Analysts/Institutional Investor Meet/Con. Call Updates

(भारत सरकार का उ(cid:552)म) (सीआईएन L65910DL1986GOI026363) दूरभाष:+91-011- 24361480 ई-मेल: info@irfc.co.in, वेबसाइट: https://irfc.co.in INDIAN RAILWAY FINANCE CORPORATION LTD. (A Government of India Enterprise) (CIN: L65910DL1986GOI026363) Regd. Office: UG Floor, East Tower, NBCC Place, Bhisham Pitamah Marg, Pragati Vihar, Lodhi Road, New Delhi – 110003 Phone: +91-011- 24361480 E-mail: info@irfc.co.in, Website: https://irfc.co.in/ No: IRFC/SE/2026-27/57 22nd October 2026 National Stock Exchange of India Limited BSE Limited Listing department, Exchange Plaza, Listing Dept / Dept of Corporate Services, Bandra- Kurla Complex, Bandra (E) PJ Towers, Dalal Street, Mumbai- 400 051 Mumbai -400 001 Scrip Symbol: IRFC Scrip Code: 543257 Sub: Transcript of the Earnings Conference Call Sir/ Madam, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, as amended from time to time and other applicable Regulations, please find enclosed the transcript of earnings conference call held with analysts/investors on Friday, 16th October 2026, to discuss Unaudited Financial Results for the quarter and half year ended 30th September 2026. Please find below the link of transcript of earnings conference call held with analysts/investors on Friday, 16th October 2026. https://irfc.co.in/sites/default/files/inline-files/Investor%20Call%20Transcript_Q2%20FY2026- 27%20and%20Half%20Year%20ended%2030th%20September%202026.pdf This is submitted for your information and record. Thanking You, For Indian Railway Finance Corporation Limited (Vijay Babulal Shirode) Company Secretary & Compliance Officer Enclosure: As above “Indian Railway Finance Corporation (IRFC) Ltd Q2 & H1 FY26-27 Earnings Conference Call” October 16, 2026 MANAGEMENT: MR. MANOJ KUMAR DUBEY – CHAIRMAN, MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – INDIAN RAILWAY FINANCE CORPORATION (IRFC) LTD DR. RANJAY CHOUDHARY – DIRECTOR, FINANCE – INDIAN RAILWAY FINANCE CORPORATION (IRFC) LTD MS. DEEPA KOTNIS – EXECUTIVE DIRECTOR, FINANCE AND CHIEF FINANCIAL OFFICER – INDIAN RAILWAY FINANCE CORPORATION (IRFC) LTD MODERATOR: MR. PUNEET CHATURVEDI – PHILLIP CAPITAL Page 1 of 12 Indian Railway Finance Corporation (IRFC) October 16, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Indian Railway Finance Corporation Limited Q2 and H1 FY26-27 Earnings Conference Call, hosted by Phillip Capital (India) Private Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Puneet Chaturvedi from Phillip Capital. Thank you, and over to you, Puneet. Puneet Chaturvedi: Thank you. Good morning, everyone, and welcome to the earnings conference call of Indian Railway Finance Corporation Limited for the second quarter and half year ended September 2026. We are privileged to have with us today the senior management team of IRFC, represented by Shri Manoj Kumar Dubey, Chairman & Managing Director and CEO; Dr. Ranjay Choudhary, Director (Finance); and Ms. Deepa Kotnis, Executive Director (Finance) and Chief Financial Officer, along with other distinguished members of the senior management team. With this, I would like to invite Shri Manoj Kumar Dubey to share his remarks on the company's financial and operational performance for the quarter and half year ended September 2026, followed by the management's outlook on the business going forward. Over to you, sir. Manoj Kumar Dubey: Good morning, Puneet, and good morning to all the friends attending this call. As CEO, this is one of the heartening mornings for me. When the Company’s numbers beat the guidance as well as the expectations of the Street, the job of CEO becomes easier. Today is one of the easier days for me after a lot of difficult times and difficult days to reach these numbers. As I was saying during my conversation in the morning with one of the TV channels that numbers are not manufactured; they are earned. As IRFC embarked on its 2.0 journey, that is diversification journey, if you look at the last six quarters of the company, out of six, five quarters the profit after tax has grown in double digits, except the Q4 of last FY, where provisions were made for new businesses, where 1% for greenfield and 0.4% for brownfield provisions are to be made as per RBI norms. It's a very satisfying day to talk in the con call that consistently for the last six quarters, our company is growing in its diversification mode. As I always say, when you talk about all the ratios, every ratio emanates from profit after tax. If a company is not making healthy profits, healthy growth in profit, none of the ratios will show positive trends. If I give a picture that, in the last six quarters, five quarters the company's profit after tax has grown in double digits, you can see at the numbers that all the ratios and everything will be showing a positive trend, including net interest margin. Apart from the good numbers, that is for H1, more than 20% rise in revenue and more than 10% rise in PAT, I would like to also talk about and share my views to the shareholders at large, In the past, when we embarked on the journey of diversification, a few questions were really Page 2 of 12 Indian Railway Finance Corporation (IRFC) October 16, 2026 coming to the mind of the investors that for the first time Company is going on diversification beyond single client model, what kind of team do we have for appraisal? I want to inform all of you that, in last one year, the number of employees in IRFC has grown almost doubled. You can think of the kind of manpower required that we have added. In my company, I always say, the way we cherry-pick the assets, we cherry-pick the talents. Every talent that we have added to our system, they are all best in class that we could get in the country. On the Top of that, I also want to share a very unique model that I follow as CEO here, that is a model of mentoring and mentorship. To put it on record, my Chief Risk Officer is a veteran from the NBFC business. He has been Director (Finance) of REC. After that, he joined us as Chief Risk Officer, and he is also donning the hat of mentoring all the young minds, making them very alert about the kind of compliances that is required. We have our Chief Advisory Officer (Borrowing) . She was our Director (Finance) earlier and she comes from the stubble of PFC, worked there for last 30 years. She brings all the knowledge that is required for borrowing side and she's not only mentoring but also providing very active advice to the company on those lines also. My Chief Compliance Officer is a veteran from the industry coming from the PNB side. We have another advisor from REC who has retired and advising us on the appraisal side. We have created the grid of mentors who are shaping and guiding the young minds involved in appraisal, borrowing and everything else. This is something that I wanted to share and let my investors be assured that the kind of team that IRFC has created now is one of the most robust that one can think of. The other thing I wanted to share with you is that with the training of the railways and Govt, we are very, very particular about oversight and compliances. Whatever RBI wanted us to do, whatever C&AG wanted us to do, whatever internal auditing required, we have addressed. In fact, I forgot to mention you that our Head of Internal Audit is a veteran from government with experience of more than 35 years. We have put all the compliance measures in place, and we are trying to be best in the country in relation to any of the banking or NBFC system. We have received positive feedback from RBI as well as C&AG, with a nil comment report for [Showing first 8,000 characters — download PDF for full document]