Net interest margins improved by over 8% YoY during the quarter, aided by value-accretive disbursements across diversified segments and disciplined liability management. Total income stood at Rs 6,719 crore for the quarter, while income for the nine-month period came in at Rs 20,009 crore.
Revenues in Q3 declined to Rs 6,661 crore, compared with Rs 6,763 crore a year ago. The company said the marginal YoY moderation in quarterly income was largely due to a one-year extension of a moratorium granted by the Ministry of Railways for a project lease agreement, which affected revenue recognition during the period.
For the nine months ended December 2025, profit after tax rose to Rs 5,325 crore, up from Rs 4,820 crore in the same period last year, reflecting a 10% growth.
Operationally, IRFC achieved a key milestone by meeting its full-year loan sanction guidance of Rs 60,000 crore within nine months. The company’s disbursement target of Rs 30,000 crore for the year remains on track, with nearly three-fourths already disbursed by the end of the December quarter.
IRFC refinanced Rs 9,821 crore of DFCCIL’s World Bank loan, replacing foreign currency exposure with rupee financing. The company said the transaction generated meaningful savings, reduced risk for the railway project, and created a scalable refinancing template for other rail and rail-linked infrastructure assets.
IRFC’s assets under management rose to a record Rs 4.75 lakh crore as of December 2025 — the highest in its history — even without fresh business from Indian Railways during the period. The growth was driven by diversification initiatives under IRFC 2.0.During the quarter, IRFC strengthened its funding profile by securing a $300 million external commercial borrowing from Sumitomo Mitsui Banking Corporation, marking its first international commercial borrowing after a multi-year pause. It also raised funds through zero-coupon bonds, enhancing long-term funding flexibility.
Looking ahead, the company expects higher-margin diversified lending and fresh project agreements with Indian Railways, following the completion of the moratorium period, to support growth from the next financial year. It is also exploring opportunities in co-financing, refinancing of rail-linked projects, and selective expansion into areas such as metro rail, renewable energy, logistics, and ports.