New Delhi, January 27, 2026: Indian Railway Finance Corporation (IRFC), a Government of India enterprise, reported robust performance for Q3 FY26, showcasing significant growth in assets under management (AUM) and a strategic shift towards a diversified multi-client financing model.
In its earnings conference call held on January 20, 2026, IRFC’s Chairman and MD & CEO, Mr. Manoj Kumar Dubey, highlighted that the company has surpassed its guidance for asset sanctions, achieving nearly three-fourths of its annual disbursement target of INR 30,000 crore by the end of Q3. The company continues to benefit from its zero-NPA track record and low overhead costs, allowing it to offer attractive financing rates.
“This quarter marks a major milestone as we move from a single-client model catering primarily to Indian Railways to a broader ecosystem financing approach,” said Mr. Dubey. “Our diversification strategy targets government-linked infrastructure projects, ensuring both growth and risk mitigation.”
Key highlights of the quarter include:
-
Raising external commercial borrowings (ECB) at attractive rates after a three-year hiatus.
-
Successful issuance of zero-coupon bonds, a first in the country for the calendar year 2025.
-
AUM growth from INR 4.6 lakh crore to INR 4.75 lakh crore, with a target of exceeding INR 5 lakh crore in the near future.
-
Expansion into 40% of financing towards non-Railways government-linked projects, with a focus on A-rated assets.
IRFC also reaffirmed its commitment to maintaining capital adequacy well above regulatory norms, with a CRAR of nearly 160%. The company plans to continue prioritizing high-quality, government-linked projects while maintaining a competitive edge over other NBFCs and banks in the market.
On investor returns, Mr. Dubey stated that the company has maintained a steady dividend payout over the last five years and anticipates continued growth in profitability and dividends alongside its AUM expansion.
With a strong pipeline of high-value projects and strategic diversification, IRFC is positioning itself as a critical financing arm not only for Indian Railways but for the broader infrastructure ecosystem, ensuring sustainable growth and enhanced contribution to India’s development agenda.