IRCTC bets on 200+ new trains and tourism boom to defend 30% EBITDA margin
IRCTC guides 20% tourism growth and 9-10% ticketing growth in FY27, leaning on 200+ Vande Bharat Sleeper and Amrit Bharat launches over 3-5 years. Catering (45% of revenue, 18 lakh meals/day) targets 15% growth, with Rail Neer, loyalty and ads reshaping the mix. Stock down 34% YoY against a ₹41,536 cr market cap.
What happened
IRCTC guides 20% tourism growth in FY27 and 30% EBITDA margin, banking on 200+ new Vande Bharat Sleeper and Amrit Bharat trains. Catering, ticketing, Rail Neer,
Key facts
- 20% tourism growth FY27
- 200+ new trains in 3-5 years
- 15% catering growth FY27
- 9-10% ticketing growth
- 5% Rail Neer growth
- 30% EBITDA margin target
- 18 lakh meals/day
- 45% catering revenue share
- ₹41,536 crore market cap
- -34% stock 1Y
Why this matters
The Vande Bharat Sleeper and Amrit Bharat ramp opens partnership lanes in catering, Rail Neer bottling, loyalty tech and onboard ads where IRCTC's monopoly distribution is the scarce asset.