Indian Railway Catering And Tourism Corporation / Q2-FY26

Read the quarter in context.

A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.

Research layer active

ConCallIQ research layer

Signal, with the source still visible.

Use the controls below to narrow the view, then follow the evidence into the next layer of context.

Positive2025-10-30Back to IRCTC

Revenue

₹1,146 Cr

verified against source

Revenue YoY

7.71%

reported change

EBITDA

₹404 Cr

latest reported figure

Source

screener in

record provenance

Actual signal trajectory

Where this quarter sits.

source records only
EBITDA (₹ Cr)PositiveWatchNegative
8 actual records
Actual quarterly EBITDA (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY24: 343 · Positive source sentiment · 2023-08-14Q1 FY24Q2 FY24: 366.6 · Positive source sentiment · 2023-10-27Q2 FY24Q3 FY24: 394 · Positive source sentiment · 2024-01-31Q3 FY24Q1 FY25: 375 · Positive source sentiment · 2024-07-31Q1 FY25Q3 FY25: 417 · Positive source sentiment · 2025-01-31Q3 FY25Q1 FY26: 397 · Watch source sentiment · 2025-08-13Q1 FY26Q2 FY26: 404 · Positive source sentiment · 2025-10-30Q2 FY26Q3 FY26: 465 · Positive source sentiment · 2026-01-28Q3 FY26465343
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

IRCTC reported a stable Q2 FY26 with revenue from operations at INR 1,146 crore (+7.71% YoY), EBITDA at INR 404 crore (+8.31% YoY), and PAT at INR 342 crore (+11.04% YoY). EBITDA margin improved 20 bps to 35.25%. Growth was broad-based, led by tourism (+20.97% YoY) and catering (+8% YoY). Internet ticketing grew 4% with 89.24% market share of railway reserved tickets. Management highlighted the payment aggregator business (in-principal RBI approval received) and unified travel portal as key future growth drivers. Catering expansion via Amrit Bharat trains and rail neer capacity additions (Bilaspur, Danapur, Ambernath) provide medium-term visibility. Risks include high debtor days (over 100, primarily from railways) and potential delays in billing automation rollout.

Colored figures show movement against the previous available record.

Guidance to track

  • IRCTC will submit final application for payment aggregator license to RBI by end of January 2026, after receiving in-principal approval on August 4, 2025.
  • Bilaspur plant (72,000 bottles/day capacity) will resume operations shortly after resolving state government issues.
  • Capacity of Danapur and Ambernath plants will be expanded from 1 lakh to 3 lakh bottles per day.
  • IRCTC plans to install four additional rail neer plants, likely in the next fiscal year.

Risks flagged

  • Debtor days exceed 100, with over 80% of debtors from Indian Railways, primarily in the catering segment. Billing automation is expected to help but may take until end of next fiscal year.
  • Management noted temporary disruptions from geopolitical factors affecting the tourism segment, though it still grew 21% YoY.
  • Ongoing station upgrades continue to impact static catering units temporarily, with resolution expected only over the next few years.

Key quotes

  • We believe in increasing our volume because in most of the sectors, we are known for our delivery at affordable prices, be it our tourism product, be it our catering products.
  • This business appears to me as one of the future leading businesses for IRCTC.
  • This year will be touching, I think, highest ever booking on Maharaja Express.

Research modules

Go one layer deeper.

TranscriptRisk registerPromise ledgerClaim ledgerReality check