Indian Railway Finance Corporation | Business Upturn

Indian Railway Finance Corporation secures waiver of fines for multiple quarters

Business Desk — Mon, 27 Apr 2026 11:16:59 +0000

Indian Railway Finance Corporation (IRFC) has successfully secured a waiver of fines imposed for regulatory non-compliance over several quarters. The Bombay Stock Exchange (BSE) informed IRFC on 27th April 2026 that the waiver request, initially granted by the National Stock Exchange (NSE), has been approved.

The waiver pertains to fines levied under SEBI‘s Listing Obligations and Disclosure Requirements (LODR) Regulations, specifically Regulations 17(1), 17(2A), 18, 19, 20, and 21. These fines were related to the periods from March 2022 to December 2025.

IRFC had requested the waiver in line with SEBI Master Circular No. SEBl/HO/CFD/PoD2/CIR/P/0155 dated 11th November 2024. The waiver was previously communicated to the stock exchanges via a letter dated 24th April 2026.

This decision provides relief to IRFC, allowing the company to focus on its operational and financial objectives without the burden of these fines.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Indian Railway Finance Corporation granted waiver of fines by NSE

Arunika Jain — Fri, 24 Apr 2026 13:53:22 +0000

The Indian Railway Finance Corporation (IRFC) has successfully obtained a waiver of fines from the National Stock Exchange of India (NSE). This development follows a request made by the company concerning fines levied under the SEBI Master Circular dated 11 November 2024.

The NSE, in an email dated 24 April 2026, informed IRFC of its decision to favourably consider the company’s request for waiver of fines. These fines were initially imposed for the quarters spanning from March 2022 to December 2025. The fines were related to non-compliance with several SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, specifically Regulations 17(1), 17(2A), 18, 19, 20, and 21.

The waiver represents a significant relief for IRFC, which had sought leniency regarding the penalties associated with these regulatory obligations. The SEBI Master Circular had outlined the framework for such fines, and the waiver indicates that IRFC’s compliance efforts have been recognised by the NSE.

This decision by the NSE underscores the importance of regulatory compliance and the potential for companies to seek redress or leniency when circumstances warrant.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Indian Railway Finance Corporation opens financial year with Rs 1,000 crore disbursal to MAHAGENCO

Kinjal — Mon, 06 Apr 2026 12:45:27 +0000

Indian Railway Finance Corporation (IRFC), a Navratna Central Public Sector Enterprise under the Ministry of Railways, has commenced the new financial year with a significant financial move. On Monday, the company announced the sanction and full disbursement of a ₹1,000 crore term loan to Maharashtra State Power Generation Company Limited (MAHAGENCO). This development follows closely after IRFC’s recent ₹12,842 crore loan agreement with Hindustan Urvarak & Rasayan Limited.

Manoj Kumar Dubey, Chairman and Managing Director of IRFC, expressed optimism about the new financial year, stating, “A wonderful start to the new financial year. Our first disbursement going to a trusted business partner is not just a transaction, it is a statement of confidence, continuity, and commitment.” He congratulated the team for this early achievement and encouraged them to sustain the momentum.

IRFC, established in 1986 as the dedicated financing arm of the Ministry of Railways, has been pivotal in mobilising long-term resources for India’s rail infrastructure at competitive rates. In recent years, the company has expanded its reach as a diversified infrastructure financier. Its mandate now extends to sectors linked to the railway ecosystem, including power generation, transmission, mining, fuel and coal, logistics, and urban transport.

The CMD further stated that IRFC will continue to deepen its engagement across infrastructure sectors while maintaining financial discipline. “Together, we will ensure that this year is defined by strong partnerships and outstanding performance, while staying aligned with our core mandate,” he noted.

MAHAGENCO, the largest power generation utility in Maharashtra, plays a crucial role in ensuring reliable electricity supply within the state. The latest funding support from IRFC is expected to enhance MAHAGENCO’s operational capabilities significantly.

IRFC continues to maintain a robust asset quality profile, boasting a zero-NPA portfolio, even as it scales up its presence across allied infrastructure segments.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Indian Railway Finance Corporation faces Rs 9.77 lakh fine for non-compliance

Yash Agarwal — Fri, 27 Mar 2026 13:02:11 +0000

Indian Railway Finance Corporation (IRFC) has been fined ₹9.77 lakh by the National Stock Exchange (NSE) and BSE for non-compliance with SEBI‘s Listing Obligations and Disclosure Requirements. The fine pertains to the quarter ending 31st December 2025.

The non-compliance issues include the composition of the Board and the constitution of committees such as Audit and Nomination and Remuneration. The fine was imposed following a review by the exchanges, which found that IRFC had not adhered to certain regulations stipulated by SEBI.

IRFC, a government entity under the Ministry of Railways, noted that the appointment of directors, including independent women directors, is beyond its control. The Board has requested the Ministry of Railways to expedite these appointments to address the compliance issues.

The company has appealed to the exchanges to waive the fine, citing previous instances where fines were waived under similar circumstances. The Board has also highlighted that the power to appoint directors lies with the President of India through the Ministry of Railways.

The NSE and BSE have outlined the procedure for IRFC to apply for a waiver, which includes submitting a detailed request through the NEAPS portal. The exchanges have also specified that compliance must be achieved before a waiver application can be processed.

The fine breakdown includes ₹4.6 lakh for Regulation 17(1), ₹1.84 lakh each for Regulations 18(1) and 19(1)/19(2), with an additional 18% GST, bringing the total to ₹9.77 lakh.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

IRFC delivers Rs 12,842 crore strategic refinancing for HURL

Arunika Jain — Mon, 23 Mar 2026 15:04:41 +0000

Indian Railway Finance Corporation (IRFC) has signed a significant Rupee Term Loan agreement with Hindustan Urvarak and Rasayan Limited (HURL) to refinance its existing long-term debt up to ₹12,842 crore. This strategic refinancing initiative marks a substantial step forward in IRFC’s whole-of-government financing vision.

Manoj Kumar Dubey, Chairman & Managing Director of IRFC, highlighted the importance of this transaction, stating, “IRFC is actively expanding its footprint by supporting critical infrastructure sectors that have strong linkages with the railways. This refinancing transaction with HURL reflects our whole-of-government approach, where we bring cost-effective, long-term financing solutions to strategically important sectors such as fertilizers. By enabling financial efficiency, we are also contributing to agricultural sustainability while strengthening logistics with railways at the core.”

The loan agreement was formalised in New Delhi, with key figures such as Sunil Kumar Goel, Executive Director (Finance) of IRFC, and Poonam Jeswani, Chief Financial Officer of HURL, signing the deal in the presence of senior officials from both organisations.

This refinancing initiative is one of IRFC’s largest and is expected to deliver substantial value to HURL through competitive financing terms and an optimised repayment structure. This will enhance financial flexibility, improve debt servicing efficiency, and free up resources for operational strengthening and future growth.

HURL’s plants, which are well connected through rail infrastructure, underscore the project’s strong forward and backward linkages with the railway ecosystem. The company has operationalised institutional mechanisms for seamless rail freight payments, highlighting its deep integration with the rail transport network.

Established in 1986, IRFC has been instrumental in strengthening India’s rail infrastructure by mobilising long-term resources at competitive rates. As a Navratna CPSE, IRFC is expanding its role as a diversified infrastructure financier, covering projects with forward and backward linkages to railways, including power generation and transmission, mining, fuel and coal, warehousing, telecom, hotels and catering, metro rail, freight corridors, ports, and multimodal logistics.

Hindustan Urvarak and Rasayan Limited (HURL), a joint venture of leading PSUs including NTPC, Coal India, Indian Oil, FCIL, and HFCL, was established under the Government of India’s initiative to revive closed fertilizer plants at Gorakhpur, Sindri, and Barauni. All three plants are now operational and play a critical role in strengthening India’s domestic urea production capacity.

This transaction further reinforces IRFC’s position as a key financial partner in nation-building initiatives and demonstrates its capability to structure large-scale refinancing solutions for complex, multi-stakeholder infrastructure projects.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Indian Railway Finance Corporation conducts ECB roadshow in Taiwan and Hong Kong

Business Desk — Thu, 12 Mar 2026 05:06:03 +0000

Indian Railway Finance Corporation (IRFC) successfully concluded a two-day External Commercial Borrowing (ECB) roadshow in Taipei, Taiwan, and Hong Kong, aimed at engaging Asia Pacific investors for funding diversification.

The roadshow, held on 10th and 11th March 2026, was led by senior IRFC executives, including Executive Director (HR) Mr. Manish Chandra, Chief General Manager (Admin) Mr. Shwet Ketu Mishra, and General Manager (Finance) Mr. Nav Goel. The initiative sought to broaden IRFC’s lender base and access diversified global capital pools to support India’s infrastructure growth, particularly in railway projects.

During the event, IRFC highlighted its strategic diversification into funding infrastructure projects linked to the railways, emphasising its strong sovereign linkages, NIL NPA status, and low operating costs. Investors showed interest in IRFC’s diversification into high-quality PSU and infrastructure exposures beyond the Ministry of Railways, including funding for dedicated freight corridors, Metro Rails, and Ports.

The roadshow was supported by Sumitomo Mitsui Banking Corporation and Mitsubishi UFJ Trust and Banking Corporation, who facilitated investor engagements. Potential lenders expressed confidence in IRFC’s credit profile and business strategy, indicating support for future ECB borrowings.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

IRFC Share Price Today: The stocks surge, closes at Rs 143.70

Matrika Shukla — Thu, 07 Mar 2024 16:08:14 +0000

Indian Railway Finance Corporation Limited, a dedicated financing arm for the Indian Railways, witnessed a surge in its share price during Thursday’s trading session (March 7th, 2024). The stock opened at ₹141.35, higher than the previous close of ₹140.50. Riding on bullish investor sentiment, IRFC’s shares climbed to an intraday high of ₹144.40 before facing some profit-booking, leading to an intraday low of ₹139.65.

However, the stock managed to regain momentum and closed the session at ₹143.70, up ₹3.20 from its previous close. The trading activity was robust, with 24,018,294 shares exchanging hands, amounting to a traded value of ₹34,514.29 lacs. IRFC’s total market capitalization stood at ₹187,794 crore today.

IRFC Share Price Today: Stock dips 2.65%, closes at ₹140.50

Matrika Shukla — Wed, 06 Mar 2024 12:17:05 +0000

On March 6th, 2024, the Indian Railway Finance Corporation Limited (IRFC) witnessed a notable trading session, with its stock closing at ₹140.50 per share. The closing price marked a decline of ₹3.85 or 2.65% from the previous day’s close of ₹145.05.

The trading session commenced with the stock opening at ₹145.20, slightly higher than the previous close. However, during the day’s trade, IRFC’s shares experienced volatility, reaching an intraday high of ₹145.70 and a low of ₹140.00.

Despite the downward price movement, the trading volume for IRFC shares remained at 2,61,88,126 shares exchanging hands. This volume translated into a traded value of ₹37,066.67 lakhs.

IRFC’s total market capitalization stood at ₹1,84,52,730.47 lakhs.

IRFC share price ends marginally lower today at Rs 145.05

Matrika Shukla — Tue, 05 Mar 2024 13:25:53 +0000

On March 5th, 2024, the Indian Railway Finance Corporation Limited (IRFC) shares opened at ₹144.90, slightly lower than the previous day’s close of ₹145.55. However, during the trading hours, IRFC’s stock touched an intraday high of ₹148.40 and a low of ₹143.80.

IRFC’s stock eventually closed at ₹145.05, marking a marginal decline of 0.24% or ₹0.35 from its previous close. The trading volume for the day had 2,30,46,386 shares exchanging hands, translating into a traded value of ₹33,597.02 lakhs.

IRFC’s total market capitalization remained sizeable at ₹1,89,75,470.71 lakhs.

IRFC Share Price: Stock falls over 2% in trade

Matrika Shukla — Mon, 04 Mar 2024 13:37:03 +0000

On March 4th, 2024, the shares of Indian Railway Finance Corporation Limited (IRFC) closed at ₹145.55, down 2.15% from the previous day’s close of ₹148.70, despite a relatively strong start to the day.

The session kicked off with IRFC’s shares opening at ₹149.40, higher than the previous close. The stock touched an intraday high of ₹149.50 but quickly reversed course, plunging to an intraday low of ₹144.65.

The selling activity was reflected in the traded volume of 2,20,40,025 shares, with a traded value of ₹32,207.09 lakhs.

Despite the decline in the share price, IRFC’s total market capitalization remained substantial at ₹1,90,14,676.23 lakhs.

IRFC share price today: flat trade, ends at Rs 148.70

Matrika Shukla — Sat, 02 Mar 2024 08:28:43 +0000

On March 2nd, 2024, the Indian Railway Finance Corporation or IRFC share price remained flat for most of the trading session on Saturday amid low volumes across the board.

IRFC shares opened at Rs 148.10, up from the previous close of Rs 147.40, IRFC stock hit a day’s high of Rs 149.40 before settling into a narrow range. The stock hit a day’s low of Rs 147.95.

As of Saturday’s close, IRFC’s market capitalisation stood at Rs 194,328 crore. The stock in the last month, however, has seen a correction of nearly 12% after hitting record high levels of Rs 192.80. However, the stock so far this year has still delivered returns of nearly 50%, and close to 170% returns in the last 6 months.

As the dedicated financing arm for Indian Railways, IRFC is pivotal in funding the ongoing expansion and upgrading of India’s railway network. The company’s incremental share price appreciation aligns with its strategic role in supporting national rail infrastructure growth through financial services.

IRFC share price holds steady at Rs 147.40 despite day’s fluctuations

Matrika Shukla — Fri, 01 Mar 2024 16:40:28 +0000

On March 1, 2024, the Indian Railway Finance Corporation (IRFC) shares exhibited stability during the trading session on the Bombay Stock Exchange, closing at Rs 147.40.

The scrip opened at Rs 148, after closing at Rs 146.75 in the previous session. Over the course of trading today, IRFC touched an intraday high of Rs 151.40 and a low of Rs 146.55. The stock eventually settled at Rs 147.40, reflecting a marginal decrease from yesterday’s close.

The volume-weighted average price (VWAP) of IRFC stood at Rs 148.54 for the day, indicating balanced trading activity. VWAP accounts for both trading volume and prices, providing a comprehensive view of market dynamics.

IRFC’s adjusted price, a key indicator that factors in corporate actions like dividends and stock splits also remained steady through the trading hours. This reinforced the stock’s stable performance amidst the day’s fluctuations.

Market observers noted that IRFC maintained investor confidence, despite the minor fluctuations seen during the session. As the dedicated financing arm of the Indian Railways, IRFC plays a pivotal role in funding railway infrastructure projects across the country.

With the government’s continued focus on infrastructure development, analysts expect interest in IRFC shares to remain strong.

The day’s range-bound trading and marginal decline are seen as signs of overall market stability. IRFC remains well-positioned to benefit from India’s railway modernization needs, say experts. Its closing price of Rs 147.40 indicates that investors continue to repose faith in IRFC’s long-term growth story.

Railways invest ₹1.08 trillion in safety measures from 2017-18 to 2021-22: Railway Minister

Viditha Ganji — Sat, 22 Jul 2023 11:58:09 +0000

New Delhi: In a significant effort to bolster safety measures and enhance critical infrastructure, the Indian Railways has invested a staggering ₹1.08 trillion on Rashtriya Rail Sanraksha Kosh (RRSK) or rail safety-related works from 2017-18 to 2021-22. Railway Minister Ashwini Vaishnaw revealed the substantial allocation in response to a question raised in the Rajya Sabha on Friday.

The Rashtriya Rail Sanraksha Kosh (RRSK) was established in the fiscal year 2017-18 with a dedicated corpus of ₹1 trillion for executing safety works over a five-year period. The projects undertaken under this fund primarily focus on track renewal, bridges, signalling, rolling stock, training, and amenities for safety-critical staff. Funding for RRSK works is derived from Gross Budgetary Support (GBS) and Railways revenues or resources, including mobilization of resources through Extra Budgetary Resources (EBR), following guidelines set by the Ministry of Finance.

Additionally, the Railway Safety Fund (RSF) was initiated in 2001-02 to fund works related to level crossings and road over bridges and road under bridges. Over time, the scope of the RSF has expanded to include capital expenditure on various safety initiatives. For the last five years, both RRSK and RSF have been utilized to allocate funds for safety-related projects.

Minister Ashwini Vaishnaw highlighted the Railway’s commitment to safety, stating, “Apart from this capital expenditure from Gross Budgetary Support, DRF, and DF is made on safety-related works. Between FY 2014-15 and FY 2022-23, the total expenditure and BE for FY 2023-24 amount to ₹1.78 lakh crore on safety-related plan heads. This amount is about 2.5 times the amount spent on safety-related plan heads during FY 2004-05 to FY 2013-14 (₹70,274 crore).”

The railway minister further emphasized the commitment to safety by providing laptops and computers for safety-related track management systems applications. Moreover, the training of safety manpower has also been prioritized to ensure effective implementation of safety measures across the rail network.

Addressing concerns raised by the Comptroller and Auditor General (CAG) in its performance audit report of 2022 on “Derailment in Indian Railways,” which observed that some expenditures were booked to RRSK on non-priority items, Minister Vaishnaw assured that the railway authorities have responded to the audit observation in the Action Taken Note. He stated, “Railways has replied to the audit observation in the Action Taken Note, stating that these expenditures are covered by policy letters and technical report of CAMTECH on Running Room Facilities. Accordingly, required expenditure on equipment and gear for safety-critical staff has been booked to RRSK on some Railways.”

The massive investment in safety measures demonstrates the Indian Railways’ commitment to providing a secure and reliable transportation system for millions of passengers and freight across the country. With ongoing efforts to enhance safety infrastructure and prioritize critical safety initiatives, the railways aim to ensure an accident-free and efficient rail network for the nation.

Hitachi Energy bags order to speed up electrification of Indian Railways

Malvika Choudhary — Wed, 19 Jan 2022 12:28:07 +0000

Hitachi Energy India Ltd has triumphed over orders exceeding Rs 160 crore for its key electric components to back the electrification of the country’s rail routes. The shares of the company were at Rs 2,800.00 (+143.65) with a 5.41% jump today on NSE.

“Electricity will be the backbone of the entire energy system and at Hitachi Energy, we are committed to the accelerated electrification and decarbonization of the world’s transportation and rail sectors,” said N Venu, Managing Director and CEO, Hitachi Energy India Ltd.

He added, “Indian Railways is a longstanding customer of Hitachi Energy and these orders are further evidence that Hitachi Energy is regarded as a trusted partner of choice for the rail industry. A clean and reliable electric rail network is fundamental for India to build back better, supporting the movement of people and goods whilst reducing the environmental impact.”

India’s COP26 commitment to shift to electricity for transport and reducing the economy’s carbon intensity by 45 per cent by 2030. Indian Railways’ efforts to electrify all the routes by 2023 are an important aspect of achieving these targets. For the significance of this, Hitachi Energy will operate its traction transformers that affect both train performance and operator services.

Indian Railways aims to gain 100 per cent electrification of broad-gauge routes by 2023. The government of India’s electric locomotive manufacturers, Chittaranjan Locomotive Works (CLW) and Diesel Loco Modernisation Works (DMW), part of Indian Railways, placed orders with Hitachi Energy for traction transformers for passenger and freight locomotives in the October-December 2021 period.

The electrification of rail is a key element of India’s drive towards net-zero carbon emissions. At the recent UN Climate Change Conference (COP26), India has reconsidered its commitment to locomoting electricity for transport and lessening the economy’s carbon intensity by 45 per cent by 2030.

Indian Railway Finance Corporation subscribed 25% on day 1 of IPO

Ruchira Sonawat — Mon, 18 Jan 2021 08:27:48 +0000

Indian Railway Finance Corporation, the subsidiary of the Indian Railways has been subscribed 25 per cent so far on the first day of its IPO. The bidding data available on the exchanges showed that the offer has received bids for 38.39 crore equity shares against an IPO size of over 124.75 crore equity shares.

The above mentioned IPO size excluded the anchor book which already received a good response from investors. The company raised Rs 1390 crore of its total issue size of Rs 4,633 crore, through the anchor book.

The retail investors remained strong in the primary as well as a secondary market. The portion set aside for them has subscribed 60 per cent while the employee portion was subscribed 1.73 times on the first day itself. The reserved portion of non-institutional investors saw a subscription of 2.8 per cent, while qualified institutional investors have not put in their bids yet.

The 1,78,20,69,000 equity shares public issue consists a fresh issue of 1,18,80,46,000 equity shares and an offer for sale of 59,40,23,000 equity shares by the President of India. The issue includes a reservation of Rs 50 lakh worth of shares for eligible employees.

The price band for the issue, which will close on January 20, has been fixed at Rs 25-26 per share.

IRFC, wholly-owned by the Government of India, is the dedicated market borrowing arm of the Indian Railways. Incorporated in 1986, it follows a financial leasing model to finance the acquisition of rolling stock assets, which includes locomotives, coaches, wagons, trucks, flats, electric multiple units, containers, cranes, trollies, etc.

IRFC reported revenue growth at a CAGR of 21 per cent and PAT 26 per cent during FY18-FY20. In FY20, IRFC reported PAT of Rs 3,192 crore on revenue of Rs 13,421 crore.

Indigo Paints to open IPO on January 20 at Rs 1480-1490/share

Ruchira Sonawat — Thu, 14 Jan 2021 06:09:14 +0000

Indigo Paints will open its initial public offering for subscription on January 20. This would be the second IPO in calendar 2021 after Indian Railway Finance Corporation.

The public issue comprises a fresh issue of Rs 300 crore and an offer for sale of 58.40 lakh equity shares by promoters and investors. The offer for sale consists of 20.05 lakh equity shares by Sequoia Capital India Investments IV, 21.65 lakh equity shares by SCI Investments V and 16.7 lakh equity shares by promoter Hemant Jalan.

The public offer, which will close on January 22, includes a reservation of 70,000 equity shares for subscription by eligible employees.

Promoters and investors have fixed a price band of Rs 1,480-1,490 per share for the public issue. One can bid for a minimum of 10 equity shares and in multiples of 10 equity shares thereafter.

The company will utilise funds from its fresh issue for the expansion of the manufacturing facility at Pudukkottai in Tamil Nadu by setting up another facility (Rs 150 crore) nearby, purchase of tinting machines and gyroshakers (Rs 50 crore), repayment of borrowings (Rs 25 crore), and general corporate purposes.

Indigo Paints is the fastest-growing among the top five paint companies in India and is the fifth-largest company in the Indian decorative paint industry in terms of revenue from operations for FY2020. Former Indian team cricket captain Mahendra Singh Dhoni is its brand ambassador.

The company also plans to expand capacity at Pudukkottai by adding capacities to manufacture water-based paints to cater to the growing demand for these paints. The proposed installed production capacity of the expansion unit is 50,000 KLPA and it is expected to be operational during fiscal 2023.