Key Financial Figures

Standalone Financial Results (Year ended March 31, 2026):

  • Revenue from operations: ₹5,214.86 crore (FY25: ₹4,674.77 crore)
  • Total income: ₹5,474.97 crore (FY25: ₹4,903.45 crore)
  • Profit before tax: ₹1,875.08 crore (FY25: ₹1,756.95 crore)
  • Profit after tax: ₹1,393.37 crore (FY25: ₹1,314.66 crore)
  • Basic EPS: ₹17.42 (FY25: ₹16.44)
  • Paid-up equity share capital: ₹160.00 crore (face value ₹2 per share)
  • Other equity: ₹4,148.38 crore

Quarterly Performance (Q4 FY26):

  • Revenue from operations: ₹1,459.72 crore (Q3 FY26: ₹1,449.47 crore)
  • Profit after tax: ₹326.57 crore (Q3 FY26: ₹394.49 crore)
  • Basic EPS: ₹4.08 (Q3 FY26: ₹4.93)

Segment-wise Revenue (FY26):

  • Catering: ₹2,398.75 crore
  • Rail Neer: ₹407.51 crore
  • Internet Ticketing: ₹1,535.51 crore
  • Tourism: ₹890.08 crore

Segment-wise Profit before tax (FY26):

  • Catering: ₹249.90 crore
  • Rail Neer: ₹55.66 crore
  • Internet Ticketing: ₹1,267.92 crore
  • Tourism: ₹127.50 crore

Dividend Recommendation

Board recommended final dividend of ₹0.50 per equity share (25% of face value) for FY 2025-26, subject to shareholder approval. This is in addition to:

  • First interim dividend: ₹5.00 per share paid December 2025
  • Second interim dividend: ₹3.50 per share paid March 2026

Total dividend for FY26: ₹9.00 per share on face value of ₹2.00 per share

Balance Sheet Position (as at March 31, 2026)

Assets:

  • Total assets: ₹7,579.20 crore
  • Cash and cash equivalents: ₹409.94 crore
  • Bank balances (other than cash): ₹2,431.68 crore
  • Trade receivables: ₹1,883.16 crore (includes ₹1,870.29 crore from Railways and Government)

Liabilities and Equity:

  • Total equity: ₹4,308.38 crore
  • Lease liabilities: ₹80.73 crore
  • Trade payables: ₹766.71 crore

Cash Flow (FY26):

  • Cash from operating activities: ₹1,273.72 crore
  • Cash used in investing activities: ₹(446.94) crore
  • Cash used in financing activities: ₹(787.46) crore
  • Net increase in cash: ₹39.32 crore

Legal and Regulatory Contingencies

Arbitration Matter (Licensees Claim):

  • Arbitrator awarded ₹747.17 crore to licensees in April 2022
  • Company filed objections, matter went through Delhi High Court and Supreme Court
  • Hon'ble Supreme Court judgment dated November 7, 2025 set aside Delhi High Court's division bench order
  • Matter finally adjudicated in favor of IRCTC with no financial impact
  • Bank guarantee of ₹847.17 crore deposited with court has been released

GST Profiteering Notice:

  • National Anti-Profiteering Authority notice dated February 25, 2022 for ₹504.14 crore
  • Matter now with Goods & Services Tax Appellate Tribunal (GSTAT)
  • Next hearing scheduled for July 15, 2026

Rail Neer Plants GST Issues:

  • Dispute with Developer cum Operators (DCOs) over GST reimbursement
  • ₹397.86 lakhs accounted during FY26, total ₹1,847.30 lakhs accounted till March 31, 2026
  • DCOs of Sankrail & Hapur plants challenged recovery in courts
  • Sankrail: Delhi High Court appointed arbitrator, restrained recovery
  • Hapur: Next hearing June 5, 2026
  • Parasala: Contract terminated

Catering License Fee Enhancement:

  • Railway Board Commercial Circular CC60 of 2019 regarding catering tariff increase
  • Enhancement of License Fee for periods from November 18, 2019 to March 22, 2020 (post-paid) and November 27, 2021 to March 31, 2026 (pre-paid and post-paid) not recognized
  • Matter sub-judice in various High Courts and arbitration

Advance Ruling Applications:

  • Applications made for advance ruling on GST applicability for income/receipts of ₹335.95 crore mainly from Ministry of Railways
  • Decision of Authority for Advance Ruling awaited

Exceptional Items

FY26 Exceptional Income: ₹167.87 crore comprising:

  • ₹58.05 crore: Reduction in fixed, variable and custody charges for two Tejas express trains (April 1, 2024 to March 31, 2025)
  • ₹109.82 crore: Excess provisions written back from previous years

FY25 Exceptional Income: ₹478.87 crore comprising:

  • ₹22.07 crore: Reversal of RU, stabling charges waived on Golden Chariot train by KTDC
  • ₹398.81 crore: Net impact of one-time reconciliation of legacy balances
  • ₹57.99 crore: Excess provisions written back from previous years

Labour Code Implementation

  • Government notified four Labour Codes on November 21, 2025
  • Company provided ₹6.01 lakhs for gratuity for outsourced staff for period November 21, 2025 to March 31, 2026
  • Impact assessed as not material on financial statements

Auditor's Emphasis of Matter

Statutory auditors issued unmodified opinion but highlighted:

  • Arbitration matter and Supreme Court outcome
  • GST profiteering notice
  • Balance confirmation issues from parties and banks
  • Rail Neer plants GST input tax credit disputes
  • Trade receivables of ₹1,870.29 crore from Railways and Government
  • Advance ruling applications pending
  • Catering license fee enhancement not recognized
  • Subsidiary and control ledger reconciliation issues
  • Exceptional items recognition

Board and Committee Composition

  • Audit Committee comprised one independent director and two government nominee directors
  • Company does not have requisite number of independent directors as required under Companies Act and listing regulations
  • Results reviewed by Audit Committee and approved by Board

Subsidiary Information

  • Consolidated results include IRCTC Payments Ltd (subsidiary)
  • Subsidiary total assets: ₹26.90 crore as of March 31, 2026
  • Subsidiary total income: ₹1.88 crore, net profit: ₹0.88 crore for FY26