IRCTCNSEMay 29, 2026

Indian Railway Catering And Tourism Corporation Limited

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95turns

9analyst exchanges

5executives

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Management on call

Sanjay Kumar Jain

CMD, IRCTC LIMITED

Sudhir Kumar

DIRECTOR (FINANCE) & CHIEF FINANCIAL OFFICER, IRCTC LIMITED

Rahul Himalian

DIRECTOR (TOURISM &

Manoj Sharma

DIRECTOR (CATERING

Rahul Jain

DOLAT CAPITAL MARKETS PRIVATE LIMITED

Key numbers — 40 extracted

Rs. 5,215 crore

the Financial Year 2025-26. During the financial year, revenue from operations of IRCTC stood at Rs. 5,215 crores, registering an increase of around 12% as compared to previous Financial Year 2024-25, driven

12%

ar, revenue from operations of IRCTC stood at Rs. 5,215 crores, registering an increase of around 12% as compared to previous Financial Year 2024-25, driven by strong performance across all segments

Rs. 1,666 crore

ss all segments with improved operational efficiency and prudent cost management. EBITDA stood at Rs. 1,666 crores, registering an increase of approximately 7% from previous year. During the financial year, PAT

ent cost management. EBITDA stood at Rs. 1,666 crores, registering an increase of approximately 7% from previous year. During the financial year, PAT stood at Rs. 1,393 crores, registering an

Rs. 1,393 crore

ering an increase of approximately 7% from previous year. During the financial year, PAT stood at Rs. 1,393 crores, registering an increase of approximately 6% from previous year. The company has also

financial year, PAT stood at Rs. 1,393 crores, registering an increase of approximately 6% from previous year. The company has also declared and paid the highest dividend in the Financial

Rs. 720 crore

ear. The company has also declared and paid the highest dividend in the Financial Year 2025-26 of Rs. 720 crores, out of which Rs. 680 crores has already been paid as interim dividend and Rs. 40 crores has bee

Rs. 680 crore

lared and paid the highest dividend in the Financial Year 2025-26 of Rs. 720 crores, out of which Rs. 680 crores has already been paid as interim dividend and Rs. 40 crores has been declared as a final dividen

Rs. 40 crore

5-26 of Rs. 720 crores, out of which Rs. 680 crores has already been paid as interim dividend and Rs. 40 crores has been declared as a final dividend by the BOD subject to the approval of AGM in the AGM. Th

Rs. 4,675 crore

ighest ever revenue from operations at Rs. 5,215 crores in the Financial Year 2025-26 compared to Rs. 4,675 crores in FY 2024-25 registering a year-on-year growth of 11.55% which is more than the year-on-year gr

11.55%

cial Year 2025-26 compared to Rs. 4,675 crores in FY 2024-25 registering a year-on-year growth of 11.55% which is more than the year-on-year growth of 9.74% recorded in FY 2024-25. • Number two, IRCTC

9.74%

2024-25 registering a year-on-year growth of 11.55% which is more than the year-on-year growth of 9.74% recorded in FY 2024-25. • Number two, IRCTC recorded its highest ever total revenue of Rs. 5,47

Guidance — 13 items

Rahul Himalian

opening

“• While discussing the Financial Results of FY 2025-26, you will be glad to know that IRCTC recorded its highest ever revenue from operations at Rs.”

Internet Ticketing

opening

“You will be glad to know that today we command 89% share of reserved railway tickets and this segment continued to deliver robust profitability with EBITDA margin of 76% driven by strong operating leverage and sustained cost efficiencies.”

Sanjay Kumar Jain

“So, we have planned to improve in absolute margin, but we are regularly telling that in all the investors’ calls and earlier also that we will maintain 30%.”

Sanjay Kumar Jain

“If we deduct those exceptional items in this quarter, it will be around 30% only.”

Kanishk Gupta

“And sir, in the long run, is it safe to say that you aim to target mid-30s kind of margin?”

Jinesh Joshi

“If you can maybe put out a presentation and give out all these KPI numbers, it will be really handy.”

Sonal Minhas

“Just want to understand from a build-out perspective, IRCTC going forward.”

Pranav Mashruwala

“And which business will be the primary growth driver for us?”

Sanjay Kumar Jain

“Because most of our project for CSR was sanctioned in this quarter.”

Harsh Yadav

“And what will be the timeline for resolution with respect to high courts?”

Risks & concerns — 3 flagged

I just wanted to check that there is a sharp decline in the EBIT margin for catering from 10.4 to 6.3.

— Madhu Chandade

Was anything specific in this margin decline?

— Madhu Chandade

And similarly, for internet ticketing, it’s 85% to 76%, that kind of a decline.

— Madhu Chandade

Q&A — 9 exchanges

Yes, sir. Very good afternoon to you. Sir, my question would be particularly on the August Kranti Rajdhani train, despite being a premium Mumbai-Delhi train, which currently stops at Mathura but not at Agra, which is a major tourist and business destination. And from a personal observation, I have observed that many passengers deboard at Mathura and then travel onward to Agra by road, creating additional inconvenience and transit inefficiency. So, additionally, another train, Mumbai-Delhi Tejas Rajdhani, currently does not stop at Mathura or at Agra. So, have you evaluated any possibility of i

Sanjay Kumar Jain

The August Kranti Rajdhani route is from Mathura to Mumbai via Kota. If someone wants to go to Agra, there is another train, Rajdhani train from Mumbai, which goes up to CSMT and comes up to Nizamuddin. So, passengers aspiring to go to Agra, they can take that route. Secondly, this is concerning Indian Railways. They will certainly, if you send some request to them, they will consider introducing another train also. Thank you. What I mean to say is that, if there is availability for Agra, the revenue potential for direct IRCTC can increase as one of the seven wonders of the world is present th

Sir, what was the exceptional item that you booked in this quarter? And if you can quantify that amount. And secondly, also, can you share, did we get any revenue from running election special trains in 4Q? So, that is my first question.

Sanjay Kumar Jain

You see, there are three major items which I can quantify is first the legacy item which was booked in March ‘25 was around Rs. 48 crores, which is not there this year. And then allocation of CSR activities, which was last year Rs. 7 crores only, so it is Rs. 31 crores this year. And we have provided for additional ECL of around Rs. 16 crores as against Rs. 8 crores. So, first thing is this. Secondly, election special, we have a revenue of Rs. 2.38 crores. Sir, just to repeat the numbers because there was some issue in your voice. You highlighted that election special revenue was Rs. 2.38 cror

Hi. My question is related to the previous question. Like you called out some exceptional items. I just wanted to check that there is a sharp decline in the EBIT margin for catering from 10.4 to 6.3. Was anything specific in this margin decline? And similarly, for internet ticketing, it’s 85% to 76%, that kind of a decline. Was there anything business specific?

Sanjay Kumar Jain

In the catering, the margin dip because of this exceptional item. First of all, last year, same quarter, we have provided for ECL item of only Rs. 5 crores. This year, it is Rs. 16 crores. CSR allocation under catering was done as against Rs. 1 crore. It’s Rs. 5 crores. And legacy item, this year, it is not there. Last year, Rs. 33 crores. And direct cost because of GST, because increase in the premium trend sale is around Rs. 3 crores. This is regarding catering. Sorry, sir. I didn’t understand the last item that you called out. GST increase in premium trend, is this year it is Rs. 3 crores?

Sonal Minhas

Hi, this is Sonal Minhas. I have a question with regard to the percentage of tickets that are booked on IRCTC with your channel partners and online travel agents like EasyGo, MakeMyTrip and others. What would be that share for this particular financial year, if you could give us an understanding? All right, sir. And, sir, has that number increased over the last one year directionally without taking absolute numbers? Okay. And, sir, I have a follow-up question on this one that from a tech perspective, how do you see your channel partners directionally from here to the next 2-3 years? Do you thi

Sanjay Kumar Jain

I will send you the details. Channel partner, I think 28% around. It appears to be the same, but we will send you the numbers. Thank you. Why do you want me to lose money? You are my investor. You should be happy if I work with them more.

Hi, sir. Thank you for the opportunity. My question is on the other expenses. So, other expenses in a quarter comes at around roughly Rs. 40 crores to Rs. 50 crores, but in this quarter it is around Rs. 109 crores. So, what are the reasons behind that?

Sanjay Kumar Jain

As I explained in my initial talk that we have booked the CSR on Rs. 31 crores-Rs. 32 crores and ECL at Rs. 16 crores and that’s why it has increased. Thank you. Okay, sir. Thanks.

Hi. Thank you for the opportunity. So, one question on tourism. So, the topline has been healthy, but there has been some mild contraction in the margin. So, what has been the current growth driver for Q4? So, was there some lower margin Bharat Gaurav or lower tourism packages versus lower premium luxury tourism? And how can we think about some of the sustainability of margins in this business?

Sanjay Kumar Jain

So, decrease in margin is basically because of allocation of CSR of Rs. 1.5 crores and decrease in the margin of Tejas Express, two Tejas Express we are running. So, otherwise this margin would be around 18%. Thank you. Okay, great. Next one question would be on Rail Neer. So, here we have seen a good margin expansion. So, what has been driving this margin expansion? Any operational efficiencies which are more sustainable or improved capacity utilization? Yes. This last quarter the preform rates were quite good. So, that’s how the margin percentage increased. Thank you. Okay. So, just may be a

Thank you for the opportunity. So, on this CSR which you mentioned against Rs. 7 crores we booked Rs. 31 crores. Understand. So, is there what led to increase? Because in terms of full year revenue growth we are at 11.5%. But CSR increase is almost like 4x. Kind of a little more than 4X. So, what is the rationale for such a sharp increase in CSR?

Sanjay Kumar Jain

You see CSR as you must be knowing that it depends on the profitability of last 3 years. And 2% of that. This year why we booked this expenditure in the last quarter? Because most of our project for CSR was sanctioned in this quarter. Thank you. Okay. So, would there be such volatility going ahead also? Or we should see it stabilizing around these levels? This is an exceptional item. You see every month if I book for say Rs. 2 crores or Rs. 3 crores or kind of thing, then in 12 months we can book around Rs. 36 crores-Rs. 32 crores which is the CSR liability on to us because we identify the pro

Sir, you stated that enhancement of license fee for prepaid and postpaid trains for this quarter is a matter of sub judice. Could you quantify the potential incremental revenue that has not been recognized? And what will be the timeline for resolution with respect to high courts?

Sanjay Kumar Jain

You are talking of the previous court case which is going on for CC-60? Yes. So, that is under litigation. So, I should not comment it down to now. But under litigation. Okay. One more question. The RBI deadline for submitting final application for payment aggregator license has been extended to August ‘26 and you mentioned onboarding a tech service provider in Q3. Could you share the current milestone status of this application? And also once the license is secured, quickly do we plan to launch the unified portal and what is the expected monetization roadmap for cross-selling travel services?

Namaskar to all of you. I am Manoj Kumar Sharma – Director of Catering Services. First of all, I would like to congratulate all the investors on behalf of IRCTC. Because with your support and trust, IRCTC has given a very good performance. In Financial Year 2025-2026, our revenue has grown by 12% through operations. And our PAT has grown by 6%. And I would like to thank you again for your continuous support and trust in the company. Your encouragement and motivation encourage us to move forward, so that we can serve our country in the future and with our stakeholders, we can move forward with

Management

Speaking time

Sanjay Kumar Jain

Moderator

Kanishk Gupta

Jinesh Joshi

Madhu Chandade

Karthik Gada

Harsh Yadav

Sonal Minhas

Pranav Mashruwala

Abhishek

Opening remarks

Rahul Jain

Thank you, Riya. Good afternoon, everyone. On behalf of Dolat Capital, we welcome you all to the Q4 FY ‘26 Earnings Conference Call of IRCTC Limited. I take this opportunity to welcome the management of IRCTC Limited, represented by Mr. Sanjay Kumar Jain, who is CMD of the company; Mr. Sudhir Kumar, who is Director of Finance and CFO, and also we have today with us Mr. Rahul Himalian, who is Director of Tourism and Marketing, and Mr. Manoj Sharma – Director of Catering Services of the company. Now I would like to hand the conference over to IRCTC management to take the proceeding forward. Over to you, please, Sanjay.

Sanjay Kumar Jain

Thank you, Rahul. A very good afternoon, everyone. It is my pleasure to welcome you to the Earnings Call of IRCTC for the quarter and year ending 31st March 2026. The financial results for Q4 FY ‘26 were announced yesterday and filed with the stock exchanges. I will begin with a brief overview of our performance. Thereafter, our Director of Tourism and Marketing, Mr. Rahul Himalian, will present a detailed financial and segment-wise analysis as our Director of Finance is not available because of his personal casualty in his family. We will then open the floor for questions. Q4 FY ‘26 stood out to be extremely encouraging with the highest ever revenue and profitability in the company’s history in absolute terms. This reflects the strength of our operating model, resilient business segment, and sustained momentum across core business verticals. The company has registered all-time high financial performance in terms of revenue from operations PAT and EBITDA in the Financial Year 2025-26.

Rahul Himalian

Thank you, sir. Namaskaram. Good afternoon, ladies and gentlemen. I am Rahul Himalian, Director, Tourism and Marketing, IRCTC. On behalf of the entire Management Team of IRCTC and the IRCTC fraternity, I extend a very warm welcome to all of you with this Earnings Call today to present you with the overall “Financial and Operational” performance of IRCTC in the Financial Year 2025-26 along with the Results of the 4th Quarter of FY 2025-26. I am pleased to share that the company has delivered a very strong and resilient financial performance during the Financial Year 2025-26, including quarter ending 31st March 2026 reflecting the robustness of a diversified business model, disciplined execution and continued focus on operational excellence and customer centricity. • While discussing the Financial Results of FY 2025-26, you will be glad to know that IRCTC recorded its highest ever revenue from operations at Rs. 5,215 crores in the Financial Year 2025-26 compared to Rs. 4,675 crores in FY

Internet Ticketing

Internet ticketing reported a revenue of Rs. 390 crores versus Rs. 373 crores reflecting a year- on-year growth of 4.56%. You will be glad to know that today we command 89% share of reserved railway tickets and this segment continued to deliver robust profitability with EBITDA margin of 76% driven by strong operating leverage and sustained cost efficiencies.

Catering

The Catering segment recorded a revenue of Rs. 671 crores compared to Rs. 529 crores in FY 2024-25, achieving an impressive growth of 26.84% year-on-year. The margins in this segment were impacted due to higher sales contribution from train catering operations and pilot initiatives such as branded catering projects undertaken with a view to enhancing customer experience and passenger satisfaction. Nevertheless, catering continues to remain a steady and scalable growth driver supported by increasing passenger volumes and continuous efforts towards service enhancement. Lastly, Rail Neer: Rail Neer generated a revenue of Rs. 95 crores compared to Rs. 92 crores registering a year-on- year growth of 3.26%. The segment witnessed an improvement in margins during the quarter supported by economies in material costs, operational efficiencies and sustained consumer confidence in the brand. Overall, the 4th Quarter performance demonstrates the resilience and strength of IRCTC’s business fundament

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Indian Railway Catering And Tourism Corporation Limited

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