WatchTalking point
Growth slowing
Revenue growth has slowed for 3 consecutive years, from 17.7% to 0.5%.
Importance 57 / 95 · growth
Indian Railway Finance Corporation · Research view
Indian Railway Finance Corporation
NSE: IRFCBSE: 543257ISIN INE053F01010Face value ₹10standalone
₹77.05
−1.22% · 2026-10-01 · 52-wk ₹77–₹134
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
Context
Higher P/E than peers
Trades at 14.00× earnings — 49% above the financial institution median of 9.38×.
Importance 48 / 95 · valuation
Watch
Unusual tax rate
Effective tax rate of 0.0% (FY2026) is well below the ~25% corporate norm — a one-off tax item may be flattering or depressing reported profit.
Importance 42 / 95 · anomaly
Section 03 · The company
Who is this company?
Classified by the exchange under Financial Services › Financial Services › Finance › Financial Institution.
- Market cap
- ₹1.01 L cr
- FY2026 revenue
- ₹27,285 cr
- FY2026 net profit
- ₹7,009 cr
- Net worth
- ₹56,749 cr
- Total debt
- —net cash
- EPS (basic)
- ₹5.36
- Listed
- NSE · BSE
- Reporting
- Ind-AS (NBFC)Apr–Mar
Peer set used on this page: 4 financial institution.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
Revenue growth has slowed for 3 consecutive years, from 17.7% to 0.5%.
Rule GROWTH_DECELERATING
- Revenue growth per year
- +7.7%over 4 years
- Revenue growth
- +0.5%vs last year
- Net profit growth
- +7.8%vs last year
- Change in net profit since FY22
- +15%
Revenue has compounded at 7.7% a year over 4 years (₹20,299 → ₹27,285) — steady rather than rapid.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 revenue was ₹8,261 cr, up 19.5% from ₹6,915 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 net profit was ₹1,927 cr, up 10.4% from ₹1,746 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 EBIT was ₹8,348 cr, up 21.5% from ₹6,870 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 6,900 | — | 1,613 | — | 23.4% |
| Q3 FY25 | 6,763 | +0.3% | 1,631 | +1.6% | 24.1% |
| Q4 FY25 | 6,723 | +3.9% | 1,682 | −2.1% | 25.0% |
| Q1 FY26 | 6,915 | +2.2% | 1,746 | +10.7% | 25.2% |
| Q2 FY26 | 6,372 | −7.6% | 1,777 | +10.2% | 27.9% |
| Q3 FY26 | 6,661 | −1.5% | 1,802 | +10.5% | 27.1% |
| Q4 FY26 | 7,336 | +9.1% | 1,684 | +0.1% | 23.0% |
| Q1 FY27 | 8,261 | +19.5% | 1,927 | +10.4% | 23.3% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹28,630 crTTM
- EBITDA
- ₹28,498 crTTM
- EBIT
- ₹28,493 crTTM
- PBT
- ₹7,191 crTTM
- Net profit
- ₹7,191 crTTM
C. Corporate actions
13 Mar 2026DividendInterim Dividend - Rs. - 1.0500 — ₹1.05/share
24 Oct 2025DividendInterim Dividend - Rs. - 1.0500 — ₹1.05/share
21 Mar 2025DividendInterim Dividend - Rs. - 0.8000 — ₹0.80/share
12 Nov 2024DividendInterim Dividend - Rs. - 0.8000 — ₹0.80/share
22 Aug 2024DividendFinal Dividend - Rs. - 0.7000 — ₹0.70/share
10 Nov 2023DividendInterim Dividend - Rs. - 0.8000 — ₹0.80/share
15 Sept 2023DividendFinal Dividend - Rs. - 0.7000 — ₹0.70/share
17 Nov 2022DividendInterim Dividend - Rs. - 0.8000 — ₹0.80/share
15 Sept 2022DividendFinal Dividend - Rs. - 0.6300 — ₹0.63/share
10 Nov 2021DividendInterim Dividend - Rs. - 0.7700 — ₹0.77/share
17 Feb 2021DividendInterim Dividend - Rs. - 1.0500 — ₹1.05/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Margin and return trends are shown above.
- EBITDA margin now
- 99.0%
- 5-year range
- 99.0–99.6%
- ROE FY2026
- 12.8%
- ROCE FY2026
- —
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Leverage and cash generation over the loaded history are shown above.
Operating cash flowNet profit
- Total debt
- —
- Operating cash flow ÷ net profit
- -3.86×FY2026
- Free cash flow
- ₹−27,040 cr
- Current ratio
- —
Section 08 · Relative position
How does it compare with peers?
Ranked against 4 financial institution (FY2026, consolidated).
Revenue growth
IRFC · 4th of 4 · set median 7.1%
EBITDA margin
IRFC · 1st of 4 · set median 96.5%
Return on equity
IRFC · 4th of 4 · set median 17.8%
P/E ratio
IRFC · 3rd of 4 · set median 9.4×
Context
Trades at 14.00× earnings — 49% above the financial institution median of 9.38×.
Rule PE_ABOVE_PEERS
- P / E
- 14.0×TTM to Jun 26
- P / B
- 1.8×latest book
- P / S
- 3.5×TTM sales
- Earnings yield
- 7.1%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 14.4× · P/S 3.7× · ROE 12.8%.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- −38.6%
- 3-year return
- +0.7%
- 5-year return
- +222.4%
- From 52-wk high
- −42.3%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹85
- vs 200-day avg
- Below₹100
- RSI (14)
- 27.1oversold
- MACD histogram
- -0.2
- From 52-wk high
- −42.3%
- From 52-wk low
- 0.0%
- 30-day volatility
- 16.5%ann.
- 6-month return
- −17.0%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchGrowth slowingRevenue growth has slowed for 3 consecutive years, from 17.7% to 0.5%.GROWTH_DECELERATING · conviction 57
- WatchUnusual tax rateEffective tax rate of 0.0% (FY2026) is well below the ~25% corporate norm — a one-off tax item may be flattering or depressing reported profit.EFFECTIVE_TAX_UNUSUAL · conviction 42
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 20,299 | 23,892 | 26,645 | 27,152 | 27,285 |
| Total income | 20,302 | 23,933 | 26,656 | 27,156 | 27,338 |
| EBITDA | 20,179 | 23,798 | 26,523 | 27,002 | 27,020 |
| Profit before tax | 6,090 | 6,337 | 6,412 | 6,502 | 7,009 |
| Net profit | 6,090 | 6,337 | 6,412 | 6,502 | 7,009 |
| EPS (₹) | 4.7 | 4.8 | 4.9 | 5.0 | 5.4 |
| Net worth | 40,996 | 45,470 | 49,179 | 52,668 | 56,749 |
| Operating cash flow | −64,412 | −28,584 | 7,914 | 8,230 | −27,026 |
| Free cash flow | −64,419 | −28,585 | 7,906 | 8,229 | −27,040 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 17.7 | 11.5 | 1.9 | 0.5 |
| Profit growth YoY | — | 4.1 | 1.2 | 1.4 | 7.8 |
| Profitability | |||||
| EBITDA margin % | 99.4 | 99.6 | 99.5 | 99.4 | 99.0 |
| Net margin % | 30.0 | 26.5 | 24.1 | 23.9 | 25.6 |
| Return on equity % | 14.9 | 14.7 | 13.5 | 12.8 | 12.8 |
| Return on capital % | — | — | — | — | — |
| Leverage & cash | |||||
| Debt to equity | — | — | — | — | — |
| Cash flow ÷ profit | -10.58 | -4.51 | 1.23 | 1.27 | -3.86 |
| Current ratio | — | — | — | — | — |