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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹5,215 Cr
verification pending
Revenue YoY
11.55%
reported change
EBITDA
₹1,666 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IRCTC reported its highest-ever annual revenue of ₹5,215 crore (up 11.55% YoY) and PAT of ₹1,393 crore (up 6% YoY) for FY26, driven by strong performance across all segments. Q4 revenue grew 15.05% YoY to ₹1,460 crore, though PAT dipped to ₹447 crore due to exceptional items (₹48 crore legacy income reversal, higher CSR and ECL provisions). EBITDA margin for the year was 31.95%, with Q4 margin at 27.33% impacted by revenue mix shift toward catering and tourism. Management guided for sustained 30% EBITDA margin and expects catering (15% growth) and tourism (20% growth) to lead. Key risks include margin pressure from rising CSR/ECL costs and regulatory uncertainty on convenience fee hikes.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated target of 30% EBITDA margin, with Q4 margin of 27.33% impacted by exceptional items; normalized margin would be ~30%.
- Catering revenue expected to grow around 15% annually, driven by increasing passenger volumes and service enhancements.
- Tourism revenue targeted to grow around 20% annually, supported by domestic tourism demand and product mix improvement.
- Expansion of Ambernath plant from 2 lakh to 3 lakh bottles/day and Danapur plant from 1 lakh to 2 lakh bottles/day; four new plants planned at Mysore, Prayagraj, Bhagalpur, and Rajiv Burbali.
Risks flagged
- Higher CSR allocation (₹31 crore vs ₹7 crore) and ECL provisioning (₹16 crore vs ₹8 crore) impacted Q4 margins; these may recur if not spread evenly.
- Management declined to comment on potential convenience fee revision, stating it is an administered item decided by Ministry of Railways; no clarity on timing or quantum.
- In Vande Bharat trains, 5% GST on turnover (without ITC) reduces effective margins; scaling of such trains could pressure catering margins.
- A court case (CC60) regarding license fee enhancement is sub judice; potential revenue impact cannot be quantified and resolution timeline is uncertain.
Key quotes
- Q4 FY26 stood out to be extremely encouraging with the highest ever revenue and profitability in the company's history in absolute terms.
- We are aspiring to maintain 30% margin.
- Why do you want me to lose money? You are my investor, you should be happy if I work with them more.
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