Cr | ₹23.5k Cr |
| Total liabilities | ₹380.5k Cr | ₹450.0k Cr | ₹491.1k Cr | ₹485.1k Cr | ₹504.0k Cr | ₹516.7k Cr |
| Fixed assets | ₹45 Cr | ₹38 Cr | ₹19 Cr | ₹22 Cr | ₹20 Cr | ₹18 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹4 Cr | ₹0 Cr | ₹10 Cr |
| Investments | ₹12 Cr | ₹10 Cr | ₹14 Cr | ₹54 Cr | ₹42 Cr | ₹28 Cr |
| Other assets | ₹380.4k Cr | ₹449.9k Cr | ₹491.1k Cr | ₹485.0k Cr | ₹503.9k Cr | ₹516.6k Cr |
| Total assets | ₹380.5k Cr | ₹450.0k Cr | ₹491.1k Cr | ₹485.1k Cr | ₹504.0k Cr | ₹516.7k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −3.46 pp while DIIs added +2.53 pp. The shareholder count shrank 7% to 50,86,488.
- Promoters
- 82.9%
- FIIs
- 1.2%
- DIIs
- 4.0%
- Public
- 11.9%
Since Jun 2025
- Promoters −3.46 pp
- DIIs +2.53 pp
- Public +0.70 pp
How it drifted, 12 quarters
Over this window promoters fell from 86.4% to 82.9% — −3.5 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 86.4%, FIIs 1.1%, DIIs 1.6%, Public 10.9%.Dec '23: Promoters 86.4%, FIIs 1.1%, DIIs 1.1%, Public 11.3%.Mar '24: Promoters 86.4%, FIIs 1.1%, DIIs 0.9%, Public 11.7%.Jun '24: Promoters 86.4%, FIIs 1.1%, DIIs 1.1%, Public 11.4%.Sep '24: Promoters 86.4%, FIIs 1.1%, DIIs 1.1%, Public 11.5%.Dec '24: Promoters 86.4%, FIIs 1.0%, DIIs 1.2%, Public 11.4%.Mar '25: Promoters 86.4%, FIIs 1.0%, DIIs 1.3%, Public 11.3%.Jun '25: Promoters 86.4%, FIIs 0.9%, DIIs 1.4%, Public 11.2%.Sep '25: Promoters 86.4%, FIIs 1.0%, DIIs 1.5%, Public 11.2%.Dec '25: Promoters 86.4%, FIIs 1.0%, DIIs 1.5%, Public 11.1%.Mar '26: Promoters 84.7%, FIIs 1.2%, DIIs 2.9%, Public 11.3%.Jun '26: Promoters 82.9%, FIIs 1.2%, DIIs 4.0%, Public 11.9%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Life Insurance Corporation Of India Insurer +1.00 pp 3.54% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of I R F C above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| President Of India Acting Through The Mor | 82.90% | −1.75 pp |
| Life Insurance Corporation Of India Insurer | 3.54% | +1.00 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in IRFC
Filings to Aug 2026
0 new, 6 added, 1 trimmed, 1 sold out — net −2.32 L shares (−1.9%).
- Held by funds
- ₹97 Cr
- 7 schemes
- Biggest holder
- Nippon India ETF Nifty Next 50 Junior BeES
- ₹59 Cr · 0.7% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India ETF Nifty Next 50 Junior BeES Nippon India Mutual Fund | ₹59 Cr | +2.28 L | Mar '24 |
| SBI Nifty Next 50 ETF SBI Mutual Fund | ₹20 Cr | +0.05 L | Mar '24 |
| SBI Nifty Next 50 Index Fund SBI Mutual Fund | ₹16 Cr | +0.76 L | Mar '24 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹1 Cr | −0.00 L | Sep '24 |
| Nippon India ETF Nifty 100 Nippon India Mutual Fund | ₹0 Cr | +0.01 L | Mar '24 |
| Nippon India ETF Nifty Dividend Opportunities 50 Nippon India Mutual Fund | ₹0 Cr | +0.00 L | Mar '23 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
6 added, 1 trimmed — net −2.32 L shares (−1.9%)
- Funds are sitting on
- -25%
- vs est. average cost
- Held by funds
- ₹97 Cr
- 7 schemes · ≈ 0.10% of the company
- Biggest holder
- Nippon India ETF Nifty Next 50 Junior BeES
- ₹59 Cr · 0.7% of that fund
- Longest holder
- Nippon India ETF Nifty Dividend Opportunities 50
- 3y 6m · since Mar '23
Shares held by these funds −84%
Aug '23 1.19 cr shares Jul '26
All earnings calls (8)
Read the Q1 FY27 call →Learn to analyse I R F C
Guides on how to read this kind of business and the numbers that matter.