Indian Railway Finance Corporation share price
NSE: IRFCBSE: 543257FinanceLarge Cap
Indian Railway Finance Corporation Limited · Face value ₹10 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Jan 2021
Last close ₹74.63up ₹0.07 (0.09%)BSE ₹74.50
Share price at the NSE close on 28 Oct 2026. Previous close ₹74.56.
28 Oct: open ₹74.02, high ₹75.32, low ₹73.21
52-week range of traded prices to 28 Oct 2026
₹73.14Low, 26 Oct 2026₹137.17High, 29 Dec 2025
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹97,530 Cr69th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 13.23
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 1.61
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 2.95%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 12.6%
- NIMNet interest margin. Net interest income ÷ the average assets that earn interest × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. For the year to Mar 2026. Net interest margin in the glossary
- −4.92%
- Cost of fundsCost of funds. Interest paid ÷ the average of what the company pays interest on × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. For the year to Mar 2026. Cost of funds in the glossary
- 4.71%
- Credit costCredit cost. What was set aside for loans that may not be repaid ÷ average loans given × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. For the year to Mar 2026. Credit cost in the glossary
- 0.06%
- ROAReturn on assets. Profit after tax ÷ average total assets × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. It equals net interest income + other income − operating expenses − provisions + exceptional items − tax + the lines below tax, each on the same base. For the year to Mar 2026. Return on assets in the glossary
- 1.39%
- LeverageAssets per rupee of net worth. Average total assets ÷ average net worth: rupees of assets for each rupee of net worth; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. For the year to Mar 2026. Assets per rupee of net worth in the glossary
- 9.19times net worth
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 87,95,46033.1% delivered
About Indian Railway Finance Corporation
Indian Railway Finance Corporation Limited (IRFC) is the financing arm of Indian Railways and a Government of India enterprise under the Ministry of Railways.1 It borrows to meet the financing needs of Indian Railways and related entities, and lends to railway-linked companies and projects in sectors such as renewable energy, power generation and transmission, logistics and mining.2
Leasing is central to its business: it funds rolling stock and railway infrastructure, leases them to Indian Railways for up to 30 years under a cost-plus structure (rent set to cover its cost of funds plus a margin), and transfers them to the Ministry of Railways at a nominal value when the lease ends.345 Under a strategy it calls IRFC 2.0, it is adding clients beyond Indian Railways, its primary client, and financing projects with forward and backward links to the railways.36 It is registered with the Reserve Bank of India as a non-deposit-taking non-banking financial company (a lender that is not a bank).6 It has no subsidiaries, joint ventures or associate companies.7
It was incorporated on 12 December 1986 and listed its shares on NSE and BSE on 29 January 2021.89 In March 2025 the Department of Public Enterprises granted it Navratna status, the 26th central public sector enterprise to receive it.9
The Government of India, through the President of India acting via the Ministry of Railways, held 84.65% of the shares at the end of March 2026, after selling 1.71% in an offer for sale; the public held the remaining 15.35%.10
Indian Railway Finance Corporation key points
Results
- Revenue from operations was ₹27,284.15 crore in the year to Mar 2026, up 0.49% from ₹27,152.14 crore a year earlier, its highest.11
- Profit after tax rose 7.80% to ₹7,009.17 crore in the year to Mar 2026, from ₹6,502.00 crore, also its highest.12
- Net interest margin (interest earned less interest paid, as a share of its assets) rose to 1.50% in the year to Mar 2026.13
- On its earnings call of 16 Oct 2026, the company said revenue for the half year to Sep 2026 rose more than 20% and profit after tax more than 10%, and that half-year profit was more than ₹3,800 crore.1415
Loan book and deposits
- Assets under management (the leases and loans it holds) were ₹4,84,616.77 crore at the end of March 2026.16
- Lease income was ₹17,726 crore in the year to Mar 2026.17
- On its earnings call of 16 Oct 2026, the company said nearly 90% of assets under management is with the Railways at a 1.3% net interest margin, and that non-railway business earns at least 2 to 3.5 times that margin.18
- The company reports zero non-performing assets (loans on which repayment has stopped) since its inception.19
New lending
- Financing agreements with entities other than the Ministry of Railways, by sector2021The 12 agreements were worth ₹72,949 crore in all; more than 75% of the business was won through competitive bids.
Item year to Mar 2026 Power ₹43,614 crore Fertilisers ₹16,842 crore Railway sector ₹12,493 crore - Loans paid out to entities other than the Ministry of Railways, by sector22Disbursements totalled ₹35,067 crore.
Item year to Mar 2026 Fertilisers ₹13,165 crore Railway sector ₹12,386 crore Power ₹9,516 crore - It made no fresh disbursement to the Ministry of Railways in the year to Mar 2026, as its target allocation for the year was nil.23
- Its refinancing deals in the year to Mar 2026 included ₹9,821 crore of DFCCIL's World Bank loan and ₹12,842 crore of HURL's term loan.24
Borrowing and ratings
- Total borrowings were ₹4,36,470.39 crore at 31 March 2026, in taxable bonds, 54EC bonds (which save buyers capital gains tax), term loans, commercial paper and loans raised abroad.25
- Its weighted average cost of funds (the average interest rate on its borrowing) was 6.55% a year in the year to Mar 2026.26
- In the year to Mar 2026, its long-term domestic borrowing was rated AAA by CARE, CRISIL and ICRA, and Standard & Poor's, Moody's and Fitch rated the company BBB, Baa3 and BBB- respectively, each with a stable outlook.27
What the company expects
- On its earnings call of 16 Oct 2026, the company said it expects disbursements in the year to Mar 2027 to exceed the previous year's, with loans to metros, ports, renewable energy and thermal power companies linked to the Railways in the pipeline.28
- On its earnings call of 16 Oct 2026, the company said it expects assets under management to reach about ₹5,00,000 crore by the end of March 2027, possibly more or a little less.29
- On its earnings call of 16 Oct 2026, the company said it expects its mix to be 60% railways and 40% diversification by 2030.30
- On its earnings call of 16 Oct 2026, the company said new freight and high-speed rail corridors could mean about ₹50,000 crore a year of disbursements for 10 years, possibly from the year to Mar 2028; it is seeking the first right to fund them.3132
Recent events
- On 28 Sep 2026, the company announced a ₹4,200 crore term loan agreement with Damodar Valley Corporation to finance the corporation's floating, ground-mounted and rooftop solar and battery storage projects in Jharkhand and West Bengal.33
Litigation and regulatory matters
- On 29 Sep 2026, the company received a GST show cause notice (asking why a demand should not be raised) from the Hajipur state tax office for ₹3,96,90,78,153.59 including interest and penalty, for the year to Mar 2023; it said it would file a reply.3435
- On 24 Aug 2026, the company received a GST show cause notice in Delhi over ₹3,05,38,46,775 of excess input tax credit (tax paid on purchases, set off against tax due) for the year to Mar 2023; it said there was no immediate financial impact.3637
- On 27 Jul 2026, the Madras High Court set aside a ₹353.18 crore GST demand from the Chennai state tax office and sent it back for a fresh order within 3 months of the company's receipt of the court's order.38
- As of its annual report of 1 Aug 2026, the board had 4 directors, none of them independent, below the SEBI minimum of 6; the Government of India appoints its directors through the Ministry of Railways.39
Last updated
All 39 sources, each with its page
- 1. Annual report, 1 Aug 2026, page 27
- 2. Annual report, 1 Aug 2026, page 28
- 3. Annual report, 1 Aug 2026, page 19
- 4. Annual report, 1 Aug 2026, page 27
- 5. Annual report, 1 Aug 2026, page 20
- 6. Annual report, 1 Aug 2026, page 96
- 7. Annual report, 1 Aug 2026, page 58
- 8. Annual report, 1 Aug 2026, page 23
- 9. Annual report, 1 Aug 2026, page 24
- 10. Annual report, 1 Aug 2026, page 50
- 11. Annual report, 1 Aug 2026, page 16
- 12. Annual report, 1 Aug 2026, page 16
- 13. Annual report, 1 Aug 2026, page 66
- 14. Earnings call, 16 Oct 2026, page 3
- 15. Earnings call, 16 Oct 2026, page 12
- 16. Annual report, 1 Aug 2026, page 28
- 17. Annual report, 1 Aug 2026, page 27
- 18. Earnings call, 16 Oct 2026, page 7
- 19. Annual report, 1 Aug 2026, page 3
- 20. Annual report, 1 Aug 2026, page 66
- 21. Annual report, 1 Aug 2026, page 16
- 22. Annual report, 1 Aug 2026, page 66
- 23. Annual report, 1 Aug 2026, page 66
- 24. Annual report, 1 Aug 2026, page 22
- 25. Annual report, 1 Aug 2026, page 28
- 26. Annual report, 1 Aug 2026, page 52
- 27. Annual report, 1 Aug 2026, page 89
- 28. Earnings call, 16 Oct 2026, page 5
- 29. Earnings call, 16 Oct 2026, page 7
- 30. Earnings call, 16 Oct 2026, page 7
- 31. Earnings call, 16 Oct 2026, page 5
- 32. Earnings call, 16 Oct 2026, page 6
- 33. Exchange filing, 28 Sep 2026, page 2
- 34. Exchange filing, 30 Sep 2026, page 1
- 35. Exchange filing, 30 Sep 2026, page 2
- 36. Exchange filing, 24 Aug 2026, page 1
- 37. Exchange filing, 24 Aug 2026, page 2
- 38. Exchange filing, 30 Jul 2026, page 1
- 39. Annual report, 1 Aug 2026, page 54
Results
Standalone; ₹ crore. Income from operations is what the business earns: interest on loans, fees, dividends and the rest.Indian Railway Finance Corporation quarterly results
- Income from operations growth, 12 monthsIncome from operations growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +12.5%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +7.9%
Quarter to Sep 2026, against the quarter before
- Income from operationsIncome from operations. The pill is the change in income from operations against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹7,866 Crdown 4.78%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹1,958 Crup 1.62%
Income from operations by quarter
Peak income from operations ₹8,261 Cr, quarter to Jun 2026; lowest ₹6,372 Cr, quarter to Sep 2025
Net profit by quarter, a loss in red
| ₹ crore | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Income from operations | 6,763 | 6,723 | 6,915 | 6,372 | 6,661 | 7,336 | 8,261 | 7,866 |
| Net profit | 1,631 | 1,682 | 1,746 | 1,777 | 1,802 | 1,684 | 1,927 | 1,958 |
Standalone. The last eight quarters. The latest is shaded.
Year to Mar 2026, against the year before
- Income from operationsIncome from operations. The pill is the change in income from operations against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹27,285 Crup 0.49%
- Net profitNet profit. The pill is the change in net profit against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹7,009 Crup 7.80%
Income from operations by year
Peak income from operations ₹27,285 Cr, year to Mar 2026; lowest ₹15,770 Cr, year to Mar 2021
Net profit by year, a loss in red
| ₹ crore | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Income from operations | 15,770 | 20,299 | 23,892 | 26,645 | 27,152 | 27,285 |
| Net profit | 4,416 | 6,090 | 6,337 | 6,412 | 6,502 | 7,009 |
Standalone. Years to March. The latest is shaded.
Business segments
In the year to Mar 2026 the company reports one business segment, Leasing and financing to Railway sector, which carries all its revenue.
Valuation
Today, against the company's own history.Indian Railway Finance Corporation PE ratio and valuation
Price to earnings
At or below today's level on 37% of 1,234 trading days since Nov 2021.
LowestHighest
Its median17.69Industry median10.63
Price to book
At or below today's level on 37% of 1,239 trading days over the last 5 years.
LowestHighest
Its median2.22Industry median1.56
Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price. When a year's dividend goes ex later than the year before's, the yield reads zero for the days between; a run of under 60 such trading days is left out of the yield's medians and percentiles. The ex-date is the day from which a buyer of the share no longer gets the dividend.
At or below today's level on 64% of 1,239 trading days over the last 5 years.
LowestHighest
Its median2.02%Industry median4.19%
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | −27.5% | +7.6% | −34.9% | 2.4% |
| 3 years | +50.2% | +3.4% | +43.7% | 1.6% |
| 5 years | +34.0% | +9.7% | +19.1% | 3.4% |
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth over 5 years is on profit divided by shares in issue at both ends: the earnings per share stated for one end does not match that year's profit and share count.
Mutual fund holdings
93 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 87 of the 89 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future. 1 more fund filed its first portfolio on record, holding it.All 93 funds holding Indian Railway Finance Corporation
- AddedAdded. Funds that held more shares than at the end of the month before.
- 84
- CutCut. Funds that held fewer shares than at the end of the month before.
- 5
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 3
- Sold outSold out. Funds that held it at the end of the month before and hold none at this month's end. Sold out in the glossary
- 1
| Fund | |||
|---|---|---|---|
 ICICI Prudential Nifty Next 50 Index FundICICI Prudential Mutual Fund | 89,36,643 | 0.73% | ₹70.8 Cr |
 Nippon India ETF Nifty Next 50 Junior BeESNippon India Mutual Fund | 79,39,048 | 0.73% | ₹62.9 Cr |
 UTI Nifty Next 50 Index FundUTI Mutual Fund | 72,48,302 | 0.79% | ₹57.5 Cr |
 Groww Nifty India Railways PSU ETFGroww Mutual Fund | 43,12,688 | 19.99% | ₹34.2 Cr |
 SBI Nifty Next 50 ETFSBI Mutual Fund | 26,71,541 | 0.73% | ₹21.2 Cr |
 HDFC Nifty Next 50 Index FundHDFC Mutual Fund | 24,06,139 | 0.73% | ₹19.1 Cr |
| ICICI Prudential Nifty Next 50 ETFICICI Prudential Mutual Fund | 23,96,618 | 0.73% | ₹19.0 Cr |
| SBI Nifty Next 50 Index FundSBI Mutual Fund | 21,37,242 | 0.73% | ₹16.9 Cr |
| UTI Nifty Next 50 Exchange Traded FundUTI Mutual Fund | 20,15,705 | 0.73% | ₹16.0 Cr |
| Groww Nifty India Railways PSU Index FundGroww Mutual Fund | 15,70,602 | 20.05% | ₹12.5 Cr |
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.
Promoter and insider buying and selling
Trades made since 29 Oct 2025.Indian Railway Finance Corporation insider trading
No promoter, director, key manager or employee bought or sold on the market.
- Promoters and promoter group: no market trade · 2 off-market moves
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.
Indian Railway Finance Corporation competitors and peers
Financial Institution, 8 listed companies, priced on 28 Oct 2026. The table lists the 7 companies closest to Indian Railway Finance Corporation in market cap.Finance companies
Where the company sits among the companies nearest its size
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
 Power Finance CorporationPFC | 1,04,415 | 4.01 | 0.79 | +4.6% | +7.1% | 20.8% | – | 2.78% | 3.83% | 5.93% |
 RECRECLTD | 76,363 | 5.06 | 0.80 | −0.8% | −12.6% | 16.9% | – | 2.60% | 3.74% | 4.69% |
 Housing & Urban Development CorporationHUDCO | 29,392 | 6.91 | 1.34 | +25.9% | +53.0% | 21.3% | – | 2.73% | 2.89% | 4.19% |
 Indian Renewable Energy Development AgencyIREDA | 28,258 | 14.36 | 1.97 | – | – | 14.4% | – | 2.16% | 3.92% | 1.34% |
 IFCIIFCI | 15,886 | 91.06 | 1.78 | +4.8% | – | 2.0% | 4.6% | – | – | 0.00% |
 Tourism Finance Corporation of IndiaTFCILTD | 7,266 | 47.15 | 5.52 | +14.8% | +41.4% | 12.2% | – | 5.47% | 6.89% | 0.38% |
 Gujarat State Financial corporationGUJSTATFIN | 73 | – | – | +7.8% | – | – | – | −56.12% | −65.65% | 0.00% |
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record; for ROCE and EV/EBITDA, where the company is a lender or an insurer; for NIM and ROA, where the company has no recent year with a balance sheet at its start and its end. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page. ROA is the year's profit over average total assets. NIM is net interest income over average loans and investments. Income growth is the growth of everything the company earns: interest, fees, premiums and the rest.
Dividends
Per share, by the year it was paid for, and the latest payments.Indian Railway Finance Corporation dividend history
Dividend per share, ₹, restated for later splits and bonuses
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up. Dividend per share in the glossaryHighest ₹2.10 a share, year to Mar 2026.
| Ex-date | Type | Per share |
|---|---|---|
| 23 Oct 2026 | Interim | ₹1.15 |
| 13 Mar 2026 | Interim | ₹1.05 |
| 24 Oct 2025 | Interim | ₹1.05 |
| 21 Mar 2025 | Interim | ₹0.80 |
| 12 Nov 2024 | Interim | ₹0.80 |
| 22 Aug 2024 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. Final dividend in the glossary | ₹0.70 |
Latest payments, as declared, by ex-date.
Latest announcements
Routine notices left out.Indian Railway Finance Corporation announcements
Oct 2026
23 Oct · Disclosure Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015
15 Oct · Results
8 Oct · Analysts
7 Oct · Corporate action
Indian Railway Finance Corporation annual report, year to Mar 2026
Indian Railway Finance Corporation share price by year
Each calendar year to 2025.Indian Railway Finance Corporation share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 124.62 | −16.4% | 153.70 | 110.81 |
| 2024 | 149.04 | +50.0% | 217.43 | 99.95 |
| 2023 | 99.35 | +205.2% | 100.10 | 25.50 |
| 2022 | 32.55 | +42.5% | 35.65 | 19.50 |
| 2021 | 22.85 | – | 25.90 | 20.85 |
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before. 2021 is from its first session, 29 Jan 2021.
Recent sessions
The 9 trading days to 27 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 27 Oct 2026 | 74.40 | 74.64 | 73.18 | 74.56 | 73.88 | 1,13,68,926 | 39.7% |
| 26 Oct 2026 | 74.19 | 75.35 | 73.14 | 74.40 | 74.63 | 1,09,38,815 | 23.1% |
| 23 Oct 2026 | 76.46 | 76.47 | 73.76 | 74.45 | 74.61 | 91,24,577 | 34.0% |
| 22 Oct 2026 | 76.80 | 77.73 | 75.60 | 77.00 | 76.84 | 89,18,190 | 25.5% |
| 21 Oct 2026 | 78.44 | 78.70 | 76.27 | 76.80 | 77.12 | 87,27,986 | 34.5% |
| 19 Oct 2026 | 80.25 | 80.60 | 78.00 | 78.44 | 79.07 | 84,14,248 | 38.0% |
| 16 Oct 2026 | 79.22 | 81.10 | 77.30 | 80.25 | 79.88 | 1,73,70,019 | 20.5% |
| 15 Oct 2026 | 80.00 | 80.20 | 78.50 | 78.90 | 79.24 | 65,81,260 | 30.9% |
| 14 Oct 2026 | 79.70 | 80.72 | 79.21 | 79.75 | 79.97 | 1,02,98,792 | 32.9% |
Prices in ₹ per share as traded, not adjusted.
Company details
- NSE symbol
- IRFC
- BSE code
- 543257
- ISIN
- INE053F01010
- Industry
- Finance
- Website
- irfc.co.in
- CIN
- L65910DL1986GOI026363
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 1986
- Registered office
- UG Floor, East Tower, NBCC Place, Bisham Pitamah Marg, Lodhi Road, Pragati Vihar, Central Delhi, New Delhi 110003
- Share registrar
- Beetal Financial & Computer Services Pvt. Ltd
- Keeps the register of shareholders and handles transfers and dividend payments
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