Interim report
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en ae EN rm fastuRE HitFiT ffl t3HF, ffi3TTtr L659ioDLi986G01026363] tiapfflrfu.iSqck,#Eiat,TTREtaTET,thffianFTh',mftFT,althds,T€RE-ii0003 gl`m +91-Oil-24361480 €-fu. info@irfc.co.in,aRETEE. hitDs://irfc.co.in INDIAN RAILWAY FINANCE CORPORATION LTD. (A Government of India Enterprise) (CIN: L65910DL1986G01026363) Regil. Office: UG Floor, East Tower, N BCC Place, Bhisham Pitamali Marg, Pragati Vihar, Loilhi P\ctad, r\Tew Delhi -1100113 Phone: +91-011-24361480 E-mail: info@irfc.co.in, Website: https://irfc.co.in/ No: IRFC/SE/2026-27/54 15th october 2026 National Stock Exchange of India Limited Listing department, Exchange Plaza, Bandra-Kurla Complex, Bandra (E) Mumbai-400 051 Scrip Symbol: IRFC BSE Limited Listing Dept / Dept of Corporate Services, P] Towers, Dalal Street, Mumbai -400 001 Scrip Code: 543257 Sub: Outcome of Meeting of Board of Directors held on Thursdav.15th October 2026 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 Thursday,15th October 2026, inter alia considered and approved the following: 1. Pursuant to Regulation 30, 33, 51, 52 and 54 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 2026 and Statement of Assets and Liabilities as on that date along with Joint Statutory Auditor's Limited Review Report thereon. The Un-audited financial results have been reviewed by the Audit Committee in its meeting held on 15th October 2026 and approved & taken on record by the Board of Directors of the company in their respective meetings held on 15[h October, 2026. Further, Disclosure in accordance with Regulation 23(9), 52(4), 52(7) & (7A) and 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. Pursuantto Regulation 30, 51,42 and 43 ofsEBI (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. LJfper equity shares of Rs.10/-each for the financial year 2026-27. The "Record date" for determining eligibility of shareholders for payment of the said Second Interim Dividend, as declared by the Board is Friday, 23rd October 2026 and the said interim dividend shall be paid within 30 days from the date of its declaration to those shareholders, whose names appear (i) as beneficial owners in the statement(s) furnished by the depository(ies) as on the close of business hours on Friday, 23rd October 2026 in respect of shares held in dematerialized form; and (ii) as members in the register of members on Friday, 23rd October 2026 in respect of physical shares. 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, 23rd October 2026. No communication on the tax determination/deduction of tax at lower rates shall be entertained after Friday, 23rd October 2026,
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en RE fflEffi RE fREtuiitTtTFTiTFTGZFT,ffi3TrfeL659ioDLi986G01026363] tifty5Trfu.givtRir,trEiaT,uREtaH,iThfroTh',mfaFT,chthds,T€fan_110003 g{+rm +9i]oil-24361480 €-fa. info@irf±=cQun, aRETF httos://irfc.co.in INDIAN RAILWAY FINANCE CORPORATION LTD. (A Governmeiit of India Entei.prise) (CTN: L65910DL1986G01026363) Ri'gii. Ofhce: UG Floor, Ecisl Tc)wet., NBCC Place, Bhisham Pitamali Marg, Pragati \'ihcir, Lctdhi Road, \Tii\\' Di`1hi -110003 Phone: +91-011-2±361480 E-mail: iirfo@irfc.co.in, W'ebsite: https://irfc.co in/ In this regard, it is pertinent to mention that dividend income is taxable in the hands of the shareholders, and the company is required to deduct tax at source (TDS) at the time of making payment of dividends, at the rates prescribed in The Income Tax Act, 2025. It is further informed that in case tax on dividend is deducted at higher rate in the absence of requisite details/ documents, refunds of the excess tax paid may still be claimed by shareholders at the time of filing income tax return. However, no claim shall lie against the Company f.or such taxes deducted. Further, shareholders will be able to see the credit of TDS in Form 168, which can be downloaded from their e-filing account at Income Tax Portal. Further, it is pertinent to mention that, pursuant to the recent amendments in the Listing Regulations, the dividend payment shall be made exclusively through electronic mode. The provision for remittance of dividend via physical instruments such as cheques or warrants has been discontinued. In view of the same, members are therefore advised to update their bank account details to enable seamless credit of dividends as follows: • For shares held in Demat form: Please contactyour Depository/Depository Participant (DP) and register or update your bank details in your demat account as per the process advised by your DP. • For shares held in Physical form: Please contact the Company/RTA and register or update your KYC and Bank Account details in your folio by submitting the requisite documents. 3. The Board has also approved the Policy for Transition to the NBFC Upper Layer Regulatory Framework. The Board meeting commenced at I J+fo Pin and concluded at 3 `10 P'TY\., This is submitted for your information and record. Thanking you. For Indian Railway Finance Corporation Limited Vij abula] Shirode (Company Secretary & Compliance Officer) Enclosure: As Above
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(A Government Of lndla Enterprise) Ph. : all-24361480, Email: investors@irfc.co.In, Webslte: https://lrfc.co.[n (Amounts ln Rs. Crone, unless stated otherwlse) Querfer Ended eriod-(before Tax and Exce riod before Tax (after Exce `onal items) ional items) Total Comprel.enslve Income for the period [comprlslng Profit for the period after tax and Other ital (Face Value Of Rs.10/-Per Share) ital/Outstandin Per Share (Of Rs.10 each)-Nan annuallzed rvote 1 The above financial results have been reviewed by the Audit Committee on 15th October 2026 and the same have been approved and taken on record by the Board of Directors at their meeting held on 15th October 2026. 2 The above is an extract of the detailed format for the quarter and half year ended 30'h September 2026 financial results filed with the stock exchange under Regulation 33 & Regulation 52 of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the quarter and half year ended 30th September 2026 financial results is available on the website of the stock exchanges (www.bseindia.com and www.nseindia.com) and the website of the Company (https://irfc.co.in). 3 Shareholders holding shares in dematerialized mode are requested to update their records such as tax residential status, and permanent account number (PAN), mobile numbers and other details with the relevant depositories through their depository participants. Shareholders holding shares in physical mode are requested to furnish details to the Company's Registrar and Share Transfer Agent, M/s Beetal Financial & Computer Services (P) Ltd at irfc@beetalfinancial.com. Member(s) are also requested to register/update their E-mail lD with company at investors@irfc.co.in/Depository participants/Company's Registrar & Share Transfer Agent at irfc@beetalfinancial.com which will be used for sending official documents through e-mail in future. 4 Previous periods figures have been re-gouped/rearranged wherever considered necessary. 5 The company is not having subsidiary/associate/joint venture company(is), as on 30th September 2026. Accordingly, the company is not required to prepare consolidated financial results. 6 The Board of Directors have declared the Interim Dividend of Rs.If per equity share of Rs.10/-each forthe Financial Year 2026-27. 7 Shareholders are requested to claim their unpaid/ unclaimed dividend, if any by writing to Company at its Registered Office or email at investors@irfc.co.in or to R&TA of the Company at irfcinvestors@beetalmail.com. Dividends if not encashed for a consecutive period of seven (7) years lying with the Companies unpaid dividend accounts, are liable to be transferred to the lnvestor Education and Protection Fund (''lEPF") along with the shares in respect of such unclaimed dividends. (Manoj Kumar Chairman and Managing Director & CEO Place: New Delhi Date |5th October 2026 DIN: 07518387
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INDIAN RAllwAV FINANCE CORPORATION LIMITED (A Go`/ernment Of lndla Eilte prise) CIN L65910DL1986GOI0Z6 363 Re8lstered Office: UG F Ioor, East Tower, NB CC Place, Bhlsham P]tamah M erg. Pragatl Vlhar, Lodh Cad, New Delhi-110003 Pl`. : all-Z4361480 Email : invostors@irfc.co.In, Webslte : https://irfc.co. Statement of unaudited I:lnancl Results for the qLlarter and half year ended 30th Se tember Z026 (Amounts in Rs. Crore, unl ess stated otherwise) Particulars Quarter Ei`ded Hal'Ye ar Ended year Elided 30th September2026 30th June Z026 30tl. September Z025 30th September 20Z6 30th September Z025 31st March2026 umaudlted Unaudlted uroudned unaudlted umaudlted Audited RevenL[e from Operatioris(i)InterestIncome 717.88 1,147.56 2,829.17 1,865.44 4,326.49 9,539.83 (ii) Lease Income 7,148.53 7,094.47 3,S42.72 14,243.00 8,946.47 17,726.00 (iii) Other operatjni= Income(I)TctalRevenueFromoperatlons 19.08 19.08 14.31 18.32 7,866.41 8,261.11 6,371.89 16,127.52 13,Z87.272.88 27,284.15054 (Ill Dividendlncome(Ill)Otherlncome(lv|Tctallncome(I+II+Ill)Expenses(i)Financecosts 58.05 130.23 0.02 188.28 53.37 7,924.46 8,391.34 6,371.91 16,315.cO 13,290.15 27,338.06 5,917.08 6,421.04 4,544.42 12,338.12 9,668 81 20,005.26 (Ii) lmpairment on Financial Instruments (0.44) (1.09) 4.02 (1.S3 10.12 124.03 (ll'i) Employee Benefit Expense 7.25 5.07 5.58 12.32 9.28 21.28 (iv) Depreciation. Amortization and lmpairment 2.07 1.15 1.35 3.22 2.68 6.05 (v) Others expenses (to be specified)•CorporateSocialResoonsibilitv (CSR) 31.98 33.26 32.08 65.24 64,16 141.77 . Others(V)TotalEitcenses(Vl)ProfltBeforeExceptlonal Items and Tax (IV. V)|VIl)ExceptionalItemslvllltProfitBeforeTarlvl-Vlll(lx)TanExpensa•CurrentTax•DeferredTax•AdjustmentforEarlierYeai.sTotalTaxExpenses(X)Profi.IfortheperiodFromcontlnulngoperations (Vlll-IX)(Xl)ProfitfromDiscontinuedoperations(Xll)TaxExpenseofDiscontinuedoperations(Xwl)ProfltfromDlscontlnuedoperations(AfterTax|(Xl-XII)(XIV|Proflttortheperiod|X+Xlll))(XV)OthercomprehensiveIncome(A)(i)Itemsthatwillnotbereclassifiedtoprofitorloss•Remeasurementofdefinedbenefitplans8.04 4.70 7.48 12.74 12.43 30.50 5,965.98 6,464.13 4,594.93 12,430.11 9.767.48 ZO.3Z8.89 I,958.48 1,927.21 1,776.98 3,885.69 3,522.67 7,009.17 1,958.48 1,927.21 1,776.98 3,ae5.69 3,522.67 7,009.17 1,958.4€ 1,927.21 1,776.98 3,885.69 3,522.67 7,009.17 1,958.48 i,927.21 1,776.98 3,885,69 3,52Z.67 7,009.17 0.12 0.13 (0.06) 0.25 (0.13) 0.51 Remeasurement of Equity lnstmument(ii.)Incometaxrelatingtoitemsthatwillbe reclassified to profit or loss•Remeasurementofdefinedbenefitplans-RemeasurementofEquityInstrumentSubtctal|A)(a)(i)Itemsthatwi.llbereclassifiedtoprofitorloss(3.41) 3.84 (7.80) 0.43 3.54 (10.04) (3.29) 3.97 (7.86) 0.68 3.41 (9.S3) •Effective portion of gains and loss on hedging Instruments in cashflowhedges 285.26 (71.82) 213,44 112.78 -Cost of hedging reserve 130.39 77.44 207.83 (132.78) •Fair value change jn Foreign Cllrrefley Borrowing(ii)Incometaxrelatingtoitemsthatwillbereclassified to profit or loss•Effectiveportionofgainsandlossonhedginginstrumentsincashflowhedges•Costofhedgingreserve-FairvaluechangelnForeignCurrencyBorrowingSubtotal(a)(XVI)OthercomprehenslveIncome(A+B)(XVII)TotalComprehensiveIncomefortheYear(Xvl+XIV)|Xvlll|PaidupEquityShareCai}ital(FaceValueofRs.10/-PerShai.e)(XIX)OtherEqultyExcludln8RevaluationReservesasperbalancesheet(XX)TheappllcableAnalvtlcalRatiosandotherdlsclosure§areasunder:Earningsperequityshare(FaceValueofRs.10/-pershare)-Nanannualized-Basic(Rs.)(589.44) 106.39 (483.05) (155.18) '173.79' 112.01 '61.78) (175,18) (177.08) 115.98 (7.86) (61.10) 3.41 (184.71) 1,781.40 2,043.19 1,769.12 3,824.59 3,526.08 6,8Z4.46 13,068.51 13,068.51 13,068.51 13,068.51 13,068.51 13,068.51 47,504.84 45,723.44 43,125.34 47,504.84 43,125.34 43,680.25 1.50 1.47 1`36 2.97 2.70 5.36 • Diluted (Rs.) 1.50 1.47 1`36 2.97 2.70 5.36 (XXI) Addltlonal InformationPercentageofshares held by Government of India 82.sO 82.90 86.36 82.90 86.36 84.65 Net Worth 60,573.35 S8,791.95 56,193.85 60,573.3S 56,193.85 56,748.76 • ,`;,.`..`.,
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INDIAN RAllwAY FINANCE CORPORATION llMITED (A Government of lndla Enterprise) CI N L65910D11986GOIOZ6363 Re8isteTed Office: uG Floor, East To`^/er, NBCC Place, Bhlsham Pitamah Mane, l'ragati Vihar, Lodhl Road, New Delhi-110003 Pli. : 011-24361480, Emall : investors@lrfc.co.In, Webslte: https://irfc.co.In Statement of Assets a Liabllities (Amounts in Rs. Crore, unl ess stated otherwise) Particulars As at 30th September 2026 As at 3eeh S€pembei. 2025 As at 31st March2026 uriaudlted unaudlted Audlted ASSETS 29,946.38 18,750.48 21131 Financlal Assets Cash And Cash Equivalents Bank Balance Cither Than Above 806.00 595.34 766.50 Derivative Financial Instruments 3,950.26 4S4.97 Z,416.37 Loans 35,642.42 7,955.06 35,949.52• Loan to Companies -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 519.320.79 492.291.39 506.411.25 222.72 383.46 175.20 Nan-flnanclal assets Current Tax Assets (Net) Property, Plant And Equipment 16.35 13.59 17.21 Right of use Assets 0.19 1.56 0.75 lntanglble assets under developmentOtherIntangibleAssets 9.31 3.78a.58 10.100.37 Other Nan-Financial Assets 8,407.23 11.301.93 10.061.60 Total Nan-Financial Assets a.655.80 11.704,90 10.265.23 I I Total Assets 5Z7.976.59 I SOS.996.29 I 516.676.48 1,655.1610.38 2,679.520.76 2,393.901.66 llABILITIES AND EQUITY LIAEILITIES Flnanclal Llabllltles Derivative Financial Instruments Payables • Trade pavables (i') Total outstanding clues of micro enterprises and small enterprises (I.i) Total outstanding dues of creditors other than micro enterprises and -Other payables (i) Total outstanding dues of micro enterprises and small enterprises (ii) Total outstandi.ng dues of creditors other than micro enterprises and 15.88 13.10 Debt Secu rities 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 0.20 251 0.76 Other Financial liabilities 28.445.89 33.763.98 19,539.27 Total Flnanclal Llabllltles a6i.594.46 444.076.29 4S8.419.08 308.965,499.82 304.603.421.55 270.231.238.41 NorrFinancial Liabilitles Current Tax Liabilities (Net) Provisions Deferred Tax Li.abilities (Net) CIther Ncin-Financial Liabilities Tctal Nan-Flnancial Llablllties 5.808.78 3.726.15 1.508.64 I Total L[abllltles 467.403,Z4 I 447.802.44 459.927.72 13,068.51 13,068.51 13,068.51 Equity Equi.ty Share Capital Other Equity 47,504 84 43.125.34 43.680.25 Total EquityTotalLiabllitles And Eauitv 60.573.35 56.193.85 56.748,76 I I 5Z7.976.591 SOS.996.29 I 516.676.48
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INDIAN RAllwAV FINANCE CORPORATION llMITED (A Go`/emment Of lndla Ente.prise) CI N L65910DL1986G01026363 Re8lstered Office: uG Floor, East Tower, NBCC Place, Bhlsham Pltamah Mare, Pragatl Vihar, lodhi Road, New Del hi-110003 Pl`, : Oil-24361480, Email: lnvestors@lrfc.co. In, Webslte: https://lrfc.co.In Statement for the Cash Flo`^/s (Amounts in Rs. Crore, unl ess stated otherwise) Partlculars Half year ended 30tliSeptemberZOZ6Half year ended 30thSeriember2o2sYear Ended31stIvtai'ch`2026 A. CASH FLOW FROM OPERATING ACTIVITIES 3,885.69 3,5Z2.67 7,009.17Profit before taxes Adlustments for: 0.51Remeasurement of Defined Benefit Plans 3.22 2`28Depreciation and Amortisation (including adjustment to ROU assets) 6.05 Provision of Interest on Income Tax 0.01 0.0387.05Loss on Sale of Fixed Assets (159.10)Unreall.sod Foreign Exchange Translation loss/(Gain) 10.1242.89lmpajrment on Financial Instruments (1.53) Adjustment for cost of hedge reserve 28.89 Profit on Sale Of Fixed Assets S3.84Discou nt of Zero Cou pan Bond Adjustments Towards Effective Interest Rate (5.65) Gain on Derecoginati.on of RoU Asset 0.02 0.06 0.10Interest Expense on lease liabilities Dividend Income Received (58.02' (0.54) nterest on Income tax refund OperatinE Piofit Before Workln8 Capltal Changes 3,747.36(4.38) 3,578.03375 7,102.371.87 Movements in WorkinE Capital: increase/(Decrease) in Payables increase/(Decrease) in Provisions 38.98 44.30 10.06 increase/(Decrease) in Others Non FI'nancial Liabilities 4,261.41 2,336.38 153.24 increase/(Decrease) in Other Financial Liabjlitles 8,906.62 13,318.71 (906.00) Decrease/(Increase) in Receivables 16,653.72 54,938.97 (99,253.18) Decrease/(Increase) in Loans and Advances 308.63 (2,793.59 (30,777.93) Decrease/(Increase) in Bank Balance Other Than Cash and Cash Equivalents (39.50)142142 (132.47) (303.63) Decrease/(Increase) in Derivative AssetsDecrease/(Increase)inOtherNonFinancial Assets (,.)1,654.37 (148.96) 1,091.37 Decrease/(Increase) in Other Financial Assets 3.096.19 `S3.864.57\ 97.862.88 Casli Generated From Operations 37,201.98 17,280.55 |25,018.95) Less: D`rect Taxes Paid (Net of Refunds) (10.50) (6.75) (215.01) Net Cash flew/(llsed) in Opei.ating Actlvities (A) 37.212.48 17.287.30 (24.803.941 (0.64) (0.92) (13.37) 8, CAsll FLOWS FROM INVESTING ACTIVITIES Purchase of Property Plant & Equi.pments and Intangible Assets Proceeds From Sale of Property Plant & Equipment 0.50 0.18 Loss on Sale of Fixed Assets (0.03) Divi.dend Income Received 0.54 Net Cash Flow/(Used) ln Investing Activities (8) 10.641 10.421 112.Gal (3,892.00) 12,957.45 12,294.39 C. CASH Flows FROM FINANCING ACTIVITIES Proceeds from Issue of Equity Share Capi.tal Proceeds from security Premium Issue of Debt Securities (Net of Redempti.ons) F`aising of Rupee Term Loans/ Foreign Currency Borrowings (Net of Repayments) (3,584.19) (17,173.30) 8,223.93 Issue of Zero Coiipon BondPaymentsforleaseliabilities (including interest) (0.56) (0.84) 1,575.42(2.53) Interest Payment on lease liabilities (0.02) (0.10) Share Issue Expenses'``d 0.92 Fina Dlvl end PaidInterimDividendPaid (2,744.39) Net Cash Generated Bv/(Used ln) Financin= Activities (C) /7.476.771 (4.216.691 19.347.64 Net Increase ln Cash and Cash Equlvalents (A+B+C) 29,735.07 13,070.19 15,468.98) Cash and Cash Equivalents at the beginning of the Period 211.31 S.680.29 5.680.29 Cash and Cash Eouivalents at the End of the Period 29.946.38 18.750.48 211.31 •` ` `.,`,.`.,
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NOTES: 1 These financial results have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard ('lnd AS') -34 'lnterim 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 India. 2 The Company has exercised the option under section 115BAA 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 115BAA, 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 applicabilitv of MAT orovisions under Section 115JB of Income Tax Act.1961. 3 As per the Gazette notification No S.0 529 (E) dated 5th February 2018, as amended by notification no S.O. 1465 dated 2nd April 2018 issued by Ministry of Corporate Affairs, Government of India, the provisions of lnd AS 12 relating to Deferred Tax Asset/Deferred Tax Liability does not apply to the Company w.e.f. 1St April 2017, accordingly, no provision has been made for Deferred tax I.iabilities/Deferred tax assets. 4 lRFC 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 MOR on 23rd May 2017. The amount advanced to MOR has been shown as 'Advance to MOR for Railway Infrastructure Projects'. From the said account, the company on receipt of confirmation/utilization reports from ministry of railways, transfers amount actually utilised to "project infrastructure asset under finance lease". Company till date has executed the Lease Agreement(s) for EBR IF 2015-16, EBR IF 2016-17, EBR IF 2017-18, EBR IF 2018-19, EBR-lF 2019-20, EBR-lF 2020-21, EBR-S and lease agreements for National Projects 2018-19 & 2019-20 with MOR with respect to aforesaid infrastructure assets. The moratorium period for EBR IF 2019-20, EBR-lF 2020-21 and EBR-S 2020-21 completed on 24th March 2026. Further, the lease agreement for funding of EBR-lF for FY 2021-22 and FY 2022-23 shall be executed on comDlet.Ion of moratorium oeriod. 5 Pursuant to Regulation 54 of SEBl (Listing Obligations and Disclosure Requirements) Regulation, 2015, for all the secured non-convertible debt securities and other secured borrowings issued by the company and outstanding as on 30th September 2026, 100% security cover has been maintained by way of charge on present and future rolling stock assets and/or lease receivable of the company. Accordingly, the company is maintaining an asset cover of lx times as on 30th September 2026 in respect of secured non- convertible debt securities issued and other secured borrowings of the Company. please refer Annexure -A. 6 Disclosure in compliance 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 30th September 2026 is Annexed as Annexure -8 & C. 7 The additional information as requ.ired under Regulation 52(4) of SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015 .is annexed as Annexure-D. 8 The composition of the Board was not as per the provisions of the SEBl (LODR) regulations due to insufficient number of Independent Directors appointed by Gol. IRFC is regularly writing to the administrative ministry, i.e., the Ministry of Railways, for the appointment of the requisite number of Independent Directors on the Board. 9 The Company's main business is to provide leasing and financing to Railway Sector in India. As such, there are no separate reportable business segments within the meaning of Indian Accounting Standard (lnd AS 108 `Operating Segments.'). 10 The disclosure in respect of related party transactions as required under reg 23(9) of SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the quarter and half year ended 30th September 2026 is annexed as Annexure-E. 11 The President of India, acting through and represented by the Min.istry of Railways, disinvested 1.75% of its holdings through an Offer for Sale (OFS) to non-retail and retail investors on June 24, 2026 and June 25, 2026. The total holding of the Government of India as on September 30, 2026, is 82.90% (compared to 84.65% as on March 31, 2026) 12 The Company has assessed the potential impact of `The New Labour Codes 2025' on staff costs and employee benefit liabilities. Based on the assessment, the Company believes that the enactment of these Codes does not have a material impact on its financial position or results for the period ended 30th September 2026. 13 The above financial results have been reviewed by the Audit Committee on 15th oct 2026 and the same have been approved and taken on record by the Board of Directors at their meeting held on 15th October 2026. 14 The company is not having subsidiary/associate/joint venture company(ies), as on 30th September 2026. Accordingly, the company is not required to prepare consolidated Investor camp aints There was rlo in vestor c omplaint oendinf! at the beEinninE as well as end Of the Quarter ended 30th September Eau ty Bond Total compla nts pending at the beginning Ni Nil Total compla nts rece ved throuRh correspondence 114 173 Total compla nts rece ved from SEBl during the 1 0 Total compla nts reso ved / replied during the llS 173 Total compla nts pending Ni N„ 16 Previous periods figures have been regrouped/rearranged wherever considered necessary. 17 The Board of Directors have declared the Interim Dividend of Rs.hJf per equity share of Rs.10/-each for the Financial Year 2026-27 Place: New Delhi Date i5th october 2026 (Manoj l{umar an and Managing Director & CEO DIN: 07518387
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Name ISIN Mode of Type Date of Amount Funds Any If 8 is Yes, then Remarks, of the Fund of raising Raised utilized deviat specify the if any Issuer Raising instru funds (Rs. in (Rs. in ion purpose of for (Public ment Crores) Crores) CYes/ which the issues/Privateplacement) NO) funds wereutilized 1 2 3 4 5 6 7 8 9 10 NIL Total 00.00 00.00 •:, :: .
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Annexure-C 8. 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 Raise d [Rs. In Crore) NIL Report filed for Quarter ended 30.09.2026 Is there a Deviation / Variation in use offunds raised? No Whether any approval is required to vary the objects N.A. of the issue stated in the prospectus/ offer document? If yes, details of the approval so required? Date of approval 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: Original Modified Original Modified Funds Amount of Remarks, Object Object, if Allocation allocation, utilised Deviation/Variation if any any if any for the Quarteraccordingtoapplicableobject(INRCroresand in%) N.A. Deviation could mean: (a) Deviation in the objects or purposes for which the funds have been raised (b) Deviation in the amount offunds actually utilized as against what was originally disclosed. '1 ri.av.tt[.fl i ti.#Fq?q® L6c5c!,NODT,ode G01026363
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KGRS & Co. Chartered Accountants 33 DDA SFS Apartments Hauz Khas New Delhi 110016 GSA & Associates LLP Chartered Accountants 16, DDA Flat, Panchsheel Shivalik Mor, Near Malviya Nagar, New Delhi 110017 Independent Auditor's Review Report on Unaudited Financial Results of Indian Railway Finance Corporation Limited for the quarter and six months ended September 30'h, 2026 pursuant to Regulation 33 and Regulation 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. The Board of Directors Indian Railway Finance Corporation Limited I. We have reviewed the accompanying statement ofunaudited financial results of"Indian Railway Finance Corporation Limited" ("the Company") for the quarter and six months ended September 30th, 2026 ("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"). 2. 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 report on the Statement based on our review. 3. 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, primarily of persons responsible for financial and accounting matters, and applying 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 opinion. 4. 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
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KGRS & Co. Chartered Accountants 33 DDA SFS Apartments Hauz Khas New Delhi 110016 GSA & Associates LLP Chartered Accountants 16, DDA Flat, Panchsheel Shivalik Mor, Near Malviya Nagar, New Delhi 110017 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 Listing Regulations as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. Other Matters a) The unaudited financial results for the corresponding quarter and six months ended 30th September 2025 was reviewed by the Statutory Auditor M/s 0 P Totla & Co. They had expressed an unmodified conclusion vide their report dated 15th October 2025 on such financial results. b) The composition of the Board of Directors of the Company was not in compliance with the Regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 due to iusufficient number of Independent Directors as on September 30, 2026. Our conclusion is not modified in respect of these matters. For KGRS & Co. Partner M. No.: 053790 UDIN: 26053790FANZFZ729l Date: 15/10/2026 Place: New Delhi For GSA & Associates LLP Chartered Accountants FRN: 000257NIN500339 UDIN: 26533967KHCUNU9554 Date: 15/10/2026 Place: New Delhi
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fi INDIAN RAILWAY FINANCE CORPORATION LIIVIITED L\ \' -\\'.R,\T\' i c`psE L'\'r)r,R wi\.Is rRy or R,,-\lLw .\vs PRESS RELEASE TRFC Q2 & I-I1, FY 2026-27 Results IRFC announces highest-ever HI FY 2026-27 results, with revenue gro``''th exceeding 20% an(I net profit grown by more than 10% `* (:\(ID \[(inoj Kuin(il-Diihe}` highlighls conliniied I.(iil`i.(iy-cenlric divel-sificillloli )rit)I}ieri[iilli i.I sll.eng.[henecl woi.kfoi.ce cind I.r)bLisl col.porLile govel.mllice dill.ing lhe (iiiai.ler New Delhi, 15t'' Oct 2026: IIidiaii Railway Finance Corporation Ltd. (TRFC), a Navi.atna Central Public Sector Enterprise under the Ministry of. Railways` today announced its unaudited financial results (stanclalone) for the seconcl quarter and lialf yeai. ended 30th September 2026 (Q2 & in FY 2026-27). Financial Performance For the halt`yeal. endecl 30th September 2026, IRFC repoilecl total income ot`Rs.16.315.80 crore. as against Rs. [3.290. I 5 ci.ore in HI FY 2025-26, registeriiig gI.owth of 22.770/o. Profit Aftei. Tax (PAT) for Q2 FY 2026-27 stood at Rs. I ,958.48 ci.oi.e, as against Rs.1,776.98 crore in Q2 FY 2025-26, registeriiig robust growth of 10.2] 0/o. For the half yeai-ended 30th September 2026. PAT stood at Rs. 3.885.69 ci.ore, as against Rs. 3,522.67 ci.ore in HI FY 2025-26` I.epresenting 10.31% gro\\'th. makiiig it all all-time high profit for any Hl . The Corporation's iiet woi.th stood at a I.ecol.d Rs. 60,573.35 crore as on 30th September 2026, as against Rs. 56,748.76 croi-e as on 31 st March 2026, continuing its upwai.d trajectory on the back of sustained profitability. Net Interest Margin (NI\[) stood at I.50% (annualised) for the quarter. TRFC contiiiued its uliblemished track record of zero non-performing assets (T`'PA) during the quailei-, maiiitaiiiing a clean loan book even as it scales up its diversified lending portfolio across railway-linked and allied infrastructure sectors. The Boai.d of Director.s declared a record-high interim dividend of lNR 1.15 pei. share, the higliest ever payable in a single tl-anche. Commenting on the I.esults, Manoj Kumar Dubey, Chail.mzin z`nd Managilig Dil.ector, IRFC, said: ``Q2 clncl HI F`Y 2026-27 have been signifiicciii[ yiot just from a financial standpoint, biit also from a governcince and lns[llLlllonal slrenglhenlng perspeclive. Dul.ing the quartei., we successfull}' condllc[ed our 39'/' Anmlal Genel.al Meeling, anc! I ant glcicl lc) `shar.e [hal IRFC's financial statements for FY 2025-26 I.ecelved Nil comments from the Comp[I.oller and Allditol. Genel.al Of India, a I.e`flection Of the robustness Of olli. filnancial I.eporting and intel.nal con[i.ol systenls. We have also contimied to strengthen our workforce in line with our growing and diversifying busilless. Under IRFC 2.0, our continued rciilway~centl.ic diversification is reaping rich diviclends. The grovl>ing contribution Of` I.ciilwcry-linked businesses beyolid IIicliali Railways ls slippol.ting better margins, slrenglhening PAT ayid irnprovi}ig NIM. Looking aliead, we are gearilig L[p lo meet the substantial financing reqi,iiremenls Of newly sanctioned Ded: icciled Freight Corl.[dors, High-Speed Rail Col.I.idol.s, nallonal port expansion and the I.enewable eliergy sector having PPAs `iJith Indian Railways, following a Whole-Of-Government approach. For IRFC, zel.o NPA is not just ci slcilus symbol I)ul a sound business pl.opos.il.ton. " Future Outlook IRFC is well-positioned to sustain the momentum in mai.gins and profitability thi.ough the I.emainder of FY 2026-27, di-iven by its diversificatioii strategy, with a gi.owiiig pipeline of opportunities in metro rail, Dedicated Fi.eight Corridors (DFC), High-Speed Rail (HSR), Rapid Rail, polls, power, I.enewable enei.gy. etc. \Vith a strong governance fi.amework and a growing talellt base, the Corporation remains committed to its zero-NPA track record while upholding prudent risk management. As it bi-oadens its pi-esence aci.oss the `-ail\\Jay-linked infrastructu`.e ecosystem. IRFC is poised to play an increasiilgly sigilificant I.ole in financing India's expanding ilifi.astructure lieeds and advancing the national vision of y/.ds/./ Bhal.al 2047 . ***