Indian Railway Finance Corporation (IRFC), the financial arm of the Ministry of Railways, has emerged as India’s third-largest government non-banking financial company (NBFC) with a revenue surpassing ₹26,600 crore and a profit after tax exceeding ₹6,400 crore as of March 31, 2024.

Adding to its achievements, the Government of India has conferred IRFC with the prestigious Navratna status, recognizing its financial strength and significant contribution to infrastructure financing.

Since its inception in 1986, IRFC has played a crucial role in funding nearly 80% of Indian Railways’ rolling stock. It made history as the first Central Public Sector Enterprise (CPSE) to issue a 30-year tenor bond in overseas markets. As of December 31, 2024, IRFC boasts a market capitalization of over ₹2 lakh crore, an asset under management (AUM) of ₹4.61 lakh crore, a net worth of approximately ₹52,000 crore, and a balance sheet size exceeding ₹4.81 lakh crore.

Over the years, the company has evolved into a financial powerhouse, gaining recognition as a Public Financial Institution in 1993, an NBFC under the RBI in 1998, and later an NBFC-Infrastructure Finance Company (NBFC-IFC) in 2010. In March 2018, it was granted Mini-Ratna Category-I status, before making its stock market debut in January 2021 at an IPO price of ₹26—now trading around ₹140.

Commenting on the Navratna recognition, Manoj Kumar Dubey, CMD & CEO of IRFC, said, “Receiving Navratna status is a reflection of IRFC’s financial strength and its commitment to supporting India’s railway infrastructure. This recognition further motivates us to expand our capabilities and contribute more meaningfully to the nation’s growth.”

Beyond railway financing, IRFC is diversifying into sectors with strong linkages to railways, including power generation, mining, fuel, warehousing, telecom, and hospitality. The company recently secured funding for 20 BOBR rakes for NTPC worth ₹700 crore and emerged as the lowest bidder for a ₹3,190 crore loan for Patratu Vidyut Utpadan Nigam Limited (PVUNL), a subsidiary of NTPC. Additionally, NTPC Renewable Energy Limited (NTPC REL) has accepted IRFC’s bid to finance a ₹7,500 crore Rupee Term Loan (RTL).

With its robust financial standing and strategic vision, IRFC continues to be a key driver in financing India’s railway infrastructure, ensuring sustainable growth and long-term value for stakeholders.