Mumbai News, 05 March 2026: Shares of Indian Railway Finance Corporation Limited (IRFC Share Price) saw a drop on Thursday morning. On the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), IRFC shares fell to ₹97.40 at 9:45 am, showing a decline of about 0.35% from the previous closing price. The stock was already under pressure due to last week’s Offer for Sale (OFS), and it now seems to be settling below ₹100.
Thursday’s latest updates on NSE and BSE
On Thursday, 5 March 2026, as soon as the market opened, IRFC’s share opened on the BSE at ₹97.40, slightly below Wednesday, 4 March’s closing price of ₹97.74. The same trend was seen on the NSE, where the share hit near its 52-week low of ₹96.45 in the morning session. Over the past two days, the share has dropped more than 4%, due to regulatory issues caused by the OFS and low participation from retail investors. According to market analysts, retail participation in the OFS, where the government had kept 2% of the stake for sale, remained only 10%, increasing pressure on the share.
In the past three months, IRFC’s share had risen by 12%, but it fell by 17% due to the OFS in the last week of February. Currently, the market capitalisation is ₹1,27,809 crore, with a 52-week high of ₹149.11 (July 2025) and a low of ₹96.45 (4 March 2026).
IRFC Company: Total debt and returns given to investors
IRFC, which is the main body for financing railway rolling stock, has total debt reaching ₹4.22 lakh crore (around $46.55 billion) by March 2026. This debt is mainly raised through long-term leases and bonds, forming the basis of the company’s business model. As per the quarterly report up to December 2025, the debt-to-equity ratio is 7.45, which is much lower than the 5-year low of 786.8%, indicating the company’s financial stability.
Looking at the returns for investors, IRFC has given a 31% compound annual growth rate (CAGR) in share price over 5 years since listing (January 2021). But last year, it gave a -17% return due to volatility in the railway sector. In terms of dividends, the company’s dividend yield is 1.64%. Notably, in the board meeting on 9 March 2026, a second interim dividend for FY 2025-26 is likely to be announced, with a record date of 13 March. This dividend will be important for providing a steady income to investors.
IRFC’s order book: Status as of 5 March 2026
IRFC’s order book (mainly asset sanction and disbursement) has crossed the annual target of ₹60,000 crore in the third quarter of FY 2025-26 (December 2025). The company has achieved 75% of the ₹30,000 crore disbursement, with total revenue reaching ₹6,719.23 crore, which is 3.86% higher than last year. This increase is due to sanctions for new railway rolling stock purchases and lease agreements, and the company’s long-term lease book is now over ₹4 lakh crore, providing a guarantee of future revenue. However, stake sales through OFS could impact the growth of the order book.
Share price target from experts and top brokerage firms
Market experts are showing a mixed outlook for IRFC shares. Wall Street analysts’ average 12-month target price is ₹61.20, with the lowest estimate at ₹60.60 and the highest at ₹63. According to the trendline, one top analyst has set a target of ₹64, with expected revenue growth of 19.5% and profit growth of 18%. Based on Moneycontrol, one analyst has given a ‘sell’ rating due to high debt and OFS pressure potentially driving the share down.
Still, the long-term outlook is positive. According to Equitymaster’s January 2026 report, the shares could reach ₹120-150 in the next three years if the railway budget 2026 sees major investment. Brokerage firms like ICICI Direct and Hinduja have suggested ‘hold’, saying long-term investment is worth it due to dividends and CAGR.
Although IRFC’s share is currently volatile, there are future opportunities due to the growth of the railway sector. Investors should make decisions considering the risks, especially after the dividend announcement on 9 March. These market changes reflect the health of the railway economy.
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