Who owns Vande Bharat, Shatabdi Express coaches? Not Indian Railways, their real owners are...

The Indian Railways has showcased incredible technological advancements through its trains since independence. It has produced numerous superfast and comfortable trains like Shatabdi Express, Rajdhani Express, and Vande Bharat Express, a new addition, boasting a growing railway network that reflects India's progress and engineering prowess. While Indian Railways is responsible for operating the engines, goods trains, and passenger coaches, the surprising truth is that the ownership of these assets doesn't actually lie with Indian Railways. So, who owns them? Let's uncover the fascinating story behind the scenes.

The Indian Railway Finance Corporation (IRFC), a government-owned entity under the Ministry of Railways, owns premium trains like Vande Bharat and Shatabdi. IRFC finances and owns most of Indian Railways' assets, including engines, coaches, wagons, and trains, which are then leased to Indian Railways.

IRFC's recent Navratna status boost gives it greater autonomy, enabling faster decision-making and increased lending for railway projects. According to IRFC CMD Manoj Kumar Dubey, this new status has been a game-changer, empowering the company to drive growth in the railway sector. 

IRFC owns nearly 80% of Indian Railways' passenger and freight trains, leasing them for 30 years. IRFC finances train production through market funds, allowing Indian Railways to operate trains like Vande Bharat, Shatabdi, and Rajdhani without full ownership costs. IRFC retains asset ownership, while Indian Railways focuses on operations.

IRFC fuels India's rail growth by financing infrastructure and logistics projects. With its new Navratna status, IRFC aims to diversify its portfolio and further boost the railway ecosystem. As Indian Railways achieves milestones, like producing over 7,000 coaches in FY25, IRFC plays a vital behind-the-scenes role in powering the rail revolution.

Meanwhile, Indian Railways improved its operating ratio to 98.32% in 2024-25, indicating better efficiency, as per reports. Cost-cutting measures like manpower management and track electrification contributed to savings, reducing expenses.