✨ At a Glance
IRCTC went from a boring PSU to a demigod of retail investors overnight. From monopoly train ticketing to selling Rail Neer at 500% markup, this ‘Mini Ratna’ is more cash machine than utility. But post-COVID and post-stock split hype, has the train slowed down? Let’s find out.
🌟 Part 1: What is IRCTC Actually?
- Full Name: Indian Railway Catering and Tourism Corporation
- Incorporated: 1999, Ministry of Railways baby
- Mini Ratna: Now upgraded to ‘Scheduled A’ PSU in 2024
- Businesses:
- Internet Ticketing (36% of rev): Monopoly via irctc.co.in
- Catering Services (40%): Train food, station stalls
- Rail Neer (Packaged Water) (5%)
- Tourism (19%): Bharat Gaurav trains, packages,
- air tickets
Basically, it sells everything you touch in a train journey. Except patience.
📊 Part 2: 5-Year Financial Recap (FY20 – FY25)
| Year | Revenue (₹ Cr) | Net Profit (₹ Cr) | EPS (₹) | OPM % | ROCE % |
|---|---|---|---|---|---|
| FY20 | 2,264 | 513 | 6.41 | 31% | 62% |
| FY21 | 777 | 187 | 2.34 | 24% | 16% |
| FY22 | 1,879 | 660 | 8.24 | 47% | 51% |
| FY23 | 3,541 | 1,006 | 12.57 | 36% | 59% |
| FY24 | 4,270 | 1,111 | 13.89 | 34% | 54% |
| FY25 | 4,675 | 1,315 | 16.43 | 33% | 49% |
- COVID was a full derailment (FY21 revenue dropped 65%)
- But since then: Revenue up 5.7x, Profits up 7x, Margins still elite
- OPM >30% consistently. PSU mein bhi profitability hoti hai, baba!
📊 Part 3: FY25 & Q4 Highlights
FY25
- Revenue: ₹4,675 Cr (up 9%)
- Net Profit: ₹1,315 Cr
- EPS:
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