Indian Railway Finance Corporation Limited (IRFC) has been rated “Excellent” by the Department of Public Enterprises for the financial year 2024–25. It is the fifth year in a row that the company has received the top performance grade since its stock market listing in FY 2020–21.
The “Excellent” rating is the highest category under the DPE’s annual performance evaluation. The latest assessment reflects IRFC’s consistent operating performance, tight financial controls, and its ability to recalibrate its business model after the expansion of its mandate. Officials said the evaluation also takes note of the company’s governance standards and execution track record at a time of shifting economic conditions.
During the year, IRFC continued to broaden its lending portfolio, while staying aligned with its core role of financing railway infrastructure and allied sectors. The approach has been calibrated, in line with the Centre’s whole-of-Government framework. The company also improved financing efficiency for railway-linked projects, ensuring timely and cost-effective fund support across the railway ecosystem.
Commenting on the rating, IRFC Chairman and Managing Director Manoj Kumar Dubey said the repeated top grading validates the institution’s strategic direction and execution strength. He said IRFC has entered an “IRFC 2.0” phase, with sharper focus on selective capital deployment in high-quality assets that fit its risk framework.
Dubey added that IRFC has already achieved its annual sanction target of ₹60,000 crore for FY 2025–26 by the end of the third quarter, pointing to steady growth momentum. He said the company would continue to work on improving financing efficiency while supporting railways and related infrastructure development.
Set up in 1986 as the financing arm of the Ministry of Railways, IRFC plays a key role in mobilising funds for the expansion and modernisation of India’s railway network, including rolling stock, track infrastructure and allied segments. Its consistent top ratings since listing have reinforced its standing among the country’s best-performing central public sector enterprises.
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