Q4 PAT flat due to provisions and CSR expenses
Q4 PAT was flat sequentially at INR 1,684 crore vs INR 1,800 crore in Q3, attributed to higher provisions for non-railway assets and CSR expenses.
IRFC / Q4-FY26 / 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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Material risks this quarter
medium
OCI volatility from FX hedging
OCI declined by INR 200 crore in Q4 due to mark-to-market on foreign currency borrowings, which may continue to fluctuate with currency movements.
Competition in high-quality asset bidding
Management noted intense competition for pristine assets, with banks and NBFCs also bidding; IRFC's win rate is 60%, but margins could compress if competition intensifies.
Concentration risk in new business segments
Diversification into CPSEs and state Gencos/Transcos carries credit risk, though management cherry-picks strong counterparties; any default could impact zero-NPA status.