Indian Railway Catering & Tourism (IRCTC) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: Not available

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↑

+2.62%

Short-term demand accumulation with positive intraday momentum.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 3.9%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 34.4%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹455.48

200-Day DMA ● Overlay

₹422.44

14-Day RSI ● Overlay

61.2 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹36,328 Cr

Large cap

Stock P/E (TTM) Valuation

26.3x

Price / EPS

Book Value (₹) Assets

₹53.9

P/B: 8.4x

ROE (%) Quality

34.4%

Net Profit / Equity

ROCE (%) Efficiency

46.1%

EBIT / Capital

Dividend Yield Yield

1.98%

Face Value: ₹10

Debt / Equity Solvency

0.02x

Low Debt

EPS (TTM) Per Share

₹17.26

Trailing 12M

OPM (%) Spread

31.0%

EBITDA Margin

Free Cash Flow Cash

₹1,196 Cr

CFO - Capex

About Indian Railway Catering & Tourism

IRCTC is an Indian public sector enterprise that provides ticketing, catering, and tourism services for the Indian Railways with a monopolistic online ticketing framework.

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 22.3% × Turnover: 0.85x × Leverage: 1.02x = ROE: 34.4%

✓ Company Strengths (Pros)

• Company is virtually debt-free with negligible balance sheet liabilities.
• Company has a stellar track record of return on equity (ROE of 34.4%).

⚠ Key Considerations & Risks (Cons)

• Stock is trading at a premium of 8.4x its book value.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹5,425 Cr

Latest PAT

₹1,393 Cr

EPS (TTM)

₹17.26

OPM %

31.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹1,002 Cr	₹991.00 Cr	₹1,118 Cr	₹1,155 Cr	₹1,118 Cr	₹1,064 Cr	₹1,225 Cr	₹1,269 Cr	₹1,160 Cr	₹1,146 Cr	₹1,449 Cr	₹1,460 Cr	₹1,370 Cr
Operating Profit (EBITDA)	₹343.00 Cr	₹367.00 Cr	₹394.00 Cr	₹362.00 Cr	₹375.00 Cr	₹373.00 Cr	₹417.00 Cr	₹385.00 Cr	₹397.00 Cr	₹404.00 Cr	₹465.00 Cr	₹399.00 Cr	₹387.00 Cr
OPM %	34.0%	37.0%	35.0%	31.0%	34.0%	35.0%	34.0%	30.0%	34.0%	35.0%	32.0%	27.0%	28.0%
Interest Expense	₹4.00 Cr	₹4.00 Cr	₹5.00 Cr	₹5.00 Cr	₹3.00 Cr	₹3.00 Cr	₹3.00 Cr	₹8.00 Cr	₹4.00 Cr	₹4.00 Cr	₹5.00 Cr	₹5.00 Cr	₹4.00 Cr
Depreciation	₹14.00 Cr	₹14.00 Cr	₹14.00 Cr	₹16.00 Cr	₹14.00 Cr	₹13.00 Cr	₹13.00 Cr	₹12.00 Cr	₹12.00 Cr	₹11.00 Cr	₹12.00 Cr	₹14.00 Cr	₹12.00 Cr
Profit before Tax (PBT)	₹312.00 Cr	₹395.00 Cr	₹406.00 Cr	₹382.00 Cr	₹412.00 Cr	₹417.00 Cr	₹457.00 Cr	₹472.00 Cr	₹442.00 Cr	₹457.00 Cr	₹529.00 Cr	₹447.00 Cr	₹442.00 Cr
Net Profit (PAT)	₹232.00 Cr	₹295.00 Cr	₹300.00 Cr	₹284.00 Cr	₹308.00 Cr	₹308.00 Cr	₹341.00 Cr	₹358.00 Cr	₹331.00 Cr	₹342.00 Cr	₹394.00 Cr	₹326.00 Cr	₹330.00 Cr
EPS in ₹	₹2.90	₹3.68	₹3.75	₹3.55	₹3.85	₹3.85	₹4.26	₹4.48	₹4.13	₹4.28	₹4.93	₹4.08	₹4.13

Annual P&L (₹ Cr)	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	₹3,541 Cr	₹4,260 Cr	₹4,675 Cr	₹5,215 Cr	₹5,425 Cr
Expenses	₹2,265 Cr	₹2,794 Cr	₹3,124 Cr	₹3,549 Cr	₹3,769 Cr
Operating Profit	₹1,276 Cr	₹1,466 Cr	₹1,551 Cr	₹1,666 Cr	₹1,655 Cr
OPM %	36%	34%	33%	32%	31%
Interest	₹16.00 Cr	₹19.00 Cr	₹17.00 Cr	₹18.00 Cr	₹18.00 Cr
Depreciation	₹54.00 Cr	₹57.00 Cr	₹53.00 Cr	₹50.00 Cr	₹50.00 Cr
Profit before Tax	₹1,354 Cr	₹1,496 Cr	₹1,757 Cr	₹1,875 Cr	₹1,875 Cr
Net Profit	₹1,006 Cr	₹1,111 Cr	₹1,315 Cr	₹1,393 Cr	₹1,393 Cr
EPS in Rs	12.57	13.89	16.44	17.42	17.42

Balance Sheet (₹ Cr)	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	₹160.00 Cr	₹160.00 Cr	₹160.00 Cr	₹160.00 Cr
Reserves & Surplus	₹2,318 Cr	₹3,070 Cr	₹3,503 Cr	₹4,149 Cr
Borrowings (Debt)	₹84.00 Cr	₹60.00 Cr	₹90.00 Cr	₹81.00 Cr
Total Liabilities	₹5,089 Cr	₹6,091 Cr	₹6,799 Cr	₹7,580 Cr
Fixed Assets	₹351.00 Cr	₹343.00 Cr	₹813.00 Cr	₹839.00 Cr
Total Assets	₹5,089 Cr	₹6,091 Cr	₹6,799 Cr	₹7,580 Cr

Cash Flows (₹ Cr)	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operations (CFO)	₹812.00 Cr	₹882.00 Cr	₹833.00 Cr	₹1,273 Cr
Cash from Investing (CFI)	-₹317.00 Cr	-₹200.00 Cr	-₹258.00 Cr	-₹446.00 Cr
Cash from Financing (CFF)	-₹434.00 Cr	-₹404.00 Cr	-₹910.00 Cr	-₹787.00 Cr
Free Cash Flow (FCF)	₹744.00 Cr	₹650.00 Cr	₹786.00 Cr	₹1,196 Cr

Efficiency Ratios	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days (DSO)	118	118	135	132
Inventory Days	18	16	15	0
Cash Conversion Cycle (Days)	-1459	-1350	-1221	132
ROCE %	0%	54%	49%	46%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹263.61 • Premium / Overvalued

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹472.00

DCF Fair Value

₹263.61

Graham Number

₹144.68

Margin of Safety

-55.5%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹263.61

Premium / Overvalued (Margin: -55.5%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹257	₹254	₹252	₹250
10%	₹261	₹259	₹257	₹254
12%	₹266	₹264	₹261	₹259
14%	₹271	₹268	₹266	₹264

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹264	Fairly Valued
Benjamin Graham Number	₹145	Market Priced
Historical Sector P/E	₹380	Premium
EV / EBITDA Multiplier	₹496	In-Line
Free Cash Flow Yield Model	₹463	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 9/9 (Strong Financial Health)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

9 / 9 Pass

Altman Z-Score

6.31 (Safe Zone (Low Distress))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Debt/Equity: 0.02x (Safe)

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Positive Operating & Free Cash Flow

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 31.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

62.40%

FIIs (Foreign)

3.91%

DIIs (Domestic)

14.86%

Government

0.15%

Public / Retail

18.85%

Swipe → to view historical quarters

Category	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
+ Promoters	62.40%	62.40%	62.40%	62.40%	62.40%	62.40%	62.40%	62.40%	62.40%	62.40%	62.40%	62.40%
+ FIIs (Foreign Portfolio)	7.11%	7.34%	8.08%	7.78%	7.54%	7.45%	7.37%	7.28%	7.27%	7.19%	4.86%	3.91%
+ DIIs (Mutual Funds / Insurance)	10.53%	11.98%	12.72%	13.74%	13.92%	13.73%	13.89%	14.16%	14.18%	14.02%	14.86%	14.86%
+ Public (Retail & HNIs)	19.97%	18.28%	16.79%	16.06%	16.14%	16.43%	16.35%	16.17%	16.16%	16.39%	17.88%	18.85%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Hospitality & Travel.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

IRCTC Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

IRCTC Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

IRCTC Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹604.16

Accelerated market share capture in Hospitality & Travel, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹528.64

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 26x P/E.

🐻 Bear Case (15%) -12.0%

₹415.36

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Hospitality & Travel)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 19:04 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ Indian Railway Catering & Tourism (IRCTC)	Target Stock	₹472.00	+2.62%	26.3x	34.4%	46.1%	0.02	₹36,328 Cr
InterGlobe Aviation Ltd (INDIGO)	Airlines & Domestic Aviation	₹5,665.00	+4.33%	N/A	-27.1%	5.2%	11.15	₹1.91 Lakh Cr
Indian Hotels Company Ltd (Taj) (IHCL)	Luxury Hotels, Resorts & Palaces	₹718.00	-1.46%	52.6x	14.2%	17.1%	0.22	₹1.02 Lakh Cr
EIH Ltd (Oberoi Group) (EIHOTEL)	Luxury Hotel & Dining Hospitality	₹312.00	+1.12%	29.0x	14.0%	20.2%	0.03	₹18,626 Cr
CHALET HOTELS Ltd (CHALET)	Hospitality & Travel Operations	₹799.20	-1.56%	34.7x	19.0%	17.0%	0.64	₹18,558 Cr
TITAGARH RAIL SYSTEMS Ltd (TITAGARH)	Hospitality & Travel Operations	₹730.85	+4.04%	55.5x	6.8%	10.9%	0.25	₹10,781 Cr
LEMON TREE HOTELS Ltd (LEMONTREE)	Hospitality & Travel Operations	₹115.60	-0.28%	68.3x	9.3%	12.3%	0.24	₹8,530 Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	19:04:54 IST	✓ Live Sync
Financial Statements (10Y)	Indian Railway Catering & Tourism Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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TickerPulse Academy

Indian Railway Catering & Tourism

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About Indian Railway Catering & Tourism

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Hospitality & Travel)

Metric Explainer

Stock DNA Methodology

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