Indian Railway Catering And Tourism Corporation Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Licencee Catering: 46.0% • Internet Ticketing: 29.4% • Tourism: 17.1%
AI Sector View
AI GENERATEDConsumer Services
Consumer services have a mixed operating backdrop but strong market sponsorship. Foreign tourist arrivals in India rose 6.0% YoY (2026-06), export of services grew 13.0% YoY (2026-06), and headline tourist arrivals were 584000 (Jun/26), though airport passenger traffic was -2.0% YoY (2026-06). Strong FPI inflow of INR 19847 crore over 3 months to 2026-08-31 supports a Buy stance despite some travel softness.
PROS
- Company has delivered good profit growth of 49.4% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 50.7%
- Company has a good return on equity (ROE) track record: 3 Years ROE 37.3%
- Company has delivered good sales growth of 46.4% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 51.7%
CONS
- Stock is trading at 9.2x its book value
- Recurring exceptional / one-off items are inflating headline profit
- Operating margins have contracted to 31.9% from 36.0%
- Growth is decelerating - 3Y profit CAGR (11.5%) trails the 5Y trend (49.4%)
- Expensive relative to growth - PEG of 2.4
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| IRCTC | 469.60 | 26.97 | 37568.00 | 1.92 | 330.16 | -0.16 | 1369.53 | 18.10 | 47.50 | 28.23 |
| TBOTEK | 1720.55 | 70.58 | 18683.07 | 0.00 | 83.36 | 32.38 | 925.78 | 81.07 | 19.59 | 14.91 |
| CORDELIA | 104.45 | 145.02 | 7561.61 | 0.00 | 227.73 | — | 1901.12 | — | 74.77 | 23.68 |
| IXIGO | 167.50 | 86.36 | 7388.18 | 0.00 | 34.24 | 80.75 | 356.75 | 13.44 | 6.67 | 5.72 |
| THOMASCOOK | 109.20 | 23.49 | 5136.56 | 0.46 | 63.71 | -13.39 | 2091.89 | -13.13 | 21.13 | 4.46 |
| EASEMYTRIP | 5.97 | 0.00 | 2378.84 | 0.00 | -11.69 | -363.84 | 134.71 | 18.38 | 21.68 | -9.98 |
| YATRA | 114.75 | 57.80 | 1800.61 | 0.00 | 0.34 | -97.88 | 187.90 | -10.45 | 7.03 | 6.61 |
| DREAMFOLKS | 68.75 | 0.00 | 366.23 | 0.00 | -13.83 | -165.03 | 39.01 | -88.82 | 6.00 | -53.24 |
| INTLTRAVHS | 281.15 | 13.03 | 224.77 | 1.96 | 5.64 | -17.93 | 55.27 | -3.06 | 15.00 | 14.06 |
| TRANSCOR | 24.30 | 8.14 | 77.79 | 2.47 | 2.18 | 113.84 | 284.99 | 24.31 | 15.40 | 0.68 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,002 | 992 | 1,115 | 1,152 | 1,118 | 1,064 | 1,225 | 1,269 | 1,160 | 1,146 | 1,449 | 1,460 | 1,370 | |
| 659 | 626 | 722 | 789 | 743 | 691 | 808 | 883 | 762 | 742 | 984 | 1,061 | 1,000 | |
| Operating Profit | 343 | 367 | 394 | 363 | 375 | 373 | 417 | 385 | 397 | 404 | 465 | 399 | 370 |
| OPM % | 34.24% | 36.94% | 35.32% | 31.49% | 33.55% | 35.05% | 34.04% | 30.35% | 34.27% | 35.28% | 32.11% | 27.33% | 27.02% |
| -13 | 47 | 31 | 41 | 54 | 60 | 56 | 107 | 61 | 69 | 81 | 67 | 71 | |
| Interest | 4 | 4 | 5 | 5 | 3 | 3 | 3 | 8 | 4 | 4 | 5 | 5 | 4 |
| Depreciation | 14 | 14 | 14 | 16 | 14 | 13 | 13 | 12 | 12 | 11 | 12 | 14 | 12 |
| Profit before Tax | 312 | 395 | 406 | 382 | 412 | 417 | 457 | 472 | 442 | 457 | 529 | 447 | 441 |
| Tax % | 25.68% | 25.44% | 26.17% | 25.61% | 25.28% | 26.10% | 25.29% | 24.15% | 25.20% | 25.19% | 25.48% | 26.93% | 25.25% |
| Net Profit | 232 | 295 | 300 | 284 | 308 | 308 | 341 | 358 | 330 | 342 | 394 | 327 | 330 |
| 2.90 | 3.68 | 3.75 | 3.55 | 3.85 | 3.85 | 4.27 | 4.47 | 4.13 | 4.27 | 4.93 | 4.08 | 4.12 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,523 | 1,467 | 1,870 | 2,264 | 777 | 1,879 | 3,541 | 4,260 | 4,675 | 5,215 | 5,425 | |
| 1,226 | 1,180 | 1,487 | 1,566 | 589 | 1,006 | 2,265 | 2,794 | 3,125 | 3,549 | 3,786 | |
| Operating Profit | 297 | 287 | 383 | 699 | 188 | 872 | 1,276 | 1,466 | 1,550 | 1,666 | 1,639 |
| OPM % | 19.48% | 19.55% | 20.49% | 30.85% | 24.17% | 46.43% | 36.04% | 34.42% | 33.15% | 31.95% | 30.21% |
| 60 | 79 | 126 | 81 | 124 | 73 | 148 | 106 | 277 | 277 | 287 | |
| Interest | 3 | 3 | 2 | 10 | 8 | 11 | 16 | 19 | 17 | 18 | 18 |
| Depreciation | 22 | 24 | 29 | 40 | 46 | 49 | 54 | 57 | 53 | 50 | 50 |
| Profit before Tax | 331 | 339 | 479 | 730 | 258 | 885 | 1,354 | 1,496 | 1,757 | 1,875 | 1,875 |
| Tax % | 35.23% | 35.24% | 35.52% | 29.67% | 27.37% | 25.51% | 25.71% | 25.73% | 25.17% | 25.69% | 25.70% |
| Net Profit | 215 | 220 | 309 | 513 | 187 | 660 | 1,006 | 1,111 | 1,315 | 1,393 | 1,393 |
| EPS | 52.93 | 13.72 | 19.12 | 32.07 | 2.34 | 8.24 | 12.57 | 13.89 | 16.43 | 17.42 | — |
| Dividend Payout % | 39.50% | 7.33% | 97.99% | 38.98% | 42.77% | 42.45% | 43.74% | 46.79% | 48.68% | 51.67% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 14%
- 5 Years:
- 46%
- 3 Years:
- 14%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 22%
- 5 Years:
- 49%
- 3 Years:
- 11%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -7%
- 3 Years:
- -13%
- 1 Year:
- -35%
RETURN ON EQUITY
- 10 Years:
- 34%
- 5 Years:
- 40%
- 3 Years:
- 37%
- Last Year:
- 35%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 40 | 40 | 160 | 160 | 160 | 160 | 160 | 160 | 160 | 160 |
| 738 | 905 | 911 | 1,154 | 1,296 | 1,710 | 2,318 | 3,070 | 3,503 | 4,148 | |
| 112 | 31 | 21 | 88 | 89 | 113 | 114 | 114 | 205 | 183 | |
| Trade Payables | 137 | 151 | 193 | 170 | 582 | 691 | 852 | 997 | 1,034 | 930 |
| 842 | 1,109 | 1,291 | 1,802 | 1,021 | 1,116 | 1,887 | 2,002 | 2,158 | 2,409 | |
| Total Liabilities | 1,870 | 2,236 | 2,575 | 3,375 | 3,148 | 3,789 | 5,331 | 6,343 | 7,060 | 7,831 |
| 170 | 162 | 155 | 257 | 284 | 308 | 324 | 317 | 788 | 786 | |
| Capital Work in Progress | 17 | 8 | 40 | 16 | 24 | 26 | 34 | 443 | 27 | 42 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25 | 25 | |
| 7 | 7 | 8 | 10 | 7 | 8 | 10 | 11 | 11 | 14 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 1,143 | 1,374 | 1,734 | 1,883 | |
| Cash & Bank | 853 | 834 | 1,140 | 1,296 | 1,460 | 1,732 | 1,931 | 2,263 | 2,137 | 2,842 |
| 823 | 1,225 | 1,232 | 1,795 | 1,373 | 1,715 | 1,890 | 1,936 | 2,338 | 2,239 | |
| Total Assets | 1,870 | 2,236 | 2,575 | 3,375 | 3,148 | 3,789 | 5,331 | 6,343 | 7,060 | 7,831 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 476 | 150 | 664 | 666 | 315 | 803 | 812 | 882 | 834 | 1,274 | |
| Cash from Investing | 94 | 40 | -353 | 8 | -453 | -242 | -317 | -215 | -245 | -447 |
| Cash from Financing | -136 | -57 | -179 | -280 | -47 | -258 | -434 | -404 | -910 | -787 |
| 296 | 7 | -33 | 137 | -252 | 23 | 61 | 262 | -321 | 39 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Indian Railway Catering And Tourism Corporation Limited has informed the Exchange regarding Change in Auditors of the company.
2026-09-08 - Indian Railway Catering And Tourism Corporation Limited has informed the Exchange about Copy of Newspaper Publication.
2026-09-07 - Indian Railway Catering And Tourism Corporation Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 29, 2026
2026-09-06 - Indian Railway Catering And Tourism Corporation Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-05 - Indian Railway Catering And Tourism Corporation Limited has informed the Exchange about Communication regarding Tax Deducted at Source ( TDS ) on Final Dividend for the Financial Year ended on March 31, 2026.
2026-09-05 - Indian Railway Catering And Tourism Corporation Limited has informed the Exchange that Record date for the purpose of Dividend is 22-Sep-2026.
2026-09-05 - Indian Railway Catering And Tourism Corporation Limited has informed the Exchange about Intimation of 27th Annual General Meeting of the members of the Company, E-voting , and Record Date .
2026-08-31 - Indian Railway Catering And Tourism Corporation Limited has informed the Exchange about change in Management
2026-08-26 - Indian Railway Catering And Tourism Corporation Limited has informed the Exchange about General Updates
News
Recent coverage and analyst commentary for IRCTC
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