IRCTC bets on 200+ new trains and tourism boom to defend 30% EBITDA margin
IRCTC guides 20% tourism growth and 9-10% ticketing growth in FY27, leaning on 200+ Vande Bharat Sleeper and Amrit Bharat launches over 3-5 years. Catering (45% of revenue, 18 lakh meals/day) targets 15% growth, with Rail Neer, loyalty and ads reshaping the mix. Stock down 34% YoY against a ₹41,536 cr market cap.
IRCTC guides 20% tourism growth in FY27 and 30% EBITDA margin, banking on 200+ new Vande Bharat Sleeper and Amrit Bharat trains. Catering, ticketing, Rail Neer, loyalty and ads to drive a shifting revenue mix.