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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
₹1,225 Cr
verified against source
Revenue YoY
10%
reported change
EBITDA
₹417 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IRCTC reported an all-time high revenue of ₹1,225 crore in Q3 FY25, up 10% YoY, with PAT of ₹341 crore (+14% YoY) and EBITDA margin of 34.07%. Growth was driven by tourism (+80% QoQ) and catering (+15% QoQ), while internet ticketing remained resilient with 84.71% margins. E-catering meals doubled to 125,000 per day, and luxury train revenue surged. Management expects tourism margins to sustain or improve, and Rail Neer capacity to expand by ~2 lakh bottles/day next fiscal. Risks include potential margin pressure in catering from the licensing model shift and regulatory changes in advance booking windows.
Colored figures show movement against the previous available record.
Guidance to track
- Three new plants are planned in the coming financial year, adding approximately 2 lakh bottles per day to the current capacity of 18.4 lakh bottles per day.
- Management expects tourism segment margins to remain at current levels or improve further, driven by luxury trains and Bharat Gaurav trains.
- IRCTC applied for in-principle approval from RBI on December 12, 2024, and expects to receive it soon, opening up new payment gateway opportunities.
Risks flagged
- Catering EBITDA margin declined to 12.19% from 15.44% YoY due to closure of base kitchens and transition to a licensing model, which may continue to pressure margins.
- With 87% of tickets already booked online, incremental growth in market share is limited; future growth depends on overall railway volume expansion.
- Reduction of advance reservation period from 4 months to 2 months could impact convenience fee revenue from cancellations, though management downplays the effect.
Key quotes
- This quarter, we have done more than a lakh orders, meals per day. So if you compare our year-on-year basis, last year, it was 61,000 meals per day. This quarter, we have done 125,000 meals per day.
- I don't find any reason why margin will not be either the same level or improve further.
- We are already making a margin of 84%-85%. How much more margin you want to extract from a passenger?
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