Indian Railway Finance Corporation (IRFC) announced its Q3 FY26 financial results, reporting a record-breaking profit after tax (PAT) of ₹1,802.19 crore, an increase of 10.52% year-on-year. This marks the third consecutive quarter of record earnings for the company. The revenue from operations, however, saw a marginal decline of 1.51%, dropping to ₹6,661.13 crore from ₹6,763.43 crore in the same period last year. This dip in revenue was attributed to a one-year extension of a moratorium granted by the Ministry of Railways for a project lease agreement, which impacted revenue recognition. Despite the slight moderation in income, IRFC achieved significant operational milestones. It successfully met its full-year loan sanction guidance of ₹60,000 crore within the first nine months of FY26. Furthermore, the company's Assets Under Management (AUM) climbed to a record high of ₹4.75 lakh crore as of December 31, 2025, even without new business from Indian Railways during the period. IRFC also maintained its zero non-performing asset (NPA) record. Net Interest Margins (NIM) improved by over 8% year-on-year, driven by value-accretive disbursements and disciplined liability management under its 'IRFC 2.0' strategy. Following the announcement of these results, IRFC's share price experienced a slight dip, trading down approximately 1% on January 19, 2026. Analysts noted that the company's performance reinforces its credentials as a stable, long-term infrastructure financier with improving earnings quality and a growing balance sheet resilience. The muted market reaction suggests investors may have already factored in the operational performance.