IRCTC delivered a mixed bag performance in Q1FY27. Revenue grew a healthy 18.1% YoY to INR 1,370cr, led by catering (+33.8%) and tourism (+13.5%), but EBITDA fell 2.8% YoY to INR386cr as margins compressed across three of four segments. Internet ticketing EBITDA margin slipped to 80.3% from 84.1% on higher tech spend (NGET platform upgrade, disaster recovery build-out). Catering margin fell to 9.3% from 10.4% due to oneoff gratuity/HR costs (~INR20cr) and proof-of-concept train losses and management has flagged these as transitory but...