Interim report
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§feu Yd wreAw sunwa fafies (HRG WPR &1 IeH) (WEET L65910DL1986G01026363) Yeflgpa @rafey: geft vy, ¥ T, Utelieht wi, vy framg A, of g et 98, Rl - 110003 GRHIN:491-011- 24361480 3BT info@irfc.co.in, FTETIE: https://irfc.coin INDIAN RAILWAY FINANCE CORPORATION LTD. (A Government of India Enterprise) (CIN: L65910DL1986GO1026363) Regd. Office: UG Floor, East Tower, NBCC Place, Bhisham Pitamah Marg, Pragati Vihar, Lodhi Road, New Delhi - 110003 Phone: +91-011- 24361480 E-mail: info@irfc.co.in, Website: https://irfc.co.in, No: IRFC/SE/2025-26/58 15 October 2025 National Stock Exchange of India Limited BSE Limited Listing department, Exchange Plaza, Listing Dept / Dept of Corporate Services, Bandra- Kurla Complex, Bandra (E) PJ] Towers, Dalal Street, Mumbai- 400 051 Mumbai -400 001 Scrip Symbol: IRFC Scrip Code: 543257 Sir/ Madam, This is to inform that pursuant to the applicable provisions of SEBI (LODR) Regulations, 2015, the Board of Directors of the Company at its meeting held on Wednesday, 15% October 2025 inter alia considered and approved the following: 1. Pursuant to Regulation 33 and 52 of SEBI (LODR) Regulations, 2015, as amended from time to time, and other applicable Regulations, this is to inform that Board of Directors considered and . approved Un-audited Financial Results of the Company, and other financial statements namely ‘ Cash Flow Statement for the quarter and half year ended 30th September 2025 and Statement of Assets and Liabilities as on that date along with Statutory Auditor’s Limited Review Report thereon. The Un-audited financial results have been reviewed by the Audit Committee in its meeting held on 14t October 2025 and approved & taken on record by the Board of Directors of the company in their respective meetings held on 15% October, 2025. The disclosure of related party transaction in terms of Regulation 23(9) of SEBI (LODR) Regulations, 2015 is enclosed herewith. Further, disclosure in accordance with Regulation 52(4) & (7)/(7A), 54 of SEBI (LODR) Regulations, 2015 are enclosed along with the said financial results. Also, a copy of press release in respect of aforesaid financial results is enclosed herewith. 2. Pursuant to Regulation 30, 51,42 and 43 of SEBI (LODR) Regulations, 2015, as amended from time to time and other applicable Regulations, this is to inform that the Board of Directors have declared an Interim Dividend of Rs,’fl- per equity shares of Rs. 10/- each. Further as informed vide letter dated 07t October, 2025, the “Record date” for determining eligibility of shareholders for payment of the said Interim dividend, as declared by the Board is Friday, 24* October 2025. The dividend will be paid in the account of the shareholder(s) or the dividend warrant(s) in respect thereof will be dispatched within thirty (30) days from the date of declaration of interim dividend. Shareholder(s) are kindly requested to update/ submit details for TDS on dividend to Registrar and Transfer Agent of the Company at irfcinvestors@beetalmail.com on or before Friday, 24" October 2025. No communication on the tax determination/deduction of tax at lower rates shall be entertained after Friday, 24th October 2025. It is further informed that in case tax on dividend is deducted at a higher rate in the absence of requisite details/ documents, refund of the excess tax paid may still be claimed by shareholders 3
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taxes deducted. Further, shareholders will be able to see the credit of TDS in Form 26AS, which can be downloaded from their e-filing account at Income Tax portal. 3. Board of Directors has approved Policy on Responsible Advocacy with Public and Regulatory Bodies; Stakeholder Engagement Policy; Integrated Stakeholder Grievance Redressal Document; SOP for CRAR; Human Rights Policy; Equal Opportunity Policy; Currency Risk Management Policy and revision in the “Code of Internal Procedures and Conduct for Prohibition of Insider Trading in Dealing with the Securities” of the Company. The meeting commenced at_{|¢* *and concluded at 0L:30P.M . This is submitted for your information and record. Thanking You, For Indian Railway Finance Corporation Limited '/;% o|2ens (Vijay Babulal Shirode) Company Secretary & Compliance O Enclosure: As Above
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TWOIAN RAILWAY FINANCE CORPORATION UMITED TR Government of indis Enterprise] N (6591001 T98660M026363 Gifice: UG Floor, East Tower, NBCC Place, Shisham Pitamah Warg,Fragati Vinar, [odhi Road, New Dl 110003 Ph.- 01124361480, Emai: investors @ifc.co.in, Website: htps //iriccoin. xtract o Statement of Unaudited Financial Results for the quarter and half year ended 30th Septermber 2025 (Amounts in Rs_Crore, unless stated otherwise) Quarter Ended Hall Year Ended Vear Ended. S—— 30th september 30th september | 30th September | 30th September istMarch 2005 30th June 2025 2028 2025 2024 205 Unaudited Unaudied Unaudited Unaudited Unaudited Audited 1) [Revenue From Operations 637183 691538 689934 1320721 13,6687 2735210 (1) Net Profit for the period (before Tax and Exceptional items) 177638 174569 161265 352287 338347 6502.00 (1) Net Profit for the period before Ta after Exceptional items] 1,776.98 1,745.69 161265 3522.67 3.189.47 650200 (1v] [ Net Profit for the period after Tax after Exceptional tems) 177638 1,745.69 161265 352267 318947 6502.00 (V) [Total Comprehensive income for the period [comprising Profit for the period after tax and Other 176912 1756.9 160259 352608 319172 648633 |Comprehensive Income after tax] (VI]__[Paid up Equity Share Capita (Face Vaiue of Rs_10/- Per Share) 13,068.51 13,068.51 1306851 13,0681 13.068.51 13,0851 (V1) —[Other Equity Excluding Revaluation Reserves 35 per balance sheet 4312534 4135585 38,395.61 43,1253 3839561 39598.26 (Vi) et Worth 56,193.85 54,423.96 51,464.12 5619385 51,464.12 52,667.77 [(1x]_[Paid up Debt Capital/Outstanding Debt so7136a | aoasi039 403,106.24 20761364 203.106.26 412129.00 () _|Debt Equity Ratio 725 raa 783 125 783 183 (1] [Earning Per Share (of Rs. 10 each) ~Basic (Rs) 136 131 17 270 248 a8 ~Diluted (Rs) 136 134 123 270 248 438 wotes: 1 The above financial results have been reviewed by the Audit Committee on 14th October 2025 and the same have been approved and taken on record by the Board of Directors st their mesting hed on 15th October 2025, 2 The above is an extract of the detailed format for the quarter and halfyear ended 30th September 2025 financialresults filed with the stock exchange under Regulation 33 & Rsgulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The fullformat of the quarter and half year ended 30th September 2025 financia results s available on the website of the stock exchanges (www.bseindia com and i nseindia com) and the website of the Company (https:/firfe.co.n) 3 Shareholders holding shares in dematerslized mode are requested to update their ecords such as tax residential status, and permanent account number (PAN), mobile numbers and other details with the relevant deposiories through their depository participants Shareholders holding shares in physical mode are requested to furnish detais to the Company's Registrar and Share Transfer Agent, M/s Beetal Financil & Computer Services (F) Ltd at irfc@beetalfinancial.com. Memberls) are also requested to registerfupdate their E-mail D with company at investors @irc o in/Depository participarts/Company's Registrar & Share Transfer Agent at rc@bectalfinancial com ‘which will be used for sending offical docurments through e-mail i future. 4 The company is not having subsidiary/associate/joint venture companyis), a5 on 30th September 2025, Accardingly, the company i it required to prepare consolidated financial resuls. 5 The Baard of Directors have declared the Interim Dividend of Rs 2O S per equity share of s 10/-each for the Financial Year 202526 6 shareholders arerequested to claim their unpaid) unclaimed dividend,if any by wiling to Company at ts Registered Office o email a1 investors @irfc. co.in cinvestors@beetalmail.com. Dridends Place: New Deli Date:_Wednesday, October 15, 2025 f not encashed for a consecutive period af seven (7) years lying with the Companies unpaid dividend accaunts, are liable to be transferred to the Investoy ) alon with the shares in espect of M= (Manoj Kumar Dubey] ian and Managing Director & CEO DIN: 07518387 such unclaimed dividends. For O P Totla & Co. CA. Aayush Hin Partner M. No. 435501
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TNOIAN RAICWAY FINANCE CORPORATION UMITED TA Government of India Enterprise] N (659100119866 01026363 Registered Oice: UG Floor, East Tower, NBCE Place, Bhisham Pitamah Mg, Pragati Viar, Loahi Road, New Delhi 110003 Ph.: 01124361480, Emall Investors @irc.co.in, Website: hitps://irf.coin Statement of Unaudited Financal Results for the quarter and half year ended 30th September 2075 VAmounts n Rs. Crore, unless stated otherwise] Coarter Ended Talr Year Ended Vear Ended Particulars 3000 eptember 2025 | 30th sune 2025 X" S | s0un eptember 2025 30th september 2024 215 M Tnavdited Craudited Traudied Traudned Urnaudted Ruded Revenue from Operations () interest ncome 28017 1497.32 192051 432648 373954 771968 (i) Lease Income 35272 540375 457883 894647 952543 1942748 (il Other Operating ncome - 1431 1431 5 so01 () Total Revenue From Operations 537189 691538 895,30 13.287.27 366657 715210 (i ividend Income - 032 032 on () Other ncome 002 286 0s¢ 288 053 355 (V) TotalIncome (1 +11+ 1) 637191 691824 6900.20 13,290.15 13,666.22 27,156.41 Expenses () Finance costs 150002 512039 52087 566851 10,0365 2049509 (i) impairment on Financial Instruments 402 610 047 1012 .16 068 (i) Emplovee Benefit Eupense 558 370 292 928 55 1351 (4) Deprecistion, Amonization and Impsirment 135 133 109 268 268 531 ) Others expenses (to be specitied) - Corporate Social Responsivlty (CSF) 3208 3139 6016 &9 12558 ~Others 495 29 1243 525 1420 (V) Total Expenses 455493 517255 528755 976748 1047675 2085041 (V) ProfitBefore Exceptional tems and Tax (V- V) 177698 174569 161265 352267 318947 650200 Vit Exceptional hems - (Vi) profit Before Tax (v1-vi) 177658 759 o125 e 318947 50200 (%) Tax Expense ~Current Tax - . - Deferred Tax - - - - Adjustment for Ealer Years - - Total Tax Expenses E - 5 = = () profit for the Period From Continuing Operations (Vill 1X) 177658 178569 161265 352267 318947 650200 () profit from Discontinved Operations - (X0) Tax Expense of Discontinued Operations (x11) - profit from Discontinued Operations (After Tax) (X1-X1) - = - = - (V) profit for the Period (x+xIil) 177638 178569 161265 352267 318947 650200 (xV) Other Comprehensive Income (A) () tems that wal not b rectassified o profi o loss ~Remeasurement of defined benefitplans 006 ©07) 011 ©13) 02 ©26) ~Remeasurement ofEquity Instrument (70| 113 (1017) 350 203 (15.a1) (i) ncome tax reting 10 items that willbe recissified to profitor loss Remeasurement of defined benefit plans Remeasurement of Equity nstrument. Subtotal (A) (786 res) (10.06) a1 235 {1567) (B) () tems that will b reciasified to profit or lass . . (i) ncome tax relating toitems that will be reclassified 1o proft or foss Subtotal (8) p P - 5 = (XVI) Other Comprehensive income (A + B) (786 nz (10.06) E 225 as67) (XV11) Total Comprehensive Income for the Year (XVI+XIV) 176912 175656 160259 352608 319172 648633 (X Paid up Equity Share Capital (Face Value of Rs. 10/-Per Share) 30651 1306851 305851 1306851 306851 1506851 (X1X) Other Equity Excluding Revaluation Reserves as per balance sheet 0534 | a13ss 85 38,395 61 4312534 38,395 61 3959926 (XX) The applicable Analytical Ratios and other disclosures are as under: Earnings per equity share (Face Value of Rs. 10/- per share) (Before itial Publc Offer) ~asic (s ) 136 13 123 270 284 ass Diluted (s 136 138 123 270 240 ass (xX) Adeitionsl Information Percentage of shares held by Government of India 8636 8636 8636 8636 8636 8635 Net worth ser038s| saarse 5146012 5619385 SLa6412 5266777
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INDIAN RAILWAY FINANCE CORPORATION UMITED A Governmen of India Enterprise) CIN L65910D11986G01026363 Registered Office: UG Floor, East Tower, NBCC Place, Bhisham Pitamah Marg, Pragati Vikar, Lodhl Road, New Deln 110003 Ph.: 01124361480, Emal: Investors @irfc.co.in, Website: https://irfc.coin Statement of Assets & Uabilties TAmounts Tn Rs. Crore, unless stated otherwise]| Eacticidary s 2430 September |, .1 30 september 2024 As at 31 March 2025 2025 Unaudited Unaudited Audited AssETs Financial Assets Cash And Cash Equivalents 1875048 1206414 568029 [Bank Balance Other Than Above 59534 30257 6287 Derivative Financial Instruments asas7 40034 369.41 Loans Loan to Companies 7,955.06 447439 517159 - Lease Receivables. 229,749.85 4985320 28468883 Investments 472 55.62 3818 Other Financial Assets 23474356 21533632 180,858.04 Total Financial Assets 4,92,29139 4,82,436.67 477,27021 Non-financial assets Current Tax Assets (et) 38346 7897 39021 Property, Plant And Equipment 1359 1387 1380 Right of Use Assets 156 a8 313 Intangibie assets under development 378 378 378 Other Intangible Assets 058 038 058 Other Non Financial Assets 1130193 11,650.42 1115297 Total Non-Financial Assets 11,704.90 1186171 11,564.47 Total Assets 5,03,99.29 3,938,385 as8s3868 uABILITIES AND EQUITY LABILITIES Financial Liabilities Derivative Financial Instruments 267952 175020 223072 Payaties Trade payables () Total outstanding dues of micro enterprises and small enterprises (i) Total outstanding dues of creditors other than micro enterprises and - Other payables (1) Total outstanding dues of micro enterprises and small enterprises 076 031 129 (i) Tota! outstanding dues of creditors other than micro enterprises and 1588 567 1160 Debt Securities 26179085 23411759 24883101 Borrowings (Other Than Debt Securities) 14582279 1.68.988.65 16329799 Lease Uabilties 251 a8 329 Other Financial abilties 3376398 319518 2041527 Total Financial Liabiliies 4,44,076.29 4,39,066.47 43482157 Non-Financial Liabilities Current Tax Liabilites (Net) Provisions 30460 20906 26017 Deferred Tax Liabilities (Net) - Other Non Financial Labilties 342155 360873 1,085.17 Total Non-Financial Liabilities 372615 381779 134530 Total Uabilities 4,47,802.40 4,12,884.26 4,36,166.91 quity Equity share Capital 13,068.51 13,0685 13,06851 (Other Equity 43,1534 38,395 61 39,5996 Total Equity 56,193.85 51,4612 52,6677 Total Liabilties And Equity. 503,993 4,94,318.38 48883068
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TNDIAN RATLW/AY FINANCE CORPORATION LIVITED. TA Government of Indis Enterprise] CIN L65510DL1986G01026363 Registered Office: UG Floor, East Tower, NBCC Place, Bhisham Pitamah Marg, Pragati Vinar, Lodhi Road, New Delh-110003 Ph - 011-24361480, Email: investors@irfc.co.in, Website: hitps://irfc.con Statement for the Cash Flows TAmounts In R Crore, unless stated otherwise] Farticiegs: Halfyear ended 30 | Halfyearended 30 | Year Ended September2025 | September2024 | 31March 2025 (A CASH FLOW FROM OPERATING ACTIVITIES Profit before tares 352267 3,189.07 6,502.00 Adjustments for: [Remeasurement of Defined Benefit Plans (©013) on (©26) [Depreciation and Amortisation (including adjustment to ROU assets) 228 268 531 Loss on Sale of Fixed Assets 001 o001 00t Discount of Commercial Paper 2479 [Aciustments Towards Effective Interest Rate 4289 a5 8080 Gain on Derecogination of Rou Asset - - - Interest Expense on lease labilties 008 018 025 Dividend Income Received (032) (072) Operating Profit Before Working Capital Changes 356778 323573 662221 [Movements in Working Capit increase/(Decrease] in Payables 375 (s67) (275)| increase/(Decrease) in Provisions 2443 625 97.20 increase/(Decrease) in Others Non Financil Liabilties 23338 322543 70187 increase/(Decrease) in Other Financial iabities 1331871 12,7447 (1,005.17) Decrease/increase) in Recenvables 5493897 983731 (2,998 23) Decrease[Increase) in Loans and Advances (2.783.47) 47012 (227.08) Decrease (Increase) in Bank Balance Other Than Cash and Cash Equivalents. (132.47) 14203 (18.27) [Decrease/(Increase) in Other Non Financial Assets (148.96) 35219 65859 [Decrease/(increase) in Other Financial Assets (53,864.57) (8,040.18) 2644710 Cash Generated From Operations 17,28055 22,007.98 827566 Less: Direct Taxes Paid (Net of Refunds) (6.75) 2685 609 [Net Cash Flow/(Used) in Operating Activties (A) 17,287.30 2197318 822057 5. CASHFLOWS FROM INVESTING ACTIVITIES Purchase of Praperty Plant & Equipments and Intangible Assets (032) 018) (082) Proceeds From Sale of Property Plant & Equipment as0 003 Proceeds From Realization of Pass Through Certificates / Sale of Investments Dividend Income Recerved on 072 Net Cash Flow/ (Used) in Investing Activities (8) 047] 017 1010] C. CASH FLOWS FROM FINANCING ACTIVITIES procecds from issue of Equity Share Capital - . Proceeds from security Premium 1ssue of Debt Securiies (Net of Redemptions) 1295745 9,02169 2374010 Raising of Rupee Term Loans/ Foreign Currency Borrowings (Net of Repayments) (17.173.30) (18.085.77) (23.276.76)| Issue of Commercial Paer (Net of Repayments) (34.79) Payments or lease Habilities (including interest) (0384 (1.69) (3.37) hare tssue Expenses - 863 863 Final Dividend Paid - (614:0) (514.80) interim Dividend Paid (2.009) Net Cash Generated By/(Used In) Financing Activities (€] (8216.69) (5,931.94) (2,571.95) Net Increase in Cash and Cash Equivalents (A+8+C) 13,0019 12,0137 565752 Cash and Cash Equivalents at the beginning of the Period 568025 2277 2277 [Cash and Cash Equivalents at the End of the Period 1875048 1206634 568029
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NoTES: 1 1 3 1 These financial results have been prepared in accordance with the recognition and measurement princiles laid down in Indian Accounting Standard (1nd AS') - 34 ‘Interim Financial Reporting', notified under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time, and other accounting principles generally accepted in Indi. The Company has exercised the ption under section 11SBAA of the Income Tax Act, 1961 with effect from financial year 2019-20 relevant to assessment year 2020-21. After exercising the option of Section 11584, the taxable income under the provisions of Income Tax Act, 1961 comes to NIL. Further, after adoption of Section 115BAA, the Company is outside the scope and applicabilty of MAT provisions under Section 11518 of Income Tax Act, 1961, s per the Gazette notification No 5.0 529 (E) dated Sth Februsary 2018, as amended by nofification no 5.0. 1465 dated 2nd April 2018 issued by Ministry of Corporate Affais, Government of India, the provisions of Ind AS 12 relating to Deferred Tax Asset/Deferred Tax Liability does not apply to the Company w.e.f. 15t April 2017, accordingly, no provision has been made for Deferred tax labliies/Deferred tax assets. IREC commenced project funding to MoR (Ministry of Railways) for creation & development of railway infrastructure projects in October 2015 under finance lease model with commencement of lease rentals after a gestation period of 5 years as per memorandum of understanding entered with Mo on 23rd May 2017, The amount advanced o MoR fhas been shown as ‘Advance to MoR for Raitway Infrastructure Projects’ From the said account, the company on receipt of confirmation/tilization reports from ministry of railways, transfers amount actually utfsed to "project nfrastructure asset under finance lease”. Company tlldate. has executed the Lease Agreement(s) for EBR IF 2015-16, ESR IF 2016-17, EBR IF 2017-18, EBR IF 2018-19 and lease agreements for National Projects 2018-19 & 2019-20 with MoR with respect to aforesaid infrastructure assets. The gestation period of 5 years for EBR IF 2019-20 completed on 24th March 2025, However, some of the projects are stil at various stages of completion, due to this the lease agreement for EBR IF 2018-20 could not be executed, hence lease could not be commenced and moratorium period has been extended by one year. Pursuant to Regulation 54 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, for all the secured non-convertible debt securites and other secured borrowings issued by the company and outstanding as on 30th September 2025, 100% security cover has been maintained by way of eharge on present and future rolling stock assets andor lease receivable of the company. Accordingly, the company is maintaining an asset cover of 1x times as on 30th September 2025 in respect of secured non-convertible debt securities issued and other secured borrowings of the Company. Please refer Annexre - A. Disclosure in compliznce with Regulation 52(7) and 52(7A) of Securities and Exchange Board of India Listing Obligations and Disclosure Requirements) Regulations, 2015 for the half year ended 30 September 2025 is Annexcd as Annexure -B & C. ‘The additional information as required under Regulation 52(4) of SEBI(Listing Obligations and Disclosure Requirements| Regulations, 2015 is annexed as Annexure-D. ‘The Company’s main business s to provide leasing and finanding to Railway Sector n India, As such, there are no separate reportable business segments within the meaning of Indian Accounting Standard (ind AS 108 ‘Operating Segments. . The disclosure in respect of related party transactions as required under reg 23(9) of SEBI (Lsting Obligations and Disclosure Requirements] Regulations, 2015 for the quarter and half year ended 30th September 2025 is annexed as Annexure- E. The above financial results have been reviewed by the Audit Committee on 14th Oct 2025 and the same have been approved and taken on record by the Board of Directors at their meeting held on 15th October 2025 The company is not having subsidiary/associate/joint venture company{ies), as on 30th September 2025 Accordingly, the company is not required to prepare consolidated financial results Investor complaints [There was no investor complaint pending at the beginning s wel s end of the quarter ended 30th September 2025 Eauity Bond. Total complaints pending ot the beginning O] [l Total complaints received through correspondence 201 m Total complaints received from SEB! during the period il 2 Total complaints resolved / replied during the period 204 214 Total complaints pending. i i The Board of Directors have declared the Interim Dividend of s 120 S per equity share of s 10/-ach for the Financial Year 2025-26 Previous periods figures have been regrouped;rearranged wherever considered necessary. : New Delhi (Manoj Kumar bubey) 15 October 2025 For O P Totla & Co. Chaitman and Managing Director & CEO Chartered Accountants DIN: 07518387 FR No. : 000734C CA. A, ain Partner M. No_ d1550)
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Annexure-C B. Statement of Deviation or Variation in use of Issue Proceeds Particulars Remarks Name of listed entity Indian Railway Finance Corporation Limited Mode of Fund Raising Private Placement Type of instrument Unsecured, Redeemable, Non-Convertible, Taxable Bonds Date of Raising Funds Refer Col. 5 above table - Amount Raised (Rs. In Crore) NIL Report filed for Quarter ended ) 30.09.2025 Is there a Deviation / Variation in use of funds raised? | No Whether any approval is required to vary the objects of the issue stated in the prospectus/ offer document? If yes, details of the approval so required? Date of approval N.A. Explanation for the Deviation / Variation Comments of the audit committee after review Comments of the auditors, if any Objects for which funds have been raised and where there has been a deviation, in the following table: Modified Object, any Modified allocation, ifany Original Object Original if | Allocation Funds Utilised Amount of Deviation/Variation for the Quarter according to applicable object (INR Crores and in %) Remarks, ifany N.A. Deviation could mean: (a) Deviation in the objects or purposes for which the funds have been raised against what was originally disclosed. (b) Deviation in the amount of funds actually utilized as
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T T e e war e R o 7 T o ] T | e s 7 & T v ] T s T e T G T e T | v 7 o s w5 T v T T T — R S e T S R e TR
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Add. : 302 Alankar Point. O P TOTLA & CO- Geeta Bhawan Square A. B. Roa CHARTEREDACCOUNTANTS Indore 001 (M.P.) R contact@optotlaco.com Independent Auditor’s Review Report on Unaudited Financial Results of Indian Railway Finance Corporation Limited for the quarter and six months ended September 30, 2025 pursuant to Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. The Board of Directors Indian Railway Finance Corporation Limited We have reviewed the accompanying Statement of unaudited financial results of “Indian Railway Finance Corporation Limited” (“the Company”) for the quarter and six months ended September 30, 2025 (“the Statement”), being submitted by the Company pursuant to the requirements of Regulation 33 and Regulation 52 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations. 2015 as amended ("the Listing Regulations"), from time to time. Management’s Responsibility for the Interim Financial Results This Statement is the responsibility of the Company’s Management and approved by the Company’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 “Interim Financial Reporting” (Ind AS 34), prescribed under Section 133 of the Companies Act, 2013 as amended read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue a conclusion on these financial results based on our review. Scope of Review We conducted our review of the Statement in accordance with Standard on Review Engagement (SRE) 2410 “Review of Interim Financial Information performed by the Independent Auditor of the entity™, issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, preliminary of persons responsible for financial and accounting matters, and applying the analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with standards on auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly. we do not express an audit of inion. 20TL4 5
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4. Conclusion Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement of Unaudited Financial results read with notes thereon prepared in accordance with recognition and measurement principles laid down in the applicable Indian Accounting Standards specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other recognized accounting practices and policies, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 as amended. including the manner in which it is to be disclosed, or that it contains any material misstatement. Emphasis of Matter We draw attention to Note- 4 of the unaudited financial results which depicts extension of moratorium period for Project EBR IF 2019-20 by one year. Pending execution of lease agreement, the company was booking lease income and capital recovery on same w.e.f. 24" March, 2025 on the basis of its MoU with ministry of Railways. Earlier booked lease income is now reversed and booked as pre commencement lease interest-income on reporting date. Our conclusion is not modified in respect of this matter. For O P Totla & Co. Chartered Accountants FR No. : 000734C Place : New Delhi Date : 15-10-2025 CA. Aayush Jain Partner M. No.: 435501 UDIN : 25435501BMLYFV2946 Page 2 of 2
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Press Release IRFC Reports Highest-ever PAT with Double-Digit Growth on the Back of Strategic Diversification and Improved NIM New Delhi, 15th October 2025: Indian Railway Finance Corporation (IRFC), a Navratna CPSE under the Ministry of Railways, announced its unaudited financial results (standalone) for the 2" quarter and half-year ended 30th September 2025. Financial Performance: During the quarter and half year ended 30th September 2025, IRFC’s total income stands at INR 6,371.91 crores and INR 13,290.15 crores respectively, supported by effective liability management and steady asset quality. During the period ending 30% September 2025 Company reported Profit After Tax (PAT) at INR 3,522.67 crores vis-a-vis INR 3,189.47 crores in corresponding period in the previous year, reporting a robust double-digit growth of 10.45%. The company posted profit growth of 10.19% for Q2 FY 2025-26 at Rs. 1,776.98 crores vis-a-vis Rs. 1,612.65 crores reported in Q2 FY 2024-25. The strong performance underscores the success of the company’s strategic diversification, with new business segments contributing to improved margins and profitability. The Corporation is showing an upward trajectory in Assets Under Management (AUM), which stands at INR 4.62 lakh crores, despite the absence of new business from Indian Railways and no existing pipeline over the preceding years, an achievement driven entirely by proactive business development initiatives during the first half. During this period, the Corporation also exhibited the highest-ever Net Worth and EPS of INR 56,193.85 crore and INR 5.39 per share (annualised) respectively. Business Diversification and Growth: IRFC sanctioned and executed new business agreements aggregating 345,382 crore during the half year across railway-linked sectors such as power generation including renewable energy, energy transmission, coal mining, industrial infrastructure, etc. These sanctions represent a ninefold increase from the 5,250 crore executed in the preceding financial year. The new transactions, concluded at competitive yet value-accretive spreads, have led to a notable improvement in Net Interest Margins (NIMs), which now stands at 1.55% (annualized) a trend visibly reflected in the double-digit PAT growth and expected to strengthen further in the coming quarters as the diversified portfolio matures.
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Dividend Declaration: The Board of Directors has declared the highest-ever interim dividend of ¥1.05 per share, reaffirming the company’s commitment to delivering sustained value to its shareholders. Commenting on the results, Shri Manoj Kumar Dubey, Chairman and Managing Director, IRFC, said: “The strong financial performance during the first half of FY 2025-26 reaffirms IRFC's resilience, operational strength, and ability to evolve with the changing financing landscape. The Corporation’s diversification strategy is yielding tangible results, with improved NIMs, zero NPA track record, and growing profitability. As a strategic financial institution under the Ministry of Railways, IRFC continues to play a pivotal role in enabling railway-linked infrastructure growth while maintaining financial prudence and stakeholder trust.” Future Outlook: With strategic diversification gaining momentum, IRFC is well- positioned to expand its asset base in the second half of FY 2025-26. The newly added business lines are expected to drive long-term growth, sustain the upward trajectory in Net Interest Margins (NIMs), and further strengthen IRFC's position as a leading and strategic infrastructure financier in the country. Social Media Handles X: @IRFC_1986 | FB: Indian Railway Finance Corporation | Insta: irfc.official YouTube: @IRFCOfficial | Website: www.irfc.co.in B