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IRCTC

Indian Railway Catering & Tourism Corporation Ltd

IRCTC NSE
₹450.00 No trade today
P/E
25.86
View as Markdown
MCP
Close 4 Nov 2026 ₹450.00 −253.35 −36.0% 1Y
Start ₹703.35

Key Fundamentals

SmallcapLeisure ServicesConsumer Services

Price-based figures as of · EPS basis: Standalone · TTM

ROCE
46.10%
Debt to Equity
0.02
EPS (TTM)
₹17.40
Book Value
₹53.86
Market Cap
—
P/E (TTM)
25.86
P/B
8.35
ROE
34.40%
Dividend Yield
2.01%
EBITDA
₹1,926 Cr
52W High
₹720.80
52W Low
₹435.00
Volume
0

Peer Comparison

Consumer Discretionary › Leisure Services › Tour & Travel › Tour, Travel Related Services

IRCTC peer comparison
IRCTC (this company)
₹450.0025.86₹36,148 Cr8.352.01%34.40%46.10%₹5,425 Cr₹1,393 Cr
TBO Tek
₹1,526.3062.63₹17,254 Cr9.540.00%17.40%18.30%₹3,092 Cr₹265 Cr
BLS International Services
₹216.7312.64₹8,852 Cr3.621.16%32.10%29.80%₹3,178 Cr₹745 Cr
Le Travenues Technology
₹144.6542.42₹6,345 Cr2.940.00%4.79%6.14%₹1,305 Cr₹153 Cr
Waterways Leisure Tourism
₹89.0410.60₹6,321 Cr8.860.00%92.30%64.00%₹696 Cr₹108 Cr
Thomas Cook
₹89.7219.29₹4,130 Cr2.170.57%9.21%14.90%₹8,082 Cr₹211 Cr
Easy Trip Planners
₹6.08—₹2,391 Cr2.161.68%−0.46%0.61%₹557 Cr−₹60 Cr
Median 7 companies₹144.6522.58₹6,345 Cr3.620.57%17.40%18.30%₹3,092 Cr₹211 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

58 Good

Data confidence 100/100

Category scores

Quality
82
Strong
Returns, margins, earnings quality 22% weight
Valuation
78
Strong
Cheap vs sector & own history 24% weight
Growth
47
Average
Sales & profit trajectory 9% weight
Financial Health
79
Strong
Solvency, leverage, coverage 9% weight
Momentum
12
Poor
Trend strength, vol-adjusted 12% weight
Ownership
41
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 8.46 times its book value

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish973
OscillatorsNeutral171
Moving AveragesStrong Bearish802

Key readings

RSI (14)
46.92
Neutral
MACD (12,26,9)
−5.40
Bullish
SMA (50)
462.36
Bearish
SMA (200)
523.61
Bearish

As of

Analyst Rating

Based on 6 analysts
BUY67%

4 of 6 analysts rate Buy, 0 Hold, 2 Sell.

As of

BUY
4
67%
HOLD
0
0%
SELL
2
33%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+14.33%
5Y+46.34%
3Y+13.77%
1Y+11.55%
TTM+14.99%

Net profit

Net profit growth by window
10Y+22.11%
5Y+49.42%
3Y+11.46%
1Y+5.93%
TTM+4.19%

Operating cash flow

Operating cash flow growth by window
10Y+16.03%
5Y+38.72%
3Y+16.20%
1Y+52.76%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+18.05 pp
5Y+7.75 pp
3Y−4.09 pp
1Y−1.23 pp
TTM−2.81 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,520 Cr
Mar 2018₹1,466 Cr
Mar 2019₹1,870 Cr
Mar 2020₹2,264 Cr
Mar 2021₹777 Cr
Mar 2022₹1,879 Cr
Mar 2023₹3,541 Cr
Mar 2024₹4,260 Cr
Mar 2025₹4,675 Cr
Mar 2026₹5,215 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹229 Cr
Mar 2018₹221 Cr
Mar 2019₹309 Cr
Mar 2020₹513 Cr
Mar 2021₹187 Cr
Mar 2022₹660 Cr
Mar 2023₹1,006 Cr
Mar 2024₹1,111 Cr
Mar 2025₹1,315 Cr
Mar 2026₹1,393 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹425 Cr −7.4% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 30 Oct 2026
AI opinion · based on fundamentals
Risk medium

As of 2026-10-30, IRCTC trades at ₹436.2 with a market cap of ₹34,896 Cr, near its 52-week low of ₹435 and roughly 40% below its 52-week high of ₹729.9. The company maintains a near debt-free balance sheet (D/E of 0.02) with a strong ROE of 32.34%, though its stock price has declined 37% over the past year even as TTM sales grew 15%.

Bull Case 8
  • Virtually debt-free balance sheet with a debt-to-equity ratio of just 0.02, providing significant financial flexibility and resilience against interest rate cycles.
  • Consistently high return on equity — 32.34% currently, with a 3-year average of 37% and a 5-year average of 38% — indicating efficient capital allocation and a durable competitive moat as a government-backed monopoly in online rail ticketing.
  • ROCE of 41.15% signals exceptional capital efficiency, well above most peers in the leisure services and platform business space.
  • Healthy dividend payout ratio of approximately 49% with a current dividend yield of 2.03%, offering meaningful income return at the current price of ₹436.2.
  • TTM sales growth of 15% and 3-year compounded sales CAGR of 14% demonstrate steady top-line expansion, supported by rising rail passenger volumes and digital adoption in India.
  • Compounded profit CAGR of 22% over 10 years and 54% over 5 years reflects strong long-term earnings growth trajectory, even if recent TTM profit growth has moderated to 6%.
  • Trading at a PE of 25.07x — significantly compressed from levels seen during its 52-week high of ₹729.9 — the valuation has de-rated meaningfully, pricing in much of the near-term slowdown.
  • Stock trading at ₹436.2, just marginally above its 52-week low of ₹435, suggests much of the negative sentiment may already be reflected in the current price.
Bear Case 8
  • Stock price has declined 37% over the past 1 year and posted a negative 13% CAGR over both 3-year and 5-year periods, indicating sustained destruction of shareholder value despite business growth.
  • Trading at 8.1x book value (price-to-book), the stock remains expensive on an asset basis, which is a risk if growth further decelerates or re-rating does not materialise.
  • TTM profit growth has slowed sharply to just 6% compared to the 3-year compounded profit CAGR of 12% and 5-year CAGR of 54%, signalling margin pressure or a maturing earnings cycle.
  • As a government-controlled entity, IRCTC faces ongoing regulatory risk — including potential caps on convenience fees, catering margins, or platform usage charges — which can directly compress earnings without notice.
  • The steep fall from the 52-week high of ₹729.9 to the current ₹436.2 — a decline of approximately 40% — reflects a significant de-rating that could continue if earnings growth does not re-accelerate.
  • Last year's ROE of 34% has already dipped below the 3-year (37%) and 5-year (38%) averages, suggesting returns on equity may be trending lower.
  • With a market cap of ₹34,896 Cr and an EPS of ₹17.4, any further earnings deceleration could trigger additional multiple compression from the current PE of 25.07x.
  • 10-year stock CAGR data is unavailable, and the negative 13% 5-year stock CAGR suggests the business's operational growth has not translated into long-term share price appreciation for investors who entered at higher levels.

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

AI News Digest

9h ago

TL;DR: IRCTC delivers impressive top-line growth (46% CAGR over five years) but faces a structural margin problem as the revenue mix shifts from high-margin ticketing to lower-margin catering, with EBITDA margins compressing 1,460 bps since FY22. The stock at ₹468.90 reflects this disconnect, trading back at 2020 levels despite 54% profit CAGR. Near-term risks include the ₹50.41 Cr GST order, Rail Neer supply constraints, and limited ticketing growth headroom at 89% online penetration. The trend is deteriorating on profitability metrics, and a re-rating likely depends on IRCTC reversing the margin compression through better catering economics or new revenue streams.

Headwinds 6
  • ₹50.41 Cr GST profiteering order Oct 15

    GSTAT directed IRCTC to deposit ₹50.41 crore plus 18% interest for profiteering. The company plans to appeal the decision in court.

  • EBITDA margins down 1,460 bps Oct 14

    EBITDA margins narrowed from 46.8% to 32.2% between FY22 and FY26, while net profit margins shrunk by 810 basis points from 35.1% to 27% over the same period.

  • COGS outpacing revenue growth Oct 14

    Cost of goods sold increased more than 4.5x between FY22 and FY26 while revenue grew only 2.8x. COGS rose from 35% to 57% of sales, squeezing profitability.

Positives 3
  • Digital food safety audit MoU Oct 15

    IRCTC signed an MoU with Quality Council of India for third-party digital food safety audits, introducing unannounced inspections and 24-hour reporting to enhance passenger hygiene standards.

  • Strong 5-year revenue growth Oct 14

    IRCTC achieved a 5-year compound annual sales growth rate of 46% and profit growth of 54%, though this has not translated into stock price appreciation.

  • Rail Neer capacity expansion underway Oct 14

    Ambernath plant capacity being scaled from 2 lakh to 3 lakh bottles/day and Danapur from 1 lakh to 2 lakh bottles/day, with both expansions expected to be finalised this financial year.

Neutral 2
  • Senior management personnel exit Oct 19

    Suresh Kumar Sharma ceased as Senior Management Personnel effective October 19, 2026, repatriated prematurely on his own request.

  • New Group GM appointed Oct 15

    Raj Kumar Verma appointed as Group General Manager effective October 15, 2026, bringing 18 years of experience from Indian Railways.

Quarterly Results

₹ Cr
IRCTC quarterly results, ₹ crore
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 (₹)
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

Profit & Loss

₹ Cr
IRCTC profit and loss, annual, ₹ crore
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 (₹)
1.63
2.36
2.86
2.76
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%
—

Balance Sheet

₹ Cr
IRCTC balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
IRCTC cash flow, annual, ₹ crore
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/EBITDA
91
208
152
55
173
95
167
92
97
91
80
109

Ratios

IRCTC financial ratios, annual
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

Log in to view IRCTC insights

59 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 62.40%
  • Public 18.10%
  • DIIs 14.56%
  • FIIs 3.46%
  • Others 1.49%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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
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 PE ratio of Indian Railway Catering & Tourism Corporation Ltd?
Indian Railway Catering & Tourism Corporation Ltd trades at a PE ratio of 25.86 as of 4 Nov 2026, on earnings per share of ₹17.4, 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 ₹435 and ₹720.8 as of 4 Nov 2026.
Does Indian Railway Catering & Tourism Corporation Ltd pay dividends?
Indian Railway Catering & Tourism Corporation Ltd has a dividend yield of 2.01%.
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 34.40%. 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

Website irctc.com
CEO Mr. Sanjay Kumar Jain
Employees 1,393
Listed 14 Oct 2019
Face Value ₹2

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