Indian Railway Catering & Tourism Corporation Ltd. share price target

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...

IRCTC delivered a strong Q4FY26 performance with revenue growing 15% YoY to INR 1,460cr, driven by healthy traction across catering, tourism and internet ticketing businesses. FY26 revenue reached an all-time high of INR 5,215cr, up 11.5% YoY, reflecting resilient passenger demand, strong digital adoption and operational efficiency. However, Q4 profitability remained lower as PAT declined to INR 447cr due to exceptional items including higher CSR provisioning, expected credit loss provisions and absence of legacy income booked in Q4FY25. EBITDA margin for Q4 stood at 27.3%. Catering revenue grew sharply by 27% YoY in Q4 supported by rising...

IRCTC delivered a strong Q3 FY26 performance with revenue growing 18% year-on-year to INR 1,449cr and PAT rising 15.5% to INR 394cr, supported by balanced growth across ticketing, catering, Rail Neer and tourism. The internet-ticketing segment remains the key profit engine, with very high 85% EBITDA margin and 89% of reserved railway tickets booked online, giving stable cash flows and strong operating leverage. Growth in Catering business was driven by addition of new trains, especially Vande Bharat, and 260 more train sets planned over time create medium-term visibility. Tourism showed...

We increase our EPS estimates by 3%/4% for FY27E/FY28E as we fine tune our top-line growth assumptions for internet and catering division. IRCTC IN reported strong performance in 3QFY26 with revenue/EBITDA/PAT beat of 8%/4%/5% respectively led by healthy traction in catering division and nonconvenience fee income. Catering division reported a 19.2% YoY growth with a topline of Rs6,614mn led by introduction of 40 trains while traction in nonconvenience fee income was aided by 86%/42% growth in ad-revenue/loyalty...

Indian Railway Catering and Tourism Corporation (IRCTC) was incorporated on September 27, 1999 as a Central Public Sector Enterprise wholly owned by the Government of India and under the administrative control of the Ministry of Railways. It is the only entity authorized by Indian Railways to provide catering services to...

IRCTC delivered a stable and profitable Q2FY26 with profit after tax rising 11% YoY to INR 341cr and strong EBITDA margin improvement to 34.3%. Growth was broad-based, led by Internet Ticketing (INR 386cr revenue, 85% EBITDA margin), robust Catering (INR 520cr, 13% margin) and buoyant Tourism (INR 150cr, 7% margin). Rail Neer volumes remained steady and capacity expansion is underway. Management highlighted disciplined cost control and margin sustainability driving recurrent improvements. Strategic priorities include building a unified travel portal leveraging AI/ML, expanding payment aggregator...

operational. In addition, election special trains that were ferried in base quarter had a component of bottling business too which was missing this time around. In light of weak performance in 1QFY26, we cut our revenue estimates by ~4%...

Revenue from operations rose by 3.8% to INR 1,160cr, driven by strong contributions from Internet Ticketing, Tourism, and Rail Neer segments. EBITDA stood at INR 397cr, up 6% YoY, with an improved EBITDA margin of 34.3%, reflecting enhanced operational efficiency and cost optimization. Internet Ticketing grew by 9% with an 84% EBITDA margin. Tourism posted a 21% revenue growth despite geopolitical challenges. IRCTC delivered a stable and profitable performance with a PAT of INR 330.5cr, marking a 7.4% YoY growth. Rail Neer revenue remained flat due to reduced sales of 500ml bottles and temporary...

IRCTC reported subdued performance with revenue growing 4% QoQ and 10% YoY, primarily due to seasonal softness in the catering segment (-5% QoQ) and a flat performance in Rail Neer. Operating margin contracted by 350bps, driven largely by a 230bps decline in internet ticketing margins. However, management remains optimistic about the growth prospects from premium trains like Bharat Gaurav, Maharaja Express, and Tejas Express, as well as expanding non-railway revenue (28% share) and tourism momentum, particularly from religious travel and additional rakes. Furthermore, the RBI approval for a payment aggregator...

Revenue up 10.1% YoY: Revenue increased 10.1% YoY to Rs12,685mn (PLe Rs13,193mn). Catering revenue was flat YoY to Rs5,294mn (PLe Rs6,212mn) with an EBIT margin of 12.2% (PLe 13.1%). Internet ticketing revenue increased 8.8% YoY to Rs3,725mn (PLe Rs3,486mn) with an EBIT margin of 82.4% (PLe 83.6%). Rail Neer revenue was up 15.7% YoY to Rs960mn (PLe Rs1,001mn) with an EBIT margin of 12.2% (PLe 15.4%). Revenue from Tourism surged by 38.2% YoY to Rs2,744mn (PLe Rs2,494mn) with an EBIT margin of 18.1% (PLe 8.3%). EBITDA increased 6.4% YoY: EBITDA increased 6.4% YoY to Rs3,855mn (PLe...