• NIM expansion: IRFC's net interest margin increased from 1.4% to 1.5% due to diversification into broader railway ecosystem assets yielding spreads of 100 to 130 bps, with management targeting double-digit annual NIM growth.
• Provisioning and earnings: Sequential pressure on Q4 PAT stemmed from mandatory RBI provisioning (1% on greenfield and 0.4% on brownfield projects) following heavy H2 disbursements, though full-year PAT and EPS both grew by approximately 8%.
• Disbursement cadence: Unlike the prior year when disbursements were heavily back-loaded to the second half, FY27 is expected to see strong and evenly distributed disbursements starting from the first quarter.
• AUM growth target: IRFC aims to cross the ₹5 lakh crore AUM milestone in FY27, likely by Q2, while targeting double-digit growth across revenue, PAT, NIM, and EPS under its IRFC 2.0 strategy.