IRCTC has released the official transcript of its Q3 FY’26 Earnings Conference Call, held on Friday, February 13, 2026. Management reported the quarter yielded the highest ever revenue and profitability, driven by strong performance across Internet Ticketing, Rail Neer, and Tourism segments. PAT grew by 15.5% to INR394 crores, with total revenues rising 18.2% year-on-year to INR1,449 crores.
IRCTC Q3 FY’26 Performance Highlights
The management of IRCTC, led by Chairman and Managing Director Mr. Sanjay Kumar Jain, welcomed participants to the Q3 FY’26 Earnings Conference Call, covering the quarter ended 31st December 2025. The results highlighted exceptional performance, reflecting a resilient and diversified business model.
Key financial metrics for the quarter included:
- Profit After Tax (PAT): INR394 crores, marking a 15.5% year-on-year growth.
- Total Revenue: Increased by 18.2% to INR1,449 crores (up from INR1,225 crores last year).
- EBITDA: Stood at INR465 crores, an 11.5% year-on-year jump, with an overall margin of 32.1%.
Segmental Review
Internet Ticketing
This segment remains the most profitable core strength, with revenue at INR401 crores (up 13.2% YoY). Nearly 89% of reserved railway tickets are now booked online. This segment achieved an impressive EBITDA margin of 85%, driven by strong operating leverage.
Catering Services
Catering revenue recorded robust growth of 19.1% YoY, reaching INR661 crores. Margins were noted as slightly impacted due to the introduction of Vande Bharat billing, which offers a lower license fee structure, alongside a 5% GST payout. Management confirmed that 260 Vande Bharat train sets are in the pipeline for future catering business addition.
Rail Neer
Rail Neer generated INR98 crores in revenue, showing a 6.5% year-on-year growth, supported by improved operational efficiencies. The average daily sale volume was 12.68 lakh bottles, with management indicating capacity expansion through four new greenfield projects sanctioned for FY’27.
Tourism
The Tourism segment performed excellently, achieving revenue of INR289 crores, a 29% year-on-year growth. EBITDA margins improved to 19%.
- Maharaja Express revenue grew by 39% (to INR53.14 crores).
- State Tirth and Bharat Gaurav train revenue grew by 51% (to INR118.91 crores).
Ticketing and Digital Growth Drivers
Regarding the ticketing business, the focus is shifting toward non-convenience fees, which grew by 26% this quarter. The share of UPI transactions increased from 46.86% last year to 50.18% this quarter.
The company confirmed that the timeline for submitting final applications for the Payment Aggregator license has been extended by the RBI until August this year.
Closing Remarks
Mr. Rahul Himalian, Director, Tourism and Marketing, concluded by congratulating the team, noting that the strong Q3 performance inspires confidence for achieving targets for the full financial year 2025-26.
Source: BSE
