Indian Railway Catering And Tourism Corporation LimitedLogistics & TransportationIRCTC
Q1 FY27 earnings callIndian Railway Catering And Tourism Corporation Limited
IRCTC delivered resilient revenue growth of 18.10% driven by strong catering and tourism segments, despite a slight EBITDA margin decline.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Profit After Tax | INR330 crores | — | |
| Revenue from Operations | INR1,370 crores | 18.10% | |
| EBITDA | INR386 crores | -2.77% | |
| EBITDA Margin | 28.17% | — | |
| Catering Revenue | INR732 crores | 33.82% | |
| Internet Ticketing Revenue | INR361 crores | 0.5% | |
| Tourism Revenue | INR168 crores | 13.5% | |
| Rail Neer Revenue | INR109 crores | 2.83% |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹1,224.66 Cr— YoY+15.1% QoQ | ₹341.09 Cr— YoY+10.8% QoQ | ₹4.26— YoY+10.6% QoQ |
| Q2 FY25 | ₹1,064.00 Cr— YoY-5% QoQ | ₹307.87 Cr— YoY0% QoQ | ₹3.85— YoY0% QoQ |
| Q1 FY25 | ₹1,120.15 Cr— YoY-3% QoQ | ₹307.72 Cr— YoY+8.3% QoQ | ₹3.85— YoY+8.5% QoQ |
| Q4 FY24 | ₹1,154.77 Cr— YoY— QoQ | ₹284.18 Cr— YoY— QoQ | ₹3.55— YoY— QoQ |
| Q3 FY24 | ₹1,118.30 Cr+21.8% YoY+12.4% QoQ | ₹300.00 Cr+17.4% YoY+1.8% QoQ | ₹3.75+17.6% YoY+1.9% QoQ |
TL;DR
- Revenue grew 18.10% YoY to INR1,370 crores, driven by Catering (+33.82%) and Tourism (+13.5%).
- Profit After Tax was INR330 crores.
- EBITDA declined 2.77% YoY to INR386 crores, with margins impacted by revenue mix changes and INR20 crores in additional HR costs.
- Internet Ticketing revenue was flat (+0.5%) with an 80.33% EBITDA margin.
- Management highlighted expansion plans for Rail Neer capacity and awaits RBI license for its payment aggregator, iPay.
Said on the call
“IRCTC is a customer-centric organization... for the external customer it stands for I Really Care Towards the Customer, IRCTC, and for the internal customer, our workforce... I Really Care To Contribute.”
From the Q&A
| Topic | What management said |
|---|---|
| Rail Neer Expansion | Management cited capacity constraints and unauthorized vendors as issues, with plans to augment two existing plants (Ambernath and Danapur) this financial year and establish four new plants (Prayagraj, Mysore, Ranchi, Bhagalpur), though new plants may spill over to FY28. |
| Catering Margins & Growth | Catering margins of 9.29% were impacted by a proof-of-concept project (~INR4 crores), increased gratuity, and INR10 crores of HR costs booked this quarter; strong revenue growth was driven by onboard sales, license fees, e-catering, and election specials (INR41 crores). |
| Internet Ticketing Margins | EBITDA margin for internet ticketing was 80.33%, down from 84.12%, due to INR150 crores investment in Next Generation e-Ticketing infra refresh, INR10 crores in maintenance, and lower non-convenience fee revenue from ads/agent business, which management aims to recover. |
| Payment Aggregator (iPay) | Final application submitted to RBI; once licensed, plans to expand within IRCTC, to railways for passenger/freight services, and later to the private market. |
| Non-Fare Revenue (NFR) | Management highlighted the first-ever naming of a Tejas Express (Sprite Tejas) as part of NFR initiatives to improve train profitability, with plans to promote this concept further. |
| Catering Opt-Out Rate | Management estimated the opt-out rate for prepaid catering is around 25% to 30%. |
Guidance
- Aim to maintain catering margins traditionally between 10% to 12%.
- Expect tourism revenue to cross INR1,000 plus crores next year.
- Target to bring non-convenience fee back to around INR150 crores.
- Plan to expand Rail Neer capacity via plant augmentation and new facilities.
- Await RBI license for iPay to expand payment services across IRCTC, railways, and private market.
Source
Summary written from the transcript filed by Indian Railway Catering And Tourism Corporation Limited for the call held on 13 Aug 2026; published 20 Aug 2026, 17:59 IST.