Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Indian Railway Catering and Tourism Corporation Ltd.
NSE: IRCTCConsumer CyclicalTravel Services
- Last close
- ₹441.40
- Day change
- −₹9.90 (−2.19%)vs
- Market cap
- ₹38,168 crIndian rupees
- Research updated
- 2 reports
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About Indian Railway Catering and Tourism Corporation
Indian Railway Catering and Tourism Corporation Ltd. is a central public sector enterprise of India focused on digital ticketing, catering, hospitality, and tourism services associated with Indian Railways. Operating under the Ministry of Railways and headquartered in New Delhi, IRCTC is the sole entity authorized to provide online railway ticketing and catering for rail passengers, as well as branded packaged drinking water under the Rail Neer label. Its next-generation online booking platform and the IRCTC Rail Connect mobile app enable users to search trains, check seat availability, book tickets, manage reservations, and make secure payments across the country. In catering and hospitality, the company manages mobile and static catering at stations and on trains, including food plazas, fast-food outlets, and extensive e-catering services that connect passengers to a wide network of partner restaurants. IRCTC is also a major player in domestic and international tourism, offering rail-based tour packages, charter services, luxury tourist trains such as Maharajas’ Express and Bharat Gaurav circuits, as well as bundled arrangements covering transport, accommodation, and related travel services. Founded in 1999 in India, IRCTC today acts as a core digital and service infrastructure provider for rail travel and tourism across the country.
- Sector
- Consumer Cyclical
- Industry
- Travel Services
- Listing
- NSE: IRCTC
- Employees
- 1,318
- Headquarters
- New Delhi, India
- ISIN
- INE335Y01020
- Website
- irctc.com
Public research · Report of
Business model & financial foundation
IRCTC (NSE: IRCTC), Railway e-ticketing, catering, packaged drinking water and travel & tourism: revenue of ₹5,215 crore in FY26 (+11.6% on FY25), an EBITDA margin of 31.9%, net profit of ₹1,393 crore and net cash of ₹2,787 crore.
- Revenue, FY26 (₹ crore)
- 5,215
- consolidated
- Revenue growth, FY26
- +11.6%
- on FY25
- EBITDA margin, FY26
- 31.9%
- EBITDA excluding other income and exceptional items / revenue
- Net profit, FY26 (₹ crore)
- 1,393
- to owners
- Return on equity, FY26
- 35.0%
- on average equity
- Net debt, FY26 (₹ crore)
- -2,787
- Net debt / (net cash), lease inclusive
- Market capitalisation (₹ crore)
- 38,168
- at the close of 15 Oct 2026
Company profile
IRCTC is the Ministry of Railways' sole authorised entity for online reserved railway ticketing (88.9% online share in Q1 FY27), and also runs on-board and static catering on Indian Railways, the Rail Neer packaged drinking water brand and rail-led tourism (Bharat Gaurav trains, luxury trains, packages). Internet ticketing is about a quarter of revenue but three-quarters of segment profit; catering is over half of revenue at single-digit margins.
| Item | Value |
|---|---|
| Legal name | Indian Railway Catering and Tourism Corporation Limited |
| Exchange and ticker | NSE: IRCTC; BSE: 542830 |
| ISIN | INE335Y01020 |
| CIN | L74899DL1999GOI101707 |
| Sector | Consumer Services |
| Industry | Railway e-ticketing, catering, packaged drinking water and travel & tourism |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | N. K. Bhargava & Co., Chartered Accountants (appointed by the CAG under s.139(5)) |
| Market capitalisation | ₹38,168 crore (15 Oct 2026) |
| Shares outstanding | 80.00 crore shares (FY26) |
| Price | ₹477.1 (close, 15 Oct 2026) |
| 52-week range | ₹446.5 - ₹735.8 (to 15 Oct 2026) |
| Website | https://www.irctc.com |
Corporate structure and shareholding
Parent: President of India acting through the Ministry of Railways (Government of India, promoter).
| Entity | Holding | Business |
|---|---|---|
| IRCTC Payments Ltd | 100% | Payment aggregator; RBI in-principle approval Aug 2025 |
| Royale Indian Rail Tours Ltd | 50% | 50:50 JV with Cox & Kings for luxury trains; dormant, not consolidated owing to dispute since FY11 |
Central public sector enterprise under the Ministry of Railways.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 62.40% | 62.40% | 62.40% | 62.40% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 7.19% | 4.86% | 3.91% | 3.47% |
| Domestic institutions | 14.02% | 14.86% | 14.86% | 14.56% |
| of which mutual funds | 2.46% | 3.27% | 3.41% | 3.38% |
| Retail | 15.28% | 16.52% | 17.37% | 18.10% |
| Other | 1.11% | 1.37% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
IRCTC is the Ministry of Railways' sole authorised online reserved-ticketing platform, and also runs train and static catering, Rail Neer packaged water and rail-led tourism. FY26 gross segment revenue was ₹2,398.8 crore in catering, ₹1,535.5 crore in internet ticketing, ₹890.1 crore in tourism and ₹407.5 crore in Rail Neer. Ticketing generated ₹1,267.4 crore of segment result, versus ₹249.1 crore in catering, ₹127.2 crore in tourism and ₹55.5 crore in Rail Neer. Ticketing earns convenience fees and ancillary income but IRCTC does not control the fee, catering tariff or licence-fee policy.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share | exceptional in result, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Catering | 2,399 | 45.8% | 249.1 | 14.7% | 0.05 | 0.3% |
| Rail Neer (packaged drinking water) | 407.5 | 7.8% | 55.5 | 3.3% | 0.01 | 0.0% |
| Internet Ticketing | 1,536 | 29.3% | 1,267 | 74.6% | 10.9 | 65.0% |
| Tourism & Train Operations | 890.1 | 17.0% | 127.2 | 7.5% | 5.82 | 34.7% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Le Travenues Technology (ixigo) (IXIGO) | Online travel platform and IRCTC authorised agent selling rail tickets; closest listed digital-travel comparable |
| Info Edge (India) (NAUKRI) | |
| Indian Railway Finance Corporation (IRFC) | |
| RailTel Corporation of India (RAILTEL) | Ministry of Railways services PSU, same shareholder and policy risk |
| Jubilant FoodWorks (JUBLFOOD) | Food service operator; reference for catering segment economics |
| Thomas Cook (India) (THOMASCOOK) | Travel and tourism services; reference for tourism segment |
| RITES (RITES) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,878 | 3,541 | 4,260 | 4,675 | 5,215 |
| Cost of revenue (vendor classification) * | 918.4 | 2,134 | 2,657 | 2,942 | 3,349 |
| Other operating costs (vendor classification) * | 76.9 | 149.8 | 161.5 | 181.0 | 199.8 |
| EBITDA (vendor classification) * | 971.5 | 1,397 | 1,631 | 1,786 | 1,937 |
| EBIT * | 896.4 | 1,370 | 1,515 | 1,774 | 1,893 |
| Finance cost | 11.1 | 16.1 | 18.6 | 16.9 | 18.2 |
| Profit before tax | 885.4 | 1,354 | 1,496 | 1,757 | 1,875 |
| Total tax expense including deferred and earlier years | 225.8 | 348.1 | 385.0 | 442.4 | 481.8 |
| Consolidated profit after tax | 659.6 | 1,006 | 1,111 | 1,315 | 1,393 |
| Diluted EPS (₹) | 8.24 | 12.57 | 13.89 | 16.44 | 17.42 |
| Direct goods and service costs | 2,328 | 2,591 | 2,979 | ||
| Employee benefits expense | 289.0 | 315.3 | 325.7 | ||
| Other operating expenses including CSR | 177.7 | 219.0 | 244.4 | ||
| EBITDA excluding other income and exceptional items | 1,466 | 1,550 | 1,666 | ||
| Other income | 164.5 | 229.1 | 260.5 | ||
| Depreciation and amortisation | 57.2 | 52.6 | 49.6 | ||
| Exceptional income / (expense) | -58.5 | 47.9 | 16.8 | ||
| Non-controlling share of profit | 0.00 | 0.00 | 0.00 | ||
| Share of associates / joint venture profit | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to owners | 1,111 | 1,315 | 1,393 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 1,870 | 2,478 | 3,230 | 3,663 | 4,309 |
| Borrowings including current and non-current leases | 104.9 | 84.2 | 60.4 | 89.8 | 80.7 |
| Cash equivalents plus other bank balances | 368.2 | 428.9 | 2,278 | 2,162 | 2,868 |
| Trade receivables, net | 571.5 | 1,143 | 1,374 | 1,734 | 1,882 |
| Inventories * | 7.93 | 9.61 | 11.0 | 11.2 | 13.6 |
| Trade payables | 759.1 | 940.7 | 997.7 | 1,034 | 930.0 |
| Net property, plant and equipment * | 107.5 | 114.9 | 118.2 | 112.9 | 126.1 |
| Capital work in progress * | 71.0 | 249.7 | 456.9 | 65.9 | 49.3 |
| Total assets * | 3,884 | 5,089 | 6,091 | 6,799 | 7,580 |
| Liquid term deposits outside cash / bank balances | n.r. | 110.0 | 0.00 | ||
| Net debt / (net cash), lease inclusive | n.r. | -2,182 | -2,787 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net operating cash flow after tax | 660.1 | 1,022 | 882.2 | 833.4 | 1,273 |
| Free cash flow (vendor definition) * | 502.1 | 744.2 | 649.7 | 785.7 | 1,195 |
| Dividends paid (cash outflow) | -240.0 | -400.0 | -360.0 | -880.0 | -760.0 |
| PPE and intangible purchases (cash outflow) | -21.3 | -67.4 | -232.5 | -47.6 | -77.9 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued and paid-up shares (face value INR 2) | 80.00 | 80.00 | 80.00 | 80.00 | 80.00 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,064 | 1,225 | 1,269 | 1,160 | 1,146 | 1,449 | 1,460 | 1,370 |
| Cost of revenue (vendor classification) * | 650.2 | 773.6 | 804.5 | 732.8 | 709.0 | 946.8 | 965.7 | 950.3 |
| Other operating costs (vendor classification) * | 54.1 | 47.8 | -56.2 | 41.5 | 44.2 | 49.6 | 109.1 | 44.9 |
| EBITDA (vendor classification) * | 419.7 | 459.8 | 441.1 | 446.6 | 455.8 | 522.9 | 451.4 | 446.0 |
| EBIT * | 419.7 | 459.8 | 480.1 | 446.6 | 461.6 | 533.8 | 451.5 | 446.0 |
| Finance cost | 3.08 | 3.22 | 7.77 | 4.46 | 4.39 | 4.60 | 4.79 | 4.32 |
| Profit before tax | 416.6 | 456.6 | 472.3 | 442.1 | 457.2 | 529.2 | 446.7 | 441.7 |
| Total tax expense including deferred and earlier years | 108.7 | 115.5 | 114.1 | 111.4 | 115.2 | 134.9 | 120.3 | 111.5 |
| Consolidated profit after tax | 307.9 | 341.1 | 358.3 | 330.7 | 342.0 | 394.3 | 326.4 | 330.2 |
| Diluted EPS (quarter not annualised) (₹) | 3.85 | 4.26 | 4.48 | 4.13 | 4.28 | 4.93 | 4.08 | 4.13 |
| Direct goods and service costs | 560.2 | 686.1 | 718.8 | 645.2 | 616.5 | 848.8 | 868.5 | 833.8 |
| Employee benefits expense | 76.9 | 74.2 | 89.7 | 75.7 | 81.1 | 85.7 | 83.2 | 104.2 |
| Other operating expenses including CSR | 54.1 | 47.8 | 74.5 | 41.5 | 44.2 | 49.6 | 109.1 | 44.9 |
| EBITDA excluding other income and exceptional items | 372.8 | 416.6 | 385.5 | 397.3 | 404.2 | 465.4 | 398.9 | 386.7 |
| Other income | 60.0 | 56.5 | 61.2 | 61.2 | 63.0 | 69.8 | 66.5 | 71.7 |
| Depreciation and amortisation | 13.1 | 13.3 | 12.3 | 11.9 | 11.4 | 12.3 | 14.0 | 12.4 |
| Exceptional income / (expense) | 0.00 | 0.00 | 45.7 | 0.00 | 5.80 | 10.9 | 0.08 | 0.00 |
| Non-controlling share of profit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of associates / joint venture profit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners | 307.9 | 341.1 | 358.3 | 330.7 | 342.0 | 394.3 | 326.4 | 330.2 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 141.9% | 88.5% | 20.3% | 9.7% | 11.6% |
| EBITDA margin | 34.4% | 33.2% | 31.9% | ||
| Net margin | 26.1% | 28.1% | 26.7% | ||
| Return on equity | 38.9% | 38.2% | 35.0% | ||
| Return on capital employed | 51.1% | 60.4% | 51.8% | 50.4% | 46.5% |
| Return on assets | 19.9% | 20.4% | 19.4% | ||
| Net debt (₹ crore) | -2,182 | -2,787 | |||
| Net debt / EBITDA | -1.41x | -1.67x | |||
| Interest cover | 81.1x | 85.0x | 81.2x | 105.0x | 103.9x |
| Asset turnover | 0.53x | 0.79x | 0.76x | 0.73x | 0.73x |
| Receivable days | 111 | 118 | 118 | 135 | 132 |
| Inventory days (on revenue) | 2 | 1 | 1 | 1 | 1 |
| Payable days (on revenue) | 148 | 97 | 85 | 81 | 65 |
| Cash conversion | 0.79x | 0.63x | 0.91x | ||
| Capex intensity | 1.1% | 1.9% | 5.5% | 1.0% | 1.5% |
| Free cash flow (₹ crore) | 638.8 | 954.3 | 649.7 | 785.8 | 1,195 |
| Dividend payout | 32.4% | 66.9% | 54.5% | ||
| EPS, diluted (₹) | 8.24 | 12.57 | 13.89 | 16.44 | 17.42 |
| Book value per share (₹) | 23.38 | 30.98 | 40.37 | 45.79 | 53.86 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income and exceptional items / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt / (net cash), lease inclusive.
- Net debt / EBITDA: net debt / EBITDA excluding other income and exceptional items.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
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