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10 Yrs X-Ray 
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Analyst Note 
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About
Indian Railway Catering And Tourism Corporation Ltd (IRCTC)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 542830 NSE: IRCTC Travel Services | Mid Cap | IRCTC Share Price
₹463.30 -4.40 (-0.94%)
As on 11-Sep'26 15:13
Indian Railway Catering And Tourism Corporation Ltd (IRCTC)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 542830 NSE: IRCTC Travel Services | Mid Cap | IRCTC Share Price
₹463.30 -4.40 (-0.94%)
As on 11-Sep'26 15:13
Key Metrics
Valuation Multiples
Market Cap
₹37,416 Cr.
Current Price
₹463.3
52-Week Low / High
₹468 / 739
TTM EPS
₹17.4
TTM Sales
₹5,425 Cr.
Book Value per Share
₹58
P/E Ratio
26.86
Lower than its 5-year historical median
Industry PE
39.4
Price to Book (P/B)
8.07
Lower than its 5-year historical median
Price to Sales (P/S)
6.90
Lower than its 5-year historical median
EV/EBITDA
17.94
Lower than its 5-year historical median
Dividend Yield
1.94%
Profitability Efficiency
Return on Equity (ROE)
34.96%
Underperforms industry median
Return on Capital Employed (ROCE)
47.50%
Underperforms industry median
Return on Assets (ROA)
18.71%
Operating Profit Margin
31.9%
Net Profit Margin
26.72%
Gross Profit Margin
36.6%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
11.55%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
7.48%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
5.97%
Asset Quality
Promoter Holding
62.40%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹4,479 Cr.
Equity
₹160 Cr.
Face Value
₹2
All Time Low / High
₹125.00 / 1278.60
Check Before You Invest
Quality
Somewhat GoodValuation
FairCheck Valuation charts
Price Trend
Weak
Is Indian Railway Catering And Tourism Corporation Ltd a good quality company?
Indian Railway Catering And Tourism Corporation Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Indian Railway Catering And Tourism Corporation Ltd performance compare with that of its Peers?
Revenue growth of Indian Railway Catering And Tourism Corporation Ltd vs industry peers?
Indian Railway Catering And Tourism Corporation Ltd revenue CAGR is 13.77%, compared to the industry median CAGR of 13.77%, indicating stable growth and maintaining its market share.
Promoter shareholding and pledge status of Indian Railway Catering And Tourism Corporation Ltd?
Promoters hold 62.40% of the Indian Railway Catering And Tourism Corporation Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Indian Railway Catering And Tourism Corporation Ltd over the last decade?
Over the last 5 year(s), the stock has delivered a CAGR of -6.54% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Indian Railway Catering And Tourism Corporation Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 50.6% | 39.7% | 47.7% | 62% | 19.2% | 53.9% | 63% | 53.1% | 51.5% | 47.5% | - |
| Value Creation Index ⓘ | 3.5 | 2.5 | 3.2 | 4.5 | 0.7 | 3.8 | 4.6 | 3.7 | 3.6 | 3.2 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 1,523 | 1,467 | 1,870 | 2,264 | 777 | 1,879 | 3,541 | 4,260 | 4,675 | 5,215 | 5,425 |
| Sales YoY Gr. | - | -3.7% | 27.5% | 21.1% | -65.7% | 141.9% | 88.5% | 20.3% | 9.7% | 11.6% | - |
| Adj EPS ⓘ | 2.7 | 2.8 | 3.5 | 6.4 | 2.3 | 8.5 | 12.6 | 14.4 | 16 | 17.3 | 17.4 |
| YoY Gr. | - | 2.2% | 28.7% | 81.6% | -65% | 277.3% | 48.1% | 14.6% | 11.3% | 7.8% | - |
| BVPS (₹) ⓘ | 9.7 | 11.8 | 13.4 | 16.4 | 18.2 | 23.4 | 31 | 40.4 | 45.8 | 53.9 | 58 |
| Adj Net Profit ⓘ | 215 | 220 | 283 | 515 | 180 | 679 | 1,006 | 1,152 | 1,282 | 1,382 | 1,393 |
| Cash Flow from Ops. ⓘ | 338 | 23.6 | 499 | 409 | 248 | 524 | 812 | 882 | 834 | 1,274 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 14.7% | 46.4% | 13.8% | 11.6% | ||||
| Adj EPS ⓘ | 23% | 50.3% | 11.2% | 7.8% | ||||
| BVPSⓘ | 20.9% | 24.2% | 20.2% | 17.6% | ||||
| Share Price | - | -6.8% | -13.6% | -35.6% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 32.6 | 25.5 | 28.1 | 43.2 | 13 | 40.8 | 46.3 | 40.4 | 37.2 | 34.7 | 31.1 |
| Op. Profit Mgn % ⓘ | 19.5 | 19.6 | 20.5 | 31 | 24.2 | 46.5 | 36 | 34.4 | 33.2 | 32 | 30.5 |
| Net Profit Mgn % ⓘ | 14.1 | 15 | 15.2 | 22.7 | 23.2 | 36.1 | 28.4 | 27.1 | 27.4 | 26.5 | 25.7 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 175 | 252 | 236 | 241 | 735 | 296 | 243 | 270 | 287 | 285 | 226 |
| Cash Conv. Cycle ⓘ | -15 | 40 | 47 | 50 | 2 | -238 | -94 | -71 | -53 | -23 | 119 |
Valuation of IRCTC - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|
| Sales | 3,541 | 4,260 | 4,675 | 5,215 |
| Operating Expenses ⓘ + | 2,265 | 2,794 | 3,125 | 3,549 |
| Operating Profit ⓘ | 1,276 | 1,466 | 1,550 | 1,666 |
| Operating Profit Margin (%) | 36.0% | 34.4% | 33.2% | 31.9% |
| Other Income ⓘ + | 120 | 164 | 229 | 260 |
| Interest ⓘ | 16 | 19 | 17 | 18 |
| Depreciation ⓘ | 54 | 57 | 53 | 50 |
| Profit Before Tax ⓘ | 1,354 | 1,496 | 1,757 | 1,875 |
| Tax ⓘ | 348 | 385 | 442 | 482 |
| Profit After Tax | 1,006 | 1,111 | 1,315 | 1,393 |
| PAT Margin (%) | 28.4% | 26.1% | 28.1% | 26.7% |
| Adjusted EPS (₹) | 12.6 | 13.9 | 16.4 | 17.4 |
| Dividend Payout Ratio (%) | 43.70% | 46.80% | 48.70% | 51.70% |
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 2,478 | 3,230 | 3,663 | 4,309 | |||||||
| Debt + | 0 | 0 | 0 | 0 | |||||||
| Minority Interest | 0 | 0 | 0 | 0 | |||||||
| Trade Payables | 852 | 998 | 1,034 | 930 | |||||||
| Others Liabilities ⓘ | 2,001 | 2,115 | 2,363 | 2,592 | |||||||
| Total Liabilities ⓘ | 5,331 | 6,343 | 7,060 | 7,831 | |||||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 324 | 317 | 788 | 786 | |||||||
| CWIP ⓘ | 34 | 443 | 27 | 42 | |||||||
| Investments ⓘ | 0 | 0 | 0 | 0 | |||||||
| Inventories | 10 | 11 | 11 | 14 | |||||||
| Trade Receivables | 1,143 | 1,374 | 1,734 | 1,882 | |||||||
Cash Equivalents 
ⓘ
| 1,931 | 2,278 | 2,162 | 2,868 | |||||||
| Others Assets ⓘ | 1,890 | 1,921 | 2,339 | 2,240 | |||||||
| Total Assets ⓘ | 5,331 | 6,343 | 7,060 | 7,831 | |||||||
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 812 | 882 | 833 | 1,273 |
| Cash Flow From Investing Activity ⓘ + | -317 | -200 | -258 | -446 |
| Cash Flow From Financing Activity ⓘ + | -434 | -404 | -910 | -787 |
| Net Cash Flow ⓘ | 61 | 277 | -334 | 40 |
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 40.59 | 38.93 | 38.15 | 34.96 | ||||||
| ROCE (%) | 55.28 | 53.07 | 51.48 | 47.5 | ||||||
| Asset Turnover Ratio | 0.66 | 0.73 | 0.7 | 0.7 | ||||||
| PAT to CFO Conversion(x) | 0.81 | 0.79 | 0.63 | 0.91 | ||||||
| Working Capital Days | ||||||||||
| Receivable Days | 117.80 | 107.80 | 121.30 | 126.50 | ||||||
| Inventory Days | 1 | 0.90 | 0.90 | 0.90 | ||||||
| Payable Days | 1,594.80 | 1,375.60 | 1,347.20 | 1,432 | ||||||
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Indian Railway Catering And Tourism Corporation Ltd FAQs
The current trading price of IRCTC on 11-Sep-2026 15:13 is ₹463.3.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of IRCTC stood at ₹37,416 Cr
The latest P/E ratio of IRCTC as of 10-Sep-2026 is 26.86.
The latest P/B ratio of IRCTC as of 10-Sep-2026 is 8.07.
The 52-week high of IRCTC is ₹739.0 and the 52-week low is ₹467.7.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of IRCTC is ₹5,425 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Indian Railway Catering And Tourism Corporation Ltd is a average quality company.
The key valuation ratios of Indian Railway Catering And Tourism Corporation Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Indian Railway Catering And Tourism Corporation Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Indian Railway Catering And Tourism Corporation Ltd
Indian Railway Catering and Tourism Corporation (IRCTC) is a 'Navratna' listed company under Ministry of Railways, Government of India and is the professional hospitality and travel arm of Indian Railways incorporate for upgradation of catering services over Indian Railways and promote rail-bound domestic and inbound tourism in the country.
IRCTC was incorporated on September 27, 1999 as an extended arm of the Indian Railways to upgrade, professionalize and manage the catering and hospitality services at stations, on trains and other locations and to promote domestic and international tourism through development of budget hotels, special tour packages, information commercial publicity and global reservation systems. In 2019, it was listed on the National Stock Exchange and the Bombay Stock Exchange. It plays a pivotal role in delivering professional hospitality and travel services for Indian Railways, while also promoting railbound domestic and inbound tourism in India.
IRCTC has significantly transformed the travel experience for common individuals utilizing Indian Railways. Its online ticket booking system has become a technological blessing for the average citizen, empowering them with convenience and accessibility. It has now emerged as one of the largest e-commerce websites not only in India but also in the Asia Pacific region. The introduction of the Next Generation E-Ticketing (NGeT) System since FY15, has progressively increased the capacity for ticket bookings per minute. IRCTC leads the way in internet-based rail ticket bookings through its website, www.irctc.co.in, and the IRCTC Rail Connect Mobile Apps available on both Android and iOS platforms.
Business area of the company
IRCTC is the only entity authorized by Indian Railways to provide catering services at railway stations and trains in India. Its primary operational activities include food and hospitality services, internet ticketing and travel and tourism, aligning with its strategic vision of providing comprehensive one-stop travel solution for its passengers. Beyond railway services, IRCTC has expanded its portfolio to include hotel bookings, tour packages via rail, land, cruise as well as air ticket bookings, positioning itself as a prominent travel and tourism service provider catering to a wide range of tourists.
The core activities of the company:
- Catering & Hospitality
- Internet Ticketing
- Travel &Tourism
- Packaged Drinking Water (Rail Neer)
Awards and accreditations:
- 2008: The company’s tourism portal was awarded the National Tourism Award.
- 2014: Dainik Bhaskar India Pride Award for Excellence in Consumer Industry for the year 2013-2014.
- 2014: Awarded the most popular website award by Website of the Year India in leisure and travel category.
- 2015: Awarder the Most Innovative e - Retailer of the year award by Star Retailer Awards 2015, 10th Awards for Excellence in Retailing.
- 2015: The company’s mobile app - IRCTC connect was awarded Mobillion award under the category ‘Best Use of Mobile App’.
- 2015: The company’s train, Maharajas’ Express has been conferred with the 'Seven Stars MMXII Luxury Hospitality and Lifestyle Award' at Bali, Indonesia.
- 2016: Awarded the national award for e-governance 2015-16, Gold for New Next Generation e-Ticketing System in the category of ‘Innovative Use of ICT by Central Government PSUs’ by Government of India.
- 2016: Awarded ‘One of the giants of tomorrow- Fortune India The Next 500’ by Fortune India.
- 2017: Certificate of recognition for ranking no. 1 with 97 points in comparative product testing of packaged drinking water for ‘Rail Neer’ by Consumer Voice.
- 2017: Certificate of honor for excellence in domestic tour operations at Satte Awards by UBM India.
- 2018: Dainik Bhaskar India Pride Award in the category of India Image Enhancement / Creating a Global Brand.
- 2019: Certificate of Accreditation for meeting the professional standards of the International Air Transport Association.
- 2020: Customer Centric Excellence Award presented to IRCTC from ET Now during the Business leader of the year award function held on February 16, 2020 at Taj Lands End Mumbai.
- 2020: Company of the year award presented to IRCTC from ET Now during the Business leader of the year award function held on February 16, 2020 at Taj Lands End Mumbai.
- 2020: IRCTC won the Governance Now PSU Award, under the Financial Category: Strategic Investments, in the 7th edition of PSU Awards held on February 19, 2020, at The Lalit, New Delhi.
- 2021: Most Efficient & Profitable Miniratna of the Year (NonManufacturing), Best PSUs of India 2021 Awards / Dalal Street Investment Journal.
- 2022: Asia's Green Future leader awards (Green ECO-Tourism Destination Award of the year)
- 2022: Best Luxury Train - Maharajas' Express, Best Heritage Experience-Golden Chariot, Best Luxury Rail Operator IRCTC / Luxury Segment travel Awards 2022 by Seven stars media corporation.
- 2022: IBC Corporate Awards 2022 (Asia's most trusted companies awards 2022)
- 2023: Asia’s leading Luxury Train Award 2023 to Maharajas’ Express Train by World Travel Awards.
- 2024: World Travel Awards 2024 - Asia's Leading Luxury Train 2024: Maharajas’ Express at Asia & Oceania Gala Ceremony 2024 on September 06, 2024 at Manila, Philippines.
- 2024: IRCTC Awarded for the best Tourism Portal at the 9th Edition of ITCTA B2B International Tourism Expo, Conclave and Awards at an event held at New Delhi on July 05, 2024.
- 2024: IRCTC received a Certificate of Excellence and a Trophy at the iLounge Media 3rd PSU Transformation Conclave & Awards in the category of 'Innovative Product Development' for the Heliyatra Online Ticketing Service on December 05, 2024.
Major Events and Milestones:
- 1999: Incorporation of IRCTC as a PSU.
- 2001: Catering service launched on Shatabdi Express
- 2002: Commenced internet ticketing services.
- 2003: First e-ticket issued
- 2003: First Rail Neer plant at Nangloi, Delhi
- 2008: Conferred ‘Mini-Ratna Status’ for Category-I Public Sector Enterprise.
- 2010: Operations began for Maharajas’ Express
- 2010: Handled ticketing and catering for Commonwealth Games
- 2011: Central Kitchen established in Noida
- 2014: Catering and Food on Track app launched
- 2015: The company was awarded with the certificate of approval for conformity with the quality management system of ISO 9001: 2008 with respect to the rail tour package (NDR 01) for Mata Vaishno Devi Darshan.
- 2017: The ranking of company in the Fortune India Next 500 list of Indian companies.
- 2019: IRCTC hit capital market on September 30
- 2019: IRCTC introduces OTP-based refund system for e-tickets
- 2019: IRCTC signs MoU with Hotel and Restaurant Association of Northern India (HRANI)
- 2019: First corporate Tejas Express (Lucknow–New Delhi) launched
- 2020: IRCTC, SBI Card launch co-branded contactless credit card on RuPay Platform
- 2020: Second corporate Tejas Express (Ahmedabad - Mumbai Central - Ahmedabad) launched
- 2022: Bharat Gaurav Tourist Train launched
- 2024: Aastha Circuit Trains to Ayodhya Dham operated in Jan/ Feb 2024
- 2024: Achieved Schedule A CPSE status
- 2025: Grant of Navratna status
- 2025: Mahakumbh Gram Tent City, a temporary luxury accommodation setup at the Mahakumbh Mela 2025 in Prayagraj, India, managed by IRCTC.
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