Dependence on budget allocations for railway EBR
No fresh railway disbursements for seven quarters; future EBR depends on government budget, which is uncertain.
IRFC / Q3-FY25 / risks
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Indian Railway Finance Corporation · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Material risks this quarter
high
AUM rundown post-FY27 if non-railway business doesn't scale
Moratorium ends in FY27; without new business, capital recovery could exceed new disbursements, shrinking AUM.
Execution risk in new business verticals
First external project won; scaling non-railway lending requires new capabilities and competitive positioning.
Regulatory risk from RBI on debt-to-equity ratio
Management targets 8-9x leverage; any breach of self-imposed limit could invite regulatory scrutiny.