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IRCTC - I R C T C

📊 NSE: IRCTC 🏢 Travel Agencies 📅 Last Updated: 12/14/2025 7:50

📢 Recent Corporate Announcements

IRCTC Announces Senior Management Change: Mr. Sunil Beniwal Repatriated

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 10 Mar 2026, 10:12 AM

IRCTC has informed the exchanges regarding a change in its senior management personnel effective from March 9, 2026. Mr. Sunil Beniwal, who held the position of Group General Manager (North Zone), has been repatriated to the Railway Board. In the interim, Mr. Naveen Dixit, the current GGM for IT and Projects, will take on the additional charge of the North Zone. This movement is a routine administrative transition within the Indian Railways framework and does not involve board-level directors.

Mr. Sunil Beniwal ceased to be Senior Management Personnel effective March 9, 2026
Repatriation follows Railway Board Letter No. 2025/E(O)/II/5/53(3503876) dated March 9, 2026
Mr. Naveen Dixit (GGM/IT/Projects) assumes additional charge of GGM/NZ with immediate effect
The personnel change occurs at one level below the Board of Directors

💡 This is a routine administrative update typical for a PSU and should not impact the stock's valuation. No immediate action is required from investors based on this management shuffle.

IRCTC Announces Internal Redistribution of Senior Management Responsibilities

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 07 Mar 2026, 12:48 PM

IRCTC has announced a reshuffle in its senior management team effective March 6, 2026, involving the redistribution of work among existing officers. Mr. Naveen Dixit has transitioned from Mobile Catering to IT Projects, while Ms. Rashmi Gautam has added Public Relations to her existing Static Catering portfolio. Additionally, Mr. Anil Gupta, GM/HR, will now handle the additional charge of GGM/Mobile Catering Services and GGM/EZ. These changes are internal reassignments and do not involve new external appointments at the senior level.

Mr. Naveen Dixit moved from GGM/Mobile Catering to GGM/IT Projects effective March 6, 2026
Ms. Rashmi Gautam re-designated to handle both Static Catering Services and Public Relations
Mr. Anil Gupta (GM/HR) entrusted with additional charge of GGM/Mobile Catering and GGM/EZ
Changes represent an internal redistribution of responsibilities among 3 existing senior management personnel

💡 This is a routine administrative update regarding internal work distribution and does not necessitate any change in investment strategy. Investors should continue to monitor the company's core operational performance.

IRCTC Fined ₹10.85 Lakh by BSE and NSE for Board Composition Non-Compliance

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 28 Feb 2026, 08:29 AM

IRCTC has been fined ₹5,42,800 each by BSE and NSE, totaling approximately ₹10.85 lakh, for failing to comply with SEBI board composition norms for the quarter ended December 31, 2025. The non-compliance specifically relates to the absence of a woman director and the required number of independent directors. As a Public Sector Undertaking (PSU), IRCTC noted that director appointments are the responsibility of the Ministry of Railways, Government of India. The company stated that this fine will not impact its financial or operational activities and mentioned that similar past fines were successfully waived.

Fines of ₹5,42,800 each imposed by BSE and NSE (Total ₹10,85,600 including 18% GST).
Non-compliance pertains to SEBI Regulation 17(1) regarding the lack of a woman director.
The violation occurred during the quarter ended December 31, 2025.
IRCTC is a Government Company where the Ministry of Railways holds the power to appoint directors.
The company is actively pursuing a waiver from the exchanges, citing past successful appeals.

💡 Investors should treat this as a routine administrative issue common among Indian PSUs rather than a fundamental business risk. No immediate action is required as the financial impact is negligible and a waiver is likely.

IRCTC Appoints Navin Kumar Parsuramka as Government Nominee Director

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 27 Feb 2026, 06:16 PM

IRCTC has appointed Shri Navin Kumar Parsuramka, an IRTS officer of the 1992 batch, as a Part-time Government Director effective February 27, 2026. He currently serves as the Principal Executive Director (Coaching) at the Railway Board and brings over 30 years of experience in Indian Railways operations. His expertise includes managing large-scale events like Mahakumbh 2025, where he oversaw 17,000 trains and 4.5 crore passengers. This appointment maintains the necessary government representation on the board of this PSU.

Appointment of Shri Navin Kumar Parsuramka as Additional Director (Part-time Government Director) effective Feb 27, 2026
Appointee is a 1992 batch IRTS officer with over 30 years of experience in railway traffic and operations
Previously managed Mahakumbh 2025 operations involving 17,000 passenger trains and 4.5 crore passengers
The new director holds zero equity shares in IRCTC and has no relationship with existing KMPs

💡 This is a routine management update for a Public Sector Undertaking. Investors should continue to monitor IRCTC's core business performance in catering and ticketing rather than this administrative change.

IRCTC Appoints Navin Kumar Parsuramka as Part-time Government Director

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 26 Feb 2026, 11:14 AM

IRCTC has announced a change in its Board of Directors following a directive from the Ministry of Railways dated February 25, 2026. Shri Navin Kumar Parsuramka, the Principal Executive Director (Coaching) of the Railway Board, has been appointed as a Part-time Government Director. He replaces Shri Manoj Kumar Gangeya with immediate effect. This is a routine administrative appointment common in Public Sector Undertakings (PSUs) where government officials serve on the board.

Shri Navin Kumar Parsuramka appointed as Part-time Government Director effective immediately.
The appointment replaces Shri Manoj Kumar Gangeya on the IRCTC Board.
Action taken pursuant to Ministry of Railways Order No. 2022/PL/57/10.
The appointee currently serves as Principal Executive Director (Coaching) at the Railway Board.

💡 This is a routine management update for a PSU and has no immediate impact on financial performance. Investors should maintain their current positions and focus on upcoming quarterly earnings.

IRCTC Q3 FY26: Highest Ever Revenue of ₹1,449 Cr and PAT Growth of 15.5% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 18 Feb 2026, 10:47 AM

IRCTC reported its highest-ever quarterly revenue of ₹1,449 crores for Q3 FY26, representing an 18.2% YoY increase. Profit After Tax (PAT) grew by 15.5% YoY to ₹394 crores, supported by strong performance in Internet Ticketing and Tourism. While EBITDA margins moderated slightly to 32.1% due to a shift in revenue mix toward catering, the ticketing segment maintained a robust 85% EBITDA margin. Management highlighted a strong growth pipeline with 260 Vande Bharat trains expected and significant capacity expansion in the Rail Neer segment.

Revenue from operations increased 18.2% YoY to ₹1,449 crores with PAT at ₹394 crores.
Internet Ticketing segment achieved ₹401 crores in revenue with a high EBITDA margin of 85%.
Tourism revenue grew by 29% YoY to ₹289 crores, while Catering revenue rose 19.1% to ₹661 crores.
Average daily ticket bookings reached 14.64 lakhs, with UPI transaction share rising to 50.18%.
Expansion plans include 4 new Rail Neer plants and the introduction of 260 Vande Bharat train sets.

💡 Investors should focus on the sustained growth in the high-margin ticketing business and the massive scalability offered by the upcoming Vande Bharat fleet. The stock remains a strong play on Indian Railways' modernization and digital adoption.

IRCTC Releases Audio Recording of Q3FY26 Earnings Conference Call

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 13 Feb 2026, 06:36 PM

IRCTC has officially released the audio recording of its Q3FY26 earnings conference call held on February 13, 2026. The call, organized by Dolat Capital, provides detailed management commentary on the company's financial performance for the third quarter. This disclosure is part of the mandatory compliance under SEBI (LODR) Regulations 2015. Investors can access the full recording through the link provided in the regulatory filing or the company's website.

Audio recording of the Q3FY26 earnings conference call is now available for public review.
The call was held on February 13, 2026, following the announcement of quarterly results.
The session was organized by Dolat Capital and included institutional investor interactions.
Compliance maintained under SEBI Regulation 30 and 46 (2) (oa) for transparency.

💡 Investors should listen to the recording to gain insights into management's outlook on ticketing volumes and catering margins. This is a routine update and does not contain new financial data beyond what was previously reported.

IRCTC Declares Second Interim Dividend of ₹3.50 Per Share for FY 2025-26

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 12 Feb 2026, 06:22 PM

IRCTC has announced a second interim dividend of ₹3.50 per equity share (face value of ₹2) for the financial year 2025-26. The company has fixed February 20, 2026, as the record date to identify eligible shareholders for this payout. Tax will be deducted at source (TDS) at 10% for resident shareholders with a valid PAN, while a 20% rate applies if the PAN is not linked to Aadhaar or is unavailable. The dividend is scheduled to be paid within 30 days of the declaration date.

Second interim dividend declared at ₹3.50 per equity share for FY 2025-26.
Record date for determining eligibility is set for February 20, 2026.
No TDS for resident individual shareholders if total dividend for the FY is below ₹10,000.
TDS rate of 20% will be applied for non-linked PANs or missing PAN details.
Non-resident shareholders can avail DTAA benefits by submitting required documentation by the record date.

💡 Investors should ensure their PAN is linked with Aadhaar and bank details are updated in their Demat accounts by February 20, 2026, to receive the dividend and avoid higher TDS.

IRCTC Declares ₹3.50 Interim Dividend; Sets February 20 as Record Date

🟢 POSITIVE ⭐ 8/10

DIVIDEND 📅 12 Feb 2026, 06:10 PM

IRCTC has declared its second interim dividend of ₹3.50 per equity share (175% of face value) for FY 2025-26. The company has fixed February 20, 2026, as the record date to determine shareholder eligibility for the payout. Alongside the dividend, the board approved Q3 FY26 results which included an exceptional income of ₹16.71 crore from charge reductions and provision reversals. Additionally, a significant legal overhang was cleared as the Supreme Court ruled in favor of IRCTC regarding a ₹74.72 crore arbitration claim by catering contractors.

Declared 2nd interim dividend of ₹3.50 per share on equity shares of face value ₹2 each.
Fixed Friday, February 20, 2026, as the record date for dividend payment eligibility.
Reported exceptional income of ₹1,670.58 Lakhs for the nine months ended December 31, 2025.
Successful Supreme Court litigation outcome regarding catering service claims, resulting in no financial liability.
Board approved unaudited standalone and consolidated financial results for the quarter ended December 31, 2025.

💡 Investors interested in the dividend should ensure they hold the stock before the ex-dividend date. The resolution of the catering arbitration in IRCTC's favor is a positive development that removes a potential liability from the balance sheet.

IRCTC Declares Second Interim Dividend of ₹3.50 Per Share for FY 2025-26

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 12 Feb 2026, 05:53 PM

The Board of Directors of IRCTC has declared a second interim dividend of ₹3.50 per equity share for the financial year 2025-26, which represents 175% of the face value of ₹2 per share. The company has fixed February 20, 2026, as the record date to determine the eligibility of shareholders for this payment. This announcement was made alongside the approval of the company's unaudited financial results for the quarter and nine months ended December 31, 2025. The move underscores the company's consistent track record of sharing profits with its shareholders.

Declared 2nd Interim Dividend of ₹3.50 per equity share (175% of face value)
Record date for dividend eligibility fixed as February 20, 2026
Approved unaudited standalone and consolidated financial results for Q3 FY26
Exceptional items for the nine months ended Dec 2025 include income of ₹1,670.58 lakhs
Legal victory noted as Supreme Court ruled in favor of IRCTC regarding catering service claims

💡 Investors interested in the dividend must ensure they hold the shares before the record date of February 20, 2026. The dividend yield remains a key attraction for IRCTC shareholders alongside its monopoly in railway ticketing.

IRCTC Declares ₹3.50 Interim Dividend; Reports Q3 Net Profit of ₹307 Crore

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 12 Feb 2026, 05:50 PM

IRCTC reported a standalone net profit of ₹307.24 crore for the quarter ended December 31, 2025, on a revenue of ₹1,126.12 crore. The Board has declared a second interim dividend of ₹3.50 per share (175% of face value), with the record date fixed as February 20, 2026. Catering and Internet Ticketing continue to be the dominant segments, contributing ₹494 crore and ₹342 crore to the quarterly revenue respectively. Notably, the company secured a major legal victory with the Supreme Court ruling in its favor regarding a ₹74.7 crore arbitration dispute.

Declared 2nd interim dividend of ₹3.50 per equity share (175%) for FY 2025-26.
Standalone Net Profit for Q3 FY26 stood at ₹307.24 crore with an EPS of ₹3.84.
Revenue from Operations for the quarter reached ₹1,126.12 crore, driven by Catering and Internet Ticketing.
Supreme Court set aside a ₹74.7 crore arbitration award against IRCTC, removing a significant potential liability.
Exceptional income of ₹16.7 crore recognized in 9M FY26, including ₹5.8 crore from Tejas Express charge reductions.

💡 Investors should track the record date of February 20, 2026, for dividend eligibility. The favorable Supreme Court ruling and steady margins in the ticketing segment reinforce the company's strong fundamental position.

IRCTC to Host Q3FY26 Earnings Conference Call on February 13, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 06 Feb 2026, 03:42 PM

IRCTC has scheduled its Q3FY26 earnings conference call for February 13, 2026, at 4:00 PM IST. The call will be hosted by Dolat Capital and will feature senior management including the Chairman and Managing Director and the CFO. This session follows the announcement of third-quarter financial results, offering a platform for analysts to discuss operational performance. Investors should look for updates regarding the company's core segments like internet ticketing and catering.

Earnings conference call for Q3FY26 results scheduled for February 13, 2026, at 16:00 IST.
Management participants include CMD Sanjay Kumar Jain and CFO Sudhir Kumar.
The call is being hosted by Dolat Capital Market Pvt. Ltd.
Universal dial-in numbers are +91 22 6280 1116 and +91 22 7115 8017.
Transcript and audio/video links will be available on the company website post-call.

💡 Investors should review the Q3 financial results once released and listen to the call for management's outlook on margin expansion and new tourism initiatives.

IRCTC Appoints Vikram Yadav as Group General Manager for Procurement and Tendering

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 03 Feb 2026, 05:36 PM

IRCTC has announced the appointment of Shri Vikram Yadav as the Group General Manager for Procurement and Tendering, effective February 2, 2026. Shri Yadav is an officer of the Indian Railway Service of Electrical Engineers (IRSEE) from the 1998 batch. He brings over 25 years of extensive experience within the Indian Railways to this senior management role. This position is one level below the Board of Directors and is a deputation-based appointment intended to oversee critical procurement functions.

Shri Vikram Yadav joined IRCTC on February 2, 2026, as Group General Manager (Procurement and Tendering).
He is an IRSEE officer of the 1998 batch with more than 25 years of experience in Indian Railways.
The role is a senior management position situated one level below the Board of Directors.
The appointment is on the usual terms of deputation from the Ministry of Railways.

💡 This is a routine administrative appointment for a PSU and does not impact the company's fundamentals. Investors should continue to focus on the company's quarterly earnings and catering policy updates.

IRCTC Board to Meet Feb 12 for Q3 Results and 2nd Interim Dividend; Record Date Feb 20

🟢 POSITIVE ⭐ 7/10

BOARD_MEETING 📅 27 Jan 2026, 07:42 PM

IRCTC has scheduled a board meeting on February 12, 2026, to approve its financial results for the quarter and nine months ended December 31, 2025. During this meeting, the board will also consider the declaration of a second interim dividend for the financial year 2025-26. The company has proactively fixed February 20, 2026, as the record date to determine shareholder eligibility for the dividend, should it be approved. This announcement follows the company's consistent track record of rewarding shareholders through periodic dividends.

Board meeting scheduled for February 12, 2026, to consider Q3 and 9M FY26 financial results.
Proposal for a 2nd Interim Dividend for FY 2025-26 to be evaluated by the board.
Record date for the potential dividend is fixed as Friday, February 20, 2026.
Trading window for insiders is closed from January 1, 2026, until February 14, 2026.

💡 Investors should watch for the dividend payout ratio and Q3 earnings growth on February 12. To qualify for the dividend, ensure shares are in your demat account before the ex-dividend date, which will precede the February 20 record date.

IRCTC Announces Cessation of Shri Manoj Kumar Gangeya as Part-time Government Director

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 16 Jan 2026, 06:24 PM

IRCTC has announced that Shri Manoj Kumar Gangeya, an IRTS officer, has ceased to be a Part-time Government Director on the company's board effective January 16, 2026. This change follows his relinquishment of the charge as Executive Director (Planning) at the Railway Board as per an order dated January 12, 2026. Such rotations are routine for Public Sector Undertakings (PSUs) where government officials are nominated to the board based on their current administrative roles. The departure is administrative in nature and does not reflect any internal conflict or operational issues.

Shri Manoj Kumar Gangeya (DIN: 09744752) ceased his directorship effective January 16, 2026.
The cessation follows Railway Board Order No. 2026/E(O)II/5/2 dated January 12, 2026.
The director relinquished his primary charge as Executive Director (Planning) at the Railway Board.
The disclosure was made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 No action is required from investors as this is a routine administrative change common in government-controlled entities. Focus should remain on the company's core business performance and upcoming financial results.

View All IRCTC Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

In Q2 FY26, total revenue reached INR 1,209 Cr, a 7.5% YoY increase. Segment performance included Internet Ticketing at INR 386 Cr (up 4% YoY), Catering at INR 520 Cr (up 8% YoY), Rail Neer at INR 91 Cr (up 4.6% YoY), and Tourism at INR 150 Cr (up 20.97% YoY).

Profitability Margins

Profit After Tax (PAT) for Q2 FY26 was INR 342 Cr, reflecting an 11% YoY growth. EBITDA rose to INR 404 Cr, an 8.31% YoY increase. The internet ticketing segment remains the most profitable with an EBITDA margin of 85%, up from 81% in the previous year.

EBITDA Margin

The overall EBITDA margin improved to 35.25% in Q2 FY26 from 35.05% in Q2 FY25, driven by cost management and operational efficiency across segments.

⚙️ Operational Drivers

Raw Materials

Key operational inputs include food ingredients for the catering segment (INR 520 Cr revenue) and PET preforms/water for Rail Neer production (INR 91 Cr revenue).

Capacity Expansion

Rail Neer plants at various stations are currently being commissioned slowly to expand production capacity and meet growing passenger demand.

Manufacturing Efficiency

Efficiency in the internet ticketing segment improved EBITDA margins from 81% to 85% YoY through better digital execution.

📈 Strategic Growth

Expected Growth Rate

11%

Growth Strategy

Growth will be driven by the new payment aggregator business (RBI in-principle approval received), a unified travel portal for cross-selling products, and the integration of AI/ML and Agentic AI to enhance UI/UX. Additionally, the company is expanding its loyalty program, which grew 26.65% to INR 15.35 Cr, and increasing non-convenience fee revenue, which rose 13%.

Products & Services

Online railway tickets, cooked meals for train passengers, Rail Neer bottled water, tour packages, and Bharat Gaurav train departures.

Brand Portfolio

IRCTC, Rail Neer, Bharat Gaurav.

New Products/Services

Payment aggregator services (proposal due by end of January) and a unified travel portal for integrated travel solutions.

Market Expansion

Expansion of Bharat Gaurav trains with 9 new coaches deployed to capture the growing religious and cultural tourism market.

Market Share & Ranking

IRCTC maintains a dominant 89.24% market share of total reserved tickets booked for Indian Railways.

Strategic Alliances

Co-branded credit card partnerships with State Bank of India (SBI) and RBL Bank to drive loyalty and digital payments.

🌍 External Factors

Industry Trends

The industry is seeing a steady demand recovery with 90% of railway tickets now booked online, alongside a growing volume of passengers requiring catering and value-added services.

Competitive Landscape

The company faces competition in the payment aggregator and tourism fields but leverages its massive existing customer base for cross-selling.

Competitive Moat

IRCTC possesses a strong moat through its 89.24% market share in online ticketing and a high-margin (85% EBITDA) digital ecosystem that is difficult for competitors to replicate.

Consumer Behavior

Shift toward digital platforms for all travel needs, evidenced by the high online ticketing penetration and growth in digital loyalty programs.

Geopolitical Risks

Geopolitical factors were cited as a cause for temporary disruptions in the tourism segment during the period.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with SEBI (LODR) Regulations 2015 regarding board composition, specifically the requirement for independent and woman directors.

Legal Contingencies

The company was fined INR 5,42,800 each by BSE and NSE for non-compliance with board composition regulations for the quarter ended September 30, 2025.