Indian Railway Finance Corporation Limited (IRFC) has released the transcript of its earnings conference call held on January 20, 2026. The call, hosted by PhillipCapital (India) Private Limited, discussed the unaudited financial results for Q3 FY25-26 and the nine months ended December 31, 2025. During the call, Chairman and MD & CEO, Mr. Manoj Kumar Dubey, highlighted IRFC's successful transition into a multi-client model within the railway ecosystem, moving away from its previous single-client structure. The company exceeded its asset sanction guidance for the full year in Q3 FY26 and saw a significant pickup in disbursements. IRFC also successfully raised ECB loans at attractive rates and tested zero-coupon bonds in 2025. The management expressed confidence in future growth, projecting increasing PAT, NIM, and Assets Under Management (AUM) quarter-on-quarter. The company aims for a 60-40 mix of business from Indian Railways and the broader railway ecosystem by 2030, with the latter offering potentially higher margins. IRFC is focusing on large-ticket B2B clients and expects its AUM to exceed ₹5 lakh crore. Discussions also covered the increase in provisions due to RBI guidelines for standard asset provisioning, the competitive landscape for new assets, and IRFC's strategy to maintain a zero NPA status by cherry-picking high-quality, A-rated assets. The weighted average cost of funds remains competitive, under 7%, with plans to borrow at rates cheaper than G-Sec rates. The company reiterated its commitment to a steady dividend payout policy, subject to board approval.
