Indian Railway Catering & Tourism Corporation Ltd(IRCTC)

NSE: IRCTCBSE: 542830

₹ 441.3-2.22%refreshed 23 Oct, 03:50 pm ISTMarket cap: ₹ 35,304 crWebsite: www.irctc.comUpdated: 24 Oct 2026

About

Indian Railway Catering and Tourism Corporation (IRCTC) is a Government of India enterprise that holds exclusive rights to online railway ticketing, onboard catering, packaged drinking water (Rail Neer), and tourism services on Indian Railways. In FY26 the company reported revenue from operations of Rs. 5,215 crores across four segments: Catering (45.8%), Internet Ticketing (29.3%), Tourism (17.0%), and Rail Neer (7.8%). IRCTC books 88.92% of all reserved railway tickets in India through its online platform.^[1][2][3]

Business segments

Catering: Rs. 2,398.75 crores revenue in FY26, 45.8% of total; manages onboard food service and kitchen operations across Indian Railways trains.^[2]
Internet Ticketing: Rs. 1,535.51 crores revenue in FY26, 29.3% of total; sole authorised portal for online reserved railway ticket sales with 82.5% EBIT margin.^[2]
Tourism: Rs. 890.08 crores revenue in FY26, 17.0% of total; share up 4.1 percentage points over FY24-FY26; packages, luxury trains, Bharat Gaurav, MICE.^[2]
Rail Neer: Rs. 407.51 crores revenue in FY26, 7.8% of total; IRCTC's own branded packaged drinking water supplied across the railway network.^[2]

Key operating numbers

Online reserved railway ticket market share: 88.92% in Q1 FY27; 13.27 crore tickets booked in the quarter at 14.58 lakh per day.^[3]
Internet Ticketing EBITDA margin: 80% in Q1 FY27, down from 83% in FY26; non-convenience fee revenue fell to INR113 crores in Q1 FY27 from INR123 crores prior quarter.^[3]
UPI share of ticket payments: 51.22% in Q1 FY27, up from 48.72% in Q1 FY26.^[3]
E-catering average daily meals: 1.68 lakh/day in Q1 FY27, up from 1.05 lakh/day in FY25-26.^[3]
Catering revenue in Q1 FY27: INR732 crores vs INR547 crores in Q1 FY26 (+33.8% YoY); 53% of total revenue in the quarter.^[3]
Tourism revenue: INR168 crores in Q1 FY27 (+13.5% YoY); FY26 revenue Rs. 890 crores vs Rs. 745 crores in FY25 (+19.46%).^[3]

Rail Neer operations

Installed capacity: 17.77 lakh bottles/day in Q1 FY27, reduced from 18.4 lakh after one plant closure; capacity utilisation was 76.99% in FY26.^[3]
Rail Neer meets 50-60% of railway demand (seasonal variation); average production was 12.68 lakh bottles/day in Q3 FY26.^[4]
Rail Neer revenue in Q1 FY27: INR109 crores (+2.83% YoY); margin compressed to ~10% from ~14% on a ~30% rise in resin costs tied to West Asia oil prices.^[3]

Tourism and luxury trains

Tourism EBITDA margin improved to 11.31% in Q1 FY27 from 8.78% in Q1 FY26; FY26 profit grew 36.17% on 19.46% revenue growth.^[3]
In Q3 FY26, Maharaja Express revenue grew 39%, State Tirth & Bharat Gaurav revenue grew 51% to INR118.91 crores, and air ticketing grew 41% YoY.^[4]
IRCTC organised the Indo-ASEAN Mart in Bangkok for MEA in Q2 FY26, entering MICE events; targeting five government/semi-government clusters via a PPP model with a minimum 8% margin.^[5]

Expansion and capacity plans

Ambernath Rail Neer plant: expansion from 2 lakh to 3 lakh bottles/day to be finalised in FY27; partner tied up and work in progress.^[3]
Danapur Rail Neer plant: expansion from 1 lakh to 2 lakh bottles/day to be finalised in FY27; partner tied up.^[3]
Four greenfield Rail Neer plants planned at Prayagraj, Mysore, Ranchi and Bhagalpur; land allotted for Prayagraj, Mysore and Ranchi; timeline likely extends to FY28.^[3]
~20 Vande Bharat Sleeper trains to be introduced in FY27, with an estimated INR6 crores licence fee per train (~INR120 crores incremental).^[3]
Budget hotel/Yatri Niwas: 4 hotels operational, 2 under construction, with a plan for 35 additional sites with RLDA (Q1 FY27).^[3]
Tourism revenue expected to exceed INR1,000 crores in FY27, up from Rs. 890 crores in FY26.^[3]

iPay payment aggregator

RBI in-principle approval for payment aggregator licence received on 4 August 2025; final application including SAR and MVP submitted to RBI on 4 August 2026.^[3]
iPay processes ~2.7 lakh transactions/day (Q1 FY27); internal addressable GMP is ~Rs. 70,000 crores vs ~Rs. 13,000 crores currently handled.^[3]
Full expansion planned post-licence across railways, GeM, pension and private market; final RBI licence expected within FY27.^[3]

Recent developments

DPE granted Navratna status to IRCTC (OM dated 3 March 2025); Articles being amended so capex authority follows Government limits instead of the ₹500 crore / net worth cap for Mini-Ratna Category-I.^[6]
Board changes: Rajneesh Narain Director (Finance) from 15.06.2026, Government Nominee Director Navin Kumar Parsuramka from 27.02.2026, Independent Director Sachin Sabnis from 13.08.2026.^[6]
CMD Sanjay Jain resigned citing personal reasons; Rahul Himalian (Director Tourism & Marketing) given additional charge of CMD effective 20 July 2026.^[3]
IRCTC relaunched its website in Q1 FY27, temporarily removing marketing and ad inventory, which cut non-convenience fee revenue to INR113 crores from INR123 crores QoQ.^[3]
E-pantry onboard mobile food ordering reached 50+ trains in Q1 FY27 and is planned to scale to 100 trains.^[3]
Catering served election special trains in Q1 FY27, contributing INR41 crores in revenue vs INR5 crores in Q1 FY26.^[3]

Market Cap

₹35,304 Cr

High / Low

₹736 / 438

Stock P/E

25.4

Price / Book

8.2

Book Value

₹54

EPS

₹17.4

No. of Shares

80 Cr

ROCE

45.2%

ROE

35.0%

OPM

34.3%

Debt / Equity

0.00

Sales

₹5,215 Cr

Net Profit

₹1,393 Cr

Promoter holding

62.4%

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Indian Railway Catering & Tourism Corporation Ltd(IRCTC)

About

Business segments

Key operating numbers

Rail Neer operations

Tourism and luxury trains

Expansion and capacity plans

iPay payment aggregator

Recent developments

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