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Monopoly operator of Indian Railways' online ticketing, on-board catering, tourism packages and packaged drinking water.
Monopoly operator of Indian Railways' online ticketing, on-board catering, tourism packages and packaged drinking water.
Earns a small fee on every online train ticket booked and revenue from on-board and station catering contracts and from bottled water, with the ticketing fee the highest-profit line. The Ministry of Railways owns the majority, and fee rates are set with railway approval.
In one line: A government-monopoly Booking.com plus Amtrak catering.
Moat: wide (regulatory licence, network effects). Sole authorized platform for Indian Railways e-ticketing and catering, a government-granted monopoly.
Headquarters: New Delhi, India · Founded: 1999 · Employees: 2,870
Size Indian Railway Catering & Tourism (IRCTC.NS) is an India Consumer Discretionary company (Other Consumer Services) with a market value of $3.87B, the 245th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹457.00 on 6 Nov 2026.
Performance Over six months the shares fell 19.6%, against +0.2% for the median peer and 0.0% for the India market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 15.0% over the last twelve months (peer median +9.5%); the operating margin is 29.8% (peer median 11.9%).
Valuation It trades at 24.2× forward earnings against a peer median of 12.8× (4th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 29% a year for seven years (Req g). Recent delivered growth is +46%, so the hurdle is -18 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.1 points above its cost of capital (17.0% WACC).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹54.2B | ₹52.1B | ₹46.7B | ₹42.6B | ₹35.4B |
| Revenue growth | — | +12% | +10% | +20% | — |
| Gross profit | ₹18.5B | ₹18.6B | ₹17.2B | ₹15.9B | ₹13.9B |
| EBITDA | ₹16.7B | ₹17.1B | ₹15.8B | ₹14.9B | ₹13.2B |
| Net income | ₹13.9B | ₹13.9B | ₹13.1B | ₹11.1B | ₹10.1B |
| Free cash flow | n/a | ₹13.5B | ₹8.99B | ₹7.49B | ₹6.34B |
| Capital expenditure | n/a | ₹779M | ₹789M | ₹2.40B | ₹2.39B |
| Total debt | n/a | ₹807M | ₹898M | ₹604M | ₹842M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Indian Railway Catering & Tourism IRCTC.NS | $3.87B | -20% | +15% | 30% | 24.2× | 28.7% |
| MakeMyTrip MMYT | $4.81B | +7% | +5% | 15% | 41.2× | 18.3% |
| Thomas Cook (India) THOMASCOOK.NS | $499M | +1% | -7% | 3% | 23.1× | 13.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IRCTC.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.7% | +6.4% | 6th lowest of 21 |
| 6-month return | -19.6% | +0.2% | 4th lowest of 21 |
| Distance from 52-week high | -37.4% | -19.3% | 5th lowest of 21 |
| Revenue growth (TTM) | +15.0% | +9.5% | 9th highest of 21 |
| Operating margin | 29.8% | 11.9% | 2nd highest of 21 |
| Forward P/E | 24.2× | 12.8× | 4th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 28.7% | 4.7% | 2nd most demanding of 19 |
| Growth delivered (Del g) | +46.4% | +14.3% | 2nd highest of 19 |
| Hurdle (Req g minus delivered) | -17.7 pp | -16.1 pp | 10th least demanding of 19 |
| ROIC minus cost of capital | +11.1 pp | +6.2 pp | 7th highest of 20 |
| EV / EBITDA | 21.9× | 9.8× | 3rd most expensive of 19 |
| Net debt / EBITDA | -1.7× | 1.5× | 3rd least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Indian Railway Catering & Tourism IRCTC.NS | India | $3.87B | -20% | +15% | 30% | 24.2× | 28.7% | +46.4% |
| Marriott Vacations Worldwide VAC | United States | $3.80B | +43% | +5% | 11% | 11.4× | 7.7% | +11.8% |
| Covista CVSA | United States | $3.67B | -18% | +9% | 20% | 12.0× | -3.7% | +16.6% |
| Jet2 JET2.L | United Kingdom | $3.61B | +34% | +4% | 6% | 11.1× | n/a | n/a |
| Tui TUI1.DE | Germany | $4.31B | +17% | -2% | 4% | 7.4× | -2.0% | +24.9% |
| Tongcheng Travel 0780.HK | Hong Kong | $3.38B | -37% | +15% | 17% | 6.1× | -15.0% | +25.8% |
| Valvoline VVV | United States | $4.44B | -2% | +16% | 18% | 19.4× | 10.3% | -6.2% |
| Planet Fitness PLNT | United States | $4.56B | +31% | +13% | 31% | 17.3× | 4.8% | +26.6% |
| Kakaku.com 2371.T | Japan | $4.63B | +42% | +17% | 27% | 31.3× | 4.6% | +13.0% |
| Ferrotec (An Hui) Technology Development 301297.SZ | China | $3.21B | -30% | +37% | 10% | n/a | n/a | n/a |
| Stride LRN | United States | $3.15B | -15% | +2% | 19% | 9.5× | -19.1% | +10.4% |
| OneSpaWorld OSW | United States | $3.12B | +25% | +10% | 10% | 24.5× | 19.5% | +51.4% |
| Graham GHC | United States | $5.05B | +7% | +4% | 6% | 16.4× | 8.6% | +11.2% |
| Peloton Interactive PTON | United States | $2.50B | -1% | -2% | 9% | 18.7× | 7.2% | -9.5% |
| Boyd Group Services BYD.TO | Canada | $2.48B | -24% | +16% | 5% | 22.1× | 9.4% | +16.0% |
| H&R Block HRB | United States | $6.45B | +43% | +5% | 24% | 8.4× | -15.4% | +2.9% |
| Basic-Fit BFIT.AS | Netherlands | $2.23B | +2% | +18% | 12% | 22.0× | 6.5% | +30.4% |
| Andersen ANDG | United States | $7.34B | +78% | +18% | 14% | 32.4× | 29.0% | +18.0% |
| New Oriental Education & Technology 9901.HK | Hong Kong | $7.58B | -3% | +21% | 12% | 12.8× | -16.4% | +5.9% |
| Driven Brands DRVN | United States | $1.96B | -11% | -11% | 15% | 9.6× | 3.3% | +15.5% |
| Park24 4666.T | Japan | $1.93B | -2% | +4% | 10% | 6.8× | -5.2% | +8.6% |