IRCTC posts first profit drop in 10 quarters; margin compresses to 27.3% as catering, tourism scale
Q4FY26 net profit fell 9% YoY to ₹327 cr despite revenue rising 15% to ₹1,460 cr. Catering surged 27% to ₹671 cr and tourism 11% to ₹304 cr, but EBITDA margin slid 310 bps to 27.3% as lower-margin segments outpaced ticketing. Stock dropped 3%; ₹0.50 dividend declared.
What happened
IRCTC Q4 net profit fell 9% YoY to ₹327 cr — first profit decline in 10 quarters — though revenue rose 15% to ₹1,460 cr led by catering (+27%) and tourism
Key facts
- net profit ₹327 cr (-9% YoY)
- revenue ₹1,460 cr (+15% YoY)
- EBITDA ₹399 cr (+3.5%)
- EBITDA margin 27.3% vs 30.4%
- catering revenue ₹671 cr (+27%)
- ticketing ₹390 cr (+5%)
- tourism ₹304 cr (+11%)
- Rail Neer ₹100 cr (+4%)
- dividend ₹0.50/share
- stock -3%
Why this matters
IRCTC's diversification beyond ticketing is scaling but margin-dilutive, opening questions on whether bolt-on acquisitions in catering tech or tourism platforms could restore operating leverage.