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I R C T C

Q2 FY26

I R C T C Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹467
Market cap₹37.3K Cr
P/E27.0
Updated16 Oct 2026
Read4 min read

The short version

IRCTC expects robust growth momentum to continue in Q3 and Q4 of FY 2025-26, aiming to make the financial year remarkable. IRCTC expects robust growth momentum in H2 FY'26 (Q3 and Q4) building on 7.71% revenue growth and 8.31% EBITDA improvement seen in H1 FY'26.

From I R C T C's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

  • IRCTC expects robust growth momentum to continue in Q3 and Q4 of FY 2025-26, aiming to make the financial year remarkable.
  • Internet ticketing revenue grew by 4% in Q2 with a large market share (~90%) and plans to increase by enhancing non-convenience fee revenue.
  • Tourism segment showed strong growth of 21% in the quarter, driven by Bharat Gaurav trains and Maharajas' Express bookings, with highest-ever bookings expected next year.
  • Catering business grew 8% year-on-year and expects growth from upcoming Amrit Bharat trains and cluster contracts.
  • Payment aggregator business, pending RBI approval, is anticipated as a future key growth driver, currently processing only 20% of GMV with potential to reach 100%.

2 more points from I R C T C's call on revenue

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Profitability & Margins

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Capital Expenditure Plans

  • Rail Neer capacity expansion underway:
  • Bilaspur plant to restart soon, adding 72,000 bottles/day capacity.
  • Danapur and Ambernath plants being enhanced from 1 lakh to 3 lakh bottles/day.
  • Plans to install four more plants across India (timeline likely next fiscal).
  • Investment in automation for catering billing verification integrating HST system, expected full rollout by end of next financial year.
  • Unified travel portal development aimed at cross-selling and enhancing digital travel solutions.
  • Payment aggregator business progressing with RBI in-principle approval; license application due by January with plans for subsidiary to manage this segment.

2 more points from I R C T C's call on capex

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Fundraising & Capital Structure

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Order Book & Pipeline

  • Current catering reach is approximately 1,318 trains, including around 15 Amrit Bharat trains.
  • The total universe of trains for catering is large; exact future number of Amrit Bharat trains is known only to the Ministry of Railways.
  • Cluster-based contracts have been awarded on a 5-plus 2 year basis, covering cluster trains, SBD trains, and temporary trains.
  • Bharat Gaurav train deployment includes nine coaches currently running on regular Bharat Gaurav trains.
  • Tourism segment shows robust growth with Bharat Gaurav and Maharajas' Express bookings strong; highest ever bookings expected.

2 more points from I R C T C's call on order book

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I R C T C — Quarterly revenue & net profit

Revenue Net profit
Dec 2024Q3 FY25
Mar 2025Q4 FY25
Jun 2025Q1 FY26
Sep 2025Q2 FY26
Dec 2025Q3 FY26
Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹1.5K Cr, net profit ₹327 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Indian Railway Catering & Tourism Corporation Ltd's management said in earlier quarters

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Frequently Asked Questions

What were I R C T C Q2 FY26 results?

IRCTC expects robust growth momentum to continue in Q3 and Q4 of FY 2025-26, aiming to make the financial year remarkable. IRCTC expects robust growth momentum in H2 FY'26 (Q3 and Q4) building on 7.71% revenue growth and 8.31% EBITDA improvement seen in H1 FY'26.

What is I R C T C share price analysis?

I R C T C currently shows a neutral. The stock trades at a P/E of 27.0 with a market cap of ₹37,332 Cr. Investors should review the full earnings analysis for detailed insights.

Is I R C T C planning capital expenditure?

Rail Neer capacity expansion underway: - Bilaspur plant to restart soon, adding 72,000 bottles/day capacity.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.