Indian Railway Finance Corporation Limited will convene its 39th Annual General Meeting on Tuesday, August 25, 2026, at 3:30 p.m. (IST) via Video Conferencing/Other Audio-Visual Means. The meeting aims to confirm the payment of two interim dividends declared during FY26 and secure shareholder approval for key board appointments, including the formal appointment of Dr. Ranjay Choudhary as Director (Finance). These actions finalize the company’s dividend distribution for the fiscal year and strengthen its financial leadership team.

The Board of Directors had previously declared a 1st and 2nd interim dividend at a rate of 10.50% each, equivalent to ₹1.05 per share, on 13,06,85,06,000 equity shares of ₹10/- fully paid up. The dividends were paid to shareholders on November 06, 2025, and March 24, 2026, respectively. Shareholders will vote to confirm these payments through an ordinary resolution. Additionally, the meeting includes the re-appointment of Ms. Laya Madduri as a Nominee Director, who retires by rotation.

A special resolution seeks the appointment of Dr. Ranjay Choudhary (DIN: 11796981) as Director (Finance) for a period of five years, effective from June 30, 2026. The Ministry of Railways entrusted him with the charge vide Order No. 2024/E(O)II/40/1 dated June 29, 2026. Dr. Choudhary brings over 29 years of experience in finance, having served in roles such as Chief General Manager at Power Finance Corporation Limited. He currently holds 50 equity shares in the company.

Shareholders holding shares as of the cut-off date, Tuesday, August 18, 2026, are eligible to vote. The remote e-voting period begins on Saturday, August 22, 2026, at 9:00 a.m. (IST) and ends on Monday, August 24, 2026, at 5:00 p.m. (IST). Voting is facilitated by National Securities Depository Limited.

Key Dates and Compliance

The company has fixed specific dates for the AGM process in compliance with SEBI (LODR) Regulations, 2015, and the Companies Act, 2013.

M/s VAP & Associates has been appointed as the scrutinizer for the e-voting process. The Annual Report for FY26, including the Business Responsibility & Sustainability Report, is available on the company’s website. Shareholders are reminded that unclaimed dividends may be transferred to the Investor Education and Protection Fund after seven years.

Indian Railway Finance Corporation Limited published its unaudited financial results for the quarter ended June 30, 2026, in English and regional (Hindi) newspapers on July 31, 2026, pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Navratna Central Public Sector Enterprise reported a record Profit After Tax (PAT) of ₹1,927.21 crore, a 10.40% year-on-year increase, driven by a surge in lease income that offset a decline in traditional interest income. This publication confirms the wide dissemination of the company’s strongest-ever quarterly performance, where total income reached ₹8,391.34 crore.

The Board of Directors approved the results at a meeting held on July 30, 2026. The financial statements were subjected to a limited review by joint statutory auditors O.P. Totla & Co. and KGRS & Co., who issued an unmodified conclusion. The filing was submitted in compliance with Regulations 30, 33, 47, 52, and 54 of the SEBI LODR Regulations, 2015. Company Secretary Vijay Babulal Shirode certified the submission, enclosing clippings from both English and Hindi dailies to ensure transparency and accessibility for all stakeholders.

Financial Highlights

Lease income emerged as the primary growth driver, surging to ₹7,094.47 crore from ₹5,403.75 crore in Q1FY26. This growth compensated for a decline in interest income, which fell to ₹1,147.56 crore from ₹1,497.32 crore during the same period last year. Total revenue from operations reached ₹8,261.11 crore, compared to ₹6,915.38 crore in the corresponding quarter of the previous fiscal year.

Operating expenses totaled ₹6,464.13 crore, with finance costs accounting for ₹6,421.04 crore. The company reported no tax expense for the period, consistent with its election under Section 115BAA of the Income Tax Act, 1961. Other comprehensive income contributed ₹115.98 crore, largely driven by fair value changes in foreign currency borrowings and cost of hedging reserves.

What the Numbers Show

The divergence between interest income and lease income highlights the structural shift in IRFC’s asset base. While traditional interest income declined by 23.35%, lease income grew by 31.29%, reflecting the maturation of infrastructure projects previously under gestation. Specifically, lease receivables amounting to ₹1,64,768.83 crore were recognized with effect from March 24, 2026, for projects including EBR IF 2019-20, EBR IF 2020-21, and EBR S. This recognition timing aligns with the completion of moratorium periods for these railway infrastructure assets, boosting top-line visibility without immediate cash flow impact on interest accruals.

Chairman and Managing Director Manoj Kumar Dubey attributed the results to the robustness of the diversification strategy and disciplined liability management. The company’s Assets Under Management stood at ₹4.79 lakh crore as on June 30, 2026, slightly down from ₹4.85 lakh crore in March 2026. The debt-equity ratio improved marginally to 7.43 times from 7.69 times at the end of FY26. All credit rating agencies—CRISIL, ICRA, and CARE—maintained AAA/Stable ratings for the company.

The statutory auditors highlighted that the composition of the Board of Directors, Audit Committee, Nomination and Remuneration Committee, Stakeholders' Relationship Committee, and Risk Management Committee was not in compliance with applicable provisions of the Companies Act, 2015, SEBI LODR Regulations, and Department of Public Enterprises guidelines as on June 30, 2026. However, this did not modify their audit conclusion. Additionally, the Government of India disinvested 1.75% of its holdings through an Offer for Sale in June 2026, reducing its stake to 82.90% from 84.65%.