VALARTH See Indian Railway Finance Corporation in the appOpen in app
IRFC · NSE · Financial Institution

Indian Railway Finance Corporation Ltd

What the numbers mean, from its filings and the exchange. Data as of 12 Oct 2026.
Large Cap · AMFI list Jan-Jun 2026 · Vendor sector: Financial Services
cheap low confidence No valuation within 120 days; P/E 13.6 vs peers 21.4 (7th of 25); P/B 2.0 vs peers 2.6 (9th of 25).
Statements through FY2026Prices adjusted for corporate actionsNot yet reviewed by the adversarial model

What is Indian Railway Finance Corporation's share price today?

Indian Railway Finance Corporation last traded at ₹77.50 on the NSE, as of 12 Oct 2026, 11:00 pm IST, up 3.8% on the day, down 40.5% over a year. Its 52-week range is ₹74 to ₹137. The live price is in the app.

₹77.50 +3.8% today
−40.5% over 1 year · NSE, as of 12 Oct 2026, 11:00 pm IST
60 month-end closes, 31 Oct 2021 to 30 Sep 2026, adjusted for splits and bonuses
52-week range5% of the way up
Low ₹74High ₹137

What is Indian Railway Finance Corporation's market cap?

Indian Railway Finance Corporation's market capitalisation is about ₹97,622 crore: what it would cost to buy every share at today's price. That makes it the 97th largest large cap company we cover.

₹97,622 Cr Large Cap97th largest large cap company
Large Cap means the 100 largest listed companies, under SEBI's rules. Shares in issue are worked out from the market cap and the price. What market cap tells you →

Key facts

From the exchange
Symbol
NSE: IRFC
ISIN
INE053F01010
Cap bucket
Large Cap, 97th largest by market cap
Industry (NSE)
Financial Services › Finance › Financial Institution
Listed since
2021
Futures and options
Traded

Is Indian Railway Finance Corporation overvalued?

Cheap, with low confidence: no valuation within 120 days; P/E 13.6 vs peers 21.4 (7th of 25); P/B 2.0 vs peers 2.6 (9th of 25).

Valuation

Latest price and trailing 12 months
P/E 13.58
vs peers 21.4 · 7th of 25
Price divided by last year's earnings per share: how many years of today's profit you pay for. Learn more →
P/B 2.01
vs peers 2.6 · 9th of 25
Price divided by book value per share: what you pay for each rupee of net assets on the balance sheet. Learn more →
Market cap ₹97,622 Cr
Total market value of all shares, in ₹ crore. Learn more →
Dividend yield Not available
Last year's dividends as a share of today's price. Learn more →
PEG (vendor) 34.83
vs peers 1.7 · 20th of 20
P/E divided by the vendor's earnings growth figure, which it does not disclose; a P/E adjusted for how fast profits grow. Learn more →
PEG on our 3-year EPS growth 3.97
P/E divided by the 3-year EPS growth rate from the stored accounts. Learn more →
3 models could be judged
Skipped — Fair value, EPV, Graham number, Graham value, Lynch, Owner earnings: no valuation stored

Our valuation range

🔒 Pro
Value range, implied growth at today's price, and the nine models behind it: in the app.

Is Indian Railway Finance Corporation a quality business?

Quality score 52.3, 13th of 24 in its peer set; WATCH on 14 of 22 lender flags judged.

Quality and risk

Data as of 12 Oct 2026
Business quality Not available
The kind of business, which sets the yardstick it is judged by. Learn more →
Quality score 52.3
vs peers 56.1 · 13th of 24
Returns, margins, leverage and consistency against its peers, out of 100. Learn more →
Risk level WATCH
14 of 22 lender flags judged
From flags on debt, earnings quality, dilution and price swings. Learn more →

Lender scorecard

Statements through FY2026 (Mar-26)
Basis: standalone accounts, FY2026 (Mar-26) against FY2025; NSE/BSE XBRL, the Q4 results filing; NIM is revenue from operations less finance costs over year-end advances and investments; cost to income is operating expenses over net interest income plus other income; credit cost is FY2026 provisions over year-end advances (the loan book from the Q4 filing); ROA over average total assets; ROE over average equity
Net interest margin 1.7%
vs peers 4.6% · 21st of 24
What a lender earns on its loans and investments less what it pays for deposits and borrowings, as a share of the assets that earn interest (or of all assets where the split is not filed). Learn more →
Gross NPA Not available
Loans on which repayment has stopped, as a share of all loans, before any provision against them; from the latest results filing. Learn more →
Net NPA Not available
Bad loans after the provisions already set aside against them, as a share of loans. Learn more →
Provision coverage Not available
How much of the gross bad loans has already been provided for. Learn more →
Credit cost 0.0%
vs peers 1.0% · 5th of 20
The year's provisions for bad loans as a share of the average loan book. Learn more →
Cost to income 2.7%
vs peers 45.3% · 1st of 25
Operating expenses (staff, branches, technology) over net interest income plus other income. Learn more →
Return on assets 1.4%
vs peers 2.3% · 20th of 24
Profit as a share of average total assets. Learn more →
CET1 ratio Not available
Common equity tier 1 capital, the hardest kind, against risk-weighted assets; from the latest results filing. Learn more →
Loan growth YoY Not available
Growth in the loan book over the latest fiscal year. Learn more →
Deposit growth YoY Not available
Growth in deposits over the latest fiscal year. Learn more →
CASA ratio Not available
Current and savings account balances as a share of all deposits. Learn more →
Inside the app

Get a sneak peek of Valarth

Start freeStart free
A Valarth stock page: the share price with its chart and 52-week range, valuation and profitability figures, and a scorecard of health checks.
Stock pagePrice, valuation, profitability and a scorecard of health checks for every company, each figure explained.
The Valarth stock screener: a table of companies with price, market cap, P/E, P/B, PEG, EPS and ROE, and filters down the left.
ScreenerEvery listed company, filtered on 212 figures, each with a plain-language lesson beside it.
The Valarth AI Screener answering 'Which companies will benefit from India's Project 75 submarine programme?' with a basket of four naval shipbuilders and a written thesis.
AI ScreenerAsk a question in plain English, like which companies benefit from India's Project 75. It reads the intent, builds the screen and writes the thesis.
A Valarth business-model card for State Bank of India, with a plain-language summary and statements verified against the filing.
Business modelHow a company makes money and what can hurt it, each statement checked against its annual report.
Valarth's Before the Bell edition, with the day's headline, regulator notes and sector moves.
Before the BellA morning edition before the market opens: what moved, which rule changed, and what it means for your holdings.

Has Indian Railway Finance Corporation made money for shareholders?

Mixed: −40.5% over one year and +28.2% a year over five years.

Shareholder returns

1-year return −40.5%
Price only
What the share price did over the last 12 months. Learn more →
5-year return +28.2% a year
Price only
Yearly average price return over five years, bonuses and splits adjusted. Learn more →
Wealth destroyer No
Five-year total return — price CAGR on bonus- and split-adjusted closes plus the dividend yield — below the 7% a bank fixed deposit paid. Learn more →

Returns

3Y and 5Y are yearly averages
1W
−2.4%
1M
−5.6%
3M
−16.8%
6M
−24.5%
1Y
−40.5%
3Y
+3.0%
5Y
+28.2%

Does Indian Railway Finance Corporation pay a dividend?

Indian Railway Finance Corporation last paid ₹1.05 a share, ex-dividend 13 Mar 2026; nothing in the past 12 months counts toward a yield.

Dividends

Per share, by ex-dividend date
13 Mar 2026 · Interim 2₹1.05
24 Oct 2025 · Interim₹1.05
21 Mar 2025 · Interim 2₹0.80
12 Nov 2024 · Interim₹0.80
22 Aug 2024 · Final₹0.70
Payout ratio🔒 In the app
The share of profit paid out as dividends; a very high share leaves little to reinvest.
Dividend growth, 5 years🔒 In the app
How fast the dividend per share has grown a year.
Years without a miss🔒 In the app
How many years in a row a dividend has been paid.

Is Indian Railway Finance Corporation growing?

Revenue 3 years 4.5% a year; eps 3 years 3.4% a year; revenue 5 years 7.2% a year.

Growth

Statements through FY2026 (Mar-26)
Loan growth Not available
Growth in the loan book over the latest fiscal year. Learn more →
Deposit growth Not available
Growth in deposits over the latest fiscal year. Learn more →
Revenue 3 years 4.5% a year
vs peers 18.2% · 24th of 25
Compound annual growth of revenue over three years. Learn more →
EPS 3 years 3.4% a year
Growth in earnings per share, so dilution counts against the company. Learn more →
Revenue 5 years 7.2% a year
Compound annual growth of revenue over five years. Learn more →
EPS 5 years 8.7% a year
Growth in earnings per share over five years, so dilution counts against the company. Learn more →

How did Indian Railway Finance Corporation do last quarter?

Indian Railway Finance Corporation reported income of ₹8,391 Cr, up 0.5% on a year earlier and a net profit of ₹1,927 Cr, up 7.8% in the Jun 2026 quarter.

Latest quarter

Jun 2026
Income, latest quarter₹8,391 Cr
+0.5% on a year earlier
What the company took in over the quarter.
Net profit, latest quarter₹1,927 Cr
+7.8% on a year earlier
What was left for shareholders after every cost and tax.

How does Indian Railway Finance Corporation compare with its peers?

Compared with 24 Finance (the industry, as the basic industry was too small); 7th of 25 on P/E; 13th of 24 on quality score.

Compared with 24 Finance (the industry, as the basic industry was too small)

24 companies

Indian Railway Finance Corporation against its peers

Largest 10 of 24 peers, by market cap
CompanyMarket capP/EP/BROE1YQuality 🔒Rank 🔒
Indian Railway Finance Corporation Ltd₹97,622 Cr13.62.012.8%−40.5%
Bajaj Finserv Ltd₹2.8 L Cr27.325.615.4%−14.1%
Shriram Finance Ltd₹2.2 L Cr16.62.516.4%+39.9%
Jio Financial Services Ltd₹1.4 L Cr66.75.62.5%−30.4%
Cholamandalam Investment & Finance Company Ltd₹1.4 L Cr23.43.819.3%−3.6%
Tata Capital Ltd₹1.4 L Cr24.73.49.6%−3.6%
Bajaj Holdings & Investment Ltd₹1.2 L Cr13.63.611.1%−12.4%
Power Finance Corporation Ltd₹1.1 L Cr4.21.220.7%−18.7%
Muthoot Finance Ltd₹1.1 L Cr9.33.430.6%−18.3%
Aditya Birla Capital Ltd₹1.0 L Cr25.02.711.5%+27.3%
REC Ltd₹78,997 Cr4.91.020.2%−19.2%
Peer median—21.42.613.6%−13.0%
Market cap in rupees crore; P/E and P/B on the latest price; 1Y is the price return over a year. A dash is a figure that does not apply or is not reported.

Full peer comparison

🔒 Pro
Every peer, every figure, the ranks and the quality and forensic scores side by side: in the app.

Who owns Indian Railway Finance Corporation?

Indian Railway Finance Corporation is held by promoters 82.9%, foreign institutions 1.2%, domestic institutions 4.0%.

Shareholding pattern

Latest filing, percent of shares
Promoters82.9%
The founders and controlling group.
Foreign institutions1.2%
Overseas funds investing through the FPI route.
Domestic institutions4.0%
Indian insurers, banks, pension and mutual funds together.
Mutual funds0.3%
Indian mutual fund schemes; part of domestic institutions.
Retail and others10.1%
Individual investors and everyone else.
Promoter shares pledged🔒 In the app
Promoter shares given as collateral for loans; a high share is a risk to watch.
Holding trend🔒 In the app
Whether promoters, foreign funds and mutual funds have been adding or selling over recent quarters.

What do analysts say about Indian Railway Finance Corporation?

1 analyst cover Indian Railway Finance Corporation, and the consensus is sell. A consensus is a count of opinions, not a forecast; read it beside the numbers.

Analyst consensus

1 analysts
ConsensusSell
The rating most covering analysts give the share.
Average target price🔒 In the app
The mean of the analysts' 12-month price targets.
Upside to target🔒 In the app
How far the target sits above or below today's price.
Share rating it a buy🔒 In the app
The share of covering analysts with a buy rating.

What does Indian Railway Finance Corporation do and what is it sensitive to?

IRFC is a Navratna CPSE under India's Ministry of Railways, established in 1986 as the dedicated market borrowing arm for Indian Railways. Sensitive to: interest rate risk on mixed-rate borrowings.

Business-model card

FY2026 · 29 verified
2Revenue
2Channels
4Regulators
4Reg. dependencies
2Sensitivities
2Costs
1Geographies

IRFC is a Navratna CPSE under India's Ministry of Railways, established in 1986 as the dedicated market borrowing arm for Indian Railways. It finances railway asset acquisition, leases railway infrastructure, and lends to railway entities and other government projects through market borrowings.

Revenue engine

2 verified
Financial leasing (95.5%)
Lease income from railway infrastructure assets and rolling stock, recognized on straight-line basis over lease term or as constant periodic rate of return on net investment
Interest income and lease advance interest
Interest accrued on loans, deposits and investments; pre-commencement lease interest allocated to reflect constant periodic rate of return

Customers & channels

2 verified
Ministry of Railways and entities under MOR control
Primary customer; receives lease income, interest income, and pre-commencement lease interest; revenue derived entirely from customers domiciled in India
Diversified lending portfolio
Expanded lending to entities with forward and backward linkages to railways such as NTPC, NTPC REL, Rail Vikas Nigam Limited and Patratu

Regulators

4 verified
Reserve Bank of India (RBI)
Regulates IRFC as a Systemically Important Non-Deposit taking NBFC (NBFC-ND-SI) and Infrastructure Finance Company (NBFC-IFC); establishes corporate governance norms and climate-related financial risk framework
Ministry of Railways (MoR)
Appoints Directors through President of India; exercises administrative control as parent ministry; determines remuneration of functional directors and key managerial personnel per DPE guidelines
Department of Public Enterprises (DPE)
Issues guidelines on pay, perquisites and allowances for functional directors and key managerial personnel; receives quarterly corporate governance reports from company
1 more statement
Securities and Exchange Board of India (SEBI)
Enforces listing obligations and disclosure requirements; IRFC maintains disclosure and governance obligations as prescribed for listed equity shares and non-convertible debt securities

Regulatory dependencies

4 verified
RBI classification as NBFC-ND-SI and IFC
Regulatory status governs capital requirements, lending limits, governance framework and reporting obligations; classification determines eligibility to finance infrastructure projects
RBI climate-related financial risk framework
IRFC plans to align climate risk disclosures and integrate climate risk assessments into project evaluations per RBI's draft framework, affecting project financing eligibility and reporting
GST input tax credit on railway project assets
GST authorities raised demands on ITC availed by IRFC on assets relating to railway projects; contingent liability of ₹927.97 crore as at 31 March 2026
1 more statement
Foreign exchange hedging and derivative instruments policy
RBI-regulated policy permits use of forwards, swaps and other instruments to manage foreign currency and interest rate risk; policy prohibits trading or speculative use

Sensitivities

2 verified
Interest rate risk on mixed-rate borrowings
Company borrows at both fixed and floating rates; 50 basis point increase in interest rates would decrease profit by ₹1,278.84 crore for FY2026; managed through maintaining mix of fixed and floating debt
Credit risk on borrower performance
Physical climate risks (floods, droughts, temperature extremes) and transitional risks (regulatory changes) affect borrower performance and credit quality of railway and power sector counterparties

Cost inputs

2 verified
Foreign currency borrowing costs
Interest and swap costs on foreign currency borrowings; ₹2,843.18 crore in FY2026 (₹3,017.13 crore FY2025); also includes processing fees, underwriting fees and rating agency fees
Employee compensation and benefits
Contributions to provident fund, gratuity, leave encashment and post-retirement medical; 45 permanent employees (36 male, 9 female) in FY2026; well-being spending 0.0022% of total revenue

Geographies

1 verified
India (national)
Sole market served; company operates 1 office and serves 36 states and union territories; all revenue derived from customers domiciled in India; no international operations or exports
Each statement is checked word for word against the FY2026 annual report; the passages are in the app.

What changed recently?

Q1 FY2027 results filed (30 Jul 2026).

Change log

6 entries · newest first
  1. Results filedQ1 FY2027 results filed.
  2. Results filedQ4 FY2026 results filed.
  3. Results filedQ3 FY2026 results filed.
  4. Results filedQ2 FY2026 results filed.
  5. Results filedQ1 FY2026 results filed.
  6. Results filedQ4 FY2025 results filed.
Get alerts →Sign in to be told when any of these change.

What this page does not tell you

What could not be judged, and why. Never empty.
  • Models not runFair value, EPV, Graham number, Graham value, Lynch, Owner earnings: no valuation stored.
  • FlagsWATCH on 14 of 22 lender flags judged; 1 red; 8 could not be judged.
  • Data gapsDividend yield, Business quality, Gross NPA, Net NPA, Provision coverage, CET1 ratio and 5 more: not available yet.
Not applicable to a bank, lender or insurer · 12
  • Altman ZAltman Z reads working capital and sales over assets, which a lender's balance sheet does not have.
  • Piotroski F-scorePiotroski's leverage and liquidity checks read deposits and borrowings as weakness.
  • Beneish M-scoreThe Beneish model reads receivables, margins and depreciation that a lender's accounts do not report.
  • Operating marginInterest is a lender's cost of goods, so operating profit before interest is not defined.
  • Interest coverageInterest is a lender's main cost, not a charge on operating profit.
  • Debt to equityBorrowings and deposits are a lender's raw material; gearing is judged by capital adequacy instead.
  • EV/EBITDAEnterprise value adds borrowings to market cap; for a lender borrowings are the business, not a claim on it.
  • FCF yieldOperating cash flow less capex is not free cash flow for a lender: loan growth sits in operating cash flow.
  • Cash conversion cycleA lender's receivables are its loan book, not invoices waiting to be paid.
  • Asset turnoverA lender earns a spread on its assets, not a turnover of them.
  • ROCEEBIT over capital employed reads a lender's interest income against its borrowings; return on assets and return on equity are the lender's measures.
  • ROCE, 10-year averageEBIT over capital employed reads a lender's interest income against its borrowings; return on assets is the lender's measure (HDFC Bank's 1.7% ten-year ROCE means nothing).

What this page rests on

✓10 years of annual statements, through FY2026 (Mar-26)✓10 quarters of results✓69 months of month-end prices, adjusted for bonuses and splits○no valuation of ours yet✓business-model card FY2026 · 29 verified

Questions people ask

What is Indian Railway Finance Corporation's share price today?

Indian Railway Finance Corporation last traded at ₹77.50 on the NSE, as of 12 Oct 2026, 11:00 pm IST, up 3.8% on the day, down 40.5% over a year. Its 52-week range is ₹74 to ₹137. The live price is in the app.

What is Indian Railway Finance Corporation's market cap?

Indian Railway Finance Corporation's market capitalisation is about ₹97,622 crore: what it would cost to buy every share at today's price. That makes it the 97th largest large cap company we cover.

Is Indian Railway Finance Corporation Ltd a large cap, mid cap or small cap?

Indian Railway Finance Corporation Ltd (IRFC) is a large cap company in AMFI's classification for Jan-Jun 2026. SEBI's buckets go by rank on six-month average market capitalisation: the top 100 are large caps, 101 to 250 mid caps, the rest small caps.

What is Indian Railway Finance Corporation Ltd's P/E ratio?

13.58, vs peers 21.4 · 7th of 25. Price divided by last year's earnings per share: how many years of today's profit you pay for.

Is Indian Railway Finance Corporation Ltd overvalued?

Cheap, with low confidence: no valuation within 120 days; P/E 13.6 vs peers 21.4 (7th of 25); P/B 2.0 vs peers 2.6 (9th of 25).

How does Indian Railway Finance Corporation Ltd make money?

IRFC is a Navratna CPSE under India's Ministry of Railways, established in 1986 as the dedicated market borrowing arm for Indian Railways. It finances railway asset acquisition, leases railway infrastructure, and lends to railway entities and other government projects through market borrowings.

Why is there no Altman Z or debt to equity for Indian Railway Finance Corporation?

Borrowing is a bank's or lender's raw material, so those ratios mislead. Net interest margin, gross NPA, return on assets and the capital ratios are shown instead.

Who are Indian Railway Finance Corporation Ltd's peers?

Compared with 24 Finance (the industry, as the basic industry was too small): Bajaj Finserv Ltd, Shriram Finance Ltd, Jio Financial Services Ltd, Cholamandalam Investment & Finance Company Ltd, Tata Capital Ltd and 19 more. The app shows how they compare on every figure.

Is this investment advice?

No. Valarth is a research and learning tool and is not a SEBI-registered investment adviser or research analyst. The figures come from the company's filings and the exchanges; what to do with them is your call.

How did Indian Railway Finance Corporation do last quarter?

Indian Railway Finance Corporation reported income of ₹8,391 Cr, up 0.5% on a year earlier and a net profit of ₹1,927 Cr, up 7.8% in the Jun 2026 quarter.

Who owns Indian Railway Finance Corporation?

Indian Railway Finance Corporation is held by promoters 82.9%, foreign institutions 1.2%, domestic institutions 4.0%.

Does Indian Railway Finance Corporation pay a dividend?

Indian Railway Finance Corporation last paid ₹1.05 a share, ex-dividend 13 Mar 2026; nothing in the past 12 months counts toward a yield.

What do analysts say about Indian Railway Finance Corporation?

1 analyst cover Indian Railway Finance Corporation, and the consensus is sell. A consensus is a count of opinions, not a forecast; read it beside the numbers.

Everything on Indian Railway Finance Corporation, and 6,621 other companies, with 212 filters and the full peer tables

See Indian Railway Finance Corporation in the app →See pricing