IRCTC Q3 FY26: ₹1,449 cr revenue, ₹394 cr PAT

What IRCTC reported for Q3 FY26

Indian Railway Catering and Tourism Corporation (IRCTC) posted its highest ever quarterly revenue and profitability in Q3 FY26, supported by performance across internet ticketing, catering, and tourism. The company said unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 were approved and published, with a limited review by statutory auditors.

Profit after tax (PAT) for the quarter came in at ₹394 crore, a 15.5% year-on-year increase. Operating profit, measured as EBITDA, stood at ₹465 crore, up 11.5% year-on-year, while the EBITDA margin moderated to 32.1%.

Revenue rose 18.2% as all segments contributed

IRCTC’s revenue from operations for Q3 FY26 was ₹1,449.47 crore (₹144,947.25 lakh), up from ₹1,145.99 crore (₹114,599.01 lakh) in Q3 FY25. The company attributed the record quarterly performance to robust execution across business lines, alongside continued demand for rail travel and tourism.

For the nine months ended December 31, 2025, revenue from operations was ₹3,755.14 crore (₹375,514.36 lakh), compared with ₹3,406.24 crore (₹340,624.11 lakh) in the corresponding period last year.

Profitability: PAT up 15.5%, margin softer YoY

Consolidated net profit for the quarter was reported at ₹394.33 crore, compared to ₹341.09 crore in Q3 FY25, translating into a 15.61% year-on-year increase. EBITDA for the quarter was ₹465 crore versus ₹417 crore in Q3 FY25, a year-on-year rise of 11.73%.

While profits expanded, the EBITDA margin contracted to 32.11% in the December FY26 quarter from 34.02% a year earlier. Management commentary linked the moderation to a shift in revenue mix, including a higher contribution from catering and the Vande Bharat mix.

Segment check: internet ticketing remains the margin anchor

Internet ticketing revenue stood at ₹401 crore in Q3 FY26, up 13.2% year-on-year, and the segment continues to be described as IRCTC’s most profitable business with 85% EBITDA margins. IRCTC also highlighted that internet ticketing processes 89% of total reserved railway bookings in India.

A notable theme for the segment is the push toward non-convenience revenue streams such as advertising, marketing, and loyalty. Non-convenience revenue grew 26% year-on-year to ₹150 crore, while convenience revenue was reported at ₹251 crore.

Catering growth came with margin pressures

The catering segment recorded 19% growth, according to the provided updates, but faced margin pressure. The company pointed to regulatory challenges and increased costs as factors weighing on profitability in this segment, even as volumes and train introductions supported revenue.

Management also indicated catering expansion potential tied to the planned introduction of 260 Vande Bharat train sets over the next few years, which could increase the addressable opportunity for onboard and related services.

Tourism demand lifts premium and luxury offerings

Tourism delivered a strong quarter, with demand seen particularly in luxury train offerings. IRCTC cited the popularity of Bharat Gaurav and Maharaja Express tours as part of the quarter’s momentum, alongside the introduction of 40 new trains supporting travel-related demand.

The tourism segment’s strength was also framed as a function of market demand and strategic expansion of offerings, including premium products.

Dividend and key per-share metrics

IRCTC declared a second interim dividend of ₹3.50 per share (face value ₹2) for FY 2025-26. The record date for the dividend was set as February 20, 2026.

For Q3 FY26, basic and diluted EPS was ₹4.93 (standalone and consolidated). For the nine-month period, EPS was reported at ₹13.33 (standalone) and ₹13.34 (consolidated).

Capacity expansion plans: Rail Neer and digital initiatives

On growth investments, IRCTC said Rail Neer capacity is expected to rise by 25% to 30% over the next 18 months, supported by four new greenfield plants and expansion of two existing facilities. This is intended to address unmet demand.

The company also reiterated the role of digital capabilities and a citizen-centric business model in driving customer engagement. A Unified Portal for cross-selling was referenced as part of its digital roadmap.

Regulatory watch: labour codes and payment platform transition

IRCTC said it is assessing the impact of new Labour Codes effective November 21, 2025 on employee benefit obligations. The company indicated the financial impact would be recognized once its assessment is complete and rules are notified.

Separately, management commentary referenced the need to navigate the transition to its own payment aggregator platform, which is being tracked as an operational and compliance-linked milestone.

Market snapshot and investor focus

Ahead of the earnings announcement, IRCTC shares closed 1.01% lower at ₹622 on the NSE, reflecting a cautious tape even as the company reported record operational numbers. The stock’s sensitivity to policy signals and travel-demand trends continues to keep it in focus.

Key numbers at a glance

Outlook: company guidance and external forecasts

Management said it is confident of sustaining growth momentum, targeting 15% sustainable growth for FY26, supported by operational efficiencies and a continued focus on improving customer experience through digital solutions.

Separately, forecasts cited in the provided material indicate earnings are expected to grow about 8.56% per year, with earnings and revenue projected to grow by 8.6% and 9.1% per annum respectively. Return on equity is forecast to be 29% in three years.

Why these results matter

IRCTC’s Q3 FY26 print reinforces the company’s dependence on a high-margin internet ticketing engine, while showing that catering and tourism can add scale during strong travel cycles. At the same time, the quarter highlights how revenue mix changes can influence margins, especially when catering grows faster but carries higher cost and regulatory complexity.

The near-term watchlist for investors remains centered on execution against capacity expansion in Rail Neer, scaling non-convenience income, and handling compliance items such as labour code implementation and payment platform transitions.

Conclusion

IRCTC closed Q3 FY26 with record revenue of ₹1,449.47 crore and PAT of ₹394 crore, backed by internet ticketing strength and higher activity in tourism and catering. The next set of milestones includes the February 20, 2026 dividend record date, Rail Neer capacity additions over the next 18 months, and progress on key regulatory and platform transitions.