Indian Railway Finance Corporation Ltd

₹ 88.4 0.00%

17 Jul - close price

About

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]

Key Points

Business Overview:^[1]
The company serves as the funding arm of Indian Railways,
mobilizing funds from domestic and overseas capital markets.
It is a Navratana and a 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.

Website BSE NSE

Market Cap ₹ 1,15,539 Cr.
Current Price ₹ 88.4
High / Low ₹ 138 / 86.9
Stock P/E 16.5
Book Value ₹ 43.4
Dividend Yield 2.38 %
ROCE 5.64 %
ROE 12.8 %
Face Value ₹ 10.0

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Pros

Company has been maintaining a healthy dividend payout of 27.4%

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of 11.6% over past five years.
Tax rate seems low
Company has a low return on equity of 13.0% 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 Dollex 200 BSE PSU Nifty Next 50 Nifty 500 Nifty 100 Nifty PSE Nifty 200 Nifty Dividend Opportunities 50 Nifty High Beta 50 BSE India Infrastructure Index BSE CPSE Nifty 100 Equal Weight BSE Financial Services BSE 250 LargeMidCap Index BSE 100 LargeCap TMC Index Nifty LargeMidcap 250 Nifty 500 Multicap 50:25:25 Nifty100 ESG Nifty Total Market Nifty100 Enhanced ESG BSE 200 Equal Weight Nifty Financial Services Ex-Bank Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted BSE Select IPO BSE 1000 Nifty India Railways PSU Nifty India FPI 150

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	6,194	6,679	6,761	6,737	6,475	6,766	6,900	6,763	6,723	6,915	6,372	6,661	7,336
Interest	4,895	5,091	5,181	5,104	4,725	5,155	5,249	5,095	4,996	5,124	4,544	4,812	5,524
	47	29	34	35	34	33	38	39	44	47	49	104	118
Financing Profit	1,252	1,559	1,546	1,597	1,716	1,578	1,613	1,629	1,683	1,744	1,778	1,746	1,694
Financing Margin %	20%	23%	23%	24%	26%	23%	23%	24%	25%	25%	28%	26%	23%
	36	2	1	3	3	0	1	3	1	3	0	58	-7
Depreciation	3	4	2	1	2	2	1	1	1	1	1	1	2
Profit before tax	1,285	1,557	1,545	1,599	1,717	1,577	1,613	1,631	1,682	1,746	1,777	1,802	1,684
Tax %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	1,285	1,557	1,545	1,599	1,717	1,577	1,613	1,631	1,682	1,746	1,777	1,802	1,684
EPS in Rs	0.98	1.19	1.18	1.22	1.31	1.21	1.23	1.25	1.29	1.34	1.36	1.38	1.29
Gross NPA %
Net NPA %
Raw PDF

Profit & Loss

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	6,939	7,507	9,047	9,267	11,134	13,421	15,771	20,299	23,892	26,650	27,153	27,285
Interest	4,992	5,519	6,888	6,638	8,183	10,163	11,237	14,075	17,447	20,101	20,495	20,005
	34	38	26	38	48	66	113	123	134	133	154	318
Financing Profit	1,914	1,950	2,133	2,592	2,902	3,192	4,420	6,102	6,310	6,415	6,504	6,962
Financing Margin %	28%	26%	24%	28%	26%	24%	28%	30%	26%	24%	24%	26%
	1	1	0	1	-0	0	0	2	41	6	3	53
Depreciation	0	0	0	0	0	0	4	14	14	9	5	6
Profit before tax	1,914	1,950	2,133	2,592	2,902	3,192	4,416	6,090	6,337	6,412	6,502	7,009
Tax %	60%	56%	56%	21%	22%	0%	0%	0%	0%	0%	0%	0%
	758	849	934	2,055	2,255	3,192	4,416	6,090	6,337	6,412	6,502	7,009
EPS in Rs	211.58	187.50	143.08	3.15	2.40	2.69	3.38	4.66	4.85	4.91	4.98	5.36
Dividend Payout %	20%	40%	40%	18%	18%	0%	31%	30%	31%	31%	32%	20%

Compounded Sales Growth
10 Years:	14%
5 Years:	12%
3 Years:	5%
TTM:	0%

Compounded Profit Growth
10 Years:	24%
5 Years:	10%
3 Years:	3%
TTM:	8%

Stock Price CAGR
10 Years:	%
5 Years:	31%
3 Years:	39%
1 Year:	-34%

Return on Equity
10 Years:	13%
5 Years:	14%
3 Years:	13%
Last Year:	13%

Balance Sheet

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	3,584	4,526	6,526	6,526	9,380	11,880	13,069	13,069	13,069	13,069	13,069	13,069
Reserves	5,098	6,999	5,483	7,402	15,648	18,419	22,845	27,928	32,402	36,110	39,599	43,680
Borrowing	71,270	87,503	106,395	134,006	173,933	234,377	323,145	388,440	418,935	412,039	412,133	436,471
	7,696	9,372	11,245	13,534	7,642	10,828	21,423	20,544	26,742	23,865	24,034	23,457
Total Liabilities	87,647	108,400	129,650	161,468	206,604	275,504	380,482	449,980	491,147	485,082	488,835	516,676
	12	12	12	11	11	11	45	38	19	22	18	28
CWIP	0	0	0	0	0	0	0	0	0	4	4	0
Investments	9	8	8	14	13	12	12	10	14	54	38	28
	87,626	108,381	129,630	161,443	206,579	275,482	380,424	449,932	491,114	485,003	488,775	516,620
Total Assets	87,647	108,400	129,650	161,468	206,604	275,504	380,482	449,980	491,147	485,082	488,835	516,676

Cash Flows

Figures in Rs. Crores

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-16,378	-19,455	-28,076	-41,748	-62,701	-89,907	-64,412	-28,584	7,914	8,230	-27,026
	2	2	2	1	1	0	-5	0	-8	-0	-3
	17,582	18,250	28,075	41,749	62,697	90,202	64,266	28,643	-8,046	-2,572	21,560
Net Cash Flow	1,206	-1,204	0	3	-2	296	-151	60	-140	5,658	-5,469
Free Cash Flow	-16,378	-19,455	-28,076	-41,749	-62,701	-89,907	-64,419	-28,585	7,906	8,229	-27,040
CFO/OP	-213%	-211%	-298%	-371%	-465%	-572%	-319%	-120%	30%	31%	-101%

Ratios

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
ROE %	9%	8%	8%	16%	12%	12%	13%	16%	15%	14%	13%	13%

Insights

In beta

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Assets Under Management (AUM)
INR Crore

xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx
xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xxx,xxx.xx	xx,xxx.xx	xx,xxx.xx	x.xx	xxx.xx	xx,xxx.xx
				xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
				x.xx	x.xx	x.xx	x.xx	x.xx
				xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
					xx.xx	xx.xx	xx.xx	xx.xx
					xx.xx	xx.xx	xx.xx	xx.xx

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Borrowing Mix - Bonds (incl 54EC Bonds)
%

Disbursements
INR Crore

AUM Share - Advance against Railway Infrastructure Assets
%

AUM Share - Loan to Companies (Non-MoR)
%

AUM Share - MoR Exposure (Concentration)
%

AUM Share - Lease Receivables (Project Assets)
%

AUM Share - Lease Receivables (Rolling Stock)
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	86.36%	86.36%	86.36%	86.36%	86.36%	86.36%	86.36%	86.36%	86.36%	86.36%	84.65%	82.90%
	1.14%	1.15%	1.08%	1.11%	1.09%	1.01%	0.98%	0.93%	0.97%	0.98%	1.16%	1.17%
	1.63%	1.15%	0.89%	1.08%	1.08%	1.24%	1.34%	1.45%	1.48%	1.54%	2.89%	3.98%
	10.88%	11.34%	11.68%	11.45%	11.48%	11.40%	11.32%	11.24%	11.17%	11.10%	11.29%	11.94%
No. of Shareholders	27,03,000	32,51,993	45,26,341	51,08,893	55,00,054	55,40,767	56,35,775	54,51,172	53,17,981	51,69,331	51,13,569	50,86,488

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	86.36%	86.36%	86.36%	86.36%	86.36%	84.65%	82.90%
	1.44%	1.12%	1.15%	1.08%	0.98%	1.16%	1.17%
	4.23%	3.18%	2.62%	0.89%	1.34%	2.89%	3.98%
	7.97%	9.33%	9.87%	11.68%	11.32%	11.29%	11.94%
No. of Shareholders	13,52,259	15,15,226	16,34,919	45,26,341	56,35,775	51,13,569	50,86,488

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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