IRCTC logo

IRCTC

IRCTC NSE

Key Fundamentals

SmallcapTour & TravelLeisure Services
Market Cap
₹37,112 Cr
Volatility
Moderate
P/E Ratio
26.6
EBITDA
₹1,926 Cr
Return on Equity
32.34%
Debt to Equity
0.02
Book Value
₹53.86
EPS
₹14.87
52W High
₹739
52W Low
₹467

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

3
  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 36.8%
  • Company has been maintaining a healthy dividend payout of 49.0%

Weaknesses

1
  • Stock is trading at 8.60 times its book value

Growth Rate

Revenue Growth
11.65% lower than 3Y
Net Income Growth
5.98% lower than 3Y
Cash Flow Change
52.75% higher than 3Y
ROE
-9.89% lower than 3Y
ROCE
-7.3% lower than 3Y
EBITDA Margin (Avg.)
-3.03% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk medium

IRCTC commands a market cap of ₹37,828 Cr with a PE of 27.3x and a 3-year ROE of 37%, reflecting its monopoly position in Indian railway e-ticketing and catering. However, the stock has declined 33% over the past year and trades at 8.81x book value, while TTM profit growth of 6% trails the 15% revenue growth, indicating margin compression.

Bull Case 8
  • Near-monopoly in Indian railway online ticketing gives IRCTC a structural moat with no meaningful private competitor, underpinning its 3-year ROE of 37%
  • The company is almost debt-free, giving it a clean balance sheet and flexibility to invest in growth without interest burden
  • Consistent return on equity averaging 36-39% over 3, 5, and 10-year periods demonstrates durable capital efficiency
  • Healthy dividend payout ratio of 49% with a current dividend yield of 1.9%, providing steady income in a growth stock
  • TTM revenue growth of 15% shows continued top-line momentum, supported by rising Indian rail passenger volumes
  • 10-year compounded profit growth of 22% reflects a long runway of earnings expansion driven by increasing digital adoption
  • PE of 27.3x is below the stock's historical trading range, suggesting the valuation has moderated from prior peaks after the 33% one-year correction
  • 5-year compounded sales growth of 46% and profit growth of 54% capture the post-COVID recovery and secular shift toward online rail bookings
Bear Case 8
  • Stock is trading at 8.81x book value, a steep premium that leaves limited margin of safety if growth slows
  • The stock has delivered a negative 33% return over the past 1 year and a negative 13% CAGR over 3 years, signaling sustained de-rating
  • TTM profit growth of only 6% against 15% revenue growth points to margin compression and rising cost pressures
  • IRCTC operates under government regulation — the Ministry of Railways can cap convenience fees or alter revenue-sharing terms at any time, as it did in 2021
  • 5-year stock CAGR of -6% indicates the stock has destroyed value for medium-term holders despite strong underlying earnings growth
  • Last year ROE of 35% has dipped from the 5-year average of 39%, suggesting returns on capital may be plateauing
  • Revenue concentration risk is high — the bulk of earnings depend on Indian Railways' ticketing ecosystem, with limited diversification into other travel or tourism verticals
  • Government holds a majority stake (~62.4%), and any further stake sale via OFS could create overhang and short-term supply pressure on the stock

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 5
  • UPI squeezing ticketing margins Aug 16

    UPI adoption hit 51.7% in Q4 FY26, causing ₹8 crore in additional costs. Internet Ticketing EBITDA margin compressed from 85% to 76%, and overall EBITDA margins declined from ~36% four years ago to 27% in Q4 FY26.

  • Dark patterns flagged by survey Aug 26

    LocalCircles survey of 90,000+ users across 324 districts found 70% experienced forced action and 45% faced basket sneaking on IRCTC's platform. Findings will be submitted to Ministry of Railways and CCPA, risking regulatory scrutiny.

  • 25-30% catering opt-out rate Aug 17

    Management estimates 25-30% of passengers with prepaid catering are opting out to save costs. Current meal attachment rate is only 9-10% against 2 crore daily passengers.

  • Stock down 30% in 12 months Aug 16

    IRCTC shares fell ~2% post Q1 FY27 results to ₹497.50 despite revenue beating estimates. The stock has declined 30.03% over 12 months and 25.90% YTD as markets price in structural margin compression.

  • Exchange fines for board lapses Aug 26

    BSE and NSE each fined IRCTC ₹10.23 lakh for board composition non-compliance in Q2 FY27. Company states no material financial impact.

Positives 5
  • Balmer Lawrie merger explored Aug 27

    Railways, Petroleum, and Finance ministries are exploring merging Balmer Lawrie with IRCTC to expand air-ticketing presence. Air ticketing accounts for ~25% of Balmer Lawrie's revenue, potentially giving IRCTC a significant base in the segment.

  • Catering revenue up 34% in Q1 Aug 17

    Catering revenue reached ₹732.26 crore in Q1 FY27, up 33.9% YoY. eCatering orders grew 28% from 1.25 lakh to 1.6 lakh daily, with annual eCatering revenue jumping 63% from ₹33 crore to ₹54 crore.

  • Payment aggregator license advancing Aug 16

    IRCTC received in-principle RBI approval for its iPay payment aggregator license in Aug 2025 and targets full license by Q3/Q4 FY27. iPay processes ~20% of platform GMV against a ₹70,000 crore total railway ticketing addressable market.

  • Revenue grew 18% in Q1 FY27 Aug 16

    Q1 FY27 revenue rose 18.1% YoY to ₹1,369.52 crore, beating analyst estimates of ₹1,204 crore. PL Capital maintained buy rating with EBITDA margin recovery expected to 30.9% in FY27E.

  • 200+ premium trains pipeline Aug 17

    41 Vande Bharat trains are running against 75 announced, with 200+ premium trains planned over 3-5 years. These operate on compulsory prepaid catering with better margins, eliminating opt-out risk.

Neutral 4
  • FY26 BRSR report filed Sep 07

    IRCTC submitted its Business Responsibility and Sustainability Report for FY26 to stock exchanges, detailing environmental metrics, waste management, and social initiatives.

  • AGM set for September 29 Sep 05

    IRCTC's 27th AGM is scheduled for September 29, 2026, with record date for final dividend entitlement set at September 22, 2026.

  • Group GM retires Aug 31

    Sandip Trivedi ceased as Group General Manager/HRD effective August 31, 2026, due to superannuation. Routine leadership transition.

  • Q1 margins hit by one-offs Aug 19

    Q1 FY27 earnings call highlighted margin pressure from one-time HR costs, pilot project expenses, and rising input prices alongside strong catering growth. Rail Neer capacity expansion and iPay license progress were outlined.

TL;DR: IRCTC is delivering strong top-line growth with Q1 FY27 revenue up 18% and catering surging 34%, but structural margin compression from rising UPI adoption (51.7% share, EBITDA margins down to 27%) is the dominant investor concern, reflected in a 30% stock decline over 12 months. The potential Balmer Lawrie merger and iPay payment aggregator license represent meaningful strategic catalysts. Near-term, the dark patterns survey and catering opt-outs add regulatory and operational risk. The trend hinges on whether IRCTC can execute its pivot from convenience-fee dependency to a diversified fintech and travel platform, with Q3/Q4 FY27 PA license approval as the key milestone to watch.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,002
992
1,118
1,155
1,118
1,064
1,225
1,269
1,160
1,146
1,449
1,460
1,370
Expenses
659
626
724
792
743
691
808
883
762
742
984
1,061
983
Operating Profit
343
367
394
363
375
373
417
385
397
404
465
399
387
OPM %
34%
37%
35%
31%
34%
35%
34%
30%
34%
35%
32%
27%
28%
Other Income
-13
47
31
41
54
60
56
107
61
69
81
67
71
Interest
4
4
5
5
3
3
3
8
4
4
5
5
4
Depreciation
14
14
14
16
14
13
13
12
12
11
12
14
12
PBT
312
395
406
382
412
417
457
472
442
457
529
447
441
Tax %
26%
25%
26%
26%
25%
26%
25%
24%
25%
25%
25%
27%
25%
Net Profit
232
295
300
284
308
308
341
358
330
342
394
327
330
EPS in Rs
2.9
3.68
3.75
3.55
3.85
3.85
4.27
4.47
4.13
4.27
4.93
4.08
4.12
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,059
1,367
1,520
1,466
1,870
2,264
777
1,879
3,541
4,260
4,675
5,215
5,425
Expenses
907
1,176
1,206
1,192
1,487
1,562
589
1,005
2,265
2,794
3,124
3,549
3,769
Operating Profit
152
190
314
274
383
703
188
874
1,276
1,466
1,551
1,666
1,655
OPM %
14%
14%
21%
19%
20%
31%
24%
47%
36%
34%
33%
32%
31%
Other Income
82
139
67
99
126
77
124
72
148
106
276
277
287
Interest
0
0
3
3
2
10
8
11
16
19
17
18
18
Depreciation
20
21
22
24
29
40
46
49
54
57
53
50
50
PBT
214
309
355
346
479
730
258
885
1,354
1,496
1,757
1,875
1,875
Tax %
39%
39%
35%
36%
36%
30%
27%
26%
26%
26%
25%
26%
—
Net Profit
131
189
229
221
309
513
187
660
1,006
1,111
1,315
1,393
1,393
EPS in Rs
13.06
18.86
11.45
11.03
3.86
6.41
2.34
8.24
12.57
13.89
16.43
17.42
17.4
Div. Payout %
20%
40%
49%
21%
98%
39%
43%
42%
44%
47%
49%
52%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
20
20
40
40
160
160
160
160
160
160
160
160
Reserves
424
522
747
915
911
1,154
1,296
1,710
2,318
3,070
3,503
4,148
Borrowings
0
0
0
0
0
0
79
105
84
60
90
81
Other Liabilities
718
895
1,040
1,365
1,523
1,928
1,618
1,909
2,526
2,801
3,046
3,190
Total Liabilities
1,162
1,437
1,826
2,319
2,594
3,241
3,153
3,884
5,089
6,091
6,799
7,579
Fixed Assets
155
159
170
190
182
285
311
335
351
343
813
839
CWIP
16
14
17
8
40
16
24
26
34
443
27
42
Investments
0
0
0
0
0
0
0
0
0
0
25
25
Other Assets
990
1,264
1,639
2,122
2,372
2,941
2,818
3,522
4,704
5,306
5,934
6,674
Total Assets
1,162
1,437
1,826
2,319
2,594
3,241
3,153
3,884
5,089
6,091
6,799
7,579
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
69
288
338
24
499
409
248
524
812
882
834
1,274
Investing
-46
7
94
40
-353
8
-453
-242
-317
-215
-245
-447
Financing
-17
-31
-136
-57
-179
-280
-47
-258
-434
-404
-910
-787
Net Cash Flow
6
263
296
7
-33
137
-252
23
61
262
-321
39
Free Cash Flow
-1
266
306
-11
445
374
170
503
744
650
787
1,197
CFO/OP
91
208
152
55
173
95
167
92
97
91
80
109
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
51
43
70
137
115
125
245
111
118
118
135
132
Inventory Days
15
13
11
11
23
26
50
27
18
16
15
—
Days Payable
62
80
237
218
568
451
4,492
2,391
1,595
1,483
1,371
—
Cash Conversion Cycle
4
-24
-157
-70
-430
-300
-4,197
-2,252
-1,459
-1,349
-1,221
132
Working Capital Days
-20
-51
-35
-10
-65
-35
-137
-29
3
20
56
40
ROCE %
—
63%
54%
40%
44%
62%
16%
51%
59%
54%
49%
46%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others1.47%Promot.62.40%FIIs3.90%DIIs14.86%Public17.37%As ofJun 2026

Documents

Frequently Asked Questions about IRCTC

What does Indian Railway Catering & Tourism Corporation Ltd do?
Incorporated in 1999, IRCTC is a Navratna (Category 1, Central Public Sector Enterprises ) and the only company authorized by the Indian government to provide online railway tickets, catering services, and packaged drinking water at railway stations and trains in India[1]
Where is Indian Railway Catering & Tourism Corporation Ltd (IRCTC) listed?
Indian Railway Catering & Tourism Corporation Ltd trades as IRCTC on the NSE and under code 542830 on the BSE.
Which sector does Indian Railway Catering & Tourism Corporation Ltd belong to?
Indian Railway Catering & Tourism Corporation Ltd is classified under the Leisure Services sector, in the Tour & Travel industry.
What is the market capitalisation of Indian Railway Catering & Tourism Corporation Ltd?
Indian Railway Catering & Tourism Corporation Ltd has a market capitalisation of ₹37,112 Cr, which places it in the Large Cap band.
What is the PE ratio of Indian Railway Catering & Tourism Corporation Ltd?
Indian Railway Catering & Tourism Corporation Ltd trades at a PE ratio of 26.60, on earnings per share of ₹14.87, against a book value of ₹53.86 per share.
What is the 52-week high and low of Indian Railway Catering & Tourism Corporation Ltd?
Over the last 52 weeks Indian Railway Catering & Tourism Corporation Ltd has traded between ₹467 and ₹739.
Does Indian Railway Catering & Tourism Corporation Ltd pay dividends?
Indian Railway Catering & Tourism Corporation Ltd has a dividend yield of 1.92%.
What is the Return on Equity (ROE) of Indian Railway Catering & Tourism Corporation Ltd?
Indian Railway Catering & Tourism Corporation Ltd reported a return on equity of 32.34%. Its debt-to-equity ratio is 0.02.

Company Information

Incorporated in 1999, IRCTC is a Navratna (Category 1, Central Public Sector Enterprises ) and the only company authorized by the Indian government to provide online railway tickets, catering services, and packaged drinking water at railway stations and trains in India[1]

Website irctc.com
CEO Mr. Sanjay Kumar Jain
Employees 1,393
Listed 2019-10-14
Face Value ₹ 2
Issued Size 80,00,00,000

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