Indian Railway Finance Corporation

“To answer your question in very clear manner, the guidance that we have given is that, in FY27 also, we will surpass disbursement that we did last FY, and that guidance remains intact.”

“Maybe in Q3, when we come back to you, we'll be giving you clear numbers and the guidance on what model is going to be followed.”

“we very seriously believe that this growth story will continue, and the numbers that we have shown in H1 will be kind of replica of what is going to be in H2.”

“As for our AUM we are all geared up that we'll be doing better than what we did last year.”

“But end of the year, for sure, we should achieve it, the way we did last year, because bulk of our disbursements are done in H2, we have already things in place for disbursement.”

“Next, in H2, you will find that we will be lending to metros, ports, renewable energy, thermal power, Gencos that have linkages with the Railways. We will be lending to few road linkages also. These are all in pipeline and are, almost ready to be disbursed in Q3 or early Q4.”

“But also to mention you, now that we have started diversification, we are not going to stop funding to non-railway entities in the railway ecosystem.”

“There is a sanction of Dedicated Freight Corridor from Dankuni in eastern part to Surat in western part. This corridor is over 2,000 kilometer and costs around more than INR3 lakh crores.”

“Now, once we have our hand on these pies, these are going to continue for next 10 years.”

“So, in fact, if you see my portfolio from last year, you will see that most of the prepayments made to others are business proposition for us.”

“Just the other day, we were looking at a figure stating that at least more than INR200 lakh crores is required.”

“all my asset under management, nearly 90% plus today stands with the Railways, where the NIM is only 1.3% or in absolute terms, INR0.35 paisa margin on cost plus.”

“Whatever non-IR business that we are garnering, margin is atleast 2 times or 3 times and 3.5 times high.”

“So, you see, our overhead cost is nearly INR0.15 only.”

“Now, coming to domestic market, and answering your question, there are reset of three months, every month and even every year. It acts both ways.”

“Number one, there is no prepayment penalty. Listen to it very carefully. My first proposition to all my prospective borrowers that, we are not putting any prepayment penalty, whereas others, as you know better than I do, what kind of penalty is being put on Number two, we are saying that there is no floor price.”

“We are very actively looking at reducing our WACC by increasing the share of 54EC bonds and also ECB, so that borrowing costs are least cost amongst other NBFCs and we hope to continue the same thing. We hope to continue in the same way, because at the moment 6.55% is our WACC which is much lower compared to other NBFCs.”

“In terms of yen consumption, last year we raised nearly USD2 billion worth of dollars. We started with 1.8%, with TONAR increase also we are landing somewhere at 2.25%.”

“my cost of hedging has not crossed 6.3%. We are hedging at 5.9% or at 6% also, and the latest that we did during the turmoil of Hormuz also, it is 6.3%.”

“They are around 25% of my total mix. Overall, we always have this cushion of 20 bps to 30 bps of any kind of such happenings.”

“Over three consecutive years, last year we gave INR1.05 as interim dividend, this year we have given INR1.15.”

“Last year we gave 30% more in dividend.”

“Your company has been distributing around 40% of its profits as dividend for the last two years.”

“What we can predict for you is that there are good prospects for your dividend to keep increasing. We can confidently project that we are running the business well, and in the coming days as well, you will see healthy PAT and healthy revenue.”

“I want to inform all of you that, in last one year, the number of employees in IRFC has grown almost doubled.”

“To put it on record, my Chief Risk Officer is a veteran from the NBFC business. He has been Director (Finance) of REC.”

“We have created the grid of mentors who are shaping and guiding the young minds involved in appraisal, borrowing and everything else.”

“except the Q4 of last FY, where provisions were made for new businesses, where 1% for greenfield and 0.4% for brownfield provisions are to be made as per RBI norms.”

“despite the fact that TONAR has gone 50 bps in just three to four months and perhaps one more revision may come, we are extremely comfortable with kind of rates that yen is offering to us.”

“So, I'm perhaps the only NBFC in the country who is not having this pressure, and there is a reason behind this.”

“And answer to your question, why we are not finding the pressure of prepayment is my third USP that we are cheapest in the market.”

“Apart from the good numbers, that is for H1, more than 20% rise in revenue and more than 10% rise in PAT”

“if you look at the last six quarters of the company, out of six, five quarters the profit after tax has grown in double digits, except the Q4 of last FY, where provisions were made for new businesses”

“We have received positive feedback from RBI as well as C&AG, with a nil comment report for third consecutive year.”

“we are already talking to World Bank, other multilaterals, as well as domestic players. We believe that by end of this FY, this whole model will be in place.”

“If you look at our journey of IRFC 2.0, we started at INR4.60 lakh crores, I mean, INR4,60,000 crores at the beginning of FY26. We ended up the year at INR4.85 lakh crores.”