IRFC IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| Indian Railways | REV SHARE | — | — | 10.0% | — | FY26 | DISC | 90% |
| “The Company derives more than 10% of its revenue from a single customer (ie. Ministry of Railways , Government of India (MOR) and entities under the control of…” AR p.232 · 31-MAR-26 · +2 DOC | ||||||||
| Business | REV SHARE | — | — | 90.0% | — | FY26 | DISC | 90% |
| “Details of business activities (accounting for 90% of the turnover): S. No. Description of Main Activity Description of Business Activity % of Turnover of the …” AR p.95 · 31-MAR-26 · +1 DOC | ||||||||
| Indian Railways | REV SHARE | — | — | 10.0% | SG&A | FY25 | DISC | 90% |
| “Notes to Financial Statementsas at and for year ended 31 March 2025 (Amounts in H Crore, unless stated otherwise)The Company derives more than 10% of its reven…” AR p.217 · 31-MAR-25 · +2 DOC | ||||||||
| Indian Railways | UNSTATED | — | — | — | COGS | FY26 | EST | 85% |
| “The Company derives more than 10% of its revenue from a single customer (ie. Ministry of Railways , Government of India (MOR) and entities under the control of…” AR p.232 · 31-MAR-26 DOC | ||||||||
| Maharashtra | UNSTATED | — | — | 90.0% | — | FY26 | EST | 75% |
| “Proposal for supply & maintenance of a Smart Class Room setup for Class 8th to 10th (SSC) at Central Railway School & Jr. College, Kalyan (iii) No Maharashtra …” AR p.146 · 31-MAR-26 DOC | ||||||||
| Government of Assam | UNSTATED | — | — | 90.0% | — | FY26 | EST | 75% |
| “She has previously served as Secretary to the Government of Assam in the Finance Department and the Science, Technology and Climate Change Department, and as M…” AR p.7 · 31-MAR-26 DOC | ||||||||
| Office | UNSTATED | — | — | 90.0% | — | FY26 | EST | 75% |
| “She also served as Project Director of the District Rural Development Agency and as Officer on Special Duty in the Chief Minister’s Office handling matters rel…” AR p.7 · 31-MAR-26 DOC | ||||||||
| BANKINDIABank of India | UNSTATED | — | — | — | SG&A | FY26 | EST | 75% |
| “Our journey The story of moving India forward 1986 1988 1998 2016 1993 2011 • Incorporated on 12th December 1986, as a Public Limited Company • Commenced fund …” AR p.23 · 31-MAR-26 · +1 DOC | ||||||||
| Karnataka | UNSTATED | — | — | 90.0% | — | FY20 | EST | 75% |
| “k. IRFC received a demand order from the GST audit department, Karnataka, for FY 2020-21, H3.77 crore, regarding availment of ineligible ITC etc.” AR p.216 · 31-MAR-25 · +1 DOC | ||||||||
| GST Department | UNSTATED | — | — | 90.0% | — | FY26 | EST | 75% |
| “As opined by the tax consultant, the above transaction did not involve any supply from MoR to the company, and accordingly, no GST under RCM was payable by the…” AR p.261 · 31-MAR-26 · +1 DOC | ||||||||
| REMC Limited | UNSTATED | — | — | 90.0% | — | FY25 | EST | 75% |
| “projects to be awarded by REMC Limited for supply of RE to Indian Railways as well as for collaborating for financing Thermal/Nuclear /Renewable power projects…” AR p.54 · 31-MAR-25 DOC | ||||||||
| Renewable Energy | UNSTATED | — | — | 90.0% | — | FY25 | EST | 75% |
| “Signed MoU with REMC Limited (JV of Indian Railways and RITES to procure economical conventional/ Renewable power for Railways) for collaborating to explore fi…” AR p.66 · 31-MAR-25 DOC | ||||||||
| CRISILCRISIL Ltd. | UNSTATED | — | — | 90.0% | — | FY26 | EST | 70% |
| “Independent Evaluators’ Assessment 6.1 Credit Ratings 6.1.1 Domestic: During the financial year 2025-26, the Company’s long-term domestic borrowing programme w…” AR p.51 · 31-MAR-26 · +1 DOC | ||||||||
| BANKINDIABank of India | UNSTATED | — | — | 90.0% | — | FY26 | EST | 70% |
| “Internal stakeholders include employees and staff of the Company and external stakeholders include equity shareholders, bondholders, creditors, bankers, borrow…” AR p.118 · 31-MAR-26 · +1 DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | — | — | 90.0% | — | FY26 | EST | 70% |
| “Internal stakeholders include employees and staff of the Company and external stakeholders include equity shareholders, bondholders, creditors, bankers, borrow…” AR p.118 · 31-MAR-26 · +1 DOC | ||||||||
| RailTel. | UNSTATED | — | — | 90.0% | — | FY26 | EST | 70% |
| “Initiative undertaken Details of the initiative (Web-link, if any, may be provided along-with summary) Outcome of the initiative IRFC had awarded the contract …” AR p.128 · 31-MAR-26 · +1 DOC | ||||||||
| Others | UNSTATED | — | — | 90.0% | — | FY26 | EST | 70% |
| “B. REMUNERATION TO OTHER DIRECTORS (₹ in Crores) Sr. No. Particulars of Remuneration Name of Directors Total Amount Independent Directors Shri Vallabhbhai Mane…” AR p.168 · 31-MAR-26 DOC | ||||||||
| Others | UNSTATED | — | — | — | SG&A | FY26 | EST | 70% |
| “Less: Adjusted in retained earnings due to change in accounting policy (Refer accounting policy note no. 2.7) Total - - Particulars As at 31st March 2026 As at…” AR p.218 · 31-MAR-26 DOC | ||||||||
| Others | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “Notes to Financial Statementsas at 31st March 2026 (Amounts in H Crore, unless stated otherwise)Particulars As at 31st March 2026 As at 31st March 2025 a) Inte…” AR p.231 · 31-MAR-26 DOC | ||||||||
| Appellate Authority | UNSTATED | — | — | 90.0% | — | FY26 | EST | 70% |
| “An appeal is to be filed before the Hon’ble GST Appellate Tribunal, Bengaluru, Karnataka, for an amount of ₹3.77 crores against the order issued by the First A…” AR p.231 · 31-MAR-26 DOC | ||||||||
| RITESRITES Ltd. | UNSTATED | — | — | 90.0% | — | FY25 | EST | 70% |
| “Signed MoU with REMC Limited (JV of Indian Railways and RITES to procure economical conventional/ Renewable power for Railways) for collaborating to explore fi…” AR p.66 · 31-MAR-25 DOC | ||||||||
| PFCPower Finance Corporation Ltd. | UNSTATED | — | — | 90.0% | — | FY26 | EST | 65% |
| “Prior to his appointment to the Board, Dr. Choudhary served as Chief General Manager, Entity Appraisal, at PFC, contributing to key Government of India initiat…” AR p.6 · 31-MAR-26 DOC | ||||||||
| ITCITC Ltd. | CONTRACT | CT 353 | — | 90.0% | — | FY20 | EST | 65% |
| “k. IRFC received a demand order from the GST audit department, Karnataka, for FY 2020-21, H3.77 crore, regarding availment of ineligible ITC etc.” AR p.216 · 31-MAR-25 · +2 DOC | ||||||||
| BSEBSE Ltd. | CONTRACT | CT 1,04,369 | — | 90.0% | — | FY25 | EST | 60% |
| “Acknowledgement I take immense pride in acknowledging the unwavering trust and support extended to IRFC by our shareholders, debenture-holders, investors, lend…” AR p.18 · 31-MAR-26 · +1 DOC | ||||||||
| CDSLCentral Depository Services (India) Ltd. | UNSTATED | — | — | 90.0% | — | FY26 | EST | 60% |
| “The password to open the .pdf file is your 8 digit client ID for NSDL account, last 8 digits of client ID for CDSL account or folio number for shares held in p…” AR p.42 · 31-MAR-26 · +1 DOC | ||||||||
| COALINDIACoal India Ltd. | UNSTATED | — | — | — | COGS | 2026-05 | EST | 60% |
| “Our client is GAIL, our client is Coal India Limited or its subsidiary, our client is IOCL or its subsidiary.” CONCALL p.15 · 31-MAY-26 DOC | ||||||||
| NTPCNTPC Ltd. | UNSTATED | — | — | 90.0% | — | 2026-05 | EST | 60% |
| “Our clients are NTPC or their subsidiaries.” CONCALL p.15 · 31-MAY-26 DOC | ||||||||
| GAILGAIL (India) Ltd. | UNSTATED | — | — | — | COGS | 2026-05 | EST | 50% |
| “Our client is GAIL, our client is Coal India Limited or its subsidiary, our client is IOCL or its subsidiary.” CONCALL p.15 · 31-MAY-26 DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| RVNLRail Vikas Nigam Ltd. | UNSTATED | 18,371 | 18,371–18,371 | — | CAPEX | FY25 | EST | 70% |
| “· Rail Vikas Nigam Limited • Indian Railway F i n a n c e C o r p o r a t i o n Limited · Indian Railway Finance Corporation Limited o Audit Committee o Nomina…” AR DOC | ||||||||
| RVNLRail Vikas Nigam Ltd. | UNSTATED | 18,371 | 2,041–18,371 | — | — | FY26 | EST | 65% |
| “Income and Expenses which are not directly identifiable have been disclosed as un-allocable expenses or income.CORPORATE OVERVIEW STATUTORY REPORT FINANCIAL ST…” AR · +1 DOC | ||||||||
| Indian Railways | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “c) Being a Government Company and a Central Public Sector Enterprise under the Ministry of Railways, its HR policies reflect the incorporation of Human Rights,…” AR p.121 · 31-MAR-26 · +1 DOC | ||||||||
| Himachal Pradesh | UNSTATED | — | — | — | COGS | FY24 | EST | 70% |
| “Percentage of input material (inputs to total inputs by value) sourced from suppliers FY 2024-25 FY 2023-24 Directly sourced from MSMEs/ small producers 95.91%…” AR p.118 · 31-MAR-25 DOC | ||||||||
| Maharashtra | UNSTATED | — | — | — | COGS | FY24 | EST | 70% |
| “Percentage of input material (inputs to total inputs by value) sourced from suppliers FY 2024-25 FY 2023-24 Directly sourced from MSMEs/ small producers 95.91%…” AR p.118 · 31-MAR-25 DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNUAL | 2/2 | 100% | 15-OCT-26 |
| CONCALL | 4/4 | 100% | 15-OCT-26 |
| RATINGS | 0/1 | 0% | — |
| SCREENER | 1/1 | 100% | 15-OCT-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUST MOM 1M | +8.1% | 14-NOV-26 | from 15-OCT-26 · Power Finance Corporation Ltd. -2.4% w 0 · BSE Ltd. +14.9% w 0 · Bank of India +18.2% w 0 · Central Depository Services (India) Ltd. +11.9% w 0 · ITC Ltd. +8.0% w 0 · GAIL (India) Ltd. +11.0% w 0 |
| SUPP MOM 1M | +1.4% | 14-NOV-26 | from 15-OCT-26 · Rail Vikas Nigam Ltd. +1.4% |