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Indian Railway Finance Corporation
Indian Railway Finance Corporation (IRFC) investor relations material
Indian Railway Finance Corporation Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary20 Jan, 2026
Executive summary
Transitioned from a single-client to a multi-client model, with 95.23% of AUM exposed to the Ministry of Railways, and achieved record AUM of ₹4,75,451.25 crore as of December 31, 2025.
Achieved highest-ever quarterly PAT of ₹1,802.19 crore for Q3 FY26, and nine-month PAT of ₹5,324.86 crore, up 10.47% year-over-year.
Net Interest Margin (NIM) for Q3 was 1.51%, up from 1.4% last year, with full-year NIM expected to exceed 1.5%.
Maintains highest credit ratings (AAA/A1+), zero NPA record, and enjoys regulatory exemptions.
Secured a JPY 46.458 billion (USD 300 million) ECB facility and issued Zero-Coupon Bonds, enhancing funding flexibility.
Financial highlights
Profit after tax (PAT) for 9M FY 25-26 was ₹5,324.86 crore, up 10.47% year-over-year; revenue from operations was ₹19,948.40 crore.
Net Interest Income for 9M FY 25-26 grew 9.27% year-over-year to ₹5,309.05 crore.
Operating expenses remain negligible, below 0.1% of total income.
Lease income saw a quantum jump due to execution of deferred agreements with the Ministry of Railways.
Net worth reached ₹56,625.41 crore as of December 31, 2025.
Outlook and guidance
AUM is projected to hover around ₹5 lakh crore in the near term, with a five-year target to add ₹3 lakh crore through 20 new entities.
By 2030, the business mix is expected to be 60% Indian Railways and 40% from the broader railway ecosystem, with higher margins from the latter.
Strategic diversification into power, renewables, logistics, and co-financing with multilateral agencies is underway.
PAT, NIM, and AUM are all expected to grow each quarter, with revenue growth anticipated as new agreements are signed and disbursements accelerate.
MoR moratorium impact on Q3 revenue
Scalable refinancing template for rail projects
IRFC 2.0 diversification strategy and new sectors
How to ensure zero NPA with ecosystem diversification?
What is IRFC's competitive edge for new assets?
Outline AUM growth and 2030 mix targets.
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Next Indian Railway Finance Corporation earnings date
Q4 25/2630 Apr, 2026
Indian Railway Finance Corporation
Next Indian Railway Finance Corporation earnings date
Q4 25/2630 Apr, 2026
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