IRCTC eyes hotels as Q4 Ebitda margin hits 12-quarter low of 27.3%

IRCTC's Q4FY26 Ebitda margin slipped to a 12-quarter low of 27.3% on lumpy CSR costs, even as FY26 revenue hit ₹5,215 crore and ticket volume touched 531 million. With low-margin catering, tourism and Rail Neer driving growth, management is betting on a hotel foray and a ₹2,800 crore cash pile to push margins back to 30%.

— Source publishedFri, 29 May, 2026, 06:00 IST·First seen Fri, 29 May, 2026, 06:24 IST·Source Mint · Markets

What happened

IRCTC posted 12-quarter low Q4FY26 Ebitda margin of 27.3% on lumpy CSR costs. Management guides 30% margins ahead as low-margin catering, tourism, Rail Neer

Key facts

  • Ebitda margin 27.3% Q4FY26
  • revenue ₹5,215 crore FY26
  • ticket volume 531 million FY26
  • cash pile ₹2,800 crore
  • Ebitda ₹1,666 crore FY26
  • stock ₹523

Why this matters

The hotel foray plus ₹2,800 crore war chest opens a window for hospitality M&A or asset-light tie-ups that could re-rate IRCTC beyond its ticketing monopoly narrative.