Indian Railway Catering and Tourism Corporation Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Indian Railway Catering and Tourism Corporation Ltd filed with BSE on 29 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
IRCTC reported its highest ever revenue from operations of Rs. 5,215 crores for FY 2025-26, up around 12% year-on-year, with PAT of Rs. 1,393 crores and EBITDA of Rs. 1,666 crores. Q4 FY26 revenue from operations grew 15.05% year-on-year to Rs. 1,460 crores, though profit dipped slightly due to exceptional items including CSR allocation and expected credit loss provisioning. Management discussed segment performance across catering, internet ticketing, tourism and Rail Neer, and addressed capacity expansion plans for Rail Neer plants and a payment aggregator license application.
2 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue from operations: Rs. 5,215 crores (FY 2025-26)
p. 3
“During the financial year, revenue from operations of IRCTC stood at Rs. 5,215 crores, registering an increase of around 12% as compared to previous Financial Year 2024-25”
Sanjay Kumar Jain, page 3 of the filed PDF · View the filing
EBITDA: Rs. 1,666 crores (FY 2025-26)
p. 3
“EBITDA stood at Rs. 1,666 crores, registering an increase of approximately 7% from previous year.”
Sanjay Kumar Jain, page 3 of the filed PDF · View the filing
PAT: Rs. 1,393 crores (FY 2025-26)
p. 3
“During the financial year, PAT stood at Rs. 1,393 crores, registering an increase of approximately 6% from previous year.”
Sanjay Kumar Jain, page 3 of the filed PDF · View the filing
Dividend declared and paid: Rs. 720 crores (FY 2025-26)
p. 4
“The company has also declared and paid the highest dividend in the Financial Year 2025-26 of Rs. 720 crores, out of which Rs. 680 crores has already been paid as interim dividend and Rs. 40 crores has been declared as a final dividend”
Sanjay Kumar Jain, page 4 of the filed PDF · View the filing
Total revenue: Rs. 5,475 crores (FY 2025-26)
p. 4
“IRCTC recorded its highest ever total revenue of Rs. 5,475 crores in FY 2025-26 compared to Rs. 4,904 crores in FY 2024-25 registering a year-on-year growth of 11.64%”
Rahul Himalian, page 4 of the filed PDF · View the filing
Profit before tax: Rs. 1,875 crores (FY 2025-26)
p. 4
“IRCTC also recorded its highest ever profit before tax of Rs. 1,875 crores compared to Rs. 1,757 crores in FY 2024-25 registering a year-on-year growth of 6.72%.”
Rahul Himalian, page 4 of the filed PDF · View the filing
Catering segment revenue: Rs. 2,399 crores (FY 2025-26)
p. 4
“The catering segment recorded a revenue of Rs. 2,399 crores in FY 2025-26 as compared to Rs. 2,125 crores in FY 2024-25 registering a year-on-year growth of 12.89% that is nearly 13%.”
Rahul Himalian, page 4 of the filed PDF · View the filing
Rail Neer segment revenue: Rs. 391 crores (FY 2025-26)
p. 4
“The Rail Neer segment recorded a revenue of Rs. 391 crores versus Rs. 379 crores in FY 2024-25 registering a year-on-year growth of 3.17% and a marked growth in profit year-on-year of 21.74%.”
Rahul Himalian, page 4 of the filed PDF · View the filing
Internet ticketing segment revenue: Rs. 1,536 crores (FY 2025-26)
p. 4
“The internet ticketing segment recorded a revenue of Rs. 1,536 crores in FY 2025-26 as compared to Rs. 1,426 crores in FY 2024-25 registering a year-on-year growth of 7.71%”
Rahul Himalian, page 4 of the filed PDF · View the filing
Tourism segment revenue: Rs. 890 crores (FY 2025-26)
p. 5
“The tourism segment recorded a revenue of Rs. 890 crores in FY 2025-26 as compared to Rs. 745 crores in FY 2024-25 registering a year-on-year growth of 19.46% with a whopping growth in profit of 36.17%.”
Rahul Himalian, page 5 of the filed PDF · View the filing
Total revenue from operations: Rs. 1,460 crores (Q4 FY 2025-26)
p. 5
“The total revenue from operations stood at Rs. 1,460 crores in Q4 of FY 2025-26 as compared to revenue of Rs. 1,269 crores in Q4 of FY 2024-25 registering a growth of 15.05%.”
Rahul Himalian, page 5 of the filed PDF · View the filing
Q4 EBITDA margin: 27.33% (Q4 FY 2025-26)
p. 5
“EBITDA for the quarter stood at Rs. 399 crores with a healthy EBITDA margin of 27.33%.”
Rahul Himalian, page 5 of the filed PDF · View the filing
Tourism segment revenue: Rs. 304 crores (Q4 FY 2025-26)
p. 5
“The tourism segment delivered an excellent performance in Q4 grossing an overall revenue of Rs. 304 crores compared to Rs. 274 crores in FY 2024-25 registering a growth of 10.95% year-on-year”
Rahul Himalian, page 5 of the filed PDF · View the filing
Internet ticketing revenue: Rs. 390 crores (Q4 FY 2025-26)
p. 5
“Internet ticketing reported a revenue of Rs. 390 crores versus Rs. 373 crores reflecting a year-on-year growth of 4.56%.”
Rahul Himalian, page 5 of the filed PDF · View the filing
Internet ticketing EBITDA margin: 76% (Q4 FY 2025-26)
p. 5
“this segment continued to deliver robust profitability with EBITDA margin of 76% driven by strong operating leverage and sustained cost efficiencies.”
Rahul Himalian, page 5 of the filed PDF · View the filing
Catering segment revenue: Rs. 671 crores (Q4 FY 2025-26)
p. 5
“The Catering segment recorded a revenue of Rs. 671 crores compared to Rs. 529 crores in FY 2024-25, achieving an impressive growth of 26.84% year-on-year.”
Rahul Himalian, page 5 of the filed PDF · View the filing
Rail Neer revenue: Rs. 95 crores (Q4 FY 2025-26)
p. 6
“Rail Neer generated a revenue of Rs. 95 crores compared to Rs. 92 crores registering a year-on-year growth of 3.26%.”
Rahul Himalian, page 6 of the filed PDF · View the filing
Number of tickets booked: 13.39 crores (Q4 FY 2025-26)
p. 9
“Number of tickets booked in AC class is 6.85 crores and non-AC class 6.54 crores. Total 13.39 crores.”
Sanjay Kumar Jain, page 9 of the filed PDF · View the filing
Convenience fee income: Rs. 247 crores (Q4 FY 2025-26)
p. 9
“Convenience fee income was Rs. 247 crores.”
Sanjay Kumar Jain, page 9 of the filed PDF · View the filing
Channel partner share of tickets: 28% (FY 2025-26)
p. 10
“I will send you the details. Channel partner, I think 28% around.”
Sanjay Kumar Jain, page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EBITDA margin — around 30%
stated as an aspiration by Sanjay Kumar Jain
p. 7
“we are regularly telling that in all the investors’ calls and earlier also that we will maintain 30%”
Sanjay Kumar Jain, page 7 of the filed PDF · View the filing
EBITDA margin — 30%
stated as an aspiration by Sanjay Kumar Jain
p. 8
“Yes, we are aspiring to maintain 30%.”
Sanjay Kumar Jain, page 8 of the filed PDF · View the filing
Catering revenue growth — around 15%
stated as an aspiration by Sanjay Kumar Jain
p. 12
“revenue-wise primary growth I see in catering it will continue to maintain around 15%.”
Sanjay Kumar Jain, page 12 of the filed PDF · View the filing
Tourism revenue growth — around 20%
stated as an aspiration by Sanjay Kumar Jain
p. 12
“tourism we are eyeing to continue with around this year we are looking to 19% should continue to be around 20%.”
Sanjay Kumar Jain, page 12 of the filed PDF · View the filing
IT business non-convenience fee growth — around 10%
stated as an aspiration by Sanjay Kumar Jain
p. 12
“We want to increase the non-convenience fee. And for that we are already working on unified portal and iPay. So, that will be around 10%.”
Sanjay Kumar Jain, page 12 of the filed PDF · View the filing
Payment aggregator license application — complete by August deadline · August 2026
stated firmly by Sanjay Kumar Jain
p. 13
“August is the deadline and I am happy to tell that we will be able to do it by that time.”
Sanjay Kumar Jain, page 13 of the filed PDF · View the filing
Ambernath Rail Neer plant capacity — 3 lakh bottles per day
stated firmly by Sanjay Kumar Jain
p. 13
“we have already tendered our expansion plan for Ambernath from 2 lakh bottles per day to 3 lakh bottles.”
Sanjay Kumar Jain, page 13 of the filed PDF · View the filing
Danapur Rail Neer plant capacity — 2 lakh bottles
stated firmly by Sanjay Kumar Jain
p. 13
“similarly for Danapur Railway plant from 1 lakh to 2 lakh bottles.”
Sanjay Kumar Jain, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the route does not pass through Agra and passengers can use an alternate Rajdhani route; a new stoppage would require a request to Indian Railways.
Answered by Sanjay Kumar Jain
Asked by Kanishk Gupta: Why does the August Kranti Rajdhani not stop at Agra, and could adding an Agra stoppage boost revenue?
p. 6
“The August Kranti Rajdhani route is from Mathura to Mumbai via Kota. If someone wants to go to Agra, there is another train, Rajdhani train from Mumbai, which goes up to CSMT and comes up to Nizamuddin.”
Sanjay Kumar Jain, page 6 of the filed PDF · View the filing
Management said there was no current plan to change convenience fees.
Answered by Sanjay Kumar Jain
Asked by Kanishk Gupta: Is there scope for revisiting convenience fee structure given inflation and rising digital volumes?
p. 7
“At the moment, we are not planning to announce anything. But, of course, when it will pinch us, we’ll think about it.”
Sanjay Kumar Jain, page 7 of the filed PDF · View the filing
Management said investment is focused on platform infrastructure, security, Rail Neer expansion, and entry into the hotel business.
Answered by Sanjay Kumar Jain
Asked by Kanishk Gupta: Given strong cash balance, what are capital allocation priorities?
p. 7
“we are basically trying to invest into our platform. So, first, we are improving our infrastructure of e-ticketing to give convenience to our passengers.”
Sanjay Kumar Jain, page 7 of the filed PDF · View the filing
Management said buyback decisions rest with DIPAM and the Ministry of Finance, and eligibility criteria involve a waiting period.
Answered by Sanjay Kumar Jain
Asked by Kanishk Gupta: Are buybacks being considered given the strong dividend payout ratio?
p. 7
“This decision is done by DIPAM, Ministry of Finance. Though we qualify for their criteria, but there is a number of years of barriers there.”
Sanjay Kumar Jain, page 7 of the filed PDF · View the filing
Management attributed the decline to a mix shift toward lower-margin segments and said excluding exceptional items margin would be around 30%.
Answered by Sanjay Kumar Jain
Asked by Kanishk Gupta: Why has EBITDA margin compressed from 36% four years ago to 27% in Q4 FY26, and was the earlier level sustainable?
p. 7
“why there is a dip up to 27%? Because in this quarter, we have booked some exceptional items. If we deduct those exceptional items in this quarter, it will be around 30% only.”
Sanjay Kumar Jain, page 7 of the filed PDF · View the filing
Management quantified the legacy item, CSR allocation increase, and ECL provisioning, and gave election special train revenue figures.
Answered by Sanjay Kumar Jain
Asked by Jinesh Joshi: What were the exceptional items booked in the quarter and was there revenue from election special trains?
p. 8
“Legacy item was Rs. 48 crores, which was there in March ‘25. This year it is not there. CSR as against Rs. 7 crores booked last year. This time, the whole of CSR, Rs. 31 crores has been booked.”
Sanjay Kumar Jain, page 8 of the filed PDF · View the filing
Management said it could not comment on a hypothetical price change since it is administered by the Ministry of Railways.
Answered by Sanjay Kumar Jain
Asked by Jinesh Joshi: Is a catering price revision likely given rising gas prices and the last hike being in 2019?
p. 9
“you are 24:48 hypothetical, I cannot answer till the price is raised because it is an administered item and is decided by the Ministry of Railways.”
Sanjay Kumar Jain, page 9 of the filed PDF · View the filing
Management attributed the decline to higher ECL provisioning, CSR allocation and other direct cost increases in both segments.
Answered by Sanjay Kumar Jain
Asked by Madhu Chandade: What drove the sharp decline in EBIT margin for catering and internet ticketing?
p. 9
“In the catering, the margin dip because of this exceptional item. First of all, last year, same quarter, we have provided for ECL item of only Rs. 5 crores. This year, it is Rs. 16 crores.”
Sanjay Kumar Jain, page 9 of the filed PDF · View the filing
Management described mitigation steps including allowing vendors to cook on pantry cars and induction cooking, and tie-ups with oil marketing companies.
Answered by Sanjay Kumar Jain
Asked by Madhu Chandade: Did the commercial cylinder shortage affect catering margins?
p. 10
“we have allowed our vendors to cook on the pantry car, which are already having safety facilities. So, all our LHB pantry car now can produce meals in a running train.”
Sanjay Kumar Jain, page 10 of the filed PDF · View the filing
Management gave a channel partner share figure and said it appeared roughly flat year-on-year.
Answered by Sanjay Kumar Jain
Asked by Sonal Minhas: What share of tickets is booked through channel partners like MakeMyTrip, and how is that trending?
p. 11
“It appears to be the same, but we will send you the numbers.”
Sanjay Kumar Jain, page 11 of the filed PDF · View the filing
Management said CSR depends on prior years' profitability and most CSR projects were sanctioned and booked in the final quarter.
Answered by Sanjay Kumar Jain
Asked by Karthik Gada: Why did CSR expenditure rise roughly 4x versus 11.5% revenue growth?
p. 12
“This year why we booked this expenditure in the last quarter? Because most of our project for CSR was sanctioned in this quarter.”
Sanjay Kumar Jain, page 12 of the filed PDF · View the filing
Management said the matter remains under litigation and it could not comment further.
Answered by Sanjay Kumar Jain
Asked by Harsh Yadav: What is the status of the license fee litigation for prepaid and postpaid trains?
p. 13
“So, that is under litigation. So, I should not comment it down to now. But under litigation.”
Sanjay Kumar Jain, page 13 of the filed PDF · View the filing
Management detailed expansion tenders for Ambernath and Danapur, land acquisition status for new plants at Mysore, Prayagraj, Bhagalpur, Ranchi and Barpali, and ongoing discussions with beverage partners.
Answered by Sanjay Kumar Jain
Asked by Harsh Yadav: What is the progress on Rail Neer capacity expansion and new plants?
p. 13
“As regards four plants, we have already got land at Mysore and Prayagraj. Bhagalpur, one land which was given was not that good.”
Sanjay Kumar Jain, page 13 of the filed PDF · View the filing
Management explained the licensee and turnover revenue booking mechanism and noted a 5% GST cost without ITC credit that must be absorbed as revenue grows.
Answered by Sanjay Kumar Jain
Asked by Harsh Yadav: How should the long-term catering margin be modeled given the Vande Bharat prepaid model and GST impact?
p. 14
“whenever the increase in the train revenue will be there, there will be an element of 5% of GST. So, that means I have to increase the revenue. So, I have to bear this 5%.”
Sanjay Kumar Jain, page 14 of the filed PDF · View the filing
Risks flagged
Revenue mix shift toward lower-margin catering and tourism segments impacted margins
p. 5
“While margins were impacted slightly due to a change in revenue mix particularly higher contributions from catering and tourism segments, the company continued to maintain strong and sustainable profitability.”
Rahul Himalian, page 5 of the filed PDF · View the filing
Geopolitical turmoil affecting the operating environment
p. 6
“Overall, the 4th Quarter performance demonstrates the resilience and strength of IRCTC’s business fundamentals despite the ongoing geopolitical turmoil, prudent cost management with rational austerity measures, strong digital capabilities and unwavering commitment to operational excellence.”
Rahul Himalian, page 6 of the filed PDF · View the filing
High share of railway ticket booking (89%) limits further high-margin growth in that segment
p. 7
“we are working on 89% of railway ticket booking, so there we are finding it not a very encouraging look forward.”
Sanjay Kumar Jain, page 7 of the filed PDF · View the filing
GST on catering turnover without input tax credit increases cost as revenue grows
p. 14
“whenever the increase in the train revenue will be there, there will be an element of 5% of GST. So, that means I have to increase the revenue. So, I have to bear this 5%.”
Sanjay Kumar Jain, page 14 of the filed PDF · View the filing
Litigation over license fee enhancement for prepaid and postpaid trains remains unresolved
p. 13
“So, that is under litigation. So, I should not comment it down to now. But under litigation.”
Sanjay Kumar Jain, page 13 of the filed PDF · View the filing
Land allotment issues for new Rail Neer plants, including a rejected site at Bhagalpur
p. 13
“Bhagalpur, one land which was given was not that good. So, we have again represented to give a good land where we can extract good water and no problem of future water scarcity.”
Sanjay Kumar Jain, page 13 of the filed PDF · View the filing
Limited success so far in tying up with other beverage brand partners for Rail Neer
p. 14
“Our experience till date is not very encouraging but we are trying to find out a good partner for that.”
Sanjay Kumar Jain, page 14 of the filed PDF · View the filing
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