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PRIVATE & CONFIDENTIAL Indian RailwayFinance Corporation Limited Performance Highlights For the nine months ended 31st December 2025 19th January 2026
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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 31stDecember 2025 Net Gearing Ratio (Upto 9M FY 25-26) 7.38x CRAR % (Upto 9M FY 25-26) 161.16% Total Debt (Upto 9M FY 25-26) INR 4,17,940.38Cr 1.51% Annualized NIM (Upto 9M FY 25-26) Ratings CRISIL AAA | CRISIL A1+ ICRA AAA | ICRA A1+ CARE AAA | CARE A1+ RoE / RoA (Upto 9M FY 25-26) AUM ( 9M FY 25-26) INR 4,75,451.25 Cr GNPA Tax Liability NIL Net worth (Upto 9M FY 25-26) INR 56,625.41 Cr 12.99 / 1.44% NIL Company Overview AUM Break-Up (Upto 9M FY 25-26) Minimal credit risk : 95.23% of AUM is exposure to MoR 2 Annualized Lease Receivables R/S Asset (Incl. NTPC BOBR Rakes), 28.87% Lease Receivables Project Assets, 18.34% Advance against Railway Infrastructure Assets to be leased , 48.05% Loan to companies, 4.74%
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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 31st December 2025 stands at INR 4,75,451.25 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 ◼ PAT upto 9M FY 25-26 stands at Rs. 5,324.86 crore and grew by 10.47 % as compared to the corresponding period 9M FY 24-25. ◼ Revenue from operations upto 9M FY 25-26 stands at Rs 19,948.40 Cr ◼ Low overheads, administrative costs and high operational efficiency ◼ Healthy return ratios – RoA at 1.44% and RoE at 12.99% upto 9M 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 4,75,451.25 Cr AUM (Upto 9M FY 25-26) GNPA ( 9M FY 25-26) Long term Ratings Tax Liability Net Worth (9M FY 25-26) PRIVATE& CONFIDENTIAL 3 CumulativeGap over 5 yrs AAA NIL 56,625.41 Cr NIL
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Strategic role in financing growth of Indian Railways AUM Break-Up (Upto 9M FY 25-26)Assets Under Management (Figures in INR crore) Disbursements Minimal credit risk : 95.23% of AUM is exposure to MoR PRIVATE& CONFIDENTIAL 4 All figures are in Crores, unless specified otherwise Lease Receivables R/S Asset (Incl. NTPC BOBR Rakes), 28.87% Lease Receivables Project Assets, 18.34% Advance against Railway Infrastructure Assets to be leased , 48.05% Loan to companies, 4.74% 368007.20 429204.16 466148.28 464641.28 460047.84 461251.34 475451.25 FY 20- 21 FY 21-22 FY 22-23 FY 23-24 FY 24- 25 9M FY 24-25 9M FY 25-26 104369.00 59899.00 32337.77 0.00 732.00 0.00 21161.85 FY 20-21 FY 21- 22 FY 22- 23 FY 23-24 FY 24-25 9M FY 24-25 9M FY 25-26
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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 (31st December 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 Stable Fitch BBB- Stable Japanese Credit Rating Agency BBB+ Stable Borrowing Mix as on 31st December 2025 Competitive cost of borrowings based on strong credit ratings in India and diversified sources of funding Borrowing Mix as on 31st December 2024 PRIVATE& CONFIDENTIAL 5 57.05% 19.48% 16.75% 5.02% 1.70% Bonds (Including 54EC Bonds) LTL ECB NSSF & IIFCL STL 54.04% 23.74% 16.14% 4.30% 1.77% Bonds (Including 54EC Bonds) LTL ECB NSSF & IIFCL 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 4,514.61 6,205.38 6,203.37 6,428.85 6,568.90 4,858.50 5,309.05 4,416.13 6,089.84 6,167.16 6,412.10 6,502.00 4,820.13 5,324.86 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 9 M F Y 2 4 - 25 9 M F Y 2 5- 26 Net Interest Income PAT 17.0 27.0 27.6 24.5 27.8 18.3 34.1 0.11% 0.13% 0.12% 0.09% 0.10% 0.09% 0.17% 0.00% 0.05% 0.10% 0.15% 0.20% 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 FY 20-21 FY 21-22 FY 22-23 FY 23-24 FY 24-25 9M FY 24-25 9M FY 25-26 Operating Exp Operating Exp as a % of Total Income
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Consistent Financial Performance (*) Annualized For 9M 24-25 & 9M 25-26 ReturnRatios* CRAR and Net Gearing Ratio Net Interest Margin* PRIVATE& CONFIDENTIAL 7 1.35% 1.47% 1.31% 1.31% 1.34% 1.33% 1.44% 13.34% 15.97% 14.50% 13.66% 12.77% 12.92% 12.99% FY 20-21 FY 21-22 FY 22-23 FY 23- 24 FY 24-25 9M FY 24-25 9M FY 25-26 RoA RoE 420.00% 433.15% 484.88% 616.15% 672.85% 719.85% 161.16% 9.00 9.62 9.38 8.38 7.83 7.81 7.38 FY 20-21 FY 21-22 FY 22-23 FY 23-24 FY 24-25 9M FY 24-25 9M FY 25-26 CRAR Net Gearing Ratio 1.45% 1.56% 1.39% 1.38% 1.42% 1.40% 1.51% 1.00% 1.50% 2.00% FY 20 -21 FY 21 -22 FY 22 -23 FY 23 -24 FY 24 -25 9M FY 24 -25 9M FY 25 -26
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Key Ratios- FY 2025-26 PRIVATE& CONFIDENTIAL 8 Particulars 9M FY 2025-26 Net Interest Margin 1.51 % (Annualized) Return on Equity 12.99 % (Annualized) Net Gearing Ratio 7.38x CRAR 161.16 % EPS Rs 5.43 per share (Annualized) Interim Dividend Paid for FY 2025-26 Rs 1.05/- per share
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Snapshot of Key Financials Particulars Nine Month Ended Year-Ended 31st Dec 2025 31st Dec 2024 Growth in % 31st March 2025 Revenue from Operations 19,948.40 20,428.40 -2.35% 27,152.14 Finance Cost 14,480.83 15,498.72 -6.57% 20,495.09 Net Interest Income 5,309.05 4,858.50 9.27% 6,568.90 Profit Before Tax 5,324.86 4,820.13 10.47% 6,502.00 Profit After Tax 5,324.86 4,820.13 10.47% 6,502.00 Total ComprehensiveIncome 5,329.83 4,819.34 10.59% 6,486.33 All figures are in INR Crore 9PRIVATE& CONFIDENTIAL
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The Way Forward and Opportunities in Indian Railways 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 including metros Dedicated Freight Lines Semi/High Speed Railway Corridors & High- Speed Train Multi-Modal Logistics Parks DiversifyingAcross 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, DMRC, IIFCL, REMCL , MMRDA & JNPT 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 transformingto a diversified financier supporting broader infrastructure within the Railway ecosystem 10
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Our Diversified Portfolio Power Transmission Renewable Energy Power Generation Railways Fertilizers
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Agreements Executed & Disbursements (Non-MoR Business)-FY 2025-26 Sector Agreements Executed Disbursements In INR Cr In % In INR Cr In % Railways 12,493 20.78% 12,386 58.53% Power 43,615 72.56% 5,115 24.17% Renewables -- -- 2,400 11.34% Fertilizers 4,000 6.65% 1,260 5.95% Total 60,108 100% 21,161 100%
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Diversification Highlights of Quarter 3 IRFC successfully completed a landmark ₹9,821 crore refinancing of DFCCIL ’s s World Bank loan, replacing forex exposure with rupee financing and setting a new benchmark in railway infrastructure funding Disbursements during Q3 stood at ₹15,099 crore and INR 21,161 crore upto 9M 25-26, reflecting strong execution momentum Cumulative sanctions crossed ₹60,000 crore for the current FY, underscoring sustained growth in IRFC’s diversified lending portfolio. Agreements aggregating ₹14,821 crore were executed in Q3, translating sanctions into committed assets IRFC emerged as L1 bidder for an exposure of over INR 17,000 crore in Q3 and agreements for the same are yet to be executed
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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 15PRIVATE& CONFIDENTIAL
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* The presentation is prepared based on un-audited financial statements of IRFC for the quarter/9M ended 31st December 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 managements current 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 16PRIVATE& CONFIDENTIAL
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PRIVATE& CONFIDENTIAL Financials- P & L Statement 17
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Financial-Balance Sheet –1/2 18PRIVATE& CONFIDENTIAL
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Financials – Balance sheet (2/2) 19PRIVATE& CONFIDENTIAL