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Revenue
₹1,160 Cr
verification pending
Revenue YoY
4%
reported change
EBITDA
₹397 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IRCTC reported a stable Q1 FY26 with PAT of ₹330 cr (+7.14% YoY) and revenue of ₹1,160 cr (+4% YoY). EBITDA margin expanded 72 bps to 34.27%, driven by operational efficiencies and a favorable revenue mix. The tourism segment was the standout, growing 21.3% YoY to ₹148 cr, while internet ticketing grew 9.12% to ₹360 cr. Catering revenue declined 2.15% due to the absence of election special trains (₹32 cr last year vs ₹4-5 cr this year) and station upgrade disruptions. Rail segment revenue was flat at ₹106 cr. Management highlighted strong e-catering growth (>30%) and new tourism initiatives (Bharat Gaurav, Maharaja Express). Guidance remains cautious: catering is in transition, and the payment aggregator license is 12-18 months away. Key risk: catering revenue may remain subdued until station upgrades complete and election specials normalize.
Colored figures show movement against the previous available record.
Guidance to track
- IRCTC received in-principle RBI approval for payment aggregator license; expects to submit papers within 6 months and receive final license in 12-18 months.
- IRCTC is adding one more Bharat Gaurav train rake in the current financial year to expand tourism offerings.
- IRCTC expects to run 3 to 5 departures of the Golden Chariot luxury train in FY26 under an MOU with Karnataka government.
- IRCTC is in the tendering process for new rail neer plants at Prayagraj, Ranchi, Bhagalpur, and Masur; expansion at Ghanapur and Ambernath approved.
Risks flagged
- Catering revenue fell 2.15% YoY primarily because last year's quarter included ₹32 cr from election special trains vs only ₹4-5 cr this year. This headwind may persist if election specials remain absent.
- Upgradation of stations under Amrit Bharat Station Scheme temporarily impacted license fee revenue from static catering units. Management did not quantify the lost revenue, creating uncertainty.
- The Bilaspur bottling plant is not working due to a dispute with the state government over water extraction. Management expects to restart this quarter, but any delay could impact rail neer production.
- Despite capacity utilization improving to 87.04% from 86.8% YoY, rail segment revenue remained flat at ₹106 cr due to shift to 500 ml bottles and absence of election specials. This suggests volume growth may not translate to revenue.
Key quotes
- Our AIA margin also expanded to 34.27% compared to 33.55% in Q1 FY25 reflecting continued emphasis on cost optimization and better revenue mix management.
- 87.78% of total reserve tickets on Indian railways are now booked through our portal.
- We are planning to float a tender for sole tendering rights for advertisement wherein we'll be using artificial intelligence to get the ad and to get the cross-selling also.
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