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Swing Capital

Indian Railway Catering & Tourism Corporation Ltd

NSE: IRCTC BSE: 542830

Incorporated in 1999, IRCTC is a Navratna (Category 1, Central Public Sector Enterprises ) and the only company authorized by the Indian government to provide online railway tickets, catering services, and packaged drinking water at railway stations and trains in India[1]

₹531
52W: ₹493 — ₹820
PE 30.7 · Book ₹53.2 · +898% vs book
Market Cap₹42,492 Cr
Stock P/E30.7Price to Earnings
ROCE49%Return on Capital
ROE37.2%Return on Equity
Div. Yield1.61%Face Value ₹2

Strengths

  • +Company is almost debt free.
  • +Company has delivered good profit growth of 20.0% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 40.4%
  • +Company has been maintaining a healthy dividend payout of 46.4%

Weaknesses

  • −Stock is trading at 9.93 times its book value

Shareholding Pattern

Promoters62.4%
FIIs4.86%
DIIs14.86%
Public17.88%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters62.4%62.4%62.4%62.4%62.4%62.4%62.4%62.4%
FIIs7.78%7.54%▼0.27.45%▼0.17.37%▼0.17.28%▼0.17.27%▼0.07.19%▼0.14.86%▼2.3
DIIs13.74%13.92%▲0.213.73%▼0.213.89%▲0.214.16%▲0.314.18%▲0.014.02%▼0.214.86%▲0.8
Public16.06%16.14%▲0.116.43%▲0.316.35%▼0.116.17%▼0.216.16%▼0.016.39%▲0.217.88%▲1.5

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales9921,1181,1551,1181,0641,2251,2691,1601,1461,449
Expenses626724792743691808883762742984
Operating Profit367394363375373417385397404465
OPM %37%35%31%34%35%34%30%34%35%32%
Net Profit295300284308308341358330342394
EPS ₹3.683.753.553.853.854.274.474.134.274.93

AI Insights

Revenue Trend

TTM revenue at ₹5,024Cr, up 7.5% YoY. OPM at 33%.

Debt Position

Borrowings at ₹78Cr. Debt-to-equity ratio: 0.02x. Healthy balance sheet.

Capex Cycle

CWIP at ₹7Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 14.86% (+4.94pp change). FIIs: 4.86% (-2.13pp change). Promoters hold 62.4%.

Margin & Efficiency

ROCE improving from 0% (Mar 2015) to 49% (Mar 2025). Working capital days: 56.

Valuation

PE 30.7x with 49% ROCE. Price is 898% above book value of ₹53.2. Dividend yield: 1.61%.

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