Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Oct - Announcement under Regulation 30(LODR)- Newspaper Publication- Un-audited Financial Results for Q2 and Half Year ended 30.09.2026
Source: Bse
Indian Railway Finance Corporation Limited (IRFC)
Large CapFinancial Services stocks · Large cap · NSE
IRFC is registered with RBI as a systemically important NBFC-ND-IFC, majorly owned by GoI through MoR. It is the dedicated market borrowing arm for Indian Railways, financing rolling stock, leasing railway infrastructure, and lending to other MoR entities.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:15 pm ISTDetails
Quote21 Oct, 03:15 pm IST
Base fundamentals14 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result15 Oct, 03:20 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
34Bearishfull bear SMA stack · SMA20 -5.1% / mo · MACD + · near 52W low
Stock trend: 26
Sector RS: 46
Sector 3M: -5.8% vs Nifty 500 -5.8%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
IRFCD candles · FIT view-26.9%TODAY · PROVISIONALLatest price ₹76.90 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-2.0%
RSI
42
MACD hist
0.35
52W pos
5%
2026-10-21O ₹78.44H ₹78.70L ₹76.27C ₹76.90Vol 86.2L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
IRFCNifty Financial ServicesNifty 500
- IRFC
- -11.6%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -6.0 pp
Chart stats
19 Oct 2026- From 52W high
- -42.8%
- 52W range position
- 7%
- ATR (14)
- 2.6%
- Volume vs 20D
- 0.76x
- Avg traded value
- ₹84.6 Cr
- 20D price channel
- ₹74.1 - ₹81.7
₹137.2
₹74.1 - ₹137.2
₹2
Latest completed session
20-session average
28.6% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED29
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average50
Revenue +23.4% · PAT +10.2% YoY
Technical
Bearish34
Price trend and sector-relative-strength timing.
Valuation
Legacy model+55.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence54
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Average · 50/100Rev +23% YoY · PAT +10% YoY
Filed 15 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7,866.4 Cr | +23.4% | -4.8% |
| EBITDA | ₹7,819.6 Cr | NDF | -4.9% |
| Operating margin | 99.4% | NDF | -9 bps |
| PAT | ₹1,958.5 Cr | +10.2% | +1.6% |
| PAT margin | 24.9% | -299 bps | +157 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 14.23
- P/B
- 1.84
- EV/EBITDA
- 90035.00
- Market Cap
- 104874.79Cr
Profitability
- ROE
- 12.80%
- ROCE
- 5.64%
- ROA
- 1.39%
- Dividend Y
- 2.63%
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 10.00%
- Revenue 3Y
- 5.00%
- EPS 3Y
- 3.00%
Balance Sheet
- Debt/Equity
- 7.69
- Interest Coverage
- —
- Altman Z
- 0.29
- Book Value
- 43.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -27026.00 Cr
- EPS TTM
- 5.64
Shareholding
- Promoter Hold
- 82.90%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 9%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 3.0-70.0% vs prev
Net Profit
₹ CrLatest: 7,372+5.2% vs prev
Return on Equity
%Latest: 13.0-2.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 42.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~5.2% over last month) — short-term momentum negative.
- RSI(14) at 42 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
7
RS percentile
Stage 4 Downtrend
1M return
-3.8%
3M return
-11.6%
6M return
-25.9%
1Y return
-36.1%
RS 1D
-1
RS 20D
+3
Sector rank
#9
Industry rank
#20
Stage evidence
- Price is 13.9% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.2%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 65.12-1.24%
RS vs Nifty 50065
Valuation & peers
U-Score 29 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 29 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation13/30
Growth11/25
Quality2/20
Balance Sheet0/15
Cash Flow1/10
Piotroski
4/9 (+1)
Penalties
1
Raw sum
29
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
29/100 · legacy band OVERVALUED
Positive drivers
- Fair-value margin of safety is positive at 55.5%.
- Growth contributes 11/25 to the score.
- Valuation contributes 13/30 to the score.
Main drags
- Altman Z is 0.3, in distress territory.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Quality is weaker at 2/20; verify the latest quarterly trend.
Sector valuation model
NBFC valuation: P/B, ROA, borrowing cost, and asset quality
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
Primary lens
P/B adjusted for ROA/ROE and leverage quality.
Secondary checks
AUM growth, spreads, credit cost, liquidity and ALM risk.
Main risk check
Fast growth with weak asset quality deserves a discount.
PE
14.2
PB
1.8
EV/EBITDA
90035.0
ROE
12.8%
ROCE
5.6%
FCF Yield
—
Debt/Equity
7.7
MoS
+55.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
29
Previous: 29
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
+55.5%
Previous: +54.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
26
26
26
25
25
25
25
29
29
29
29
29
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹74.21
-3.6% MoS
Growth-justified P/E
30.6
Growth-justified Value
₹172.58
+55.5% MoS
PEG
1.98
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
TITAGARH
Large
TITAGARH RAIL SYSTEMS LIMITED
Railway Equipment
match 71
30
51.9
6.8%
-35%
OVERVALUED
JWL
Large
Jupiter Wagons Limited
Railway Equipment
match 71
29
48.5
6.4%
-28%
OVERVALUED
RITES
Large
RITES Limited
Construction & Engineering
match 70
41
23.1
15.4%
-245%
WATCHLIST
RAILTEL
Large
Railtel Corporation Of India Limited
Telecom
match 68
67
21.7
17.1%
+45%
UNDERVALUED
RVNL
Mid
Rail Vikas Nigam Limited
Railway Infrastructure
match 67
14
45.1
9.0%
-615%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T17:52:52.303Z
Management commentary snapshot
IRFC reported a 7.80% YoY increase in PAT to INR 7,009.17 Cr for FY25-26, with Revenue from Operations up 0.49% to INR 27,284.15 Cr. AUM grew 5.34% to INR 4,84,616.77 Cr, and NIM stood at 1.50%.
IRFC maintains its strategic role as the dedicated financier for Indian Railways, demonstrating consistent financial performance with strong asset quality (NIL GNPA). Diversification into non-MoR infrastructure financing presents a new growth avenue, though its impact on overall risk profile needs monitoring.
Current business mix
AUM Break-Up (FY 25-26)
Latest issuer-disclosed distribution across 4 reported categories.
Lease Receivables R/S Asset (Incl. NTPC BOBR Rakes)27.5%
Lease Receivables Project Assets51.7%
Advance against Railway Infrastructure Assets to be leased13.4%
Loan to companies7.4%
Growth engines
Diversified Infrastructure Financing
Executed agreements worth ₹72,949 crore and disbursed ₹35,067 crore in non-MoR business in FY25-26, significantly scaling up diversified financing.
Strategic Diversification
Targeting critical Railway ecosystem infrastructure such as PPP projects, metros, station development, first-last mile connectivity, and ports.
Non-conventional Energy Funding
Funding renewable energy for the Railway Network is identified as an opportunity.
Capacity and execution
Non-MoR Agreements Executed
Executed agreements worth ₹72,949 crore in FY25-26 for diversified infrastructure financing.
Non-MoR Disbursements
Disbursed ₹35,067 crore in FY25-26 for non-MoR business, creating a diversified infrastructure lending portfolio pipeline.
Tailwinds
Strategic Role
IRFC is the dedicated market borrowing arm for the Indian Railways.
Government Support
MoR is required to provide for any shortfall in funding under the Standard Lease Agreement.
Regulatory Exemptions
Exempted from RBI's asset classification, provisioning, and exposure norms for direct MoR exposure, and not required to pay MAT.
Highest Credit Rating
Enjoys highest credit rating (AAA) for an Indian issuer from ICRA, CRISIL & CARE.
Risk radar
Credit Risk Concentration
92.56% of AUM is exposure to MoR, though management states it has minimal credit risk due to MoR backing.
Increased Impairment on Financial Instruments
Impairment on Financial Instruments rose significantly to INR 124.03 Cr in FY25-26 from INR 0.68 Cr in FY24-25.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The document provides annual financial statements and performance highlights for the year ended March 31, 2026, with comparisons to the previous fiscal year (FY24-25), indicating a focus on annual performance trends.
Sector KPIs management disclosed
AUM Growth
AUM grew to INR 4,84,616.77 Cr in FY25-26 from INR 4,60,047.84 Cr in FY24-25, a 5.34% YoY increase.
Disbursements
Total disbursements for FY25-26 were INR 35,067 Cr, significantly up from INR 732 Cr in FY24-25.
Net Interest Margin (NIM)
Annualized NIM for FY25-26 was 1.50%.
Borrowing Cost
Company claims competitive cost of borrowing due to strong credit ratings and diversified funding sources.
Management forward view
Transformation to Diversified Financier
Management states IRFC is transforming to a diversified financier supporting broader infrastructure within the Railway ecosystem.
Strategic Collaborations
IRFC has entered into MoUs with various entities like VOCPA, SFCL, RITES, DMRC, IIFCL, REMCL, MMRDA & JNPT for strategic collaboration.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Non-MoR Disbursements | ₹35,067 Cr (FY25-26) | Continued growth and diversification of disbursements beyond MoR. |
| Impairment on Financial Instruments | INR 124.03 Cr (FY25-26) | Trend in impairment charges, especially with increasing non-MoR exposure. |
| Net Interest Margin (NIM) | 1.50% (FY25-26) | Stability or improvement in NIM amidst diversified funding and lending. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
54Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 13th percentile of the scored universe and 21st percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
70 docs text-extracted · 33 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
13th percentile
overall median 67 · Financial Services: 21st pctile, median 62 · Large: 6th pctile, median 73
Evidence depth
Financial-only
70 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
40
weak · profit to cash conversion
Balance sheet
22
weak · leverage and solvency
Discipline
48
watch · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 82.9%.
- ▸Promoter pledge is zero.
- ▸3/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-27026 Cr.
- ▸Debt/equity is 7.69.
- ▸Altman Z is 0.29.
- ▸Promoter holding fell 3.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Indian Railway Finance Corporation Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 28 Sep - IRFC signs Rs 4,200 crore loan agreement with DVC for renewable energy projects on September 28, 2026.
Source: Bse
Credit ratingSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 3 Sep - JCR revised IRFC’s long-term issuer rating to A-1 with Stable outlook on 3 Sept 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 17 Sep - C&AG appointed GSA & Associates LLP and KGRS & Co. as joint statutory auditors for FY 2026-27.
Source: Bse
Announcement
Announcement Under Regulation 30 Of SEBI (LODR), 2015 10 Sep - C&AG appoints GSA & Associates LLP and KGRS & Co as joint statutory auditors for FY 2026-27.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 20 Aug - IRFC appoints Shri Pradeep Ahlawat and Mrs. Manjula Mishra as non-official independent directors from 20 August 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 26 Aug - Intimation of newspaper publication under regulation of 47 of SEBI (LODR) Regulations, 2015
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Directorate 13 Aug - Shri Pradeep Ahlawat and Ms. Manjula Mishra appointed as IRFC independent directors for three years.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Aug - Newspaper publication undere reg 47 of SEBI (LODR) Regulations, 2015- Notice of AGM
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 30 Jun - IRFC appoints Ranjay Choudhary as Director (Finance) and Deepa Kotnis as CFO from 30 June 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Updates on Notice of Offer for Sale of Shares by Promoter 24 Jun - With reference to the earlier announcement dated June 24, 2026 regarding Notice of Offer for Sale of Shares by Promoter, The President of India, acting …
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.