Labor code impact on costs
Management is still assessing the impact of new labor codes, which could increase gratuity and health checkup costs for regular employees.
IRCTC / Q3-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
Catering margin compression from Vande Bharat mix
Higher share of Vande Bharat trains in catering revenue reduces margins due to lower license fee and 5% GST outgo.
Execution risk in Rail Neer capacity expansion
Greenfield projects take time to operationalize; management acknowledged discussions with other brands are ongoing but not yet fructified.