Indian Railway Finance Corp. Ltd. (IN:IRFC)
:IRFC
Want to see IN:IRFC full AI Analyst Report?
Top Page
Indian Railway Finance Corp. Ltd.
(IRFC)
Select Model
Select Model
Rating:53Neutral
Price Target:
₹102.00
▼(-23.60% Downside)
Action:Reiterated
Date:05/15/26
The score is primarily held back by high leverage and uneven cash flow quality despite strong reported profitability. Technicals add caution with the price below key moving averages and weak momentum. Valuation and a modest dividend yield provide partial support but do not fully offset the balance-sheet and cash-generation risks.
Positive Factors
Government backing / Exclusive role
IRFC's statutory role and government ownership create a durable structural advantage: predictable mandate to finance Indian Railways, strong policy priority and implicit sovereign support. This underpins long-term funding demand, stable counterparty exposure and preferential market access for debt issuance.
Negative Factors
Very high leverage
Extremely high and rising leverage materially increases refinancing and interest-rate sensitivity for a debt-funded lessor. Even with government ties, the heavy reliance on borrowed funds magnifies funding cost shifts, heightens default/rollover risk in stress, and reduces flexibility to absorb shocks without new support.
Read all positive and negative factors
Positive Factors
Negative Factors
Government backing / Exclusive role
IRFC's statutory role and government ownership create a durable structural advantage: predictable mandate to finance Indian Railways, strong policy priority and implicit sovereign support. This underpins long-term funding demand, stable counterparty exposure and preferential market access for debt issuance.
Read all positive factors
Indian Railway Finance Corp. Ltd. (IRFC) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.27T
Dividend Yield1.52%
Average Volume (3M)706.29K
Price to Earnings (P/E)16.9
Beta (1Y)1.60
Revenue Growth0.67%
EPS Growth7.82%
CountryIN
Employees42
SectorFinancial
Sector Strength70
IndustryFinancial - Credit Services
Share Statistics
EPS (TTM)5.37
Shares Outstanding13,068,506,000
10 Day Avg. Volume630,644
30 Day Avg. Volume706,290
Financial Highlights & Ratios
PEG Ratio2.13
Price to Book (P/B)2.01
Price to Sales (P/S)4.17
P/FCF Ratio28.22
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Indian Railway Finance Corp. Ltd. Business Overview & Revenue Model
Company Description
Indian Railway Finance Corporation Limited operates as a financing company in India. The company engages in borrowing funds from the financial markets to finance the acquisition/creation of assets that are leased out to the Indian Railways as fina...
How the Company Makes Money
IRFC makes money primarily through a spread-based financing model tied to funding Indian Railways. (1) Interest income / lease rentals from Indian Railways: IRFC raises debt (bonds, loans, and other borrowings) and on-lends the proceeds to Indian ...
Indian Railway Finance Corp. Ltd. Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
48
Neutral
Cash Flow
44
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 273.38B | 270.65B | 265.30B | 236.51B | 202.80B |
| Gross Profit | 73.21B | 146.01B | 122.01B | 113.26B | 117.06B |
| EBITDA | 70.15B | 144.99B | 121.44B | 112.95B | 115.64B |
| Net Income | 70.09B | 65.02B | 64.12B | 61.67B | 60.90B |
Balance Sheet | |||||
| Total Assets | 5.17T | 4.89T | 4.85T | 4.91T | 4.50T |
| Cash, Cash Equivalents and Short-Term Investments | 9.78B | 61.43B | 6.00B | 6.74B | 8.92B |
| Total Debt | 4.36T | 4.12T | 4.12T | 4.19T | 3.88T |
| Total Liabilities | 4.60T | 4.36T | 4.36T | 4.46T | 4.09T |
| Stockholders Equity | 567.49B | 526.68B | 491.79B | 446.80B | 409.96B |
Cash Flow | |||||
| Free Cash Flow | 40.42B | 82.29B | 79.06B | -285.89B | -644.19B |
| Operating Cash Flow | 40.56B | 82.30B | 79.14B | -285.88B | -644.12B |
| Investing Cash Flow | -307.81B | -1.00M | -75.40M | 910.00K | -47.19M |
| Financing Cash Flow | 215.60B | -25.72B | -80.46B | 286.44B | 642.66B |
Indian Railway Finance Corp. Ltd. Technical Analysis
Negative
133.50
Price Trends
99.35
Negative
107.55
Negative
114.24
Negative
Market Momentum
-0.87
Positive
38.29
Neutral
17.78
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:IRFC, the sentiment is Negative. The current price of 133.5 is above the 20-day moving average (MA) of 102.97, above the 50-day MA of 99.35, and above the 200-day MA of 114.24, indicating a bearish trend. The MACD of -0.87 indicates Positive momentum. The RSI at 38.29 is Neutral, neither overbought nor oversold. The STOCH value of 17.78 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:IRFC.
Indian Railway Finance Corp. Ltd. Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | ₹1.42T | 4.84 | ― | 4.62% | 5.79% | 12.66% | |
65 Neutral | ₹19.28B | 4.83 | ― | ― | -18.77% | 47.18% | |
64 Neutral | ₹411.29B | 7.92 | ― | 2.92% | 19.73% | 48.94% | |
62 Neutral | ₹355.93B | 16.79 | ― | ― | 29.45% | 19.37% | |
62 Neutral | ₹876.60B | 6.35 | ― | 5.56% | 5.53% | 2.67% | |
53 Neutral | ₹1.27T | 16.91 | ― | 1.52% | 0.67% | 7.82% |
* Financial Sector Average
IN:IRFC
Indian Railway Finance Corp. Ltd.
98.15
-36.08
-26.88%
IN:HUDCO
Housing & Urban Development Corp. Ltd.
205.90
-15.48
-6.99%
IN:IREDA
Indian Renewable Energy Development Agency Ltd.
127.90
-42.80
-25.07%
IN:PFC
Power Finance Corporation Limited
430.75
40.72
10.44%
IN:PFS
PTC India Financial Services Limited
30.95
-5.19
-14.36%
IN:RECLTD
REC Limited
333.35
-47.76
-12.53%
Indian Railway Finance Corp. Ltd. Corporate Events
IRFC Secures BSE Waiver of SEBI Compliance Fines for 2022–2025
Apr 27, 2026
Indian Railway Finance Corporation Ltd., the government-owned financing arm of Indian Railways, focuses on mobilising capital for rail infrastructure and rolling stock through market borrowings. The company is listed on key Indian exchanges and op...
IRFC Secures NSE Waiver of SEBI Compliance Fines for 2022–2025
Apr 24, 2026
Indian Railway Finance Corporation Ltd. has disclosed that the National Stock Exchange of India has favorably considered its request to waive fines imposed for past non-compliances under several SEBI Listing Obligations and Disclosure Requirements...
IRFC seals Rs 12,842 crore refinancing deal for HURL to advance whole-of-government financing push
Mar 23, 2026
Indian Railway Finance Corporation has signed a major rupee term loan agreement with Hindustan Urvarak and Rasayan for refinancing up to Rs 12,842 crore of HURL’s existing long-term debt. The deal aligns with IRFC’s IRFC 2.0 strategy t...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.