Indian Railway Finance Corporation (IRFC) Q2 26/27 earnings summary

Executive summary

• H1 FY 2026-27 revenue from operations rose 21.38% YoY to ₹16,127.52 crore; PAT increased 10.31% to a record ₹3,885.69 crore.

• AUM reached ₹4,69,767.03 crore at 30 September 2026, with 92.36% exposure to the Ministry of Railways; GNPA remained nil.

• Management said H1 results exceeded guidance and market expectations, and expects growth momentum to continue through H2.

Financial highlights

• H1 total income was ₹16,315.80 crore, up 22.77% YoY; revenue from operations was ₹16,127.52 crore versus ₹13,287.27 crore.

• H1 finance costs rose 27.61% to ₹12,338.12 crore, while net interest income declined 0.65% to ₹3,567.06 crore.

• Q2 revenue from operations was ₹7,866.41 crore versus ₹6,371.89 crore YoY; Q2 PAT was ₹1,958.48 crore, up 10.21%.

• H1 total comprehensive income was ₹3,824.59 crore; total assets were ₹5,27,976.59 crore at 30 September 2026.

Outlook and guidance

• FY27 disbursements are expected to exceed FY26; the H2 pipeline includes metros, ports, renewable energy, rail-linked thermal power and road projects, with disbursements targeted for Q3 or early Q4.

• Management expects H2 results to be broadly similar to H1 and sees margins and profitability sustaining momentum through the rest of FY27.

• From FY28, railway disbursements could reach ₹50,000 crore annually for at least a decade, alongside non-railway lending.

• By 2030, the targeted portfolio mix is 60% railway assets and 40% diversification; management expects PAT growth near 10% even if AUM growth is below double digits.