IRCTC
IRCTC
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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 8.43 times its book value
Growth Rate
AI Analysis — Bull vs Bear
IRCTC is an almost debt-free, government-controlled company with a market cap of ₹36,596 Cr. Its return on equity has been high for years: 34% last year, 37% over 3 years and 38% over 5 years. It trades at 26x earnings and 8.41x book value, and it pays a 1.99% dividend yield on a payout of about 49%. The stock has fallen 35% over the past year and has a -10% CAGR over 5 years. Trailing profit growth of 6% is well below sales growth of 15%.
- Return on equity has been high and steady over long periods: 36% over 10 years, 38% over 5 years, 37% over 3 years and 34% last year. The P/B-to-P/E ratio (8.41 / 26) implies a current ROE of about 32%.
- The company is almost debt free, so a ₹36,596 Cr business carries little financial leverage and interest-rate risk. Its equity returns of around 34% are not boosted by borrowing.
- Shareholders get regular cash payouts: a 49.0% dividend payout ratio and a 1.99% dividend yield at the current valuation.
- Revenue keeps growing. Trailing-twelve-month (TTM) sales grew 15%, compared with a 14% CAGR over both 3 and 10 years, which points to steady demand in ticketing, catering and tourism.
- Long-term profit growth is ahead of sales growth: a 10-year profit CAGR of 22% against a 10-year sales CAGR of 14%. This reflects the operating leverage of its internet ticketing business.
- The valuation has come down. After a 35% fall in the stock over one year, it trades at 26x earnings. That implies annual earnings of about ₹1,408 Cr against a ₹36,596 Cr market cap.
- The company holds a sole government mandate for online railway ticketing, catering and packaged drinking water (Rail Neer). This helped drive a 5-year sales CAGR of 46% and profit CAGR of 54% during the post-COVID recovery.
- Profit growth is falling behind revenue growth. TTM profit rose only 6% while sales grew 15%, which suggests margins are shrinking, likely from a higher share of lower-margin catering and tourism revenue.
- The stock is expensive relative to its book value, at 8.41x. That implies book equity of only about ₹4,351 Cr against a ₹36,596 Cr market cap, so the price depends on sustaining ROE above 30%.
- Shareholder returns have been poor over every period shown: -35% over 1 year, -13% CAGR over 3 years and -10% CAGR over 5 years, despite sales and profit growth.
- The P/E of 26 is about 2.2 times the 3-year profit CAGR of 12%, and about 4.3 times TTM profit growth of 6%. That is a high price-to-growth ratio if growth stays in single digits.
- ROE is slowly declining, from 38% over 5 years to 37% over 3 years and 34% last year. This fits with slowing profit momentum.
- The 5-year growth figures (46% sales CAGR, 54% profit CAGR) are inflated by the low COVID-period base. The more representative 3-year figures are 14% for sales and 12% for profit.
- Earnings depend on decisions by Indian Railways and the government, which controls the company. Convenience fees, revenue-sharing and catering policy are set by them, so the business model carries regulatory risk that is hard to quantify even though ROE is around 34%.
- The 1.99% dividend yield is modest in absolute terms, and with a payout already near 49% there is limited room to raise dividends faster than 6% TTM profit growth.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Regulatory and UPI risks flagged Sep 23
The brokerage behind the ₹560 target lists government regulation and deepening UPI penetration as key risks. Both could pressure IRCTC's convenience fee income and payment-related monetisation.
- Execution and Rail Neer constraints Sep 23
The same report flags execution risk in new initiatives such as the unified travel platform. It also cites Rail Neer capacity constraints and operational risks.
- AI booking raises security concerns Sep 15
After a GPT-6 Astra demo completed most of a Mumbai–Rajkot IRCTC booking, users raised concerns about AI agents accessing payment data. AI agents automating bookings could add platform-integrity and Tatkal-fairness issues.
- Buy rating, ₹560 target Sep 23
Brokerages rate IRCTC 'Buy' with a ₹560 target versus a CMP of ₹464.05, about 21% upside. The valuation uses 25x the average of FY28E and FY29E EPS.
- 89% e-ticketing, 51% AC mix Sep 23
E-ticketing reached 89% of reserved bookings in FY26, and the AC mix is about 51%. Together with Vande Bharat adoption, this supports higher convenience fee realisation.
- Unified travel platform optionality Sep 23
A planned platform combining rail, air, hotel, bus and tourism bookings is expected to lift engagement and drive medium-term margin expansion. Final approval of a payment aggregator licence is a further possible upside.
- AI agents can navigate IRCTC Sep 15
OpenAI's GPT-6 Astra handled most steps of a Mumbai–Rajkot booking for Sep 20 (two passengers, AC class) on IRCTC, stopping only at payment. This shows the platform works with emerging AI-driven booking channels.
- 27th AGM held, dividend confirmed Sep 29
The 27th AGM on Sep 29, 2026 adopted FY26 financials and confirmed a total dividend of ₹9.00 per share, including a ₹0.50 final payout. The meeting was announced on Sep 5 with a record date of Sep 22, 2026.
- FY26 BRSR report filed Sep 7
IRCTC filed its FY26 Business Responsibility and Sustainability Report with the stock exchanges. It covers environmental metrics, waste management and social initiatives.
TL;DR: IRCTC's monopoly in online rail ticketing keeps strengthening, with 89% e-ticketing penetration and a 51% AC mix supporting fee realisation, and brokerages see about 21% upside to ₹560. The main risks are regulation, UPI-driven pressure on convenience fees, execution of new initiatives and Rail Neer capacity. Corporate actions such as the AGM, dividend and BRSR filing went routinely. The outlook is steady to improving, with the unified travel platform launch and payment aggregator licence approval as the next catalysts to watch.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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59 extracted metrics + investor summaries across FY10–FY27.
Documents
Frequently Asked Questions about IRCTC
What does Indian Railway Catering & Tourism Corporation Ltd do?
Where is Indian Railway Catering & Tourism Corporation Ltd (IRCTC) listed?
Which sector does Indian Railway Catering & Tourism Corporation Ltd belong to?
What is the market capitalisation of Indian Railway Catering & Tourism Corporation Ltd?
What is the PE ratio of Indian Railway Catering & Tourism Corporation Ltd?
What is the 52-week high and low of Indian Railway Catering & Tourism Corporation Ltd?
Does Indian Railway Catering & Tourism Corporation Ltd pay dividends?
What is the Return on Equity (ROE) of Indian Railway Catering & Tourism Corporation Ltd?
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]
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