Indian Railway Finance Corporation Ltd. Q3 FY2026 results: revenue ₹6,661 crore, down 1.5% on the year
Indian Railway Finance Corporation Ltd. (IRFC) reported standalone revenue from operations of ₹6,661 crore for Q3 FY2026, the quarter ended 31 December 2025, down 1.5% on the same quarter a year earlier. Profit after tax was ₹1,802 crore, up 10.5% on the year, and earnings per share ₹1.38. The figures are the company's own, from the un-audited results it filed with NSE on 19 January 2026.
The quarter, against the one before and a year earlier
| Line | Q3 FY2026 | Q2 FY2026 | Q3 FY2025 | Change on the year |
|---|---|---|---|---|
| Revenue from operations | 6,661 | 6,372 | 6,763 | -1.5% |
| Other income | 58 | 0 | 3 | +1854.7% |
| Total income | 6,719 | 6,372 | 6,766 | -0.7% |
| Cost of materials consumed | 0 | 0 | 0 | n/a |
| Purchases of stock-in-trade | 0 | 0 | 0 | n/a |
| Changes in inventories | 0 | 0 | 0 | n/a |
| Employee benefit expense | 5 | 6 | 4 | +45.3% |
| Finance costs | 4,812 | 4,544 | 5,095 | -5.6% |
| Depreciation, depletion and amortisation | 1 | 1 | 1 | +6.7% |
| Other expenses | 39 | 40 | 35 | +11.2% |
| Total expenses | 4,917 | 4,595 | 5,136 | -4.3% |
| Profit before exceptional items and tax | 1,802 | 1,777 | 1,631 | +10.5% |
| Exceptional items | 0 | 0 | 0 | n/a |
| Profit before tax | 1,802 | 1,777 | 1,631 | +10.5% |
| Current tax | 0 | 0 | 0 | n/a |
| Deferred tax | 0 | 0 | 0 | n/a |
| Total tax | 0 | 0 | 0 | n/a |
| Profit after tax | 1,802 | 1,777 | 1,631 | +10.5% |
| Other comprehensive income | 2 | -8 | -3 | n/a |
| Total comprehensive income | 1,804 | 1,769 | 1,628 | +10.8% |
| EPS, basic | n/a | n/a | ₹1.25 | n/a |
| EPS, diluted | n/a | n/a | ₹1.25 | n/a |
₹ crore except per share.
Leverage, as the company states it
| Line | Q3 FY2026 | Q2 FY2026 | Q3 FY2025 | Change on the year |
|---|---|---|---|---|
| Debt to equity | 7.38 | 7.25 | n/a | |
| Debt service coverage | n/a | 0.00 | n/a | |
| Interest service coverage | n/a | 0.00 | n/a |
Debt to equity, debt service coverage and interest service coverage are the figures the company prints in its result statement under the listing regulations.
Quarterly results, the last 12 quarters
| Q2 FY2024 | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | Q1 FY2027 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 6,767 | 6,745 | 6,474 | 6,766 | 6,900 | 6,763 | 6,723 | 6,915 | 6,372 | 6,661 | 7,336 | 8,261 |
| Expenses | 5,218 | 5,141 | 4,761 | 5,189 | 5,288 | 5,136 | 5,042 | 5,173 | 4,595 | 4,917 | 5,644 | 6,464 |
| Operating profit | 6,734 | 6,710 | 6,439 | 6,733 | 6,862 | 6,724 | 6,679 | 6,869 | 6,323 | 6,558 | 7,218 | 8,219 |
| OPM % | 99% | 99% | 99% | 100% | 99% | 99% | 99% | 99% | 99% | 98% | 98% | 99% |
| Other income | 0 | 0 | 4 | 0 | 1 | 3 | 1 | 3 | 0 | 58 | -7 | 130 |
| Interest | 5,181 | 5,104 | 4,725 | 5,155 | 5,249 | 5,095 | 4,996 | 5,124 | 4,544 | 4,812 | 5,524 | 6,421 |
| Depreciation | 2 | 1 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 |
| Exceptional items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 1,550 | 1,604 | 1,717 | 1,577 | 1,613 | 1,631 | 1,682 | 1,746 | 1,777 | 1,802 | 1,684 | 1,927 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net profit | 1,550 | 1,604 | 1,717 | 1,577 | 1,613 | 1,631 | 1,682 | 1,746 | 1,777 | 1,802 | 1,684 | 1,927 |
| EPS in ₹ | ₹1.20 | ₹1.23 | ₹1.32 | ₹1.21 | ₹1.23 | ₹1.25 | ₹1.29 | ₹1.34 | ₹1.36 | ₹1.38 | ₹1.29 | ₹1.47 |
| Filing | NSE | NSE | NSE | NSE | NSE | NSE | Filing | Filing | Filing | Filing | Filing | Filing |
₹ crore except per share, standalone, as filed with the exchange. Operating profit is sales less the expenses other than interest and depreciation, OPM is that over sales, and tax % is tax over profit before tax: arithmetic on the filed lines; everything else is as filed. Quarters before December 2024 are from the exchange's earlier results feed, which carries the filed lines without the filing itself; the column links to the exchange's page for the company.
Source
Un-audited standalone results for the quarter ended 31 December 2025, filed with NSE on 19 January 2026: the result statement. All of Indian Railway Finance Corporation Ltd.'s results: NSE company page.
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