High debtor days from railways
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.
IRCTC / Q2-FY26 / 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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Material risks this quarter
medium
Geopolitical disruptions impacting tourism
Management noted temporary disruptions from geopolitical factors affecting the tourism segment, though it still grew 21% YoY.
Station upgrade delays affecting static catering units
Ongoing station upgrades continue to impact static catering units temporarily, with resolution expected only over the next few years.