IRCTC Q4 & FY25 Results: Insights for Investors
Indian Railway Catering and Tourism Corporation (IRCTC) delivered a steady performance in Q4FY25 and FY25, showcasing resilience and strategic strength across key segments like catering, ticketing, Rail Neer, and tourism.
✅ Key Financial Highlights
Particulars | Q4 FY25 | FY25 | Growth YoY |
Revenue from Operations | ₹1,26,853 lakh | ₹4,67,477 lakh | +9.7% |
Total Income | ₹1,32,969 lakh | ₹4,90,386 lakh | +10.8% |
Consolidated Profit (PAT) | ₹35,750 lakh | ₹1,31,358 lakh | +17.9% |
EPS (₹) | 4.48 | 16.44 | +18.4% |
EBITDA Margin | ~33.8% | ~34.3% | Expansion +80bps |
📈 Segmental Revenue & Performance – FY25
Segment | Revenue (₹ lakh) | Segmental Share | YoY Growth |
Catering | ₹1,56,052 | 33.4% | +13% |
Rail Neer | ₹19,401 | 4.1% | +11% |
Internet Ticketing | ₹1,14,000+ | 24.3% | ~Stable |
Tourism | ₹56,098 | 12.0% | +6.6% |
💹 Consolidated Income Statement – Analysis Table
Metric | Q4 FY25 | FY25 | YoY Growth |
Revenue from Ops | ₹1,26,853 lakh | ₹4,67,477 lakh | +9.7% |
EBITDA | ₹42,653 lakh | ₹1,70,920 lakh | +9.9% |
PAT | ₹35,750 lakh | ₹1,31,358 lakh | +17.9% |
EPS | 4.48 | 16.44 | +18.4% |
Profit Margin (%) | 28.1% | 28.1% | +180 bps |
PE Ratio (CMP ₹771) | 46.9x |
| ⚠ Slightly high |
Interest Coverage Ratio (ICR) | 25.4x |
| Very Healthy |
🧾 Balance Sheet Highlights & Key Ratios (FY25)
Metric | Value (₹ lakh) | FY25 Ratio |
Net Worth | ₹3,66,336 | - |
Total Assets | ₹6,79,997 | - |
Trade Receivables | ₹1,73,423 | ~25% of assets |
Cash & Equivalents | ₹2,16,204 | Very liquid |
Debt-to-Equity | 0.00x (Debt-free) | Extremely safe |
Current Ratio | 2.15x | Sound liquidity |
Price to Book (PBV) Ratio | 2.1x | Reasonable |
💰 Cash Flow & Liquidity
Metric | FY25 (₹ lakh) | Insight |
Cash from Operations (CFO) | ₹1,43,998 | Strong internal generation |
Cash from Investing (CFI) | ₹(41,468) | Includes CapEx in infra |
Cash from Financing (CFF) | ₹(90,980) | Dividend of ₹88/share paid |
Net Cash Flow | ₹11,550 | Net positive post investments |
Free Cash Flow (FCF est.) | ~₹1,35,000 | Strong potential for reinvestment |
📌 Near-Term & Long-Term Outlook
Short-Term: Margin pressures manageable, healthy bookings post-pandemic boost Q1FY26 outlook.
Medium-Term: Steady growth from digital ticketing, catering, and Rail Neer expansion.
Long-Term: Government-backed monopoly ensures earnings stability, scope for public-private partnerships and tourism tailwinds.
⚠ Disclosures
Dividend declared: ₹8/share (₹1 final, ₹7 interim).
Sub judice matters: License fee hike, Railneer GST ITC dispute.
Arbitration liabilities on meal pricing pending Supreme Court ruling.
🎯 Conclusion for Investors
IRCTC remains a debt-free, cash-rich, high ROE business with strategic monopoly. Though valuations (~47x P/E) are premium, its resilient earnings, digital edge, and policy-driven moat make it a reliable long-term SIP candidate.