IRFC Clarifies Leadership: Randhir Sahay Continues as CFO

NEW DELHI – Following recent market inquiries regarding the leadership structure at the Indian Railway Finance Corporation (IRFC), the company has reaffirmed that Randhir Sahay continues to serve as its Chief Financial Officer (CFO). Official regulatory filings and the company’s most recent annual disclosures confirm that Sahay, who also holds the position of Director (Finance) with additional charge, has led the firm's financial operations since his appointment in June 2025.

The clarification comes amid discussions regarding senior management appointments within the state-run enterprise. While Deepa Kotnis, an Indian Railway Accounts Service (IRAS) officer, remains a key member of the senior management team in her capacity as Executive Director (Finance)—a role she assumed on June 16, 2025—she does not hold the position of CFO.

Stability in Financial Leadership

IRFC, a critical financing arm for the Indian Railways, has maintained a stable leadership team as it continues to execute large-scale infrastructure financing. According to the company's official corporate disclosures, Randhir Sahay was designated as CFO effective June 25, 2025, succeeding Sunil Kumar Goel.

Sahay brings over 25 years of experience in the railway financial sector, having served in various capacities across divisions, headquarters, and the Ministry of Railways. His expertise includes government accounting, budgeting, and the management of large-scale rolling stock programs, which remains central to IRFC’s ongoing capital requirements.

Contextualizing Senior Management Roles

The distinction between the roles of Executive Director (Finance) and CFO is a standard feature of the corporation's governance framework. Deepa Kotnis, whose empanelment as Joint Secretary at the Centre was recently cleared by the Appointments Committee of the Cabinet (ACC) in April 2026, continues to contribute to the organization's strategic financial initiatives. Her background, including extensive experience in urban transit financing with the Bangalore Metro Rail Corporation, has been instrumental in the company’s infrastructure financing efforts.

The firm's governance structure, as outlined in its latest annual report, emphasizes that the Board of Directors oversees these appointments to ensure operational continuity.

Why It Matters

For investors and stakeholders, clarity regarding leadership positions is vital for maintaining transparency in corporate governance. The stability of IRFC’s financial management is particularly significant given the firm’s role in funding the expansion and modernization of India's railway infrastructure, a sector currently seeing record-level government investment.

• Financial Leadership: Randhir Sahay continues as the designated CFO and Director (Finance).

• Management Team: Deepa Kotnis serves as the Executive Director (Finance), overseeing critical financial strategies.

• Regulatory Compliance: IRFC maintains strict adherence to SEBI (Listing Obligations and Disclosure Requirements) Regulations regarding the disclosure of Key Managerial Personnel.

Frequently Asked Questions (FAQ)

1. Who is the current Chief Financial Officer of IRFC?

Randhir Sahay is the Chief Financial Officer (CFO) of IRFC. He has held this position since June 25, 2025.

2. What is Deepa Kotnis's role at IRFC?

Deepa Kotnis serves as the Executive Director (Finance) at IRFC, a role she joined in June 2025.

3. Is there a change in the CFO position at IRFC?

No, there has been no recent change to the CFO position. Randhir Sahay continues to serve as the CFO, as per the latest regulatory filings.

4. Where can I find official information on IRFC leadership?

Official information regarding key managerial personnel and board appointments is available through the IRFC Investor Relations website and filings submitted to the National Stock Exchange (NSE) and BSE Limited.

Source: Indian Railway Finance Corporation (IRFC) Corporate Filings, National Stock Exchange of India (NSE), BSE Limited, Daily Pioneer (Regulatory Archiving)