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State-owned financing arm of Indian Railways, raising funds to lease rolling stock and finance railway infrastructure projects.
State-owned financing arm of Indian Railways, raising funds to lease rolling stock and finance railway infrastructure projects.
Borrows in bond and loan markets and leases the assets it pays for to Indian Railways under long leases, earning a thin, pre-agreed margin over its own funding cost, so profit depends on how much it lends rather than on pricing. The Government of India is the majority owner.
In one line: A state-owned railcar leasing/finance company.
Moat: wide (regulatory licence, state ownership). An exclusive, government-mandated role as Indian Railways' financing vehicle with an effectively captive client.
Headquarters: New Delhi, India · Founded: 1986 · Employees: 67
Size Indian Railway Finance (IRFC.NS) is an India Financials company (Finance/Rental/Leasing) with a market value of $11.1B, the 109th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹80.43 on 6 Nov 2026.
Performance Over six months the shares fell 24.7%, against -5.9% for the median peer and 0.0% for the India market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 13.4% over the last twelve months (peer median +15.8%); the operating margin is 25.1% (peer median 32.8%).
Valuation It trades at 1.74× book value against a peer median of 1.88× (10th cheapest of 21).
Price implies The share price implies a return on equity of about 28.2%; Indian Railway Finance delivers 12.6%, so the price asks more than the business earns today.
Credit Indian Railway Finance has 2 bonds outstanding ($1.00B), rated BBB by the agencies and trading like A- at a weighted spread of 108 bp.
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹304B | ₹273B | ₹272B | ₹267B | ₹238B |
| Revenue growth | — | +1% | +2% | +12% | — |
| Gross profit | ₹76.8B | ₹273B | ₹271B | ₹266B | ₹237B |
| EBITDA | ₹76.3B | ₹273B | ₹271B | ₹266B | ₹236B |
| Net income | ₹73.7B | ₹70.1B | ₹65.0B | ₹64.1B | ₹61.7B |
| Free cash flow | n/a | ₹40.4B | ₹84.7B | ₹69.8B | -₹293B |
| Capital expenditure | n/a | ₹134M | ₹8.20M | ₹83.3M | ₹7.75M |
| Total debt | ₹4.31T | ₹4.36T | ₹4.12T | ₹4.12T | ₹4.19T |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Indian Railway Finance IRFC.NS | $11.1B | -25% | +13% | 13% | 1.74× | 28.2% |
| Power Finance PFC.NS | $11.5B | -28% | +4% | 21% | 0.76× | 14.4% |
| REC RECLTD.NS | $8.27B | -18% | -3% | 17% | 0.83× | 15.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IRFC.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.6% | +3.7% | 9th highest of 21 |
| 6-month return | -24.7% | -5.9% | 2nd lowest of 21 |
| Return on equity | 12.6% | 13.0% | 11th highest of 21 |
| Price / book | 1.74× | 1.88× | 10th cheapest of 21 |
| Trailing P/E | 14.3× | 13.2× | 10th most expensive of 21 |
| ROE the price implies | 28.2% | 16.8% | 8th most demanding of 21 |
| ROE delivered | 12.6% | 12.4% | 10th highest of 20 |
| Bond spread | 108 bp | 119 bp | 5th tightest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Indian Railway Finance IRFC.NS | India | $11.1B | -25% | +13% | 13% | 1.74× | 28.2% | 12.6% |
| Ally Financial ALLY | United States | $11.5B | -14% | +5% | 10% | 0.88× | 9.8% | 9.9% |
| Power Finance PFC.NS | India | $11.5B | -28% | +4% | 21% | 0.76× | 14.4% | n/a |
| Mitsubishi HC Capital 8593.T | Japan | $11.9B | -9% | +1% | 7% | 0.93× | 5.9% | 7.2% |
| Muthoot Finance MUTHOOTFIN.NS | India | $12.2B | -20% | +47% | 32% | 2.62× | 32.0% | 31.8% |
| One 97 Communications PAYTM.NS | India | $12.2B | +50% | +24% | 5% | 6.92× | 47.0% | 5.4% |
| Ayvens AYV.PA | France | $8.45B | -16% | 0% | 9% | 0.68× | 8.0% | 9.2% |
| REC RECLTD.NS | India | $8.27B | -18% | -3% | 17% | 0.83× | 15.1% | 17.0% |
| FirstCash FCFS | United States | $7.96B | -18% | +23% | 18% | 3.50× | 19.9% | 18.2% |
| Tata Capital TATACAP.NS | India | $16.0B | +10% | +18% | 14% | 3.08× | 41.2% | 14.0% |
| Cholamandalam Investment and Finance CHOLAFIN.NS | India | $16.2B | +6% | +21% | 21% | 4.43× | 67.7% | 20.6% |
| Tokyo Century 8439.T | Japan | $7.50B | +12% | +8% | 12% | 1.01× | 7.7% | 11.6% |
| L&T Finance LTF.NS | India | $7.36B | -9% | +17% | 12% | 2.38× | 45.8% | 12.3% |
| Piramal Finance PIRAMALFIN.NS | India | $7.17B | +13% | +71% | 7% | 1.58× | 13.0% | 6.5% |
| BOC Aviation 2588.HK | Hong Kong | $7.09B | -3% | -2% | 12% | 1.01× | 6.2% | 11.8% |
| Bajaj Housing Finance BAJAJHFL.NS | India | $7.05B | -9% | +17% | 12% | 2.77× | 41.1% | 12.4% |
| Kaspi.kz Joint Stock Company Sponsored ADR RegS KSPI | United States | $17.7B | +7% | +39% | 45% | 3.15× | 13.6% | 45.4% |
| Jiangsu Financial Leasing 600901.SS | China | $6.66B | +12% | +14% | 13% | 1.67× | 5.9% | 13.5% |
| OneMain OMF | United States | $6.42B | 0% | +6% | 23% | 1.90× | 18.5% | 22.7% |
| SOFI SOFI | United States | $21.0B | +3% | +38% | 7% | 1.86× | 27.5% | 7.4% |
| SBI Cards & Payment Services SBICARD.NS | India | $5.89B | -10% | +6% | 16% | 3.24× | 40.7% | 16.3% |
Indian Railway Finance has 2 bonds outstanding with $1.00B face value. The agencies rate it BBB; its bonds trade like A-. Weighted yield 5.88%, a spread of 108 bp over government bonds.