Indian Railway Catering & Tourism Corporation Ltd
IRCTC NSE
Indian Railway Catering & Tourism Corporation Ltd
Leisure Services F&ONSE: IRCTC BSE: 542830 Tour & Travel
Key Fundamentals
MidcapTour & TravelLeisure ServicesMarket Cap
₹39,800 Cr
Volatility
Moderate
P/E Ratio
28.38
EBITDA
₹1,666 Cr
Return on Equity
35.89%
Debt to Equity
0.02
Book Value
₹53.86
EPS
₹14.87
52W High
₹739
52W Low
₹485.3
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Indian Railway Catering & Tourism Corporation Ltd insights
41 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
3- Company is almost debt free.
- Company has a good return on equity (ROE) track record: 3 Years ROE 37.1%
- Company has been maintaining a healthy dividend payout of 49.0%
Weaknesses
1- Stock is trading at 9.28 times its book value
Growth Rate
Revenue Growth
6.34% ↗
Net Income Growth
3.19% ↗
Cash Flow Change
-5.53% ↘
ROE
4.33% ↗
ROCE
1.39% ↗
EBITDA Margin (Avg.)
-16.40% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoAI opinion · based on fundamentals
Risk medium
IRCTC commands a market cap of ₹39,800 Cr with a PE of 29x and a 3-year ROE of 37%, reflecting its monopoly position in Indian railway e-ticketing and catering. The stock has declined 31% over the past year despite TTM sales growth of 15%, and trades at 9.36x book value.
Bull Case 8
- Near-monopoly in Indian railway online ticketing with virtually zero debt on the balance sheet, providing exceptional financial flexibility
- Consistently high return on equity at 37% over 3 years and 39% over 5 years, indicating efficient capital deployment in an asset-light model
- Healthy dividend payout ratio of 49%, translating to a current dividend yield of 1.69%, rewarding shareholders with regular income
- Compounded sales growth of 46% over 5 years demonstrates strong revenue scaling as Indian railway passenger traffic digitizes
- Compounded profit growth of 54% over 5 years outpacing revenue growth, signaling improving operating leverage and margin expansion
- TTM sales growth of 15% shows continued momentum in the business even on a larger revenue base
- 10-year ROE averaging 36% demonstrates long-term structural profitability rather than a cyclical spike
- PE of 29x is lower than historical averages for the stock following the 31% correction over one year, potentially compressing valuation from prior peaks
Bear Case 8
- Stock trades at 9.36x price-to-book value, a steep premium that prices in significant future growth and leaves limited margin of safety
- Stock price CAGR of -31% over 1 year and -8% over 3 years indicates sustained erosion of investor sentiment despite operational growth
- TTM profit growth of only 6% has sharply decelerated from the 5-year CAGR of 54%, suggesting margin headwinds or base effect normalization
- As a government-controlled entity (Ministry of Railways), IRCTC faces regulatory risk including potential caps on convenience fees or revenue-sharing changes
- 5-year stock CAGR of -1% means investors who held for five years have earned negligible capital appreciation despite strong underlying profit growth
- Revenue concentration in a single customer (Indian Railways) creates dependency risk with limited pricing power or contract negotiation leverage
- Compounded sales growth over 10 years at 14% is modest when adjusted for the post-COVID rebound, suggesting a structurally mid-teens growth business at maturity
- Last year ROE of 35% has slightly declined from the 5-year average of 39%, which may indicate early signs of diminishing returns as the business scales
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 17h ago Neutral 2
- Q1FY27 earnings call Aug 13 Aug 6
IRCTC will hold its Q1FY27 earnings conference call on August 13, 2026, hosted by Dolat Capital.
- New additional CMD appointed Jul 29
Rahul Himalian appointed as additional CMD of IRCTC for 9 months starting July 20, 2026, pending regular appointment by Ministry of Railways.
TL;DR: Recent news flow for IRCTC is purely procedural with no material business developments. The upcoming Q1FY27 earnings call on Aug 13 will be the next catalyst for directional clarity. Leadership continuity is maintained via interim CMD appointment. No visible headwinds or positive catalysts in the current news cycle.
Quarterly Results
| 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
| 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
| 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
| 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 | -239 | -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 | -316 | 39 |
| Free Cash Flow | -1 | 266 | 306 | -11 | 445 | 374 | 170 | 503 | 744 | 650 | 787 | 1,228 |
| CFO/OP | 91 | 208 | 152 | 55 | 173 | 95 | 167 | 92 | 97 | 91 | 80 | 109 |
Ratios
| 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% |
Documents
1
Announcement under Regulation 30 (LODR)-Change in Directorate
14 Apr - Two independent directors, Namgyal Wangchuk and Sanjay Gaur, ceased on 14 April 2026 after completing tenure. 14 Apr - Two independent directors, Namgyal Wangchuk and Sanjay Gaur, ceased on 14 April 2026 after completing tenure.
2
Announcement under Regulation 30 (LODR)-Change in Management
13 Apr - Vinay Kumar Pathak ceased as Senior Management Personnel on 13 April 2026 after premature repatriation. 13 Apr - Vinay Kumar Pathak ceased as Senior Management Personnel on 13 April 2026 after premature repatriation.
3
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
6 Apr - Certificate under Reg 74(5) of SEBI (DP) Regulation, 2018 for the quarter ended on 31.03.2026. 6 Apr - Certificate under Reg 74(5) of SEBI (DP) Regulation, 2018 for the quarter ended on 31.03.2026.
4
Announcement under Regulation 30 (LODR)-Change in Management
30 Mar - IRCTC repatriated Group General Manager (IT) Sudeesh V C; ceased as Senior Management effective 30.03.2026. 30 Mar - IRCTC repatriated Group General Manager (IT) Sudeesh V C; ceased as Senior Management effective 30.03.2026.
5
Disclosure Of ESG Rating By ESG Risk Assessments & Insights Limited.
27 Mar - ESG rating 52 (Adequate) assigned by ESG Risk Assessments; IRCTC not involved, informed 26-Mar-2026. 27 Mar - ESG rating 52 (Adequate) assigned by ESG Risk Assessments; IRCTC not involved, informed 26-Mar-2026.
Frequently Asked Questions about Indian Railway Catering & Tourism Corporation Ltd
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 is listed on the Indian stock exchanges. It is listed on NSE: IRCTC and BSE: 542830. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Indian Railway Catering & Tourism Corporation Ltd belong to?
Indian Railway Catering & Tourism Corporation Ltd operates in the Leisure Services sector within the Tour & Travel industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Indian Railway Catering & Tourism Corporation Ltd?
Indian Railway Catering & Tourism Corporation Ltd has a market capitalisation of approximately ₹39800.00 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Indian Railway Catering & Tourism Corporation Ltd?
The Price-to-Earnings (PE) ratio of Indian Railway Catering & Tourism Corporation Ltd is 28.38. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Indian Railway Catering & Tourism Corporation Ltd?
Over the past 52 weeks, Indian Railway Catering & Tourism Corporation Ltd has traded between a low of ₹485.3 and a high of ₹739. This range helps investors understand the stock's price volatility and recent trading levels.
Does Indian Railway Catering & Tourism Corporation Ltd pay dividends?
Yes, Indian Railway Catering & Tourism Corporation Ltd has a dividend yield of 1.70%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Indian Railway Catering & Tourism Corporation Ltd?
Indian Railway Catering & Tourism Corporation Ltd has a Return on Equity (ROE) of 35.89%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Indian Railway Catering & Tourism Corporation Ltd on Tapetide?
On Tapetide, you can view Indian Railway Catering & Tourism Corporation Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
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