Indian Railway Finance Corporation Ltd Management Discussions

1. Indian Economic Overview1

The Indian economy sustained strong growth momentum in FY 2025–26, with real GDP expanding by 7.6% amid global uncertainty. Robust domestic demand, aided by lower income tax and GST rates, added further impetus to growth. Private final consumption expenditure maintained a consistent momentum and investment activity continued to exhibit strength. The service sector also recorded robust growth in segments such as financial services, highlighting the increasing share of high-value service activities.

Inflation remained contained, with headline CPI inflation at around 3.4% within the Reserve Bank of Indias target band, a moderation primarily driven by lower food inflation2. This easing of price pressures enabled the RBI to execute a cumulative 125 basis points reduction in the policy repo rate.

Financial conditions tightened due to foreign exchange and equity market movements. However, overall system liquidity improved, driven by government infrastructure spending. Public investments in transportation, energy, and logistics increased under the PM Gati Shakti and National Infrastructure Pipeline initiatives. Furthermore, the government allocated approximately 11.21 lakh crore for capital expenditure in FY 2025-26. This funding prioritizes infrastructure development, including railway expansions designed to enhance efficiency and network integration.3

2. Outlook4

The Indian economy is projected to maintain a stable 6.9% GDP growth rate for FY 2026-27, driven by strong domestic fundamentals and continued policy support. High public investments, improving capacity utilisation, and stronger corporate and financial balance sheets are anticipated to drive a gradual recovery in private investments. However, international trade dynamics, global financial market volatility, and spillovers from the West Asia conflict present downside risks to this expansion. Despite these global headwinds, CPI inflation is forecasted at 4.6% for the fiscal year, aided by stable supply conditions and the rationalisation of GST rates.

Concurrently, the Reserve Bank of India (RBI) has chosen to maintain its neutral stance and hold the repo rate at 5.25%.

Rising financial uncertainty may prompt investors to move towards safe-haven assets, resulting in the tightening of overall financial conditions. This could lead to higher borrowing costs, hinder private investment and lower overall economic growth. On the other hand, finalisation of the India-U.S. bilateral trade framework could reduce reciprocal tariffs on Indian goods, which, along with resilience in services exports, could impart stability to the INR.

GDP Growth Trend in India

Rate (%)

2023-24	7.2
2024-25 [FRE]	7.1
2025-26 [SAE]	7.6
2026-27 [P]	6.9

Note: FRE- First Revised Estimate; SAE- Second Advance Estimate; P- Projected Source:https://rbidocs.rbi.org.in/rdocs/Bulletin/PDFs/0BULT-23042026FL5A726E38FAF84453B435F18A3709DD11.PDF

3. Industry Scenario

Indian Railway Industry

Indian Railways has, for generations, been the backbone of

Indias connectivity and development. It plays a pivotal role in the transport and logistics ecosystem, enabling the large-scale movement of passengers and freight. The sector is driven by strong policy push, rapid technological advancements, and a shared national vision for growth. During FY 2025–26, Indian Railways recorded freight loading of over 1,670 million tonnes. The steady rise in freight loading highlights the increasing demand for reliable, cost-effective, and efficient logistics solutions, positioning Railways as a preferred mode of transport for bulk commodities.5

Rail operations maintained a daily frequency of approximately 25,000 trains, ensuring widespread national connectivity. Logistics infrastructure expanded through the commissioning of 35 Gati Shakti Cargo Terminals to improve efficiency and multimodal links. Additionally, passenger infrastructure advanced with 119 railway stations redeveloped under the Amrit Bharat Station Scheme to provide modern amenities and an enhanced travel experience.6 Further, Technology adoption continued to gain traction, with increasing use of digital monitoring systems, predictive maintenance tools and safety technologies such as Kavach. The passenger segment expanded its service offerings by introducing trains like Vande Bharat Express, Amrit Bharat Express, and Namo Bharat, demonstrating a transition towards premium service quality and differentiated travel experiences. This continuous performance highlights the networks central contribution to national economic development by improving connectivity, lowering logistics expenses, and maintaining a more sustainable and efficient transport framework.

Total Number of Passenger Carried

Number of passengers carried

FY 2025-26	741
FY 2024-25	716

Total Revenue Growth

Total Revenue

(In Crores)

FY 2025-26	80,000
FY 2024-25	75,500

Outlook7

Indian Railways is positioned to play a critical role in the countrys journey toward Viksit Bharat. In the Union Budget 2026–27, the sector received a record capital expenditure

(Capex) outlay of 2,93,030 crore, along with an overall budgetary support of 2.78 lakh crore. This allocation aligns with the governments long-term vision to transform the network into a modern, efficient, and green transport system. To execute this vision, future growth will be driven by investments in seven new intercity high-speed rail corridors covering nearly 4,000 km, alongside station redevelopment programmes and the expansion of dedicated freight infrastructure. These projects, which are expected to attract approximately 16 lakh crore in investments, will cut travel times between major cities and establish seamless, multimodal passenger mobility. A new dedicated freight corridor spanning 2052 km will ensure uninterrupted and faster movement of goods, thereby strengthening Indias supply chain and industrial competitiveness.

Expansion into Different Sectors

Power Generation and Transmission8

The power sector serves as a core component of IRFCs diversification strategy. Supported by infrastructure investments in generation and transmission, Indias installed power capacity expanded to approximately 520.51 GW during FY 2025–26. Also, regional supply reliability improved, electricity reached nearly all households, and capacity expansion matched rising demand as peak power demand reached around 256.1 GW during the year, reflecting a significant improvement in supply adequacy.9 Strong policy backing continues to support the sector through initiatives like the Revamped Distribution Sector Scheme, which carries an outlay of 3.03 lakh crore10 to improve the financial and operational efficiency of distribution utilities. Longstanding operational and financial difficulties in distribution are being targeted through a mixture of regulatory discipline, infrastructure investment, and performance-linked reforms.

Outlook

The sector is projected to maintain steady growth, driven by infrastructure expansion and increased electricity demand from industrial growth and higher household cooling consumption. Consequently, grid modernisation and transmission infrastructure expansion will remain central focus areas, specifically through large-scale inter-state transmission network development and energy storage solution integration.

Policy measures targeting improved distribution efficiency and stronger DISCOM finances are projected to boost power sector stability. Ongoing investments in conventional and renewable segments are anticipated to create long-term financing opportunities, while proposed legislative reforms under the Electricity Amendment Bill 2026 are expected to increase competition and overall sector efficiency.

Renewable Energy12

Renewable energy remains a high-growth segment within the countrys infrastructure landscape. India achieved its highest-ever share of renewable energy in electricity generation, securing the third position in the Global Renewable Energy Rankings. Specifically, renewables met 51.5% of the nations total electricity demand of 203 GW, with growth driven by competitive tariffs, favourable policy measures, and rising demand from commercial and industrial consumers.

The country achieved the milestone of sourcing 50% of its cumulative electric power installed capacity from non-fossil fuel sources. This target was met five years ahead of the 2030 deadline established under its Nationally Determined Contribution (NDC) to the Paris Agreement.

To date, a total of 283.46 GW of capacity from non-fossil fuel sources has been installed across India. Key policy initiatives driving this include renewable purchase obligations, incentives for clean energy deployment, and continued support for domestic manufacturing, while increasing investments in hybrid and storage-based projects continue to shape sector dynamics.

Outlook13

The renewable energy segment is expected to sustain strong growth momentum. India remains on track to achieve 500 GW of non-fossil fuel capacity by 2030, supporting sustained capacity additions in the renewable energy segment. A robust investment pipeline is expected to continue, with increasing capital allocation towards solar, wind and hybrid projects. There is also a growing focus on battery storage and pumped storage systems to address intermittency and enhance grid stability. As renewables account for a large share of incremental demand increases, they are expected to progressively reshape the energy mix and influence financing requirements across the sector.

Indias Total Renewable Energy Installed Capacity

Installed Capacity (GW)

2026	283.46
2032	500

Fertilizer Sector14

The fertiliser sector remains crucial for national food security and agricultural productivity. Benefiting from steady domestic demand and government subsidy setups, investments during FY 2025–26 targeted better production efficiency and lower import reliance. Government policy concentrated on expanding local manufacturing capacities and securing timely fertiliser supplies to anchor steady sector performance.

Currently, the country maintains a stock of 199.65 LMT, fulfilling more than 51% of seasonal demand. This capacity marks a distinct rise from standard buffer baselines of roughly 33%, indicating enhanced advance stocking and optimized logistics management.

Outlook

The sector is expected to witness stable growth over the medium term, supported by continued policy support through subsidy mechanisms, which are likely to sustain demand visibility. Ongoing efforts to enhance domestic production capacity are expected to reduce import dependence, while investments in energy efficiency and the revival of existing units are anticipated to generate incremental financing opportunities.

Logistics and Multi-Modal Infrastructure16

Freight movement in Indian Railways is shifting from fragmented, mode-specific operations to an integrated, rail-led logistics model. Existing sector challenges are being targeted via the Gati Shakti Multimodal Cargo Terminal (GCT) Policy, which designs modern terminals combining rail with roads, ports, and waterways. Indian Railways has approved 306 GCTs, with 118 commissioned, adding an estimated annual handling capacity of 192 million tonnes. Further, Dedicated Freight Corridors (DFCs) provide high-capacity, electrified routes solely for goods, which reduces passenger line congestion and increases efficiency. Through this DFC initiative, the innovative Trucks-on-Trains (ToT) service has been introduced.

Outlook17

The freight sector is projected to benefit from sustained policy focus and ongoing infrastructure investments. Key Government of India initiatives, including the development of Dedicated Freight Corridors, increases in average freight train speeds, the modernisation of terminals, and reductions in rail tariffs, are anticipated to improve the competitiveness and reliability of rail transport.

Driven by these advancements, the share of rail in freight transport is forecasted to rise from 22% in 2025 to 25% by 2070 under the Current Policy Scenario. Under the Net Zero Scenario, rails freight share is expected to reach 30% by 2070, driven by stronger policy backing, greater efficiency gains, and the carbon and energy advantages of rail for long-haul freight transport.

4. Company Overview Indian Railway Finance Corporation (IRFC) was set up on 12th December 1986 as the dedicated funding arm of the Indian Railways for mobilizing funds from domestic as well as overseas Capital Markets. IRFC is a Navratna and Schedule ‘A Public Sector Enterprise under the administrative control of the Ministry of Railways, Govt. of India. It is also registered as Systemically Important Non-Deposit taking Non-Banking Financial Company (NBFC - ND-SI) and Infrastructure Finance Company (NBFC- IFC) with Reserve Bank of India (RBI).

IRFC has played a significant role in its more than 39 years of existence in supporting the expansion of the Indian Railways and related entities by financing a significant proportion of its annual plan outlay.

The main objective of the company is to meet the predominant portion of ‘Extra Budgetary Resources (EBR) requirement of the Indian Railways through market borrowings at the most competitive rates and terms. The Companys principal business therefore is to borrow funds from the financial markets to finance the acquisition / creation of assets which are then leased out to the Indian Railways. IRFCs constant endeavour has been to diversify its borrowing portfolio in terms of instruments, markets and investors which has led to the Company meeting the targeted borrowings year after year, through issue of both taxable and tax- free bonds, term loan from banks/financial institutions besides offshore borrowings, at competitive market rate. Its aim is to be one of the leading Financial Service Companies in the country, for raising funds from the capital market at competitive cost for Railway infrastructure augmentation, duly ensuring that the Corporation makes optimum profits from its operations.

Company has initiated a focused diversification strategy (IRFC 2.0), for financing projects with forward & backward linkages for Railways. In alignment with the Government of Indias vision of a future-ready, inclusive, and modern railway network, IRFC is actively broadening its financing footprint. Beyond its core role in railway asset financing, IRFC is expanding into sectors having forward and backward linkages to railways, such as power generation and transmission, mining, fuel, coal, metro rail, fertilizer, port, logistics etc.

The Company is taking several strategic steps to diversify its lending portfolio and started funding for projects other than MoR under its mandate of financing adopting "whole of Govt. of approach keeping Railways at its centre." IRFC is transforming to a diversified financier supporting broader infrastructure within the Railway ecosystem.

During FY 2025-26 IRFC has entered into MoUs with VOCPA- V.O. Chidambaranar Port Authority, RITES- Rail India Technical and Economic Service, DMRC- Delhi Metro Rail Corporation IIFCL- India Infrastructure Finance Company Limited, REMCL- Railway Energy Management Company Limited, MMRDA-

Mumbai Metropolitan Region Development Authority, JNPA- Jawaharlal Nehru Port Authority, SFCL-Sagarmala Finance Corporation Limited., etc. for strategic collaboration.

5. Operational Highlights

The Board of Directors had approved borrowing limit of 60,000

Crores for FY 2025-26 for meeting the funding requirement of Indian Railways, if any, new business activities, refinancing of existing loans and for other general corporate purposes.

For leasing of Project Assets, there is an initial Moratorium period of 5 years or as mutually agreed and MoR is not required to pay the lease rent in moratorium period. Further, during the moratorium period company recognises on annual basis the finance cost as disbursement which gets added to the AUM of the company.

IRFC is transforming to a diversified financier supporting broader infrastructure within the Railway ecosystem. During FY 2025–26, the Company continued to play a strategic role in infrastructure financing while significantly accelerating its diversification across multiple sectors such as railways, power generation and transmission, renewable energy, fertilizers, metro rail, logistics, ports and mining.

Disbursement

To MoR: During the FY 2025-26, no fresh disbursement was made to MoR due to ‘NIL target allocation for the year.

To Other than MoR: During FY 2025–26, the Company executed agreements worth 72,949 crore, marking a significant scale-up in its diversified infrastructure financing business. The sanctions comprised 12,493 crore towards railways, 43,614 crore towards Power and 16,842 towards fertilizers. Total Disbursements during FY 2025-26 stood at 35,067 crore, including 12,386 towards railways, 9,516 crore towards Power and 13,165 towards fertilizers.

Borrowings

During FY 2025–26, the Company continued to maintain a diversified and prudent borrowing profile to support its financing requirements and optimize cost of funds. As per financial statements, during the year Company mobilised resources amounting to

46,263.69 Crore through multiple funding instruments, which includes Taxable Bonds aggregating to 13,575.42 crore (Previous year: 27,240 Crore), Rupee Term Loans amounting to 23,950 crore (Previous year: 3,500 Crore), 54EC Bonds of 2,306.21crore (Previous year: 1,877.30 Crore), and External Commercial Borrowings (ECB) of 6,432.06 crore. The diversified borrowing mix enabled the Company to maintain financial flexibility, competitive cost of borrowing and efficient asset-liability management.

The weighted average cost of funds (WACF) for the financial year 2025-26 worked out to 6.55% p.a. The company had also prepaid high cost long term loan of 19,091.78 Crore from lower rate borrowings.

Financial Performance

Revenue from operations of the Company for FY 2025-26 stands at 27,284.15 Crores as compared to 27,152.14 Crores (FY

2024-25). Profit before Tax (PBT) of your Company for the year ended 31st March 2026 was 7,009.17 Crores as compared to 6,502 Crores for the previous year, registering a growth of

7.80 %. Company had elected to exercise the option permitted under section 115 BAA of the Indian Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) ordinance, 2019 dated 20th September 2019. Pursuant to exercise of such option of Section 115 BAA, the taxable income under normal assessment is NIL. Further, after adoption of Section 115 BAA, the Company is outside the scope and applicability of Minimum Alternate Tax (MAT) provision under section 115 JB of Income Tax Act. Accordingly, no provision has been made in the accounts for the FY 2021-22, FY 2022-23, FY 2023-24, FY 2024-25 and FY 2025-26 as well. Profit After Tax for the year ending 31st

March 2026 was 7,009.17 Crores as compared to 6,502

Crores for the previous year, registering a growth of 7.80%. The companys NIM improved to 1.50% during FY26, supported by value-accretive disbursements in diversified segments and disciplined liability management under IRFC 2.0.

Earnings Per Share (EPS) for the financial year ended March

31, 2026, was 5.36 per share of face value of 10/- each, as against EPS of 4.98 per share in the previous financial year.

Net worth of the Company as on March 31, 2026 stands at

56,748.76 Crore. Asset under management (AUM) stood at 4,84,616.77 at the end of financial year 2025-26.

The financial statements of the Company are prepared in accordance with the Indian Accounting Standards prescribed under section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, as amended, from time to time.

Financial Highlights

Particulars	FY 2025-26	FY 2024-25	YoY Change (in %)
Revenue from Operations ( in Crore)	27,284.15	27,152.14	+0.49%
EBITDA( in Crore)	27,020.48	27,002.40	+0.06%
PBT( in Crore)	7,009.17	6,502.00	+7.80%
PAT( in Crore)	7,009.17	6,502.00	+7.80%
Net Worth( in Crore)	56,748.76	52,667.77	+7.75%
EPS (in )	5.36	4.98	+7.63%

Key Ratios

The details of key financial ratios applicable and specific to the Company are given below:

Particulars	FY 2025-26	FY 2024-25
Debt Equity Ratio (in times)	7.69	7.83
Operating Profit Margin (in %)	25.49	23.93
Net Profit Margin (in %)	25.64	23.94
Return on Net Worth (in %)	12.81	12.77

6. Human Resources

At IRFC, we uphold a strong value system and adhere to best human resource (HR) practices to enhance capabilities and achieve our organizational objectives.

As of 31st March 2026, the total manpower of the Company stood at 59. To strengthen the existing workforce, the Company inducted 10 (ten) Executives and 06 (six) Executives on deputation during the financial year 2025–26.

Effective grievance redressal processes are also structured to keep the trust, respect and confidence of our team intact. Company has put in place effective Human Resource acquisition and maintenance function, which is benchmarked with best corporate practices to meet the organizational need.

Company implements all directives and guidelines with regard to reservation policy issued by Govt. of India. Liaison Officer has been appointed to look into the matter of reservations and also the welfare and safeguard of SCs/STs/OBCs/ PwBD/ EWS employees. Liaison Officer also ensures that there is no discrimination on the basis of Cast, Religion and disabilities amongst the employees. IRFC being a Lean Organization has adopted "Open Door Policy" and every employee has been given sufficient opportunity to meet and discuss his/her problem or grievance with the Management. SC/ST constituted 15% of its total workforce as on 31st March, 2026.

In order to enhance the skills, capabilities and knowledge of employees, a well-defined Training and Development Policy for below board level executives and non-executives is in place. Employee training and development is an essential element of the Companys strategy. During the year 2025-26, the Company imparted training to 57 of its employees to various training programmes and workshops including inhouse trainings. These initiatives enabled the Company to achieve 110 training man days/880 Hrs.

Companys Board of Directors consist of professionals with vast experience and high level of expertise in their respective field and industry. It will be endeavour of the Company that the whole time Directors and Non-Executive Directors attend training programmes in order to keep themselves abreast with the latest development in the area of finance, accounts etc. During the FY 2025-26 Non-Executive Directors have been imparted training for 24 Hrs. cumulatively.

IRFC is an equal opportunity employer. Company provides equal growth opportunities for the women in line with Govt. of India philosophy on the subject. Being a lean organization, where Company has 59 employees, women representation has gone across hierarchical levels. Women constituted 17% of its total workforce as on 31st March, 2026. As per Govt. of India directives and guidelines from time-to-time, IRFC ensures the welfare of women employees.

7. Risk Management

Effective risk management is fundamental to maintaining the Companys financial soundness, operational resilience, and long-term sustainability. In this regard, the Company has implemented a Board-approved Comprehensive Risk Management Policy covering key risk categories, including Liquidity Risk, Credit Risk, IT & Operational Risk, and Foreign

Exchange Risk, in line with regulatory requirements and industry best practices.

In compliance with the guidelines issued by the Reserve Bank of India (RBI), the Company has constituted a Risk Management Committee (RMC) comprising the Chairman & Managing Director, Director (Finance), and two Independent Directors. Further, a Chief Risk Officer (CRO) has been appointed to oversee the implementation, monitoring, and continuous strengthening of the risk management framework.

The company has appointed a Chief compliance officer to oversee RBI and other compliances.

To ensure focused oversight of specific risk areas, the following sub-committees have been constituted under the RMC in accordance with the approved policy:

1. Asset Liability Management Committee (ALCO):

Responsible for monitoring and managing liquidity and market risks. ALCO reviews asset-liability mismatches and ensures the availability of adequate liquidity to support business operations.

2. Forex Risk Management Committee:

Entrusted with monitoring and mitigating risks arising from foreign exchange fluctuations and interest rate movements associated with External Commercial Borrowings (ECBs).

3. IT & Operational Risk Management Committee:

Focuses on identifying, assessing, and mitigating operational and technology-related risks across the Companys operations.

4. Credit Risk Management Committee:

Constituted in April 2026 to oversee, monitor, and control the Companys credit risk exposures in accordance with the approved Credit Risk Management Framework, risk appetite parameters, applicable regulatory guidelines, and internal policy requirements.

The minutes of meetings of these sub-committees, together with Action Taken Reports, are placed before the Risk Management Committee for review. The proceedings of the RMC are subsequently submitted to the Board of Directors for their oversight and guidance.

The Board has also approved a Risk Appetite Framework, which serves as a structured enterprise-wide mechanism defining the nature and extent of risks the Company is willing to assume in pursuit of its strategic objectives. The framework provides clear boundaries and tolerance limits across financial, operational, and reputational risk dimensions, thereby aligning risk-taking activities with the Companys overall strategy.

The Companys major portfolio continues to be concentrated with the Ministry of Railways (MoR), where the associated credit risk remains minimal. Under the lease agreements with MoR, interest rate risk is substantially passed through to the Ministry, resulting in limited direct interest rate exposure for the Company. In addition, the predictable nature of the Companys cash inflows provides significant resilience against liquidity risk.

Although foreign exchange risk on overseas borrowings is also contractually passed through to the MoR, the Company continues to adopt prudent, efficient, and cost-effective strategies to manage such exposures. For non-MoR lending exposures, the Company follows a disciplined hedging approach to mitigate market risks.

The Company remains committed to continuously strengthening its Risk Management Framework in line with evolving regulatory expectations and emerging best practices. Ongoing initiatives include enhancing data-driven risk assessment capabilities, integrating advanced risk analytics, improving early warning systems, strengthening cyber risk resilience, refining stress testing methodologies, and further aligning risk appetite parameters with strategic objectives to ensure a proactive and forward-looking risk management culture.

8. Internal control systems and their adequacy

The Company has in place adequate internal control systems commensurate with the nature and volume of its business to ensure statutory and regulatory compliances. The Company has in place Accounts Manual, Manual for Procurement of Goods, Services and Works and HR Manual. The Company has also implemented a policy for temporary placement of surplus funds with the Banks in order to strengthen its cash management system.

In line with the RBI notification dated Feb 3, 2021, Risk Based Internal Audit (RBIA) policy has been formulated and approved by the Board of Directors. The scope of RBIA is well defined and is very exhaustivetotakecareofallfunctionsandbusinessoftheCompany depending upon the risk assessment and control environment. Based on RBIA report, efforts are made to further strengthen the existing systems and procedures. The significant observations are discussed in the Audit Committee Meetings regularly.

IRFC has developed Comprehensive Risk Management Policy, Credit Policy, Information Technology Policy and Information Security Policy.

The Statutory Auditors of the Company are appointed by Comptroller and Auditor General (C&AG) of India, and the appointment is rotated periodically. Besides, the accounts of the Company are subject to supplementary audit by the office of C&AG, as required under the Companies Act. The C&AG also conducts propriety audit of the Company.

Besides, as mandated under Companies Act, 2013, the Statutory Auditors have certified as part of their Audit Report, the effectiveness of Internal Financial Control over financial reporting.

9. Management Outlook

During FY 2025-26, IRFC successfully established end-to-end capabilities for sourcing, appraisal, execution, monitoring and servicing of diversified infrastructure financing opportunities. The Company also developed institutional frameworks relating to credit assessment, risk management, pricing, monitoring and regulatory compliance, thereby creating a strong foundation for scaling diversified lending operations. During the year, IRFC executed agreements of approximately 72,949 crore and disbursements of 35,067 crore under its diversified lending business, while emerging successful in competitive financing opportunities aggregating approximately 56,251 crore. Through participation in competitive RFP-based financing processes across multiple infrastructure sectors, IRFC has established itself as a credible source of long-term infrastructure finance, contributing to greater competition and pricing efficiency in the infrastructure financing market traditionally dominated by banks and select financial institutions.

The outlook for IRFC in FY 2026-27 is centred on strengthening its position as a diversified infrastructure financing institution within the railway and its allied infrastructure ecosystem. Building upon the capabilities established during FY 2025-26, IRFC intends to further expand its presence across sectors having forward and backward linkages with the Railways while continuing to support the financing requirements of Indian Railways and related entities.

Going forward, IRFC aims to play a larger role in financing nation-building infrastructure projects by providing long-term and competitively priced financing solutions. Key focus areas would include railway infrastructure, Metro Rail projects, Regional Rapid Transit Systems (RRTS), ports, Multi-Modal Logistics Parks (MMLPs), renewable energy, railway SPVs and other infrastructure projects having strategic linkages with the railway sector. Through such financing, IRFC seeks to contribute towards improving logistics efficiency, strengthening multimodal connectivity and supporting sustainable economic growth.

The Governments continued focus on infrastructure-led development through initiatives such as PM Gati Shakti, National Infrastructure Pipeline (NIP), Dedicated Freight Corridors, Metro Rail expansion, multimodal logistics connectivity and port-led development is expected to create significant financing opportunities. Leveraging its strong market standing, access to long-term domestic and international funding, and its evolving diversified lending platform, IRFC remains well-positioned to support Indias infrastructure growth agenda while creating long-term value for stakeholders.