IRCTC

I R C T C share price & financials

Price
₹519.6
Market cap
₹39.0k Cr
Sector
Consumer Services
Calls analysed
7
Latest concall · Q1 FY27 · call held 13 Aug 2026

I R C T C Q1 FY27

Revenue from Operations ₹1,370 cr +18%EBITDA ₹386 cr −3%EBITDA Margin 28.17% Profit After Tax ₹330 cr

What went well

  • Revenue from operations increased to INR1,370 crores, up 18.10% YoY.
  • Profit After Tax (PAT) stood at INR330 crores.
  • Catering revenue grew by 33.82% YoY to INR732 crores.

What to watch

  • EBITDA stood at INR386 crores, registering a year-on-year decline of 2.77%.
  • Catering margins were impacted due to higher sales in train catering operations, pilot initiatives, additional HR cost of INR20 crores, and gratuity increase.
Read the full call →

What I R C T C does

IRCTC is a Central Public Sector Enterprise (Navratna, Ministry of Railways) and the only entity authorised by Indian Railways to sell online rail tickets, run catering services on trains and at stations, and supply packaged drinking water at railway premises. It earns commissions on e-ticket bookings, a share of food and beverage sales from mobile/static/e-catering, sale of Rail Neer bottled water manufactured at its own plants, and margins from packaged tour, hotel, air and rail tourism products sold through its travel and tourism vertical. Its digital platforms (irctc.co.in and the Rail Connect app) also carry ancillary services such as travel insurance, loyalty rewards and a co-branded credit card.

Segments

  • Internet Ticketing
  • Catering (Catering & Hospitality)
  • Packaged Drinking Water (Rail Neer)
  • Travel and Tourism
Regulatory status
Sole entity authorised by Indian Railways to provide online rail ticketing, catering services and packaged drinking water across the network
Catering footprint
Catering services across 1,250+ trains and 500+ units at railway stations
Static catering units
149 Food Plazas, 161 Fast Food Units, 130 Refreshment Rooms, 38 Jan Aahar units, 52 Retiring Rooms, 7 Executive Lounges, 3 Rail Yatri Niwas/BNR Hotels, 6 Non-Railway Catering units
Rail Neer manufacturing plants
20 fully automated bottling plants across India
E-catering restaurant partner network
3,000+ partner restaurants/food outlets
Mobile app installs (Google Play, IRCTC ecosystem)
1.3 crore+
Founded 1999Employees 2,379 (FY2024-25 (Annual Report) Company website

Guidance record · Q1 FY27

what the last two calls moved 15 tracked 2 delivered 4 missed 9 open
  • Catering Revenue Growth delivered said Q4 FY26 Promised: Maintain catering revenue growth around 15%. Q1 FY27: Catering revenue grew 33.82% YoY, significantly exceeding the target.
  • Plant Operational Status went quiet said Q1 FY26 Promised: Hopeful to start it again this quarter Q1 FY27: No mention of the Bilaspur plant restart for the third consecutive quarter.
  • Regulatory Approval Timeline delayed said Q3 FY25 Promised: In-principal approval of RBI soon Q1 FY27: We have submitted the final application... It should take this financial year for RBI to respond.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 18.1%, net profit up 0.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,064 1,225 1,269 1,160 1,146 +8%1,449 +18%1,460 +15%1,370 +18%
EBITDA373 417 385 397 404 +8%465 +12%399 +4%387 −3%
Net profit308 341 358 330 342 +11%394 +16%327 −9%330 +0%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −35.6% 1Y

₹500₹600₹700Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 13 Nov 2025Q3 FY26 — 13 Feb 2026Q4 FY26 — 27 May 2026Q1 FY27 — 13 Aug 2026

1Y: ₹718.55 on 10 Sept 2025 → ₹462.9. High ₹736.6 (19 Sept 2025), low ₹462.9 (11 Sept 2026).

How the price took the results

close before → close after

Q1 FY27
−1.8%
13 Aug
Q4 FY26
−2.6%
27 May
Q3 FY26
−0.7%
13 Feb
Q2 FY26
−0.8%
13 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 13.8% a year over 3 years, FY23 to FY26. Operating margin narrowed to 31.9%.

Year endingFY23FY24FY25FY26
Revenue₹3.5k Cr₹4.3k Cr₹4.7k Cr₹5.2k Cr
Operating profit₹1.3k Cr₹1.5k Cr₹1.6k Cr₹1.7k Cr
Operating margin36.1%34.4%33.1%31.9%
Interest₹16 Cr₹18 Cr₹17 Cr₹18 Cr
Depreciation₹54 Cr₹58 Cr₹52 Cr₹49 Cr
Net profit₹1.0k Cr₹1.1k Cr₹1.3k Cr₹1.4k Cr
Net margin28.4%26.0%28.1%26.7%
Cash from operations₹812 Cr₹882 Cr₹834 Cr₹1.3k Cr
Free cash flow₹744 Cr₹650 Cr₹787 Cr₹1.2k Cr
ROCE59.0%54.0%49.0%46.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹160 Cr₹160 Cr₹160 Cr₹160 Cr₹160 Cr₹160 Cr
Reserves₹1.3k Cr₹1.7k Cr₹2.3k Cr₹3.1k Cr₹4.1k Cr₹4.1k Cr
Borrowings₹79 Cr₹105 Cr₹84 Cr₹60 Cr₹78 Cr₹81 Cr
Other liabilities₹1.6k Cr₹1.9k Cr₹2.5k Cr₹2.8k Cr₹3.3k Cr₹3.2k Cr
Total liabilities₹3.2k Cr₹3.9k Cr₹5.1k Cr₹6.1k Cr₹7.6k Cr₹7.6k Cr
Fixed assets₹311 Cr₹335 Cr₹351 Cr₹343 Cr₹821 Cr₹839 Cr
Capital work in progress₹24 Cr₹26 Cr₹34 Cr₹443 Cr₹7 Cr₹42 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹25 Cr
Other assets₹2.8k Cr₹3.5k Cr₹4.7k Cr₹5.3k Cr₹6.8k Cr₹6.7k Cr
Total assets₹3.2k Cr₹3.9k Cr₹5.1k Cr₹6.1k Cr₹7.6k Cr₹7.6k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −3.37 pp while the public added +2.68 pp.

Promoters
62.4%
FIIs
3.9%
DIIs
14.9%
Public
18.9%

Since Jun 2025

  • FIIs −3.37 pp
  • Public +2.68 pp
  • DIIs +0.70 pp

How it drifted, 12 quarters

Over this window DIIs went from 10.5% to 14.9% — +4.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 62.4%, FIIs 7.1%, DIIs 10.5%, Public 20.0%.Dec '23: Promoters 62.4%, FIIs 7.3%, DIIs 12.0%, Public 18.3%.Mar '24: Promoters 62.4%, FIIs 8.1%, DIIs 12.7%, Public 16.8%.Jun '24: Promoters 62.4%, FIIs 7.8%, DIIs 13.7%, Public 16.1%.Sep '24: Promoters 62.4%, FIIs 7.5%, DIIs 13.9%, Public 16.1%.Dec '24: Promoters 62.4%, FIIs 7.5%, DIIs 13.7%, Public 16.4%.Mar '25: Promoters 62.4%, FIIs 7.4%, DIIs 13.9%, Public 16.4%.Jun '25: Promoters 62.4%, FIIs 7.3%, DIIs 14.2%, Public 16.2%.Sep '25: Promoters 62.4%, FIIs 7.3%, DIIs 14.2%, Public 16.2%.Dec '25: Promoters 62.4%, FIIs 7.2%, DIIs 14.0%, Public 16.4%.Mar '26: Promoters 62.4%, FIIs 4.9%, DIIs 14.9%, Public 17.9%.Jun '26: Promoters 62.4%, FIIs 3.9%, DIIs 14.9%, Public 18.9%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of I R C T C above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
President Of India 62.40%unchanged
Life Insurance Corporation Of India Insurer10.73%unchanged
ICICI Prudential Large & Mid Cap Fund Mutual fund2.78%+0.17 pp

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in IRCTC

Filings to Aug 2026

0 new, 6 added, 2 trimmed, 0 sold out — net +0.24 L shares (+3.2%).

Held by funds
₹38 Cr
9 schemes
Biggest holder
Nippon India ETF Nifty Midcap 150
₹14 Cr · 0.3% of that fund
SchemeHoldingLast month
Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund₹14 Cr+0.17 L
Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund₹10 Cr+0.04 L
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹7 Crheld
SBI Nifty Midcap 150 Index Fund SBI Mutual Fund₹4 Cr+0.04 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
Nippon India Nifty 500 Quality 50 Index Fund Nippon India Mutual Fund₹1 Cr−0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹1 Cr−0.00 L
Nippon India Nifty 500 Low Volatility 50 Index Fund Nippon India Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

6 added, 2 trimmed — net +24,220 shares (+3.2%)

Funds are sitting on
-24%
vs est. average cost
Held by funds
₹38 Cr
9 schemes · ≈ 0.10% of the company
Biggest holder
Nippon India ETF Nifty Midcap 150
₹14 Cr · 0.3% of that fund
Longest holder
HDFC Large and Mid Cap Fund
3y 8m · since Dec '22

Shares held by these funds −78%

Aug '23 7.59 L shares Jul '26

What the price assumes

Expensive

To justify its price of ₹463, this stock must grow earnings at 20% every year for 7 years. Our analysis caps realistic growth at ~11%. At that growth it is worth ₹304 — downside of 34%.

Growth the price implies
19.5% a year
for 7 years, fading to 4%
It has actually compounded at
11.4% a year
net profit, FY23–FY26 · EPS 11.5%
The gap
0.1 pp
-34% downside if it only repeats history
Price today ₹462.9 Value at the reference growth ₹303.56

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse I R C T C

Guides on how to read this kind of business and the numbers that matter.