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PRIVATE & CONFIDENTIAL Indian RailwayFinance Corporation Limited Performance Highlights For quarter ended 30th June 2025 22nd July 2025
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PRIVATE & CONFIDENTIAL Snapshot of the Company ◼ IRFC is registered with RBI as a systemically important NBFC- ND-IFC, Majorly owned by the GoI acting through Ministry of Railways (MoR) ◼ It is the dedicated market borrowing arm for the Indian Railways ◼ Primary business: financing the acquisition of rolling stock assets; leasing of railway infrastructure assets and national projects of the Government of India and lending to other entities under the MoR All numbers are as on 30th June 2025 Net Gearing Ratio (Upto Q1 FY 25-26) 7.44x CRAR % (Upto Q1 FY 25-26) 578.64% Total Debt (Upto Q1 FY 25-26) INR 4,04,810.39 Cr 1.53% Annualized NIM (Upto Q1 FY 25-26) Ratings CRISIL AAA | CRISIL A1+ ICRA AAA | ICRA A1+ CARE AAA | CARE A1+ RoE / RoA (Upto Q1 FY 25-26) AUM ( Q1 FY 25-26) INR 4,59,802.49 Cr GNPA Tax Liability NIL Net worth (Upto Q1 FY 25-26) INR 54,423.96 Cr 13.28% / 1.45% NIL Company Overview AUM Break-Up (Upto Q1 FY 25-26) Minimal credit risk : 98.46% of AUM is exposure to MoR 2 Annualized Lease Receivables R/S Asset, 31.60% Lease Receivables Project Assets, 29.15% Advance against Railway Infrastructure Assets to be leased , 37.71% Loan to RVNL & NTPC REL, 1.54%
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Key Strengths ◼ IRFC borrows on a long-term basis to align with the long-term tenure of the assets financed ◼ MoR is required to provide for any shortfall in funding under the Standard Lease Agreement. ◼ Exempted from the RBI’s asset classification norms, provisioning norms, exposure norms to the extent of direct exposure on MoR and is not required to pay ‘minimum alternate tax’ with effect from Fiscal 2020 under section 115BAA of Income Tax Act. ◼ Dedicated market borrowing arm for the Indian Railways (IR) ◼ AUM as on 30th June 2025 stands at INR 4,59,802.49 crore ◼ Strategic relationship with the MoR enables us to maintain a low risk profile ◼ Cost-Plus Standard Lease Agreements with MoR ◼ Consistent spreads on Rolling Stock and Project Assets over last five years ◼ Highest credit rating for an Indian issuer from ICRA, CRISIL & CARE ◼ Diversified funding sources of various maturities & currencies ◼ Competitive cost of Borrowing to keep finance cost under check ◼ Profit upto Q1 FY 25-26 stands at Rs. 1,745.69crore. ◼ Revenue from operations grew by 2.21 % as compared to the corresponding previous year quarter. ◼ Low overheads, administrative costs and high operational efficiency ◼ Healthy return ratios – RoA at 1.45% and RoE at 13.28% upto Q1 FY 25- 26(Annualized) Consistent financial performance 5 Strong Asset-Liability Management 4 CompetitiveCost of Borrowings 3 Strategic role in growth of Indian Railways 1 Enjoys Regulatory Exemptions 6 Low risk, Cost –Plus business model 2 NIL 4,59,802.49 Cr AUM (Upto Q1 FY 25-26) GNPA ( Q1 FY 25-26) Long term Ratings Tax Liability Net Worth (Q1 FY 25-26) PRIVATE& CONFIDENTIAL 3 CumulativeGap over 5 yrs AAA NIL 54,423.96 Cr NIL
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Strategic role in financing growth of Indian Railways AUM Break-Up (Upto Q1 FY 25-26)Assets Under Management (Figures in INR crore) Disbursements Minimal credit risk : 98.46% of AUM is exposure to MoR PRIVATE& CONFIDENTIAL 4 368007.20 429204.16 466148.28 464641.28 460047.84 463181.05 459802.49 FY 20- 21 FY 21-22 FY 22-23 FY 23-24 FY 24- 25 Q1 FY 24-25 Q1 FY 25-26 104369.00 59899.00 32337.77 0.00 732.00 2492.00 FY 20-21 FY 21- 22 FY 22- 23 FY 23-24 FY 24-25 Q1 FY 25-26 Lease Receivables R/S Asset, 31.60% Lease Receivables Project Assets, 29.15% Advance against Railway Infrastructure Assets to be leased , 37.71% Loan to RVNL & NTPC REL, 1.54%
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◼ **At par with India’s sovereign ratings; Diversified sources of funding, credit ratings and strategic relationship with the MoR, have enabled IRFC to keep costs of borrowing competitive Particulars (30th June 2025 ) Rating Outlook Domestic: Long term rating CRISIL CRISIL AAA Stable ICRA ICRA AAA Stable CARE CARE AAA Stable Short term rating CRISIL CRISIL A1+ – ICRA ICRA A1+ – CARE CARE A1+ – International ** Moody’s Baa3 Stable Standard and Poor’s BBB- Positive Fitch BBB- Stable Japanese Credit Rating Agency BBB+ Stable Borrowing Mix as on 30th June 2025 Competitive cost of borrowings based on strong credit ratings in India and diversified sources of funding Borrowing Mix as on 30th June 2024 PRIVATE& CONFIDENTIAL 5 58.88% 18.91% 16.41% 4.32% 1.48% Bonds (Including 54EC Bonds) LTL ECB NSSF STL (including CP) 49.60% 29.26% 15.60% 4.30% 1.24% Bonds (Including 54EC Bonds) LTL ECB NSSF STL
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Consistent Financial Performance Negligible Operating Expenses Net Interest Income & PAT All figures are in INR Crore, unless specified otherwise PRIVATE& CONFIDENTIAL 6 17.0 27.0 27.6 24.5 27.8 4.9 8.65 0.11% 0.13% 0.12% 0.09% 0.10% 0.07% 0.13% 0.00% 0.02% 0.04% 0.06% 0.08% 0.10% 0.12% 0.14% 0.0 5.0 10.0 15.0 20.0 25.0 30.0 FY 20-21 FY 21-22 FY 22-23 FY 23-24 FY 24-25 Q1 FY 24-25 Q1 FY 25-26 Operating Exp Operating Exp as a % of Total Income 4,514.61 6,205.38 6,203.37 6,428.85 6,568.90 1589.43 1,762.83 4,416.13 6,089.84 6,167.16 6,412.10 6,502.00 1,576.83 1,745.69 F Y 2 0- 21 F Y 2 1- 22 F Y 2 2- 23 F Y 2 3- 24 F Y 2 4- 25 Q 1 F Y 2 4 - 25 Q 1 F Y 2 5- 26 Net Interest Income PAT
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Consistent Financial Performance ◼ (*) All figures are in INR Crore, unless specified otherwise ReturnRatios CRAR and Net Gearing Ratio Net Interest Margin PRIVATE& CONFIDENTIAL 7 1.35% 1.47% 1.31% 1.31% 1.34% 1.31% 1.45% 13.34% 15.97% 14.50% 13.66% 12.77% 12.62% 13.28% FY 20-21 FY 21-22 FY 22-23 FY 23- 24 FY 24-25 Q1 FY 24-25 Q1 FY 25-26 RoA RoE 420.00% 433.15% 484.88% 614.47% 672.85% 721.63% 578.64% 9.00 9.62 9.38 8.38 7.83 8.02 7.44 FY 20-21 FY 21-22 FY 22-23 FY 23-24 FY 24-25 Q1 FY 24-25 Q1 FY 25-26 CRAR Net Gearing Ratio 1.45% 1.56% 1.39% 1.38% 1.42% 1.37% 1.53% 1.00% 1.50% 2.00% FY 20 -21 FY 21 -22 FY 22 -23 FY 23 -24 FY 24 -25 Q1 FY 24 -25 Q1 FY 25 -26 NIM
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Key Ratios- Q1 of FY 2025-26 PRIVATE& CONFIDENTIAL 8 Particulars Quarter Ended 30th June 2025 Net Interest Margin 1.53 % (Annualized) Return on Equity 13.28 % (Annualized) Net Gearing Ratio 7.44x CRAR 578.64% EPS Rs 5.34 per share (Annualized)
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Snapshot of Key Financials Particulars Quarter Ended Year-Ended 30th June 2025 30th June 2024 Growth in % 31st March 2025 Revenue from Operations 6,915.38 6,765.68 2.21% 27,152.14 Finance Cost 5,124.39 5,154.91 -0.59% 20,495.09 Net Interest Income 1,762.83 1,589.43 10.91% 6,569.62 Profit Before Tax 1,745.69 1,576.83 10.71% 6,502.00 Profit After Tax 1,745.69 1,576.83 10.71% 6,502.00 Total ComprehensiveIncome 1,756.96 1,589.14 10.56% 6,486.33 All figures are in INR Crore 9PRIVATE& CONFIDENTIAL
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The Way Forward and Opportunities in Indian Railways Note: RITES - Rail India Technical and Economic Service; IIFCL - India Infrastructure Finance Company Limited; REMCL - Railway Energy Management Company Limited; MMRDA - Mumbai Metropolitan Region Development Authority Sector Diversification Power Generation & Transmission, Mining, Fuel, Coal, Warehousing, Telecom, Hotels and Catering Rolling Stock Lease To entities other than MoR Non-conventional sources of Energy Including Renewable Energy for the Railway Network Funding Railway Infrastructure Through State JV Dedicated Freight Lines Of Semi/High Speed Railway Corridors & High- Speed Train Multi-Modal Logistics Parks Diversifying Across Modes of Transport As per charter, company can fund activities that have backward or forward linkage for the Railways IRFC has already entered into MoUs with RITES, IIFCL, REMCL and MMRDA for strategic collaboration Strategic diversification by targeting critical railway ecosystem infrastructure such as PPP projects, station development, first-last mile connectivity, and ports IRFC is transforming to a diversified financier supporting broader infrastructure within and beyond the railway ecosystem. 10
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Loan Disbursementin Q1 FY 25-26 11PRIVATE& CONFIDENTIAL Totalsanctioned: INR23,714 Cr (till date) | Totaldisbursed:INR 3,225 Cr (of which INR 2,492 disbursed in Q1 FY 2025-26) 2,539 ASRL (JV of RVNL & CONCOR) 700 NTPC BOBR Rakes 5,000 NTPC REL 5,000 NTPC 3,167, PVUNL 225 SITCO (RLDA) 1,125 BRBCL 5,958 CEWRL (INR 3,100 cr disbursed) (INR 125 cr disbursed) (Figures are in INR Crore)
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Investors Contact Investors Contact For Equity shares: investors@irfc.co.in For 54 EC Bonds: 54ecbonds@irfc.co.in Bonds other than 54 EC: irfcbonds2@irfc.co.in
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Thank You 13PRIVATE& CONFIDENTIAL
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* The presentation is prepared based on un-audited financial statements of IRFC for the quarter ended 30th June 2025. *There is a possibility of Ind As financial results and the additional disclosures to be updated, modified or amended because of adjustments which may be required to be made on account of introduction of new Standards or its interpretation, receipt of guidelines or circulars from regulatory bodies and/or Reserve Bank of India. *This presentation may contain statements which reflects managementscurrent views and estimates and may not be constructed as forward looking statements. The future involvesuncertainties and risk that could cause actual results to differ materiality from the current views being expressed. Potential uncertainties and risk include factors such as general economic conditions, currency fluctuations, competitive product and pricing pressures, industrial relationsand regulatory developments. * We do not update forwardlooking statements retrospectively.Such statements are valid on the date of publication and can be superseded. * Figures are regrouped / reclassified to make them comparable. * Analytical data are best estimates to facilitatesunderstanding of business and not meant to reconcile reported figures. * Answers will be given only to non price sensitive questions. *This presentation is for information purpose only and do not constitute an offer or recommendation to buy or sell any securities of IRFC. Any action taken by you on the basis of information contained in presentation is your responsibility alone and IRFC or its directors or employeeswill not be liable in any manner for the consequences of such actions taken by you. Disclaimer 14PRIVATE& CONFIDENTIAL
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PRIVATE& CONFIDENTIAL Financials- P & L Statement 15 Particulars Three Months Ended 30th June 2025 Three Months Ended 30th June 2024 Year Ended 31 March 2025 Revenue From Operations Interest Income 1,497.32 1,819.03 7,719.69 Lease Income 5,403.75 4,946.60 19,427.44 Other Operating Income 14.31 0.05 5.01 Total Revenue from Operations 6,915.38 6,765.68 27,152.14 Dividend Income - - 0.72 Other Income 2.86 0.35 3.55 Total Income 6,918.24 6,766.03 27,156.41 Expenses Finance Costs 5,124.39 5,154.91 20,495.09 Impairment on Financial Instruments 6.10 -3.63 0.68 Employee Benefit Expense 3.70 2.62 13.51 Depreciation, Amortization and Impairment 1.33 1.59 5.31 Other Expenses 37.03 33.71 139.82 Total Expenses 5,172.55 5,189.20 20,654.41 Profit Before Exceptional Items and Tax 1,745.69 1,576.83 6,502.00 Exceptional Items - - - Profit Before Tax 1,745.69 1,576.83 6,502.00 Current Tax - - - Deferred Tax - - - Adjustment for Earlier Years - - - Profit for the Period from Continuing Operations 1,745.69 1,576.83 6,502.00 Statement of Profit and Loss (All amounts is INR Crore, unless stated otherwise)
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Financial-Balance Sheet –1/2 16PRIVATE& CONFIDENTIAL Particulars Three Months Ended 30th June 2025 Three Months Ended 30th June 2024 Year Ended 31 March 2025 ASSETS Financial Assets Cash And Cash Equivalents 172.48 23.75 5,680.29 Bank Balance Other Than Cash and Cash Equivalents 468.16 355.70 462.87 Derivative Financial Instruments 370.02 485.93 369.41 Loans: - Loan to Railway Companies 7,064.48 4,474.39 5,171.59 - Lease Receivables 2,79,364.95 2,54,751.39 2,84,688.83 Investments 49.52 65.79 38.18 Other Financial Assets 1,81,561.75 2,09,216.64 1,80,859.04 Total Financial Assets 4,69,051.36 4,69,373.59 4,77,270.21 Non-financial assets Current Tax Assets (Net) 364.04 358.63 390.21 Property, Plant And Equipment 12.80 14.12 13.80 Right of Use Assets 2.34 5.47 3.13 Intangible assets under development 3.78 3.78 3.78 Other Intangible Assets 0.58 0.98 0.58 Other Non-Financial Assets 11,307.97 11,461.62 11,152.97 Total Non-Financial Assets 11,691.51 11,844.60 11,564.47 Total Assets 4,80,742.87 4,81,218.19 4,88,834.68 Balance Sheet (All amounts is INR Crore, unless stated otherwise)
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Financials – Balance sheet (2/2) 17PRIVATE& CONFIDENTIAL LIABILITIES AND EQUITY LIABILITIES Financial Liabilities Derivative Financial Instruments 2,595.92 2,222.00 2,230.72 Payables - Trade payables (i) Total outstanding dues of micro enterprises and small enterprises - - - (ii) Total outstanding dues of creditors other than micro enterprises and small enterprises - - - - Other payables (i) Total outstanding dues of micro enterprises and small enterprises 0.76 - 1.29 (ii) Total outstanding dues of creditors other than micro enterprises and small enterprises 7.57 50.51 11.60 Debt Securities 2,61,958.89 2,24,900.70 2,48,831.41 Borrowings (Other Than Debt Securities) 1,42,851.50 1,82,130.36 1,63,297.99 Lease Liabilities 2.48 5.65 3.29 Other Financial Liabilities 18,589.04 20,964.57 20,445.27 Total Financial Liabilities 4,26,006.16 4,30,273.79 4,34,821.57 Non-Financial Liabilities Provisions 283.02 162.02 260.17 Other Non-Financial Liabilities 29.73 10.17 1,085.17 Total Non-Financial Liabilities 312.75 172.19 1,345.34 Total Liabilities 4,26,318.91 4,30,445.98 4,36,166.91 Equity Equity Share Capital 13,068.51 13,068.51 13,068.51 Other Equity 41,355.45 37,703.70 39,599.26 Total Equity 54,423.96 50,772.21 52,667.77 Total Liabilities And Equity 4,80,742.87 4,81,218.19 4,88,834.68