Indian Railway Finance Corporation is not a debt-free company; in fact, raising massive debt through bonds and institutional borrowings is the fundamental cornerstone of its core business model. As the dedicated financing vehicle for Indian Railways, the company borrows substantial sums from domestic and international capital markets at competitive rates and subsequently uses those funds to finance the acquisition of railway rolling stock and infrastructure projects, which are leased back to the Ministry of Railways. Consequently, the firm carries a massive debt profile on its balance sheet, but this debt is entirely matched by secure, sovereign-backed lease receivables that mitigate default risk.