Indian Railway Catering And Tourism Q2 FY27: PAT ₹330 Cr & Rev ₹1,370 Cr

Investor Takeaways

Revenue grew 18.1% YoY to ₹1,370 crores in Q1 FY27, driven by 33.8% YoY growth in catering and 13.5% YoY growth in tourism.

PAT reached ₹330 crores, supported by operational expansion but offset by temporary cost pressures.

Non-convenience fee revenue declined to ₹113 crores from ~₹130-140 crores due to platform improvements and reduced commissions, but is expected to rebound to ₹150 crores.

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹1,370 Cr	+18.1%
Net Profit	₹330 Cr	—
EBITDA	Not available	—
EPS	[amount context mismatch]	—
OPM	34.02%	—

What Changed

IRCTC reported Q1 FY27 revenue of ₹1,370 crores, a 18.1% year-on-year increase, primarily driven by strong performance in catering (₹1,370 crores revenue, +33.8% YoY) and tourism (₹168 crores revenue, +13.5% YoY). Despite this growth, margins faced pressure due to a shift in revenue mix and temporary cost headwinds, including INR10 crores in HR expenses and INR4 crores for proof-of-concept projects on six trains. Non-convenience fee revenue declined to ₹113 crores from ~₹130-140 crores, attributed to platform enhancements and reduced commission structures, though management expects recovery to ₹150 crores as iPay and e-wallet partnerships scale. Management highlighted ongoing expansion of new catering facilities in Prayagraj, Mysore, Ranchi, and Bhagalpur, with targeted capacity augmentation by FY27. Tourism revenue is projected to exceed ₹1,000 crores next year, contributing to non-fare income growth. The company continues to scale e-catering services, handling 160,000 meals daily across 50 trains.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
IRCTC	34.56	N/A	N/A	42,876
Avenue Supermarts (DMART)	104.25	N/A	N/A	2,84,258.63
ETERNAL LIMITED	317.34	N/A	N/A	2,32,747.16
Trent Limited	75.43	N/A	N/A	1,45,796.38

IRCTC trades at a P/E ratio of 34.56, lower than peers DMART (104.25) and Trent (75.43), but higher than ETERNAL (317.34), suggesting relatively moderate valuation compared to high-growth peers.

Risks & Concerns

Near-term margin pressure due to temporary HR costs (₹10 crores) and proof-of-concept expenses (₹4 crores).

Decline in non-convenience fee revenue to ₹113 crores from ~₹130-140 crores, though expected to rebound.

Revenue mix shift toward lower-margin tourism and catering segments may affect profitability in the near term.

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	1,224.66	341.09	34.02%
Q2FY25	1,064	307.87	35.04%
Q1FY25	1,120.15	307.72	33.47%
Q4FY24	1,154.77	284.18	31.39%

The latest quarter (Q1 FY27) shows revenue of ₹1,370 crores and net profit of ₹330 crores, with OPM at 34.02% — up from Q4FY24’s 31.39% but below the peak levels seen in earlier quarters. Profitability trends remain volatile due to operational investments and cost pressures.

CRITICAL: Quarterly trend data was provided in the fundamentals section, so the Quarterly Trend section is included as required.

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About Indian Railway Catering And Tourism Corporation Limited (IRCTC)

Capital Goods · Railways · Listed on NSE

Market Cap: ₹37,032 Cr P/E: 26.6 ROE: 38.0% ROCE: 51.7% Div Yield: 1.94%

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🔥 Also filed on 19 August 2026

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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