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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 Completion of Tenure for Two Independent Directors Effective April 14, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 14 Apr 2026, 07:58 PM

IRCTC has notified the stock exchanges that two of its Independent Directors, Shri Namgyal Wangchuk and Shri Sanjay Gaur, have ceased to be on the board effective April 14, 2026. This change is a result of the completion of their fixed tenures as per corporate governance guidelines. The departures are routine and compliant with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company will likely seek to fill these vacancies to maintain the required board composition and independent oversight.

Shri Namgyal Wangchuk (DIN: 09397676) ceased to be an Independent Director on April 14, 2026.
Shri Sanjay Gaur (DIN: 09399463) ceased to be an Independent Director on April 14, 2026.
The exits are due to the completion of their respective tenures and not due to any internal disputes.
The company remains compliant with Regulation 30 of SEBI (LODR) Regulations 2015 regarding timely disclosure.

💡 This is a routine administrative update with no impact on business operations or fundamentals. Investors should monitor future filings for the appointment of new independent directors to ensure continued board strength.

IRCTC Senior Management Change: GGM Vinay Kumar Pathak Resigns Prematurely

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 13 Apr 2026, 07:04 PM

IRCTC has announced that Mr. Vinay Kumar Pathak, Group General Manager (GGM) and Senior Management Personnel, has ceased his role effective April 13, 2026. Mr. Pathak was serving on deputation and requested a premature repatriation to his parent organization. This position is categorized as one level below the Board of Directors. The departure appears to be a routine administrative movement within the PSU framework and is not expected to disrupt core operations.

Mr. Vinay Kumar Pathak ceases to be Senior Management Personnel effective April 13, 2026.
The official held the post of Group General Manager (GGM) at the Corporate Office, one level below the Board.
The cessation is a result of premature repatriation following the official's own request.
The change was executed under IRCTC HRD Office Order No. 44/2026 dated April 13, 2026.

💡 This is a routine management update typical for a Public Sector Undertaking and requires no immediate action from investors. Focus should remain on the company's quarterly earnings and railway policy developments.

IRCTC Announces Cessation of Sh. Sudeesh V C as Group General Manager (IT)

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 30 Mar 2026, 06:25 PM

IRCTC has announced that Sh. Sudeesh V C, an IRTS officer serving as Group General Manager (IT), has been repatriated to his parent cadre. This change in senior management is effective from March 30, 2026, following orders from the Railway Board. Sh. Sudeesh V C held a position one level below the Board of Directors. As this is a routine repatriation of a deputed officer, it is considered a standard administrative procedure for a Public Sector Undertaking.

Sh. Sudeesh V C ceases to be Senior Management Personnel effective March 30, 2026.
The official served as Group General Manager (IT) at the Corporate Office level.
The move follows Railway Board Letter No. ERB-I/2026/2/23 dated March 25, 2026.
The transition is a routine repatriation to the parent cadre rather than a resignation or termination.

💡 No action is required as this is a routine administrative movement typical of PSU management structures. Investors should remain focused on IRCTC's core business performance in ticketing and catering.

IRCTC Receives Income Tax Demand Notice of ₹81.65 Lakhs for AY 2024-25

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 27 Mar 2026, 06:13 PM

IRCTC has received a demand notice from the Income Tax Department's Assessment Unit under Section 156 of the Income Tax Act, 1961. The notice, dated March 26, 2026, pertains to Assessment Year 2024-25 and involves a total demand of ₹81,65,140. The department has alleged under-reporting of total income for the specified period. The company has clarified that the demand is litigative and they intend to contest it before the appropriate authorities within the legal timelines.

Income Tax demand notice received for a total amount of ₹81,65,140
The notice pertains to Assessment Year 2024-25 under Section 156 of the IT Act
Demand is based on alleged under-reporting of total income by the company
IRCTC intends to contest the demand, stating the matter is litigative in nature

💡 The financial impact of ₹81.65 lakhs is negligible relative to IRCTC's annual revenue and market capitalization. No immediate action is required as this is a routine tax matter that the company plans to contest.

IRCTC Assigned ESG Rating of 52 (Category: Adequate) by ESG Risk Assessments & Insights

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 27 Mar 2026, 11:55 AM

IRCTC has been assigned an Environmental, Social, and Governance (ESG) rating of 52, placing it in the 'Adequate' category. The rating was issued by ESG Risk Assessments & Insights Limited, a SEBI-registered Category I ESG Rating Provider. Notably, IRCTC did not solicit this rating or participate in its preparation, as the score was derived solely from publicly available information. This disclosure is a routine regulatory filing under SEBI LODR Regulations.

Assigned an ESG rating score of 52 by ESG Risk Assessments & Insights Limited.
The rating is classified under the 'Adequate' category.
The assessment was conducted independently based on public domain information without company participation.
ESG Risk Assessments & Insights Limited is a SEBI-registered Category I ESG Rating Provider (ERP).

💡 The 'Adequate' rating is a standard baseline for a large public sector undertaking. Investors should monitor if the company takes proactive steps to improve this score to attract ESG-focused institutional capital.

IRCTC Board Addresses ₹10.84 Lakh Exchange Fines and Appoints New CIRO

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 24 Mar 2026, 05:54 PM

IRCTC's Board has deliberated on fines totaling ₹10.84 lakh imposed by NSE and BSE for the quarter ended December 31, 2025. The penalties relate to non-compliance with SEBI board composition norms, specifically the failure to appoint a woman director. The company clarified that these appointments are managed by the Ministry of Railways and has requested the ministry to expedite the process. Additionally, the Board approved a change in the nomination of the Chief Investor Relations Officer (CIRO).

NSE and BSE imposed fines of ₹5,42,200 each (totaling ₹10,84,400) for board composition non-compliance.
The violation pertains to SEBI Regulation 17(1) regarding the lack of a woman independent director.
IRCTC management stated the non-compliance is beyond their control as it depends on Ministry of Railways appointments.
The Board has formally approved a change in the nomination of the Chief Investor Relations Officer (CIRO).

💡 Investors should treat this as a routine governance issue common among PSUs where government delays impact board composition. The financial impact of the fine is negligible relative to the company's earnings.

IRCTC to Close Trading Window from April 1, 2026, for FY26 Audited Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Mar 2026, 05:17 PM

IRCTC has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the declaration of audited financial results for the quarter and full financial year ending March 31, 2026. The window will remain shut until 48 hours after the board meeting where results are approved. The specific date for the board meeting will be announced later. This is a standard procedure to prevent insider trading before sensitive financial information is made public.

Trading window closure begins on Wednesday, April 1, 2026.
Closure pertains to the audited financial results for Q4 and the full FY ending March 31, 2026.
Window to reopen 48 hours after the official declaration of financial results.
Designated persons and their immediate relatives are prohibited from trading IRCTC securities during this period.

💡 This is a routine regulatory filing with no direct impact on long-term fundamentals. Investors should wait for the official board meeting date and subsequent earnings release to assess company performance.

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.

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.