Board Meeting Details

The Board of Directors meeting was held on November 12, 2026, commencing at 03:00 PM and concluding at 04:45 PM. The meeting approved the unaudited financial results (standalone and consolidated) for Q2 and H1 FY27 along with Limited Review Report.

Key Financial Figures - Standalone (₹ Lakhs)

Quarterly Performance (Q2 FY27 vs Q2 FY26 vs Q1 FY27)

  • Revenue from operations: ₹13,330.75 (Q2 FY27) vs ₹11,459.90 (Q2 FY26) vs ₹13,695.29 (Q1 FY27)
  • Total Income: ₹14,132.27 vs ₹12,087.15 vs ₹14,408.12
  • Profit before exceptional items and tax: ₹4,719.13 vs ₹4,511.81 vs ₹4,412.86
  • Exceptional Items: (₹1,162.99) vs ₹58.05 vs ₹0.00
  • Profit before tax: ₹3,556.14 vs ₹4,569.85 vs ₹4,412.86
  • Profit after tax: ₹2,633.18 vs ₹3,418.56 vs ₹3,298.61
  • EPS (Basic): ₹3.29 vs ₹4.27 vs ₹4.12

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Revenue from operations: ₹27,026.04 vs ₹23,056.71
  • Total Income: ₹28,540.39 vs ₹24,291.36
  • Profit before exceptional items and tax: ₹9,131.99 vs ₹8,929.80
  • Exceptional Items: (₹1,162.99) vs ₹58.05
  • Profit before tax: ₹7,969.01 vs ₹8,987.84
  • Profit after tax: ₹5,931.79 vs ₹6,723.08
  • EPS (Basic): ₹7.41 vs ₹8.40

Segment Revenue - Standalone (Q2 FY27)

  • Catering: ₹6,550.06
  • Rail Neer: ₹1,011.11
  • Internet Ticketing: ₹3,897.68
  • Tourism: ₹1,920.30
  • Total: ₹13,379.15 (before inter-segment elimination)

Segment Results - Standalone (Q2 FY27)

  • Catering Profit: ₹645.25
  • Rail Neer Loss: (₹1,061.15)
  • Internet Ticketing Profit: ₹3,285.85
  • Tourism Profit: ₹134.35

Key Financial Figures - Consolidated (₹ Lakhs)

Quarterly Performance (Q2 FY27)

  • Revenue from operations: ₹13,330.75
  • Profit after tax: ₹2,635.62
  • EPS (Basic): ₹3.29

Half-Yearly Performance (H1 FY27)

  • Revenue from operations: ₹27,026.04
  • Profit after tax: ₹5,937.21
  • EPS (Basic): ₹7.42

Exceptional Items

For half year ended September 30, 2026, exceptional items represent expenses of ₹1,162.99 lakh towards provision made against demand from Goods & Services Tax Appellate Tribunal (GSTAT). This includes:

  • Alleged profiteered amount: ₹504.14 lakh
  • Interest @18% per annum up to September 30, 2026: ₹658.85 lakh

Legal and Regulatory Matters

GSTAT Order on Profiteering

The Hon'ble GSTAT passed an order dated October 14, 2026, against the company regarding alleged profiteering under Section 171 of CGST Act, 2017 concerning Rail Neer packaged drinking water. The order directs:

  • Deposit of alleged profiteered amount of ₹504.14 lakh in Central and State Consumer Welfare Funds (50:50 ratio)
  • Interest @18% per annum from June 28, 2019 till deposit date
  • Penalty @10% of profiteered amount (waivable if amount deposited within 30 days)

The company is preferring an appeal before competent court of jurisdiction.

Catering License Fee Dispute

Pursuant to Railway Board Commercial Circular No. CC-60 of 2019, the company raised demands for enhanced license fee for periods:

  • November 18, 2019 to March 22, 2020 (post-paid trains)
  • November 27, 2021 to September 30, 2026 (post-paid and pre-paid trains)

Certain licensees have challenged demands before High Courts or invoked arbitration. Awards against company have been challenged before Delhi High Court, which has stayed execution. Matter next listed on January 18, 2027. Enhanced license fee not recognized in financial results.

Railneer GST Reimbursement Dispute

For four PPP Railneer plants, Developer-cum-Operators (DCOs) are to be reimbursed GST on Railneer supply net of Input Tax Credit (ITC) availed. Complete ITC information not available. Company has accounted:

  • ₹99.32 lakh as claim for Q2 FY27
  • ₹192.00 lakh as claim for H1 FY27
  • Total accumulated claim: ₹2,039.30 lakh as at September 30, 2026

DCOs of Sankrail, Hapur & Nagpur plants have challenged claims through arbitration/court proceedings. Parassala plant contract terminated with dispute notice issued.

Governance and Compliance

With effect from April 15, 2026, the company does not have requisite number of Independent Directors to comply with Regulation 17(1)(b) of SEBI LODR Regulations, 2015. Consequently, the Audit Committee comprises two Government Nominee Directors and one Independent Director, which does not meet requirements of Section 177 of Companies Act, 2013 and Regulation 18(1)(b) of SEBI LODR Regulations. The company is pursuing the matter with concerned administrative authority for appointment of requisite independent directors.

Asset and Liability Position (Standalone)

As at September 30, 2026:

  • Total Assets: ₹90,561.19 lakh
  • Total Equity: ₹48,617.68 lakh (Share Capital: ₹1,600.00 lakh + Other Equity: ₹47,017.68 lakh)
  • Cash and Cash Equivalents: ₹6,998.13 lakh
  • Bank Balances (other than cash): ₹30,594.77 lakh
  • Trade Receivables: ₹27,174.07 lakh

Auditor Review

Nangia & Co LLP conducted limited review of the financial results and issued unmodified conclusion with emphasis of matters regarding:

1. Non-recognition of enhanced catering license fee due to sub-judice matter

2. Railneer GST reimbursement dispute and ongoing arbitration proceedings

The consolidated results include subsidiary IRCTC Payments Ltd with total assets of ₹260.57 lakh as at September 30, 2026, and net profit of ₹57.93 lakh for H1 FY27.

Cash Flow Highlights (Standalone)

For H1 FY27:

  • Cash from operating activities: ₹8,901.39 lakh
  • Cash used in investing activities: (₹5,908.78) lakh
  • Cash from financing activities: (₹118.72) lakh
  • Net increase in cash: ₹2,873.89 lakh