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 ₹ 1,64,964 Cr.
- Current Price ₹ 126
- High / Low ₹ 168 / 108
- Stock P/E 24.7
- Book Value ₹ 41.6
- Dividend Yield 1.27 %
- ROCE 5.83 %
- ROE 12.8 %
- Face Value ₹ 10.0
Pros
- Company has been maintaining a healthy dividend payout of 31.5%
Cons
- Stock is trading at 3.03 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
- Company has high debtors of 3,827 days.
* 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
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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 | 26,650 | 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 | 26,517 | 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 | 6 | 3 | 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% | 32% |
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: | 78% |
1 Year: | -25% |
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 | 18 | |
CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 4 |
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 | 3,827 |
Inventory Days | ||||||||||||
Days Payable | ||||||||||||
Cash Conversion Cycle | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,832 | 3,609 | 3,744 | 3,557 | 3,827 |
Working Capital Days | -66 | 221 | 295 | 30 | 5,830 | 6,228 | 7,020 | 8,137 | 7,593 | 7,033 | 6,242 | 6,095 |
ROCE % | 9% | 9% | 8% | 8% | 7% | 6% | 6% | 5% | 5% | 5% | 6% | 6% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Newspaper Publication
1 Sep - Newspaper Publication of the Chairman''s Message for the 38th AGM
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Shareholder Meeting / Postal Ballot-Scrutinizer''s Report
30 Aug - 38th AGM held 30-Aug-2025; e-voting results declared; all AGM resolutions approved.
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Shareholder Meeting / Postal Ballot-Outcome of AGM
30 Aug - 38th AGM on 30 Aug 2025: financials, dividends, MD/director appointments, e-voting details.
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Announcement Under Regulation 30-Fines Levied By Stock Exchanges
30 Aug - IRFC fined Rs.10,77,340 by BSE and NSE for board/compliance lapses; waiver requested, dated 30 Aug 2025.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
21 Aug - IRFC refinances BRBCL with up to INR 1,125 crore, reducing railway energy costs.
Annual reports
Concalls
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Jul 2025Transcript PPT REC
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May 2025Transcript PPT REC
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Jan 2025Transcript PPT REC
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Nov 2024Transcript PPT
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May 2024Transcript PPT
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Nov 2023TranscriptNotesPPT
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Jun 2023Transcript PPT
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Aug 2022Transcript PPT
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May 2022Transcript PPT
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Feb 2022Transcript PPT
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Jan 2022TranscriptNotesPPT
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Nov 2021Transcript PPT
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Aug 2021Transcript PPT
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Jun 2021TranscriptNotesPPT
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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]