Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 15 Oct - IRCTC signs MoU with QCI for digital third-party food safety and hygiene audits across trains and stations.
Source: Bse
Indian Railway Catering And Tourism Corporation Limited (IRCTC)
Mid CapConsumer stocks · Mid cap · NSE
IRCTC is a public sector undertaking under the Ministry of Railways, offering catering, tourism, online railway ticketing, and packaged drinking water (Rail Neer) services. It operates an asset-light model, focusing on digital platforms and service delivery across India's vast railway network.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result12 Aug, 08:25 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
27Bearishfull bear SMA stack · SMA20 -3.1% / mo · MACD + · near 52W low · sector -4.6pp vs Nifty 500 (3M)
Stock trend: 24
Sector RS: 31
Sector 3M: -10.2% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
IRCTCD candles · FIT view-17.3%Latest close ₹450.65 on 2026-10-21
Bar
-1.1%
RSI
40
MACD hist
0.87
52W pos
1%
2026-10-21O ₹455.65H ₹458.10L ₹447.75C ₹450.65Vol 6.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
IRCTCNifty Consumer DurablesNifty 500
- IRCTC
- -9.8%
- Nifty 500
- -6.5%
- Nifty Consumer Durables
- -11.0%
- Vs Nifty 500
- -3.3 pp
Chart stats
21 Oct 2026- From 52W high
- -38.7%
- 52W range position
- 1%
- ATR (14)
- 2.4%
- Volume vs 20D
- 0.74x
- Avg traded value
- ₹37.7 Cr
- 20D price channel
- ₹446.8 - ₹478.4
₹735.8
₹446.5 - ₹735.8
₹10.8
Latest completed session
20-session average
17.6% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE49
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +18.1% · PAT -0.3% YoY
Technical
Bearish27
Price trend and sector-relative-strength timing.
Valuation
Legacy model-807.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence82
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -0% YoY · margin compression · Rev +18% YoY
Filed 12 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,370 Cr | +18.1% | -6.2% |
| EBITDA | ₹387 Cr | -2.5% | -3.0% |
| Operating margin | 28.0% | -600 bps | +100 bps |
| PAT | ₹330 Cr | -0.3% | +1.2% |
| PAT margin | 24.1% | -444 bps | +176 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 27.20
- P/B
- 8.70
- EV/EBITDA
- 22.07
- Market Cap
- 37548.00Cr
Profitability
- ROE
- 34.40%
- ROCE
- 46.10%
- ROA
- 18.38%
- Dividend Y
- 1.92%
Growth (CAGR)
- Revenue 5Y
- -16.00%
- EPS 5Y
- -16.00%
- Revenue 3Y
- 14.00%
- EPS 3Y
- 12.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 91.94×
- Altman Z
- 8.41
- Book Value
- 53.90
Cash Flow
- FCF Yield
- 2.20%
- FCF Positive Y
- 4/5
- OCF
- 1273.00 Cr
- EPS TTM
- 17.42
Shareholding
- Promoter Hold
- 62.40%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 8%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 5,215+11.6% vs prev
Net Profit
₹ CrLatest: 1,393+5.9% vs prev
Return on Equity
%Latest: 32.3-9.9% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 40.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~3.2% over last month) — short-term momentum negative.
- RSI(14) at 40 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
12
RS percentile
Stage 4 Downtrend
1M return
-4.3%
3M return
-9.8%
6M return
-18.3%
1Y return
-38.3%
RS 1D
+2
RS 20D
+5
Sector rank
#8
Industry rank
#9
Stage evidence
- Price is 11.0% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.5%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
improving
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 67.06-0.16%
RS vs Nifty 50067
Valuation & peers
U-Score 49 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 49 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth3/25
Quality20/20
Balance Sheet12/15
Cash Flow8/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
49
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
49/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 20/20 to the score.
- Balance sheet contributes 12/15 to the score.
Main drags
- Fair-value margin of safety is negative at -807.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 3/25; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
27.2
PB
8.7
EV/EBITDA
22.1
ROE
34.4%
ROCE
46.1%
FCF Yield
2.2%
Debt/Equity
0.0
MoS
-807.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
49
Previous: 49
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-807.7%
Previous: -817.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
49
49
49
49
49
49
49
49
49
49
49
49
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹145.35
-210.0% MoS
Growth-justified P/E
2.9
Growth-justified Value
₹49.65
-807.7% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RVNL
Mid
Rail Vikas Nigam Limited
Railway Infrastructure
match 76
14
45.1
9.0%
-615%
OVERVALUED
RITES
Large
RITES Limited
Construction & Engineering
match 66
41
23.1
15.4%
-245%
WATCHLIST
TITAGARH
Large
TITAGARH RAIL SYSTEMS LIMITED
Railway Equipment
match 65
30
51.9
6.8%
-35%
OVERVALUED
TEXRAIL
Micro
Texmaco Rail & Engineering Limited
Capital Goods
match 65
51
21.9
7.3%
+48%
FAIR VALUE
RAILTEL
Large
Railtel Corporation Of India Limited
Telecom
match 65
67
21.7
17.1%
+45%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-14T07:54:48.576Z
Management commentary snapshot
IRCTC reported highest-ever FY26 revenue from operations at Rs. 5,215 crores, up 11.55% YoY, with PAT growing 6% to Rs. 1,393 crores. Q4 FY26 revenue grew 15.05% YoY to Rs. 1,460 crores, but Q4 PAT dipped due to exceptional items and revenue mix changes.
IRCTC delivered robust FY26 performance with strong growth across all segments, achieving record revenue and profitability. The Q4 profit dip was attributed to specific exceptional items and a shift in revenue mix, rather than core operational weakness. Management's focus on platform investment and segment diversification supports the long-term thesis.
Current business mix
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Catering46.0%
Internet Ticketing29.5%
Tourism17.1%
Rail Neer7.5%
Growth engines
Catering Segment Growth
Recorded 12.89% YoY revenue growth in FY26 and 26.84% YoY in Q4 FY26, supported by increasing passenger volumes and service enhancement efforts.
Tourism Segment Expansion
Achieved 19.46% YoY revenue growth in FY26 and 10.95% YoY in Q4 FY26, driven by better product mix and cost rationalization.
Non-Convenience Fee Revenue
Management aims to increase non-convenience fee revenue in the IT business through a unified portal and iPay, targeting 10% growth.
Rail Neer Capacity Expansion
Planning four additional Rail Neer plants and expanding two existing ones to meet demand and improve margins.
Capacity and execution
Rail Neer Plant Expansion
Tendered expansion for Ambernath (2 lakh to 3 lakh bottles/day) and Danapur (1 lakh to 2 lakh bottles/day) plants; work is ongoing.
New Rail Neer Plants
Land secured for new plants at Mysore and Prayagraj. Represented for better land at Bhagalpur and awaiting formal communication for Ranchi/Barpali.
Tailwinds
Strong Digital Capabilities
Company highlights strong digital capabilities and unwavering commitment to operational excellence as key business fundamentals.
Domestic Tourism Demand
Management is 'very hopeful' about increased activity in domestic tourism in the April-June quarter, potentially driven by higher airfares.
Headwinds
Geopolitical Turmoil
Management noted ongoing geopolitical turmoil as a macro environmental factor impacting performance.
Catering Margin Impact
Margins were impacted by higher sales contribution from train catering operations and pilot initiatives like branded catering projects.
Risk radar
Administered Pricing
Catering prices are administered items decided by the Ministry of Railways, limiting IRCTC's ability to adjust for input cost inflation.
Shareholder Reward Policy
Decisions on methods to reward shareholders, such as buybacks, are made by DIPAM, Ministry of Finance, despite the company meeting criteria.
Litigation Risk
Enhancement of license fee for prepaid and postpaid trains (CC-60) is currently under litigation, preventing management from commenting on potential revenue.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company's business segments, particularly tourism and catering, can experience seasonal fluctuations. Therefore, year-on-year comparisons provide a more accurate reflection of underlying growth trends and operational performance, mitigating short-term sequential volatility.
Sector KPIs management disclosed
Revenue from Operations
FY26: Rs. 5,215 crores (11.55% YoY growth); Q4 FY26: Rs. 1,460 crores (15.05% YoY growth).
PAT
FY26: Rs. 1,393 crores (6% YoY growth); Q4 FY26: Rs. 447 crores (vs Rs. 472 crores in Q4 FY25).
EBITDA
FY26: Rs. 1,666 crores (7.48% YoY growth); Q4 FY26: Rs. 399 crores (EBITDA margin 27.33%).
Internet Ticketing Market Share
89% share of reserved railway tickets.
Management forward view
EBITDA Margin Target
Management aspires to maintain an overall EBITDA margin of 30%, noting FY26 margin was 31.95% and Q4 dip to 27% was due to exceptional items.
Platform Infrastructure Investment
Key capital allocation priority is improving e-ticketing infrastructure for passenger convenience and security.
Diversification into Hotel Business
The company is planning to explore opportunities in the hotel business.
Payment Aggregator License
Management is confident of submitting the final application for a payment aggregator license by the August '26 deadline and has engaged a partner.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Overall EBITDA Margin | FY26: 31.95%; Q4 FY26: 27.33% (impacted by exceptional items). | Sustained achievement of the 30% target margin, excluding one-off items. |
| Rail Neer Capacity Expansion | Tenders out for two expansions, land secured for two new plants, others pending. | Commissioning timelines and utilization ramp-up of expanded and new Rail Neer plants. |
| Payment Aggregator License & Unified Portal | Application deadline August '26; partner engaged. | Approval of the license and subsequent launch and monetization roadmap for the unified portal and iPay. |
| Catering Segment Margins | Q4 FY26 margins impacted by revenue mix and pilot initiatives. | Stabilization and recovery of catering margins, and any potential pricing adjustments by the Ministry of Railways. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
market share expansionnot yet verifiable
IRCTC plans to launch a unified travel portal to cross-sell products to existing and additional customers.
Direction: expansionConfidence: high
project executionnot yet verifiable
IRCTC will submit its proposal application for acquiring the payment aggregator license by the end of January.
Timeframe: by the end of JanuaryConfidence: high
revenue outlookcontradicted
IRCTC is confident of sustaining its business growth trajectory in the coming quarters.
Timeframe: coming quartersDirection: growthConfidence: confident
Outcome check: Revenue YoY averaged 18.3% across 1 later quarter(s).
revenue outlookdelivered
The payment aggregator business is expected to be one of the future leading businesses for IRCTC.
Timeframe: futureDirection: leadingConfidence: high
Outcome check: Revenue YoY averaged 18.3% across 1 later quarter(s).
Trust Score
82Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 50% delivered/partly-delivered outcomes on 2 checked claims, with 1 adverse claim outcome. It ranks around the 94th percentile of the scored universe and 97th percentile within Consumer. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
66 docs text-extracted · 47 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
94th percentile
overall median 67 · Consumer: 97th pctile, median 66 · Mid: 81st pctile, median 76
Evidence depth
Financial-only
66 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
50% delivered or partly delivered
2/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
67
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 62.4%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.2%.
- ▸4 years of positive FCF.
Trust risks
- ▸ROCE trend is -3.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Indian Railway Catering And Tourism Corporation Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Sep - Intimation regarding newspaper publication of Chairman Speech at 27th AGM of IRCTC held on 29.09.2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association 30 Sep - IRCTC shareholders approved AoA amendments on 29 September 2026 after Navratna status grant, pending ROC approval.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 9 Sep - C&AG appoints Nangia & Co LLP as IRCTC statutory auditor for FY 2026-27.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Sep - Please find attached herewith copy of newspaper publication.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 14 Aug - IRCTC to hold non-deal roadshows in Mumbai on 19 and 21 August 2026, discussing Q1 FY27 results.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 14 Aug - IRCTC appoints Dr. Sachin Balkrishna Sabnis as Additional Independent Director effective 13 August 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 19 Aug - IRCTC management to hold non-deal roadshows in Mumbai on 24-25 August 2026, discussing Q1 FY27 results.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 16 Jul - CMD post vacant on 20 July 2026; Rahul Himalian gets additional charge for three months.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 20 Jul - Shri Sanjay Kumar Jain ceases as CMD from July 20, 2026; Rahul Himalian takes additional charge.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.