About Indian Railway Finance Corporation Limited 

Indian Railway Finance Corporation Limited (IRFC) was incorporated on December 12, 1986 as a public limited company and later registered as a Non-Banking Finance Company; it was also declared a Public Financial Institution under Section 4A of the Companies Act, 1956. A Government of India undertaking under the administrative control of the Ministry of Railways (MoR), IRFC serves as the principal financing conduit for Indian Railways, funding the acquisition of rolling stock, leasing of railway infrastructure assets, and lending to entities with forward and backward linkages to the rail ecosystem. Its leasing model typically spans 30 years (15-year primary plus 15-year secondary), operating on a cost-plus structure with MoR that ensures stable earnings; assets are generally transferred to MoR for a nominal sum at the lease’s conclusion.

IRFC’s operations and revenues are India-focused, with all customers domiciled in India; the company confirms receipt of lease and interest income from within the country and reports Nil exports for the year. As per the company’s filings, it has no subsidiaries, associates or joint ventures, and therefore no consolidated financial statements are prepared; the number of subsidiaries is Nil.

Indian Railway Finance Corporation Limited’s Key Milestones 

• Listing on NSE and BSE on January 29, 2021; becoming the first CPSE to list offshore bonds exclusively at the GIFT City exchanges; raising a JPY 130 billion green loan.
• Being granted “Navratna” status by the Government of India in March 2025.
• IRFC’s evolution also features earlier milestones such as issuing Euro-dollar bonds offshore and diversifying its borrowings across instruments and markets.

Indian Railway Finance Corporation Limited’s Business Segments

• Revenue by vertical:

•   Lease income: 71.57%
•   Interest income: 28.43%

• Geographic mix is domestic 100% (all customers domiciled in India; exports Nil).

Indian Railway Finance Corporation Limited’s Key Management

• Shri Manoj Kumar Dubey – Chairman and Managing Director & CEO
• Shri Randhir Sahay – Director (Finance) – Additional Charge & CFO
• Shri Vijay Babulal Shirode – Company Secretary & Compliance Officer
• Key Management Personnel in IRFC’s framework comprise the CMD, Director (Finance), CFO and Company Secretary .

Latest Updates on Indian Railway Finance Corporation Limited 

• Recognition: IRFC was conferred “Navratna” status by the Government of India in March 2025, enhancing its operational autonomy as a Schedule-‘A’ Navratna CPSE under MoR.
• Business diversification: In FY 2024–25, IRFC began funding projects beyond MoR under its mandate for forward and backward linkages to railways.
• Partnerships: Memorandum of Understanding signed with REMC Limited to collaborate on financing renewable energy projects supplying power to Indian Railways, and to explore financing of Thermal/Nuclear/Renewable projects under captive models with rail-linked entities.
• Competitive bidding: IRFC emerged as the lowest bidder to finance Rs 3,167 Crore for the Banhardih Coal Block for PVUNL; sanction is in process.