FY26 disbursement target of INR 30,000 crore
Management expects to disburse INR 30,000 crore in FY26, with H1 achieving ~50% of this target, driven by refinancing deals that disburse in one go.
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Indian Railway Finance Corporation · forward-looking guidance across the available source record.
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What management said would happen.
growth
FY26 sanction target of INR 60,000 crore
Sanctions are targeted at INR 60,000 crore for FY26, with INR 25,000 crore already sanctioned in Q1.
AUM to cross INR 5 lakh crore by FY27
Management expects AUM to exceed INR 5 lakh crore in FY27, up from ~INR 4.5 lakh crore currently.
Overhead cost to remain below 0.2%
Management plans to keep overhead cost below 0.2% of AUM over the next 2-3 years, despite expanding into new segments.
Renewed railway disbursements from Q4 FY25
Management expects railway funding to resume in Q4 FY25 based on revised estimates in January and budget in February.
Diversification into non-railway lending from next quarter
IRFC plans to lend to logistics and infrastructure sectors with higher spreads, starting with NTPC deal.
No tax payments for next couple of years
Due to depreciation on leased assets under Section 115BAA, IRFC expects zero tax liability for at least two years.
FY26 disbursement target of INR 30,000 crore
Management confirmed the guidance of INR 30,000 crore disbursement for FY26, with INR 7,000 crore already done in H1, INR 10,000-15,000 crore expected in Q3, and the balance in Q4.
Double-digit PAT growth target
Management stated that PAT should grow in double digits annually and quarterly, as mentioned in TV interviews.
AUM mix target of 75% railway, 25% diversified in 5 years
Management aims to achieve a 75:25 mix between railway and diversified assets over the next five years.
No MAT liability for next 5-7 years
CFO stated that due to unabsorbed depreciation of INR 3,000 crore and future depreciation from project assets, no MAT liability is expected for 5-7 years.
Non-railway business to yield 3x-5x railway margins
Management expects margins from external railway ecosystem projects to be 3 to 5 times the current ~0.40% margin from Indian Railways.
PAT growth to outpace AUM growth
As business mix shifts to higher-margin assets, PAT will grow faster than AUM; management emphasizes bottom-line focus.
No tax liability for next 4-5 years
CFO confirmed unabsorbed depreciation of over INR 6,000 crore will shield the company from tax under MAT provisions.
Target to match or exceed last EBR of INR 33,000 crore via non-railway business
Management implied that INR 10,000 crore of non-railway business is equivalent to INR 30,000-40,000 crore of railway business, setting a benchmark for external growth.
AUM to reach INR 5+ lakh crore in near term
Management guided that AUM will be INR 5+ lakh crore in the near term, with a five-year target of adding INR 3 lakh crore through 15-20 new clients.
PAT, NIM, and AUM to grow every quarter
Management reiterated guidance that PAT, NIM, and AUM should grow every quarter.
60:40 revenue mix target by 2030
Management outlined a 2030 plan targeting 60% revenue from Indian Railways and 40% from the railway ecosystem, with ecosystem margins ~3x railway margins.
Borrowing cost target cheaper than G-Sec
Management aims for a borrowing mix cheaper than the G-Sec rate, with current cost of funds sub-7%.
FY26 disbursement target of INR 60,000 crore
Board has approved initial sanction of INR 60,000 crore for loan disbursements in FY26, with potential to surpass.
New loan sanctions of INR 14,000 crore already achieved
Since Q4 FY25, the company has sanctioned INR 14,000 crore in new loans outside Indian Railways.
Expect most new loan disbursements within FY26
Management expects the majority of the INR 14,000 crore sanctioned to be disbursed in the current fiscal year.
Double-digit growth in revenue, PAT, EPS, and NIM in FY27
Management targets at least 10% growth in all key financial metrics for FY27, driven by higher-margin diversified assets and AUM expansion.
Sanctions > INR 75,000 crore and disbursements > INR 35,000 crore in FY27
Management expects to surpass FY26 sanction and disbursement levels, with a strong pipeline including NTPC-UP JV and metro rail projects.
NIM target of 1.65% by end of FY27
Management guided for NIM to reach 1.65% by FY27 end, up from 1.50% in FY26, as higher-margin diversified assets replace lower-margin railway loans.
AUM to cross INR 5 lakh crore in H1 FY27
Management expects AUM to reach INR 5 lakh crore in the first half of FY27, driven by net growth and replacement of low-margin railway loans.