IRCTC
Mid CapIndian Railway Catering And Tourism Corporation Limited
Consumer
IRCTC is a public sector undertaking under the Ministry of Railways, offering catering, tourism, online railway ticketing, and packaged drinking water (Rail Neer) services. It operates an asset-light model, focusing on digital platforms and service delivery across India's vast railway network.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 2/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -9% YoY · margin compression · Rev +15% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,460 Cr | +15.1% | +0.8% |
| EBITDA | ₹399 Cr | +3.6% | -14.2% |
| Operating margin | 27.0% | -300 bps | -500 bps |
| PAT | ₹326 Cr | -8.9% | -17.3% |
| PAT margin | 22.3% | -588 bps | -486 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
IRCTC reported highest-ever FY26 revenue from operations at Rs. 5,215 crores, up 11.55% YoY, with PAT growing 6% to Rs. 1,393 crores. Q4 FY26 revenue grew 15.05% YoY to Rs. 1,460 crores, but Q4 PAT dipped due to exceptional items and revenue mix changes.
IRCTC delivered robust FY26 performance with strong growth across all segments, achieving record revenue and profitability. The Q4 profit dip was attributed to specific exceptional items and a shift in revenue mix, rather than core operational weakness. Management's focus on platform investment and segment diversification supports the long-term thesis.
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Catering Segment Growth
Recorded 12.89% YoY revenue growth in FY26 and 26.84% YoY in Q4 FY26, supported by increasing passenger volumes and service enhancement efforts.
Tourism Segment Expansion
Achieved 19.46% YoY revenue growth in FY26 and 10.95% YoY in Q4 FY26, driven by better product mix and cost rationalization.
Non-Convenience Fee Revenue
Management aims to increase non-convenience fee revenue in the IT business through a unified portal and iPay, targeting 10% growth.
Rail Neer Capacity Expansion
Planning four additional Rail Neer plants and expanding two existing ones to meet demand and improve margins.
Rail Neer Plant Expansion
Tendered expansion for Ambernath (2 lakh to 3 lakh bottles/day) and Danapur (1 lakh to 2 lakh bottles/day) plants; work is ongoing.
New Rail Neer Plants
Land secured for new plants at Mysore and Prayagraj. Represented for better land at Bhagalpur and awaiting formal communication for Ranchi/Barpali.
Strong Digital Capabilities
Company highlights strong digital capabilities and unwavering commitment to operational excellence as key business fundamentals.
Domestic Tourism Demand
Management is 'very hopeful' about increased activity in domestic tourism in the April-June quarter, potentially driven by higher airfares.
Geopolitical Turmoil
Management noted ongoing geopolitical turmoil as a macro environmental factor impacting performance.
Catering Margin Impact
Margins were impacted by higher sales contribution from train catering operations and pilot initiatives like branded catering projects.
Administered Pricing
Catering prices are administered items decided by the Ministry of Railways, limiting IRCTC's ability to adjust for input cost inflation.
Shareholder Reward Policy
Decisions on methods to reward shareholders, such as buybacks, are made by DIPAM, Ministry of Finance, despite the company meeting criteria.
Litigation Risk
Enhancement of license fee for prepaid and postpaid trains (CC-60) is currently under litigation, preventing management from commenting on potential revenue.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company's business segments, particularly tourism and catering, can experience seasonal fluctuations. Therefore, year-on-year comparisons provide a more accurate reflection of underlying growth trends and operational performance, mitigating short-term sequential volatility.
Revenue from Operations
FY26: Rs. 5,215 crores (11.55% YoY growth); Q4 FY26: Rs. 1,460 crores (15.05% YoY growth).
PAT
FY26: Rs. 1,393 crores (6% YoY growth); Q4 FY26: Rs. 447 crores (vs Rs. 472 crores in Q4 FY25).
EBITDA
FY26: Rs. 1,666 crores (7.48% YoY growth); Q4 FY26: Rs. 399 crores (EBITDA margin 27.33%).
Internet Ticketing Market Share
89% share of reserved railway tickets.
EBITDA Margin Target
Management aspires to maintain an overall EBITDA margin of 30%, noting FY26 margin was 31.95% and Q4 dip to 27% was due to exceptional items.
Platform Infrastructure Investment
Key capital allocation priority is improving e-ticketing infrastructure for passenger convenience and security.
Diversification into Hotel Business
The company is planning to explore opportunities in the hotel business.
Payment Aggregator License
Management is confident of submitting the final application for a payment aggregator license by the August '26 deadline and has engaged a partner.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Overall EBITDA Margin | FY26: 31.95%; Q4 FY26: 27.33% (impacted by exceptional items). | Sustained achievement of the 30% target margin, excluding one-off items. |
| Rail Neer Capacity Expansion | Tenders out for two expansions, land secured for two new plants, others pending. | Commissioning timelines and utilization ramp-up of expanded and new Rail Neer plants. |
| Payment Aggregator License & Unified Portal | Application deadline August '26; partner engaged. | Approval of the license and subsequent launch and monetization roadmap for the unified portal and iPay. |
| Catering Segment Margins | Q4 FY26 margins impacted by revenue mix and pilot initiatives. | Stabilization and recovery of catering margins, and any potential pricing adjustments by the Ministry of Railways. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
IRCTC plans to launch a unified travel portal to cross-sell products to existing and additional customers.
IRCTC will submit its proposal application for acquiring the payment aggregator license by the end of January.
IRCTC is confident of sustaining its business growth trajectory in the coming quarters.
Outcome check: Revenue YoY averaged 18.3% across 1 later quarter(s).
The payment aggregator business is expected to be one of the future leading businesses for IRCTC.
Outcome check: Revenue YoY averaged 18.3% across 1 later quarter(s).
Trend score and candlestick chart
42NeutralSMA20 -14.3% / mo · near 52W low
Technical chart
IRCTCweekly · 5Y-37.8%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 39. Wait for confirmation.
- SMA20 falling (~16.7% over last month) — short-term momentum negative.
- RSI(14) at 39 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 34% off 52W high · 5% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 19/20 to the score.
- Balance sheet contributes 12/15 to the score.
Main drags
- Fair-value margin of safety is negative at -115.3%.
- Valuation is weaker at 5/30; verify the latest quarterly trend.
- Growth is weaker at 8/25; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 50% delivered/partly-delivered outcomes on 2 checked claims, with 1 adverse claim outcome. It ranks around the 97th percentile of the scored universe and 97th percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 62.4%. Key concern: ROCE trend is -3.6%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 97th pctile, median 67 · Mid: 88th pctile, median 76
70 documents indexed, but claim history is not strong enough yet.
2/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 62.4%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2%.
- ▸4 years of positive FCF.
Trust risks
- ▸ROCE trend is -3.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 29.90
- P/B
- 9.57
- EV/EBITDA
- 24.11
- Market Cap
- 41288.00Cr
Profitability
- ROE
- 34.60%
- ROCE
- 46.10%
- ROA
- 18.38%
- Dividend Y
- 1.65%
Growth (CAGR)
- Revenue 5Y
- 5.00%
- EPS 5Y
- 5.00%
- Revenue 3Y
- 14.00%
- EPS 3Y
- 12.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 92.56×
- Altman Z
- 8.38
- Book Value
- 53.90
Cash Flow
- FCF Yield
- 2.00%
- FCF Positive Y
- 4/5
- OCF
- 1273.00 Cr
- EPS TTM
- 17.42
Shareholding
- Promoter Hold
- 62.40%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 8%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.