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
₹40,580 Cr
Volatility
Moderate
P/E Ratio
28.99
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 9.54 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 5d agoAI opinion · based on fundamentals
Risk medium
IRCTC trades at a market cap of ₹41,368 crore with a P/E of 29.9x and P/B of 9.66x. The company delivered FY25 revenue of ₹4,675 crore (up ~10% YoY) and net profit of ₹1,315 crore (up 18% YoY), maintaining a 3-year ROE of 37% while operating virtually debt-free, though the stock has declined 28% over the past year.
Bull Case 8
- Virtually debt-free balance sheet provides financial resilience and flexibility for future capital allocation without interest burden
- Consistently high return on equity at 37% over 3 years and 39% over 5 years, indicating efficient capital deployment in a capital-light monopoly model
- FY25 net profit grew 18.3% YoY to ₹1,315 crore from ₹1,111 crore, demonstrating earnings momentum
- Compounded profit growth of 54% CAGR over 5 years reflects strong post-COVID earnings recovery and structural growth
- Healthy dividend payout ratio of 49%, translating to a current dividend yield of 1.63%, providing income alongside growth
- Q4 FY25 net profit surged 26% YoY to ₹358 crore, showing acceleration in quarterly earnings trajectory
- TTM sales growth of 12% and 3-year compounded sales CAGR of 14% indicate sustained top-line expansion driven by rising rail passenger volumes and digital adoption
- Monopoly position in Indian railway e-ticketing and catering with no direct private competitor for online rail ticket booking
Bear Case 8
- Stock trades at 9.66x book value, a steep premium that leaves limited margin of safety if growth decelerates
- Stock price has declined 28% over the past 1 year and delivered a negative 7% CAGR over 3 years, reflecting sustained de-rating
- Revenue growth moderated to ~10% in FY25 versus 20% in FY24 and 5-year compounded sales CAGR of 46%, indicating normalisation post-COVID rebound
- P/E of 29.9x is elevated relative to the TTM profit growth of only 8%, implying a PEG ratio above 3.5x
- Government holds ~62.4% stake as promoter, creating overhang risk from potential further OFS dilution or policy-driven pricing caps on convenience fees
- Catering and tourism segments remain dependent on Indian Railways' operational decisions, limiting pricing power and margin flexibility
- Last year ROE of 35% shows a slight decline from the 5-year average of 39%, suggesting incremental returns may be plateauing
- 10-year compounded sales CAGR of 14% compared to 5-year profit CAGR of 54% highlights how much of recent profit growth was base-effect recovery rather than structural acceleration
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 4h 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 CMD appointed for 9 months Jul 29
Ministry of Railways approved Rahul Himalian as additional CMD of IRCTC for nine months starting July 20, 2026, pending regular appointment. Earlier notification on Jul 17 confirmed three-month additional charge from the same date.
TL;DR: Recent IRCTC news flow is purely administrative with no material business developments. A new interim CMD has been appointed and an earnings call is scheduled for Aug 13. No headwinds or positive catalysts are visible in the current news cycle. Investors should watch the Q1FY27 results for forward-looking signals on revenue growth and segment performance.
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.
1
Board Meeting Outcome for Outcome Of Meeting Of The Board Of Directors Held On Wednesday August 12 2026. 12 Aug 2026
Outcome
2
Unaudited Financial Results (Standalone & Consolidated) For The Quarter Ended On June 30 2026 12 Aug 2026
Outcome
5
Disclosure Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 29 Jul 2026
General_Announcements
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 ₹40580.00 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 28.99. 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 1.66%. 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