WatchTalking point
Growing, but less profitably
Revenue grew 11.6% but EBITDA margin fell 1.1 percentage points to 36.9%, so the company kept less of each rupee of revenue as operating profit.
Importance 60 / 95 · growth
Indian Railway Catering & Tourism Corporation · Research view
Indian Railway Catering & Tourism Corporation Ltd
NSE: IRCTCBSE: 542830ISIN INE335Y01020Face value ₹2standalone
₹454
−0.33% · 2026-10-01 · 52-wk ₹453–₹731
Financials to FY2026 · 7 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
StrengthTalking point
Book value compounding
Net worth compounded at 21.7% a year over 6 years (₹1,328 → ₹4,308).
Importance 59 / 95 · financial health
ConcernTalking point
Capital efficiency slipping
ROCE has fallen for 3 consecutive years, from 61.6% to 47.1%.
Importance 59 / 95 · profitability
StrengthTalking point
More profitable than peers
ROE of 35.0% is well above the leisure services median of 16.8%.
Importance 58 / 95 · profitability
Section 03 · The company
Who is this company?
Classified by the exchange under Consumer Discretionary › Consumer Services › Leisure Services › Tour, Travel Related Services.
- Market cap
- ₹36,320 cr
- FY2026 revenue
- ₹5,215 cr
- FY2026 net profit
- ₹1,393 cr
- Net worth
- ₹4,308 cr
- Total debt
- ₹0 crnet cash
- EPS (basic)
- ₹17.42
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 3 leisure services.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
Revenue grew 11.6% but EBITDA margin fell 1.1 percentage points to 36.9%, so the company kept less of each rupee of revenue as operating profit.
Rule REVENUE_UP_MARGIN_DOWN
- Revenue growth per year
- +14.8%over 6 years
- Revenue growth
- +11.6%vs last year
- Net profit growth
- +6.0%vs last year
- Change in net profit since FY20
- +164%
Profit has swung sharply over 6 years (from ₹190 to ₹1,393) — one year is a weak guide to the earnings power.
Revenue compounded at 14.8% a year over 6 years (₹2,275 → ₹5,215) — though FY2022 saw a one-off step-change of 140% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Concern
Q1 FY27 EBITDA margin was 33.5%, down 6.06 percentage points from 39.5% a year earlier.
Rule QTR_MARGIN_CHANGED_YOY
Strength
Q1 FY27 revenue was ₹1,370 cr, up 18.1% from ₹1,160 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 1,064 | — | 308 | — | 28.9% |
| Q3 FY25 | 1,225 | — | 341 | — | 27.9% |
| Q4 FY25 | 1,269 | +9.9% | 358 | +26.1% | 28.2% |
| Q1 FY26 | 1,160 | +3.5% | 331 | +7.5% | 28.5% |
| Q2 FY26 | 1,146 | +7.7% | 342 | +11.1% | 29.8% |
| Q3 FY26 | 1,449 | +18.4% | 394 | +15.6% | 27.2% |
| Q4 FY26 | 1,460 | +15.1% | 326 | −8.9% | 22.4% |
| Q1 FY27 | 1,370 | +18.1% | 330 | −0.2% | 24.1% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹5,425 crTTM
- EBITDA
- ₹1,926 crTTM
- EBIT
- ₹1,876 crTTM
- PBT
- ₹1,875 crTTM
- Net profit
- ₹1,393 crTTM
C. Corporate actions
22 Sept 2026DividendFinal Dividend - Rs. - 0.5000 — ₹0.50/share
20 Feb 2026DividendInterim Dividend - Rs. - 3.5000 — ₹3.50/share
21 Nov 2025DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share
22 Aug 2025DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
20 Feb 2025DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
14 Nov 2024DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share
23 Aug 2024DividendFinal Dividend - Rs. - 4.0000 — ₹4.00/share
17 Nov 2023DividendInterim Dividend - Rs. - 2.5000 — ₹2.50/share
18 Aug 2023DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
22 Feb 2023DividendInterim Dividend - Rs. - 3.5000 — ₹3.50/share
18 Aug 2022DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share
17 Feb 2022DividendInterim Dividend - Rs. - 2.0000 — ₹2.00/share
28 Oct 2021Stock splitStock Split From Rs.10/- to Rs.2/- — 10:2
21 Sept 2021DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share
19 Oct 2020DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share
24 Feb 2020DividendInterim Dividend - Rs. - 10.0000 — ₹10.00/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Concern
ROCE has fallen for 3 consecutive years, from 61.6% to 47.1%.
Rule ROCE_DECLINING_STREAK
- EBITDA margin now
- 36.9%
- 7-year range
- 34.8–50.7%
- ROE FY2026
- 35.0%
- ROCE FY2026
- 47.1%
ROE of 35.0% is well above the leisure services median of 16.8%.
ROE declined from 38.1% to 35.0% year on year.
EBITDA margin has ranged from 34.8% to 50.7% over 6 years and sits at 36.9% now.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Net worth compounded at 21.7% a year over 6 years (₹1,328 → ₹4,308).
Rule NET_WORTH_COMPOUNDING
Operating cash flowNet profit
- Total debt
- ₹0 crnet cash
- Operating cash flow ÷ net profit
- 0.91×FY2026
- Free cash flow
- ₹1,197 cr
- Current ratio
- 2.15×
Free cash flow has been positive in 5 of the last 6 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 3 leisure services (FY2026, consolidated).
Revenue growth
IRCTC · 3rd of 3 · set median 16.3%
EBITDA margin
IRCTC · 1st of 3 · set median 35.9%
Return on equity
IRCTC · 1st of 3 · set median 19.4%
P/E ratio
IRCTC · 1st of 3 · set median 44.2×
Context
Trades at 26.07× earnings — 41% below the leisure services median of 44.15×.
Rule PE_BELOW_PEERS
- P / E
- 26.1×TTM to Jun 26
- P / B
- 8.4×latest book
- P / S
- 6.7×TTM sales
- Earnings yield
- 3.8%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 26.1× · P/S 6.6× · ROE 35.0%.
Section 09 · The stock
How has the stock performed?
Context
Over 5 years profit compounded at 49.0% a year while the stock fell 9.8% a year — but FY2021 profit (₹190) was well below the through-cycle level (~₹1,006), so this rate is inflated by the recovery from a low base.
Rule STOCK_LAGGED_EARNINGS · recovery
- 1-year return
- −35.7%
- 3-year return
- −33.3%
- 5-year return
- −40.2%
- From 52-wk high
- −37.9%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹484
- vs 200-day avg
- Below₹548
- RSI (14)
- 35.5neutral
- MACD histogram
- -0.1
- From 52-wk high
- −37.9%
- From 52-wk low
- +0.2%
- 30-day volatility
- 17.2%ann.
- 6-month return
- −8.2%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchGrowing, but less profitablyRevenue grew 11.6% but EBITDA margin fell 1.1 percentage points to 36.9%, so the company kept less of each rupee of revenue as operating profit.REVENUE_UP_MARGIN_DOWN · conviction 60
- ConcernCapital efficiency slippingROCE has fallen for 3 consecutive years, from 61.6% to 47.1%.ROCE_DECLINING_STREAK · conviction 59
- WatchVolatile earningsProfit has swung sharply over 6 years (from ₹190 to ₹1,393) — one year is a weak guide to the earnings power.EARNINGS_VOLATILE · conviction 57
- ConcernReturns decliningROE declined from 38.1% to 35.0% year on year.ROE_DETERIORATED_YOY · conviction 43
- Cash-flow-statement facts are unavailable for FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| Revenue | 2,275 | 783 | 1,879 | 3,541 | 4,270 | 4,675 | 5,215 |
| Total income | 2,354 | 869 | 1,952 | 3,662 | 4,435 | 4,903 | 5,475 |
| EBITDA | 791 | 276 | 952 | 1,397 | 1,631 | 1,779 | 1,926 |
| Profit before tax | 745 | 261 | 890 | 1,354 | 1,496 | 1,757 | 1,875 |
| Net profit | 529 | 190 | 664 | 1,006 | 1,111 | 1,315 | 1,393 |
| EPS (₹) | 33.0 | 11.9 | 8.3 | 12.6 | 13.9 | 16.4 | 17.4 |
| Net worth | 1,328 | 1,467 | 1,884 | 2,478 | 3,230 | 3,663 | 4,308 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating cash flow | — | −102 | 331 | 669 | 882 | 834 | 1,274 |
| Free cash flow | — | −180 | 309 | 430 | 650 | 787 | 1,197 |
| Ratio | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Revenue growth YoY | — | -65.6 | 140.0 | 88.4 | 20.6 | 9.5 | 11.6 |
| Profit growth YoY | — | -64.1 | 249.5 | 51.6 | 10.5 | 18.3 | 6.0 |
| Profitability | |||||||
| EBITDA margin % | 34.8 | 35.2 | 50.7 | 39.4 | 38.2 | 38.0 | 36.9 |
| Net margin % | 22.5 | 21.9 | 34.0 | 27.5 | 25.1 | 26.8 | 25.4 |
| Return on equity % | 39.8 | 13.6 | 39.6 | 46.1 | 38.9 | 38.1 | 35.0 |
| Return on capital % | 56.6 | 16.4 | 54.0 | 61.6 | 55.1 | 50.1 | 47.1 |
| Leverage & cash | |||||||
| Debt to equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash flow ÷ profit | — | -0.54 | 0.50 | 0.66 | 0.79 | 0.63 | 0.91 |
| Current ratio | 1.60 | 1.77 | 1.87 | 1.82 | 1.95 | 2.02 | 2.15 |