Dependence on Indian Railways for new train additions
Growth in catering and ticketing is tied to Indian Railways' introduction of new trains (e.g., Vande Bharat). Management has no control over the pace of additions.
IRCTC / Q2-FY24 / risks
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Indian Railway Catering And Tourism Corporation · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Material risks this quarter
high
Tejas train losses and outage charges dispute
Tejas segment remains unprofitable; management is pursuing a relook at outage charges with the Ministry, but outcome is uncertain.
Competition from private ticketing platforms
Analyst flagged that platforms like MakeMyTrip offer free cancellation and trip guarantees. IRCTC has no such product planned, potentially losing customers.
Seasonality and infrastructure disruptions
Catering revenue declined QoQ due to seasonality and increased train cancellations from railway infrastructure work, which could recur.