Indian Railway Finance Corporation Ltd
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]
- Market Cap ₹ 1,69,551 Cr.
- Current Price ₹ 130
- High / Low ₹ 189 / 108
- Stock P/E 25.4
- Book Value ₹ 41.6
- Dividend Yield 1.23 %
- ROCE 5.83 %
- ROE 12.8 %
- Face Value ₹ 10.0
Pros
- Company has been maintaining a healthy dividend payout of 26.2%
Cons
- Stock is trading at 3.12 times its book value
- Company has low interest coverage ratio.
- Tax rate seems low
- Company has a low return on equity of 13.6% over last 3 years.
- Company might be capitalizing the interest cost
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Financial Services Financial Services Finance Financial Institution
Part of BSE 500 BSE 200 BSE PSU Nifty Next 50 Nifty 500
Quarterly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6,197 | 6,939 | 7,507 | 9,047 | 9,267 | 11,134 | 13,421 | 15,771 | 20,299 | 23,722 | 26,645 | 27,153 | 27,302 | |
19 | 34 | 38 | 26 | 38 | 48 | 66 | 113 | 123 | 134 | 133 | 154 | 168 | |
Operating Profit | 6,178 | 6,905 | 7,468 | 9,021 | 9,229 | 11,085 | 13,355 | 15,657 | 20,177 | 23,588 | 26,513 | 26,999 | 27,134 |
OPM % | 100% | 100% | 99% | 100% | 100% | 100% | 100% | 99% | 99% | 99% | 100% | 99% | 99% |
1 | 1 | 1 | 0 | 1 | -0 | 0 | 0 | 2 | 41 | 10 | 4 | 7 | |
Interest | 4,607 | 4,992 | 5,519 | 6,888 | 6,638 | 8,183 | 10,163 | 11,237 | 14,075 | 17,447 | 20,101 | 20,495 | 20,465 |
Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 14 | 14 | 9 | 5 | 5 |
Profit before tax | 1,572 | 1,914 | 1,950 | 2,133 | 2,592 | 2,902 | 3,192 | 4,416 | 6,090 | 6,167 | 6,412 | 6,502 | 6,671 |
Tax % | 55% | 60% | 56% | 56% | 21% | 22% | 0% | 0% | 0% | 0% | 0% | 0% | |
701 | 758 | 849 | 934 | 2,055 | 2,255 | 3,192 | 4,416 | 6,090 | 6,167 | 6,412 | 6,502 | 6,671 | |
EPS in Rs | 209.04 | 211.58 | 187.50 | 143.08 | 3.15 | 2.40 | 2.69 | 3.38 | 4.66 | 4.72 | 4.91 | 4.98 | 5.11 |
Dividend Payout % | 6% | 20% | 40% | 40% | 18% | 18% | 0% | 31% | 30% | 32% | 31% | 16% |
Compounded Sales Growth | |
---|---|
10 Years: | 15% |
5 Years: | 15% |
3 Years: | 10% |
TTM: | 2% |
Compounded Profit Growth | |
---|---|
10 Years: | 24% |
5 Years: | 15% |
3 Years: | 2% |
TTM: | 4% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | 83% |
1 Year: | -28% |
Return on Equity | |
---|---|
10 Years: | 13% |
5 Years: | 14% |
3 Years: | 14% |
Last Year: | 13% |
Balance Sheet
Figures in Rs. Crores
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 3,352 | 3,584 | 4,526 | 6,526 | 6,526 | 9,380 | 11,880 | 13,069 | 13,069 | 13,069 | 13,069 | 13,069 |
Reserves | 4,210 | 5,098 | 6,999 | 5,483 | 7,402 | 15,648 | 18,419 | 22,845 | 27,928 | 31,612 | 36,110 | 39,599 |
69,917 | 71,270 | 87,503 | 106,395 | 134,006 | 173,933 | 234,377 | 323,145 | 388,440 | 418,935 | 412,039 | 412,133 | |
6,451 | 7,696 | 9,372 | 11,245 | 13,534 | 7,642 | 10,828 | 21,423 | 20,544 | 26,744 | 23,865 | 24,034 | |
Total Liabilities | 83,930 | 87,647 | 108,400 | 129,650 | 161,468 | 206,604 | 275,504 | 380,482 | 449,980 | 490,359 | 485,082 | 488,835 |
13 | 12 | 12 | 12 | 11 | 11 | 11 | 45 | 38 | 19 | 22 | 21 | |
CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 0 |
Investments | 11 | 9 | 8 | 8 | 14 | 13 | 12 | 12 | 10 | 14 | 54 | 38 |
83,906 | 87,626 | 108,381 | 129,630 | 161,443 | 206,579 | 275,482 | 380,424 | 449,932 | 490,326 | 485,003 | 488,775 | |
Total Assets | 83,930 | 87,647 | 108,400 | 129,650 | 161,468 | 206,604 | 275,504 | 380,482 | 449,980 | 490,359 | 485,082 | 488,835 |
Cash Flows
Figures in Rs. Crores
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
-16,378 | -19,455 | -28,076 | -41,748 | -62,701 | -89,907 | -64,412 | -28,588 | 7,914 | 8,230 | |||
2 | 2 | 2 | 1 | 1 | 0 | -5 | 0 | -8 | -0 | |||
17,582 | 18,250 | 28,075 | 41,749 | 62,697 | 90,202 | 64,266 | 28,644 | -8,046 | -2,572 | |||
Net Cash Flow | 1,206 | -1,204 | 0 | 3 | -2 | 296 | -151 | 56 | -140 | 5,658 |
Ratios
Figures in Rs. Crores
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,832 | 3,609 | 3,744 | 3,557 | 0 |
Inventory Days | ||||||||||||
Days Payable | ||||||||||||
Cash Conversion Cycle | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,832 | 3,609 | 3,744 | 3,557 | 0 |
Working Capital Days | -66 | 221 | 295 | 30 | 5,830 | 6,228 | 7,020 | 8,137 | 7,593 | 7,033 | 6,243 | 5,960 |
ROCE % | 9% | 9% | 8% | 8% | 7% | 6% | 6% | 5% | 5% | 5% | 6% | 6% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Newspaper Publication
15h - Newspaper Advertisement in connection with the 38th AGM of the IRFC
-
Disclosure Under Regulation 30 SEBI LODR 2015
30 Jul - IRFC raises USD 300 million ECB from SMBC for 5 years with bullet repayment.
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript 30 Jul
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
23 Jul - Audio recording link of IRFC Q1 2025-26 post-results conference call shared.
-
Announcement under Regulation 30 (LODR)-Newspaper Publication
23 Jul - Newspaper Publication of Un-Audited Financial Results for the Quarter ended 30th June, 2025
Annual reports
Concalls
-
Jul 2025TranscriptPPT
-
May 2025Transcript PPT REC
-
Jan 2025Transcript PPT REC
-
Nov 2024Transcript PPT
-
May 2024Transcript PPT
-
Nov 2023TranscriptNotesPPT
-
Jun 2023Transcript PPT
-
Aug 2022Transcript PPT
-
May 2022Transcript PPT
-
Feb 2022Transcript PPT
-
Jan 2022TranscriptNotesPPT
-
Nov 2021Transcript PPT
-
Aug 2021Transcript PPT
-
Jun 2021TranscriptNotesPPT
-
Feb 2021Transcript PPT
Business Overview
The company serves as the funding arm of Indian Railways, mobilizing funds from domestic and overseas capital markets. IRFC is a Navratana and Schedule 'A' Public Sector Enterprise under the administrative control of the Ministry of Railways, Government of India. It is also registered as a Systemically Important Non-Deposit Taking NBFC and Infrastructure Finance Company. [1]