Board Meeting Details

The Board of Directors meeting was held on Wednesday, August 12, 2026, commencing at 03:00 PM and concluding at 06:00 PM. The Board approved the Unaudited Financial Results (Standalone & Consolidated) for the quarter ended June 30, 2026 along with the Limited Review Report.

Financial Performance Highlights (Standalone)

Revenue from Operations: ₹136,952.93 lakhs for Q1 FY27 (June 30, 2026)

Segment-wise Revenue (Q1 FY27):

  • Catering: ₹73,226.08 lakhs
  • Rail Neer: ₹11,390.95 lakhs
  • Internet Ticketing: ₹36,099.25 lakhs
  • Tourism: ₹16,807.27 lakhs
  • Total Segment Revenue: ₹137,523.55 lakhs
  • Less: Inter Segment Revenue: ₹570.62 lakhs

Segment-wise Results (Profit before tax, interest and investment income):

  • Catering: ₹6,801.39 lakhs
  • Rail Neer: ₹1,117.28 lakhs
  • Internet Ticketing: ₹28,962.81 lakhs
  • Tourism: ₹1,930.85 lakhs
  • Total: ₹38,812.33 lakhs

Add: Interest Income: ₹5,316.29 lakhs

Profit Before Tax: ₹44,128.62 lakhs for Q1 FY27

Comparative Figures

Quarter ended June 30, 2025 (Unaudited):

  • Revenue from Operations: ₹115,968.10 lakhs
  • Profit Before Tax: ₹44,179.90 lakhs

Year ended March 31, 2026 (Audited):

  • Revenue from Operations: ₹521,486.31 lakhs
  • Profit Before Tax: ₹187,508.02 lakhs

Consolidated Financial Performance

Profit Before Tax: ₹44,168.41 lakhs for Q1 FY27

Interest Income: ₹5,360.24 lakhs

Subsidiary company (IRCTC Payments Ltd) contributed total income of ₹43.95 lakhs and net profit after tax of ₹29.77 lakhs for the quarter ended June 30, 2026.

Significant Contingencies and Notes

1. Enhanced License Fee Recognition (Note 4):

The effect of enhancement of License Fee for periods from 18th November, 2019 to 22nd March, 2020 (for post-paid trains) and 27th November, 2021 to 30th June, 2026 (for post and pre-paid trains) has not been recognized in the financial statements. This is due to the matter being sub-judice as some licensees have challenged the company's decision in respective Hon'ble High Courts of Delhi, Mumbai, Kolkata and Guwahati and arbitration. The impact is dependent on the outcome of these legal proceedings.

2. GST Input Tax Credit Dispute with Rail Neer DCOs (Note 5):

  • Regarding 4 PPP Railneer plants, Developer cum Operators (DCOs) are to be reimbursed GST on supply of Railneer net of Input Tax Credit availed by them.
  • Complete information of ITC availed by DCOs is not available.
  • ₹92.68 lakhs accounted during quarter ended June 30, 2025
  • ₹397.86 lakhs accounted during FY 2025-26
  • Total amount accounted till March 31, 2026: ₹1,940.16 lakhs
  • DCOs of Sankrail & Hapur plants challenged the claims in court:
  • Sankrail Plant: Hon'ble Delhi High Court appointed Arbitrator and restrained company from recovery until Section 17 application consideration
  • Hapur Plant: Interim order continued (no recovery/deductions), next hearing on September 2, 2026
  • Parasala Plant: Contract terminated
  • Management has issued letters to DCOs directing them to furnish GSTR data to ascertain actual ITC availed

3. National Anti-Profiteering Authority Notice (Note 5/6):

  • Notice dated February 25, 2022 alleging profiteering amount of ₹5,041.44 lakhs under CGST Act, 2017
  • Period: July 1, 2017 to May 31, 2020
  • Allegation: Not passing benefit of tax reduction to consumers for Railneer drinking water
  • Company contends MRP is fixed by Ministry of Railways since 2012 despite cost increases
  • Matter now with Principal bench of Goods & Services Tax Appellate Tribunal (GSTAT)
  • Hearing has taken place but no conclusive order passed

4. Exceptional Items for FY26:

Income of ₹1,678.65 lakhs includes:

  • ₹580.49 lakhs: Reduction in fixed, variable and custody charges for two Tejas express trains w.e.f. April 1, 2024 to March 31, 2025
  • ₹1,098.16 lakhs: Excess provisions written back for previous years relating to various expenses

Allocated to segments:

  • Catering: ₹4.82 lakhs
  • Railneer: ₹0.78 lakhs
  • Internet Ticketing: ₹1,090.80 lakhs
  • Tourism: ₹582.25 lakhs

Auditor's Review

N.K. Bhargava & Co., Chartered Accountants conducted limited review and issued unmodified conclusion with emphasis of matter on:

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

2. GST input tax credit dispute with Rail Neer DCOs

3. National Anti-Profiteering Authority notice

The auditors noted they did not review the interim financial statements of the subsidiary company (IRCTC Payments Ltd), which were management-certified.

Additional Information

  • Financial results prepared in accordance with Indian Accounting Standards (Ind-AS)
  • Figures for previous periods have been regrouped/reclassified/restated where necessary
  • Results available on company website: www.irctc.com