I R C T C Q1 FY27 Results (NSE: IRCTC)
Signal: Growth reaccelerated
The read
The key inflection is revenue growth accelerating to 18.1% YoY from 3.8% in Q1FY26, led by Tourism and Catering, but margin conversion weakened: EBITDA margin fell to 33.5% from the prior-series 34% and PAT declined 0.2%, extending the recent pattern of growth without profit acceleration.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,369.53 Cr | 18.1% | -6.2% |
| EBIT | ₹446 Cr | -0.1% | |
| Net profit | ₹330.16 Cr | -0.2% | |
| EPS | ₹4.13 | 0.0% | |
| EBIT margin | 33.5% |
P&L walk
Consolidated revenue rose 18.1% YoY to ₹136952.93 lakh, but EBITDA of ₹45839 lakh was flat and the 33.5% EBITDA margin declined 50bps, leaving PAT down 0.2% at ₹32986.11 lakh.
Segments
Tourism was the main revenue driver at ₹76807.27 lakh, up approximately 420% YoY, while its segment result rose to ₹1930.34 lakh from ₹1286.00 lakh; Internet Ticketing remained the earnings anchor at ₹28961.71 lakh despite nearly flat revenue growth, while Railneer result fell 27.5% YoY.
Key positives
- Consolidated revenue reached ₹136952.93 lakh, up 18.1% YoY versus 3.8% YoY in Q1FY26, marking a material top-line acceleration.
- Tourism revenue rose approximately 420% YoY to ₹76807.27 lakh and its segment result increased approximately 50.1% YoY to ₹1930.34 lakh.
- Internet Ticketing remained the largest profit contributor at ₹28961.71 lakh of segment result, representing approximately 74.6% of total segment result.
Key concerns
- EBITDA was ₹45839 lakh and flat YoY despite 18.1% revenue growth, while EBITDA margin declined 50bps to 33.5%.
- Employee benefit expenses rose 37.7% YoY to ₹10413.58 lakh, materially faster than revenue and limiting profit conversion.
- Railneer segment result declined 27.5% YoY to ₹1116.95 lakh despite 3.1% revenue growth, indicating pressure in a smaller but strategically relevant business.
Research and educational content only. Not investment advice.