Consumer Services · NSE: IRCTC
Indian Railway Catering And Tourism Corporation
Q1 FY27 earnings call · Guided by management
Call held 13 Aug 2026 · Read the filing on NSEFiling
- M.Cap
- ₹37,676Cr
- P/E
- 27.0×
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Highlights are read by AI from the company's filing and can contain mistakes. Check the source page linked to each line.
Share price
Results Q1 FY27, as filed · consolidated · ₹ Cr
| Q1 FY27 | Q1 FY26 | YoY | Q4 FY26 | QoQ | |
|---|---|---|---|---|---|
| Revenue | 1,370 | 1,160 | +18.1% | 1,460 | -6.2% |
| EBITDA | 387 | 397 | -2.7% | 399 | -3.1% |
| EBITDA margin | 28.2% | 34.3% | -603 bps | 27.3% | +90 bps |
| One-off items | — | — | — | 0 | — |
| PBTProfit before tax | 442 | 442 | -0.1% | 447 | -1.1% |
| Net profit | 330 | 331 | -0.2% | 326 | +1.2% |
| EPS (₹) | 4.13 | 4.13 | 0.0% | 4.08 | +1.2% |
From the company's own results filing on NSE. Net profit is the owners' share. Growth and the dotted lines are worked out from the filed figures. In Q1 FY27 the filing tags the owners' profit as ₹0 Cr against its own period profit; the period profit less minority interest is shown.
Guidance
More figures from the call
“the installed capacity is around 17.77, it has reduced from 18.4 because of closure of one plant.”
“Like you have seen, we have reached around 37,000 tickets per minute. This may increase to more than 1 lakh and all.”
“E-pantry we are reaching around more than 50 plus trains, in which the passenger can order meals from the same train through his mobile or QR code in which the concept of overcharging will be obviated, which may reach around 100 trains.”
“Opt out is around 25% to 30%. But this figure will be confirmed. This is an offhand figure I am giving for opt-out.”
“in convenience fee, I will start with, we had INR236 to INR248 revenue increase. But in non-convenience fee, where we went from INR123 to INR113.”
“Secondly, this quarter, INR10 crores were booked for maintenance charges for this, and very soon, which will impact the second, third, or fourth quarter of the financial year, will be the disaster recovery.”
In short
- 01Q1 FY27 revenue from operations rose 18.10% to Rs 1,370 crore; PAT was Rs 330 crore.
- 02EBITDA margin was 28.17%, lower due to revenue mix, about Rs 20 crore extra HR cost and ticketing costs.
- 03Catering revenue was Rs 732 crore, up 33.82%; catering margin 9.29%, management aims to keep 10% to 12%.
- 04Non-convenience fee fell to Rs 113 crore from Rs 123 crore; management aims to return to Rs 150 crore.
- 05Internet ticketing EBIT margin fell to 80.33% from 84.12%; normal range given as 80% to 85%.
- 06Rail Neer margin fell from 14% to 10% on higher resin cost from the West Asia crisis.
- 07Rail Neer capacity to grow at Ambernath and Danapur this year; four new plants planned.
- 08IRCTC Payments submitted its final payment aggregator application; RBI response expected this financial year.
Capex
Rail Neer: Land allotted for Prayagraj and Mysore plants; Ranchi land confirmed
Management · Q&A · p. 6
Rail Neer: Land allotted for Prayagraj and Mysore plants; Ranchi land confirmed
“In which, in Prayagraj and Mysore, the land has been allotted, in Ranchi the confirmation for the land allotment has just come yesterday.”
Rail Neer: New Rail Neer plants may spill over to next financial year
Management · Q&A · p. 6
Rail Neer: New Rail Neer plants may spill over to next financial year
“See right now the land has only been allotted. It might spill over to the next financial year with focus on Prayagraj, Mysore and Ranchi first.”
Internet Ticketing: Active-active disaster recovery site most probably at Secunderabad
Management · Q&A · p. 11
Internet Ticketing: Active-active disaster recovery site most probably at Secunderabad
“If we will have a disaster recovery, most probably coming up at Secunderabad.”
Capacity
Rail Neer: Ambernath plant to go from 2 to 3 lakh bottles; Danapur from 1 to 2 lakh a day
Management · Q&A · p. 6
Rail Neer: Ambernath plant to go from 2 to 3 lakh bottles; Danapur from 1 to 2 lakh a day
“the augmentation of the existing capacity for which Ambernath, we are going from 2 lakh bottles to 3 lakh. For Danapur, we are trying to increase from 1 lakh to 2 lakh bottles per day.”
Rail Neer: Ambernath and Danapur capacity additions should be finalized this year
Management · Q&A · p. 6
Rail Neer: Ambernath and Danapur capacity additions should be finalized this year
“If everything goes well by this financial year that is Ambernath from 2 lakh bottles to 3 lakh bottles and Danapur from 1 lakh to 2 lakh bottles. That should be finalized this year.”
Rail Neer: Further Rail Neer plants possible in Varanasi, Pune and other places
Management · Q&A · p. 6
Rail Neer: Further Rail Neer plants possible in Varanasi, Pune and other places
“Like, we may have plants in Varanasi, Pune, and other places also.”
Segments
Internet Ticketing: Internet ticketing revenue Rs 361 crore, up about 0.5%; about 89% of reserved tickets booked online
Rahul Himalian · Chairman and Managing Director · p. 4
Internet Ticketing: Internet ticketing revenue Rs 361 crore, up about 0.5%; about 89% of reserved tickets booked online
“Internet Ticketing revenue stood at INR361 crores, up by about 0.5%, and nearly 89% of the reserved railway tickets in India are now booked through our online platform”
Catering: Catering revenue Rs 732 crore, up 33.82%
Rahul Himalian · Chairman and Managing Director · p. 4
Catering: Catering revenue Rs 732 crore, up 33.82%
“Next, Catering recorded revenue of INR732 crores, achieving a robust growth of 33.82%”
Rail Neer: Rail Neer revenue Rs 109 crore, up 2.83%, margin about 10%
Rahul Himalian · Chairman and Managing Director · p. 5
Rail Neer: Rail Neer revenue Rs 109 crore, up 2.83%, margin about 10%
“The related sector, Rail Neer, generated revenue of INR109 crores, registering a 2.83% year-on-year growth with a margin of about 10%.”
Tourism: Tourism revenue Rs 168 crore, up 13.5%; EBITDA margin 11.31% vs 8.78%
Rahul Himalian · Chairman and Managing Director · p. 5
Tourism: Tourism revenue Rs 168 crore, up 13.5%; EBITDA margin 11.31% vs 8.78%
“Tourism delivered positive performance with revenue of INR168 crores, marking an increase in revenue with 13.5% year-on-year. Despite temporary geopolitical disruptions, EBITDA margins improved to 11.31% from 8.78%, reflecting a better product mix and focused cost realization initiatives.”
E-catering: E-catering grew from about 1.25 lakh to over 1.6 lakh meals a day
Management · Q&A · p. 7
E-catering: E-catering grew from about 1.25 lakh to over 1.6 lakh meals a day
“we also have the option of e-catering, which has grown from around 1.25 lakh meals to more than 1.6 lakh meals per day.”
Demand
Rail Neer: Rail Neer supplies about 15.5 lakh bottles a day; requirement much higher
Management · Q&A · p. 6
Rail Neer: Rail Neer supplies about 15.5 lakh bottles a day; requirement much higher
“The requirement – the supply is around 15.5 lakh bottles per day. The requirement is much higher”
Margins and costs
Q1 FY27 EBITDA at Rs 386 crore, down 2.77% year-on-year
Rahul Himalian · Chairman and Managing Director · p. 3
Q1 FY27 EBITDA at Rs 386 crore, down 2.77% year-on-year
“EBITDA stood at INR386 crores, registering a year-on-year decline of 2.77%.”
EBITDA margin 28.17%; lower on revenue mix, about Rs 20 crore HR cost, ticketing costs
Rahul Himalian · Chairman and Managing Director · p. 4
EBITDA margin 28.17%; lower on revenue mix, about Rs 20 crore HR cost, ticketing costs
“EBITDA stood at INR386 crores with a healthy EBITDA margin of 28.17%, although there is a slight decline in the margins due to changes in revenue mix, particularly higher contribution from catering and implication of additional HR cost of around INR20 crores and increase of direct cost in ticketing segment”
Catering: Catering margins hit by higher train catering sales and pilot branded catering projects
Rahul Himalian · Chairman and Managing Director · p. 4
Catering: Catering margins hit by higher train catering sales and pilot branded catering projects
“Margins were impacted due to higher sales in train catering operations and pilot initiatives such as branded catering projects”
Internet Ticketing: Internet ticketing margin normally 80% to 85%; around 80% this time
Management · Q&A · p. 11
Internet Ticketing: Internet ticketing margin normally 80% to 85%; around 80% this time
“Normally, it remains between 80% to 85%, so it is, like you have seen, it is around 80% this time.”
Internet Ticketing: Internet ticketing EBIT margin fell to 80.33% from 84.12%
Management · Q&A · p. 15
Internet Ticketing: Internet ticketing EBIT margin fell to 80.33% from 84.12%
“Correct. It has gone to 80.33 from 84.12.”
Acquisitions and new business
iPay: IRCTC Payments submitted final payment aggregator application to RBI
Management · Q&A · p. 9
iPay: IRCTC Payments submitted final payment aggregator application to RBI
“And they had given us a time limit for submitting the final application on 4th August 2026. We have submitted the final application number one.”
iPay: RBI response on payment aggregator licence expected this financial year
Management · Q&A · p. 9
iPay: RBI response on payment aggregator licence expected this financial year
“That we have submitted. It should take this financial year for RBI to respond.”
Internet Ticketing: E-ticketing agreements signed with Lakshadweep, Andaman and Majuro
Management · Q&A · p. 15
Internet Ticketing: E-ticketing agreements signed with Lakshadweep, Andaman and Majuro
“Then we have signed an agreement with UTLA, Union Territory of Lakshadweep Administration, with Andaman and with Majuro.”
Management
Sanjay Jain's resignation described as a personal decision
Management · Q&A · p. 5
Sanjay Jain's resignation described as a personal decision
“This was a completely personal decision, and IRCTC will continue to grow stronger day by day.”
One-offs
Catering: Election special revenue rose from Rs 5 crore to Rs 41 crore
Management · Q&A · p. 9
Catering: Election special revenue rose from Rs 5 crore to Rs 41 crore
“Then the election specials grew from INR5 crores to INR41 crores.”
Catering: Proof-of-concept on six trains cost more than Rs 4 crore this quarter
Management · Q&A · p. 13
Catering: Proof-of-concept on six trains cost more than Rs 4 crore this quarter
“So in this quarter, the impact of that proof of concept on six trains around about maybe around more than INR4 crores, was impacted”
Catering: Rs 10 crore HR cost booked in catering; gratuity limit up to Rs 25 lakh
Management · Q&A · p. 13
Catering: Rs 10 crore HR cost booked in catering; gratuity limit up to Rs 25 lakh
“One was the gratuity has increased from INR20 lakhs to INR25 lakhs, and the HR cost of INR10 crores has been booked in this segment because catering takes care of around 54% of the entire revenue.”
Catering: HR cost will not repeat next quarter
Management · Q&A · p. 13
Catering: HR cost will not repeat next quarter
“This thing will not be repeated for the next quarter, because it has already been taken care of in this quarter.”
Catering: Proof-of-concept trains to end: two by September, two by November
Management · Q&A · p. 13
Catering: Proof-of-concept trains to end: two by September, two by November
“There are two trains I think they will finish by September and the remaining two trains will finish by November.”
Risks
Rail Neer: Rail Neer supply gap sometimes used by unauthorized vendors
Management · Q&A · p. 6
Rail Neer: Rail Neer supply gap sometimes used by unauthorized vendors
“Now, this gap sometimes is unfortunately utilized by unauthorized vendors.”
Internet Ticketing: Marketing and ad revenue removed from website for now, to be reintroduced
Management · Q&A · p. 10
Internet Ticketing: Marketing and ad revenue removed from website for now, to be reintroduced
“So that somewhat impacted because we are, for the time being, removing the marketing and ad revenue from the website. But in a non-invasive way, we will reintroduce it.”
Internet Ticketing: Agent non-usage time limit raised from 15 to 30 minutes, hitting agent business
Management · Q&A · p. 10
Internet Ticketing: Agent non-usage time limit raised from 15 to 30 minutes, hitting agent business
“We have built a regimen in which the time limit has increased from 15 minutes of non-usage of this website by the agents to now 30 minutes. This has impacted one way.”
Internet Ticketing: Some bookings diverted to RailOne; convenience fee unchanged
Management · Q&A · p. 11
Internet Ticketing: Some bookings diverted to RailOne; convenience fee unchanged
“If he gets an opportunity through RailOne, IRCTC, RailConnect, or the website, for us, it is one and the same thing because it comes to IRCTC, the convenience fee remains unchanged.”
Rail Neer: West Asia crisis raised Rail Neer material cost from Rs 55 crore to Rs 61 crore
Management · Q&A · p. 15
Rail Neer: West Asia crisis raised Rail Neer material cost from Rs 55 crore to Rs 61 crore
“Due to the increase of petroleum product due to West Asia crisis, the material cost increased from INR55 crores to INR61 crores.”
Other
Q1 FY27 profit after tax at Rs 330 crore
Rahul Himalian · Chairman and Managing Director · p. 3
Q1 FY27 profit after tax at Rs 330 crore
“During the quarter, profit after tax stood at INR330 crores, supported by healthy performance across our Catering, Tourism, and Internet Ticketing segments.”
Revenue from operations rose to Rs 1,370 crore from Rs 1,160 crore, up 18.10%
Rahul Himalian · Chairman and Managing Director · p. 3
Revenue from operations rose to Rs 1,370 crore from Rs 1,160 crore, up 18.10%
“Our revenue from operations increased to INR1,370 crores from INR1,160 crores in the corresponding quarter of the previous year, representing a robust year-on-year growth of 18.10%.”
Catering: 300 to 500 complaints a day out of 18 lakh meals, under about .0008%
Management · Q&A · p. 7
Catering: 300 to 500 complaints a day out of 18 lakh meals, under about .0008%
“So out of around 300 to 500 complaints which are logged on a daily basis out of 18 lakh meals supplied on a daily basis, it comes to less than around .0008%.”
Management to act on request to add catering KPIs to investor presentations
Management · Q&A · p. 7
Management to act on request to add catering KPIs to investor presentations
“We take note of your suggestion. We will go for the implementation.”
Internet Ticketing: New website beta launched 15 July without ads, captcha or pop-ups
Management · Q&A · p. 15
Internet Ticketing: New website beta launched 15 July without ads, captcha or pop-ups
“With a new UX/UI interface, the beta version has been launched, which doesn’t have any advertisements, no captcha, no pop-ups.”
Sources
- Earnings call transcript, Q1 FY27 Filed 19 Aug 2026 · 19 pages
Management's own statements, quoted from its NSE filings. This page was read by AI and can contain mistakes: check the source pages before relying on any figure. No forecast or opinion of ours. Not investment advice.