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Indian Railway Finance Corporation Limited Performance Highlights For the Half year ended 30th September 2026 15th October 2026
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Snapshot of the Company Snapshot of the Company Company Overview AUM Break-Up (Upto HY1 FY 2026-27) ◼ 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 Minimal credit risk : 92.36% of AUM is exposure to MoR Total Debt (HY1 FY 26-27) Net Gearing Ratio (HY1 FY 26-27) INR 4,31,482.83Cr AUM ( HY1 FY 26-27) RoE / RoA (HY1 FY 26-27) INR 4,69,767.03 Cr GNPA Tax Liability NIL NIM (HY1 FY 26-27) 1.50 % Annualized Net worth ( HY1 FY 26-27) INR 60,573.35 Cr 13.25%/ 1.49% Annualized NIL Ratings CRISIL AAA | CRISIL A1+ ICRA AAA | ICRA A1+ CARE AAA | CARE A1+ 7.12x CRAR (HY1 FY 26-27) 102.56 % All numbers are as on 30th September 2026 2 Lease Receivables R/S Asset (Incl. NTPC BOBR Rakes), 26.70% Lease Receivables Project Assets, 51.48% Advance against Railway Infrastructure Assets to be leased , 14.23% Loan to companies, 7.59%
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Key Strengths Key Strengths Strategic role in growth of AUM (Upto HY1 FY 26-27) 1 Indian Railways INR 4,69,767.03Cr ◼ Dedicated market borrowing arm for the Indian Railways (IR) ◼ AUM as on 30th September 2026 stands at INR 4,69,767.03 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 GNPA (HY1 FY 26-27) 2 Low risk, Cost –Plus business model NIL Long term Ratings Competitive Cost of 3 Borrowings AAA ◼ 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 ◼ 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. Cumulative Gap over 5 yrs 4 Strong Asset-Liability Management NIL ◼ 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. Net Worth (HY1 FY 26-27) 5 Consistent financial performance INR 60,573.35 Cr ◼ PAT upto HY1 FY 26-27 stands at Rs. 3,885.69 crore increased by 10.31 % as compared to PAT of Rs 3,522.67 Crore for HY1 FY 25-26 ◼ Revenue from operations upto HY1 FY 26-27 stands at Rs 16,127.52 crore increased by 21.38 % as compared to Revenue form operations of Rs 13,287.27 Crore for HY1 FY 25-26 ◼ Low overheads, administrative costs and high operational efficiency ◼ Healthy return ratios – RoA at 1.49 % and RoE at 13.25 % upto HY1 FY 26-27 (Annualized) Tax Liability 6 Enjoys Regulatory Exemptions NIL 3
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Strategic role in financing growth of Indian Railways Strategic role in financing growth of Indian Railways Assets Under Management (Figures in INR crore) AUM Break-Up (HY1 FY 26-27) Minimal credit risk : 92.36 % of AUM is exposure to MoR Disbursements (Figures in INR crore) All figures are in Crores, unless specified otherwise 4 59899.00 32337.77 0.00 732.00 35067.00 6062.94 1747.07 FY 21- 22 FY 22- 23 FY 23-24 FY 24-25 FY 25-26 HY1 FY 25-26HY1 FY 26-27 429204.16 466148.28 464641.28 460047.84 484616.77 461973.43 469767.03 FY 21-22 FY 22-23 FY 23-24 FY 24- 25 FY 25-26 HY1 FY 25-26 HY1 FY 26-27 Lease Receivables R/S Asset (Incl. NTPC BOBR Rakes), 26.70% Lease Receivables Project Assets, 51.48% Advance against Railway Infrastructure Assets to be leased , 14.23% Loan to companies, 7.59%
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Competitive cost of borrowings based on strong credit ratings in India and diversified sources of funding Competitive cost of borrowings based on strong credit ratings in India and diversified sources of funding Borrowing Mix as on 30th September 2026 Borrowing Mix as on 30th September 2025 Particulars (30th Sept 2026) 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 A- Stable Diversified sources of funding, credit ratings and strategic relationship with the MoR, have enabled IRFC to keep costs of borrowing competitive ◼ **At par with India’s sovereign ratings; 5 58.22% 18.44% 16.83% 5.15% 1.36% Bonds (Including 54EC Bonds) LTL ECB NSSF & IIFL STL 53.94% 22.37% 19.43% 4.06% 0.20% Bonds (Including 54EC Bonds) LTL ECB NSSF STL
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Consistent Financial Performance ConsistentFinancial Performance Net Interest Income & PAT Negligible Operating Expenses All figuresare in INR Crore,unless specifiedotherwise 6 6,205.38 6,203.37 6,428.85 6,568.90 7,088.23 3,590.30 3,567.06 6,089.84 6,167.16 6,412.10 6,502.00 7,009.17 3,522.67 3,885.69 F Y 2 1- 22 F Y 2 2- 23 F Y 2 3- 24 F Y 2 4- 25 F Y 2 5- 26 H Y 1 F Y 2 5- 26 H Y 1 F Y 2 6- 27 Net Interest Income PAT 27.0 27.6 24.5 27.8 51.8 21.71 25.06 0.13% 0.12% 0.09% 0.10% 0.19% 0.16% 0.15% 0.00% 0.05% 0.10% 0.15% 0.20% 0.0 10.0 20.0 30.0 40.0 50.0 60.0 FY 21-22 FY 22-23 FY 23-24 FY 24-25 FY 25-26 HY1 FY 25-26 HY1 FY 26-27 Operating Exp Operating Exp as a % of Total Income
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Consistent Financial Performance ConsistentFinancial Performance ReturnRatios* Net Gearing Ratio Net InterestMargin* (*) Annualized 7 1.47% 1.31% 1.31% 1.34% 1.39% 1.42% 1.49% 15.97% 14.50% 13.66% 12.77% 12.81% 13.09% 13.25% FY 21-22 FY 22-23 FY 23- 24 FY 24-25 FY 25-26 HY1 FY 25-26HY1 FY 26-27 RoA RoE 9.62 9.38 8.38 7.83 7.69 7.25 7.12 FY 21-22 FY 22-23 FY 23-24 FY 24-25 FY 25-26 HY1 FY 25-26 HY1 FY 26-27 Net Gearing Ratio 1.56% 1.39% 1.38% 1.42% 1.50% 1.55% 1.50% 1.00% 1.50% 2.00% FY 21 -22 FY 22 -23 FY 23 -24 FY 24 -25 FY 25 -26 HY1 FY 25 -26 HY1 FY 26 -27 NIM
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Key Ratios- HY1 of FY 2026-27 Key Ratios- HY1 of FY 2026-27 Particulars HY1 FY2026-27 Net Interest Margin 1.50% (Annualized) Return on Equity 13.25% (Annualized) Net Gearing Ratio 7.12 x CRAR 102.56% EPS Rs 5.95/- per share (Annualized) Interim Dividend Declared for FY 2026-27 Rs. 1.15 /- per share 8
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Snapshot of Key Financials Snapshot of Key Financials Particulars Half year ended 30th Sept 2026 Half year ended 30th Sept 2025 Growth (%) Year ended 31st March 2026 Revenue from Operations 16,127.52 13,287.27 21.38% 27,284.15 Finance Cost 12,338.12 9,668.81 27.61% 20,005.26 Net Interest Income 3,567.06 3,590.30 -0.65% 7,088.23 Profit Before Tax 3,885.69 3,522.67 10.31% 7,009.17 Profit After Tax 3,885.69 3,522.67 10.31% 7,009.17 Total Comprehensive Income 3,824.59 3,526.08 8.47% 6,824.46 9 All figures are in INR Crore
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The Way Forward and Opportunities in Indian Railways The Way Forward and Opportunitiesin Indian Railways As per charter, companycan fund activitiesthat have backward or forward linkagefor the Railways Rolling Stock Lease To entitiesother than MoR Funding Railway Infrastructure Through State JVincluding metros Dedicated Freight Lines Semi/HighSpeed RailwayCorridors& High- Speed Train Sector Diversification Power Generation& Transmission, Mining, Fuel, Coal, Warehousing,Telecom,Hotels and Catering Multi-Modal LogisticsParks DiversifyingAcross Modes of Transport Non-conventionalsources of Energy Including RenewableEnergyfor the RailwayNetwork IRFC has already enteredinto MoUs with VOCPA,SFCL,RITES, DMRC,IIFCL, REMCL , MMRDA & JNPT for strategic collaboration Strategic diversificationby targeting critical Railway ecosysteminfrastructuresuch as PPP projects, metros, station development, first- last mileconnectivityand ports IRFC is transformingto a diversified financier supporting broader infrastructurewithin the Railway ecosystem 10
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Our Diversified Portfolio Our DiversifiedPortfolio Railways Power Generation RenewableEnergy PowerTransmission Fertilizers Metro Rail MMLP & Logistics Ports & Waterways Mining
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Agreements Executed Disbursements-Non MoR Business Agreements Executed & Disbursements-Non MoR Business Sector Agreements Executed Disbursements In INR Cr In % In INR Cr In % Fertilizers 16,842 17.4% 13,736 36.6% Power 44,614 46.0% 8,116 21.6% Railways 26,343 27.2% 12,593 33.5% Renewables 9,200 9.5% 3,100 8.3% Grand Total 96,999 100% 37,546 100% Of which INR 4,200 crore agreements were executed in Q2 of FY 26-27
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Investors Contact Investors Contact For Equity shares: investors@irfc.co.in For Section 85 Capital Gain Tax Exemption Bonds: 54ecbonds@irfc.co.in Bonds other than Section 85 Capital Gain Tax Exemption Bonds: irfcbonds2@irfc.co.in
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Thank You Thank You 14
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Disclaimer Disclaimer * The presentationis preparedbased on un-audited financialstatementsof IRFC for the Half Year ended 30th September 2026. *There is a possibilityof Ind As financialresultsand the additionaldisclosuresto be updated, modified or amended because of adjustments whichmay be requiredto be made on account of introductionof new Standardsor its interpretation,receiptof guidelinesor circularsfrom regulatory bodies and/or ReserveBank 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 involves uncertainties and risk that could cause actual results to differ materiality from the current views being expressed. Potentialuncertainties and risk include factors such as general economic conditions, currency fluctuations, competitive product and pricing pressures, industrialrelationsand regulatorydevelopments. * Wedo not update forwardlooking statementsretrospectively.Such statementsare valid on the date of publicationand can be superseded. * Figuresare regrouped/ reclassifiedto make them comparable. * Analyticaldata are best estimatesto facilitatesunderstandingof businessand not meant to reconcile reportedfigures. * Answerswill be givenonly to non price sensitivequestions. *This presentationis for information purpose only and do not constitute an offer or recommendationto 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 consequencesof such actionstaken by you. 15
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Financials- P L Statement Financials- P & L Statement 16 Particulars Half Year Ended 30th September 2026 Half Year Ended 30th September 2025 Year Ended 31st Mar 2026 Revenue From Operations Interest Income 1,865.44 4,326.49 9,539.83 Lease Income 14,243.00 8,946.47 17,726.00 Other Operating Income 19.08 14.31 18.32 Total Revenue from Operations 16,127.52 13,287.27 27,284.15 Dividend Income - - 0.54 Other Income 188.28 2.88 53.37 Total Income 16,315.80 13,290.15 27,338.06 Expenses Finance Costs 12,338.12 9,668.81 20,005.26 Impairment on Financial Instruments -1.53 10.12 124.03 Employee Benefit Expense 12.32 9.28 21.28 Depreciation, Amortization and Impairment 3.22 2.68 6.05 Other Expenses 77.98 76.59 172.27 Total Expenses 12,430.11 9,767.48 20,328.89 Profit Before Exceptional Items and Tax 3,885.69 3,522.67 7,009.17 Exceptional Items - - - Profit Before Tax 3,885.69 3,522.67 7,009.17 Current Tax - - - Deferred Tax - - - Adjustment for Earlier Years - - - Profit for the Period from Continuing Operations 3,885.69 3,522.67 7,009.17 Statement of Profit and Loss (All amounts is INR Crore, unless stated otherwise)
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Financials- Balance Sheet (1/2) Financials- Balance Sheet (1/2) 17 Particulars Half Year Ended 30th September 2026 Half Year Ended 30th September 2025 Year Ended 31st March 2026 ASSETS Financial Assets Cash And Cash Equivalents 29,946.38 18,750.48 211.31 Bank Balance Other Than Cash and Cash Equivalents 806.00 595.34 766.50 Derivative Financial Instruments 3,950.26 454.97 2,476.37 Loans: - Loan to Companies 35,642.42 7,955.06 35,949.52 - Lease Receivables 367,288.29 229,749.86 383,942.01 Investments 28.57 41.72 28.14 Other Financial Assets 81,658.87 234,743.96 83,037.40 Total Financial Assets 519,320.79 492,291.39 506,411.25 Non-financial assets Current Tax Assets (Net) 222.72 383.46 175.20 Property, Plant And Equipment 16.35 13.59 17.21 Right of Use Assets 0.19 1.56 0.75 Intangible assets under development - 3.78 10.10 Other Intangible Assets 9.31 0.58 0.37 Other Non-Financial Assets 8,407.23 11,301.93 10,061.60 Total Non-Financial Assets 8,655.80 11,704.90 10,265.23 Total Assets 527,976.59 503,996.29 516,676.48 Balance Sheet (All amounts is INR Crore, unless stated otherwise)
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Financials- Balance Sheet (2/2) LIABILITIES AND EQUITY LIABILITIES Financial Liabilities Derivative Financial Instruments 1,655.16 2,679.52 2,393.90 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 - - 1.66 (ii) Total outstanding dues of creditors other than micro enterprises and small enterprises 10.38 16.64 13.10 Debt Securities 259,224.68 261,790.85 262,703.05 Borrowings (Other Than Debt Securities) 172,258.15 145,822.79 173,767.34 Lease Liabilities 0.20 2.51 0.76 Other Financial Liabilities 28,445.89 33,763.98 19,539.27 Total Financial Liabilities 461,594.46 444,076.29 458,419.08 Non-Financial Liabilities Provisions 308.96 304.60 270.23 Other Non-Financial Liabilities 5,499.82 3,421.55 1,238.41 Total Non-Financial Liabilities 5,808.78 3,726.15 1,508.64 Total Liabilities 467,403.24 447,802.44 459,927.72 Equity Equity Share Capital 13,068.51 13,068.51 13,068.51 Other Equity 47,504.84 43,125.34 43,680.25 Total Equity 60,573.35 56,193.85 56,748.76 Total Liabilities And Equity 527,976.59 503,996.29 516,676.48