NSE: IRCTC · BSE: 542830
INDIAN RAIL TOUR CORP LTD
Operates four businesses serving Indian Railways: serves food on trains through Catering, runs the online reserved train ticket booking platform, sells rail-based tour packages under Tourism, and sells packaged drinking water under the Rail Neer brand. In FY26, total revenue was Rs 5,214.86 crore, with Catering the largest segment at Rs 2,398.75 crore (45.8% of segment revenue), followed by Internet Ticketing at Rs 1,535.51 crore (29.3%), Tourism at Rs 890.08 crore (17.0%), and Rail Neer at Rs 407.51 crore (7.8%). Internet Ticketing is the profit engine — it produced Rs 1,267.92 crore of segment EBIT on Rs 1,535.51 crore of revenue, and the company handles 89% of reserved railway tickets booked online. Catering, where food is served to train passengers, generated Rs 2,398.75 crore in revenue but only Rs 249.90 crore in EBIT; Tourism covers packaged rail tours at Rs 890.08 crore of revenue with Rs 127.50 crore EBIT; Rail Neer sells packaged drinking water at Rs 407.51 crore of revenue with Rs 55.66 crore EBIT. The standalone cost structure is dominated by other operating expenses at 57.0% of revenue, with employee cost at 6.2% and materials only 1.4%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Catering (46%), Internet Ticketing (29%), Tourism (17%), Railneer (8%). Asset-light services tied to Indian Railways; mix of high-margin internet ticketing and lower-margin catering, tourism and packaged water.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 4,270 | 4,675 | 5,215 |
| EBITDA (ex other income) | 1,407 | 1,598 | 1,683 |
| margin % | 33.0 | 34.2 | 32.3 |
| Owners' profit | 0 | 0 | 0 |
| EPS, as reported (₹) | 13.89 | 16.44 | 17.42 |
| ROE % · ROCE % | 34.4 · 43.8 | 35.9 · 44.4 | 32.3 · 41.1 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 |
| Cash from operations | 882 | 810 | 1,273 |
| Capex | (232) | (48) | (78) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,064 | 1,225 | 1,269 | 1,160 | 1,146 | 1,449 | 1,460 | 1,370 |
| Profit before tax | 417 | 457 | 472 | 442 | 457 | 529 | 447 | 442 |
| Net profit | 308 | 341 | 358 | 331 | 342 | 394 | 326 | 330 |
| EPS (₹) | 3.85 | 4.26 | 4.48 | 4.13 | 4.28 | 4.93 | 4.08 | 4.13 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Catering | 2,399 | 45.8 |
| Railneer | 305 | 5.8 |
| Internet Ticketing | 1,135 | 21.7 |
| Tourism | 890 | 17.0 |
| Rail Neer | 103 | 2.0 |
| Interent Ticketing | 401 | 7.7 |
| Total, before eliminations | 5,232 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INDIAN RAIL TOUR CORP LTD ◆ | 36,008 | 25.8 | 8.36 | 18.3 | 32.3 | 40.8 | — | 33.5 |
| TBO TEK LIMITED | 16,683 | 62.1 | 10.76 | 38.5 | 15.8 | 13.1 | — | 16.3 |
| BLS INTL SERVS LTD | 8,976 | 12.7 | 3.22 | 9.5 | 26.0 | 25.4 | 44.4 | 30.9 |
| LE TRAVENUES TECHNOLOGY L | 6,230 | 72.8 | 3.04 | 50.4 | 3.5 | 4.7 | — | 15.0 |
| THOMAS COOK (INDIA) LTD | 4,250 | 19.3 | 1.68 | 6.1 | 8.7 | 9.3 | 60.2 | 7.4 |
| EASY TRIP PLANNERS LTD | 2,303 | 22.2 | 2.83 | — | (5.8) | (5.4) | 38.1 | (4.7) |
| YATRA ONLINE LIMITED | 1,195 | 38.5 | 1.44 | 11.7 | 5.6 | 5.5 | — | 8.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 25.8 | 26.5 | 41 of 87 | 54% |
| P/B | 8.4 | 1.9 | 73 of 83 | 12% |
| ROCE | 40.8 | 5.4 | 5 of 101 | 96% |
| ROE | 32.3 | 5.6 | 4 of 83 | 96% |
| Debt / Equity | 0.0 | 0.1 | 1 of 82 | 84% |
| EBITDA margin | 33.5 | 23.4 | 28 of 85 | 68% |
| Revenue growth | 18.1 | 12.1 | 31 of 89 | 66% |
| Profit growth | (0.2) | 17.5 | 47 of 83 | 44% |
| Market cap | 36008 | 293 | 2 of 103 | 99% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Senior Manager Suresh Kumar Sharma repatriated, exits IRCTC | management changes | medium | — | — |
| 15 Oct 2026 · IRCTC partners with QCI for digital food safety audits across trains and stations | compliance | low | — | — |
| 15 Oct 2026 · IRCTC loses anti-profiteering case; ordered to pay about Rs 50 crore | regulatory legal | medium | — | — |
| 15 Oct 2026 · IRCTC appoints Raj Kumar Verma as Group General Manager | management changes | medium | — | — |
| 6 Oct 2026 · IRCTC files quarterly dematerialization certificate for Q2 FY26 | compliance | minimal | — | — |
| 30 Sept 2026 · IRCTC 27th AGM: All 8 resolutions passed; total FY26 dividend of Rs.9/share confirmed | compliance | minimal | — | — |
| 30 Sept 2026 · IRCTC amends Articles of Association after Navratna status grant | general | high | — | — |
| 30 Sept 2026 · IRCTC files newspaper publication of Chairperson speech at 27th AGM | compliance | minimal | — | — |
| 29 Sept 2026 · IRCTC 27th AGM held; FY26 total dividend Rs 19/share confirmed | board shareholder meetings | low | — | — |
| 23 Sept 2026 · IRCTC trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.