Ladies and gentlemen, good day, and welcome to the IRCTC Limited Q4 and FY25 earnings conference call hosted by Edelweiss Capital Markets Pvt. Ltd. As a reminder, all participants will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on a touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Rahul Jain from Edelweiss Capital. Thank you, and over to you, sir.
Thank you, Ms. Khan. Good afternoon, everyone. On behalf of Dolat Capital, we welcome you all for the Q4 FY2025 earnings conference call for IRCTC Limited. I take this opportunity to welcome the management of IRCTC, represented by Mr. Sanjay Kumar Jain, who is CMD of the company, Mr. Rabindra Nath Mishra, who is Director of Finance. Also, we have today with us Dr. Lokanath Ravikumar, Director of Catering, Shri Rahul Himalyaji, Director of Tourism and Marketing, and Mr. Sudhir Kumar, CFO and GDM Finance of the company. Now, I would like to hand the conference over to IRCTC management to take the proceeding forward. Over to you, please, Sanjay Ji.
Good afternoon, everyone, and a warm welcome to you all to this con call of IRCTC for the quarter and year ending 31 March 2025. Yesterday, the company had announced the audited financial results for Q4 2025 and the year ending March 2025, and the same have been disclosed on both the stock exchanges. I shall first give a brief overview about the FY 2025 and Q4 FY 2025 results, post which our Director of Finance will provide the details of the performance of our business segment. Thereafter, we shall have the question-and-answer session. I am pleased to report that Q4 FY 2025 has been again an exceptional quarter, with our company achieving an all-time high operating revenue of INR 1,269 crore. This marks an impressive year-on-year growth of 10%, driven primarily by strong performance in our internet ticketing, catering, and tourism segment.
These results reaffirm the resilience and growing strength of our core business areas. Looking at the full year, FY 2025 has been a landmark year, with operating revenue reaching INR 4,674 crore, representing a strong annual growth of 9.73%. Our absolute EBITDA stood at INR 1,549 crore, up 5.71% annually, reflecting our sustained focus on operational efficiency and service delivery. Most notably, our PAT rose to INR 1,315 crore, up from INR 1,111 crore in the last financial year, a commendable increase of 18.3% annually. This growth underscores our commitment to delivering long-term value and highlights the company's solid financial foundation. Our overall yearly performance demonstrates robust fundamentals and a clear trajectory of long-term sustainable growth.
The Board of Directors has recommended a final dividend of INR 1 per share, subject to the shareholders' approval, taking the total dividend for financial year 2024-2025 to INR 8 per share, the highest-ever dividend amounting to INR 640 crore, which is 400% of the share capital, as compared to INR 520 crore in financial year 2023-2024. This reflects our continued commitment to give return to our shareholders. I'd like to conclude my opening remarks and shall hand over the call to my colleague and our Director of Finance, Shri Rabindra Nath Mishra, to brief you on the financial and segmental performance of the company.
Thank you, sir. Good afternoon, everybody. I hope you and your dear ones are in good health. I shall first give a brief overview about the annual performance and then Q4 financial year 2025 results, post which we shall have the question-and-answer session. Now, coming to annual performance financial year 2024-2025, I am pleased to report that FY2025 has been a year of strong financial and operational growth, reflecting the resilience and dynamism of our diversified business model. Annual highlights in comparison to financial year 2025 with the way financial year 2024 is, revenue from operation stood at INR 4,675 crore in financial year 2025, which is up by 9.73% year-on-year, led by sustained growth across key business segments. Profit before tax reached INR 1,757 crore, a solid increase of 17.42%, while net profit, that is PAT, rose to INR 1,315 crore, which is up by 18.35% year-on-year.
Absolute EBITDA improved to INR 1,549.86 crore, which is registering a 5.71% year-on-year growth, maintaining a high healthy margin of 33.15%. These results reflect the company's consistent focus on operational excellence, cost control, and strategic expansion in high-growth areas, particularly internet ticketing and tourism. Coming to the quarterly highlight, that is Q4 financial year 2025 versus Q4 financial year 2024 and Q3 financial year 2025. Despite a seasonal moderation in some segments, Q4 financial year 2025 was marked by a historic revenue milestone reaching INR 1,268.5 crore, that is INR 1,265.5 crore, the highest ever for any quarter. Coming to the segment-wise revenue performance for Q4 financial year 2025, internet ticketing revenue grew to INR 372.5 crore, a strong 8.78% year-on-year growth, and 5.30% quarter-on-quarter increase, reaffirming our leadership in this digital domain.
Tourism revenue surged to INR 274.4 crore, which is up by 38.17% year-on-year and 22.65% quarter-on-quarter, driven by strong demand and innovative travel offerings. Railway also performed straightly, posting INR 92.2 crore in revenue, which is up by 15.49% year-on-year. While catering revenue moderated to INR 529.4 crore, this was primarily due to seasonal variation, and we anticipate strong recovery and growth in the upcoming quarters. Segment-wise EBITDA highlights for Q4 financial year 2025 is, internet ticketing achieved an EBITDA of INR 306.9 crore, which is a remarkable 82.4% margin, a testament to the segment's profitability and the scalability. Tourism segment delivered INR 49.6 crore in EBITDA, which is up by 118.49% year-on-year, with a margin of 18.1%. Railway maintained a consistent EBITDA of INR 11.7 crore, with a margin of 12.7%.
Catering EBITDA rose to INR 64.6 crore from INR 42.7 crore year-on-year, reflecting 51.12% growth in absolute term, even as margin adjusted to 12.2%. The net worth of the company has increased to INR 3,663 crore in financial year 2024-2025, which is up from INR 3,230 crore in financial year 2023-2024, representing a net addition of 13.40% in shareholders' wealth. The quarterly and annual performance underscores IRCTC's strong fundamentals, robust execution capability, and its agility in adapting across diverse verticals. With a continued focus on innovation, service excellence, and enhancing customer experience, we remained well-positioned to seize future growth opportunities and drive sustainable long-term value creation for our esteemed stakeholders. That concludes my opening remarks. We can now move to the question-and-answer session. Thank you.
Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from question queue, you may press star and two. Participants are requested to use hands for asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question is from the line of Navani Naredi from Naredi Investments. Please go ahead.
Hello. Am I audible?
Yes, ma'am.
Hi. Thanks for the opportunity. I have got two or three questions. My first question is, what is the status of payment aggregator license applied to RBI? Second is, there is a significant increase in bills receivables and current assets. Is it the payment pending from the state government involved in the tourism of senior citizens to religious places? If yes, for how long will they be paying us back? My third question is, there is a significant increase in the revenue from tourism vertical also. What is the scope and opportunities coming ahead and growth ahead from this vertical? These are my three questions. Hello?
Yes. Yeah. Good afternoon, Navni. Good question. As about the RBI license, we have submitted in-principle approval with RBI in December 2024. They have asked for certain clarification, which we have already replied and awaiting their response.
When can we get?
Yes.
When can we expect the response from the same?
They take their own time, but we are chasing it. Secondly, your question about bills receivable, this is largely with Indian Railways. You know this is our parent organization, and we have a huge business. Largely, IRCTC is dependent on their business. We are getting it clear from them. Revenue tourism, as you correctly pointed out, in the last quarter has increased very high, and the momentum has already been achieved. We are likely to take tourism further for the growth of our company. That is what we have committed in our earlier phone call of Q3 and before that. Thank you.
All right. I have a follow-up question on the same. The thing which, as you mentioned, that it is on account of your parent company. I agree to that, but my question is for how long the bills receivables will get clear? Are these going to clear in the next few quarters, or will this amount stay the same?
You see, there is a process. Now I'm happy to inform you that we have already introduced a system whereby we get a certain % of our bills outstanding as an advance. The moment we book the things, we get the advance. This process challenges we are working onto it, but there is no worry so far as bill clearance are concerned. Thank you.
All right. Also, about the tourism vertical, are we planning new things ahead, or will we be able to maintain the current revenue growth in the upcoming quarters also?
You see, revenue from tourism will grow and grow only. That much I can say.
All right. Thanks for the opportunity. I'll get back in the queue.
Thank you. The next question is from the line of Jinesh Joshi from PL Capital. Please go ahead.
Yeah. Thanks for the opportunity. Sir, catering revenue was flat in this quarter. I believe due to Mahakumbh, we should have got an additional boost because a lot many special trains were being run. If I'm not mistaken, some additional Bharat Gaurav trains were also being run. In that context, why is the revenue flat? If you can just explain the reasons behind that.
That's a good question, Suji. You see, if you compare Q4 of this year with Q4 of last year, you will find one distinct difference that this year, Mahakumbh, when the trains were run, they were without catering facilities because the main target of government was to take more and more passengers to the Mahakumbh and clear the rush from there. These TOD trains were largely without catering facility as a prepaid train. Last quarter, in the quarter 2024, we have a good chunk of Aksai Express we run for Ayodhya. There, our catering facilities were there. This is the main cause of Q4 getting flat, but there is nothing to worry about it, first thing. Second thing is Bharat Gaurav train is not related to your catering business. It is related to tourism, and which has grew around 12% this year. Thank you.
Sure. Sure. Sir, I mean, we recorded an exceptional gain of about INR 450,000,000 in this quarter. I think some INR 400,000,000 pertains to some one-time reconciliation of the legacy business. I think that is what is stated in your footnotes. Can you please explain what this exactly pertains to?
You see, we have legacy items since many years. This year, we could clear the legacy transactions. One time, you are right that we have gained one time this revenue out of this. This was essentially required to clean up our balance sheet. Management has taken, a BOD has taken initiative that we should clean our balance sheet. That is why it has happened. There are two more factors to that. One is some dues from Karnataka Tourism Development Corporation. We have taken some negotiation, and due to that, we got back some money, which was due. Secondly, around excess provisioning of PRP of around INR 5 crore were again got back. That is the reason. Thank you.
Sorry, sir. I'm harping on this bit again. The KTDC thing and the excess provisioning thing is a bit self-explanatory in nature. The second part, which has a chunky gain of about INR 400 million, just mentions that a net impact of one-time reconciliation of legacy business. I'm still not clear which segment does it pertain to and what kind of legacy business are we talking about?
This is related to different segments. If you want the breakup segment, that also I can provide you. Thank you. We will send it to you.
We'll send it to you. No problem. One last question from my side. If you can just share the number of tickets booked and the convenience income for full Q. And also, if you can share the EC and non-EC ticketing mix for this quarter.
What is it?
Hello?
Daily average ticket booking this quarter is 14.33 lakh per day. As against 12.91 lakh per day, around 11%. What's your next question, please?
Sirs, convenience fee income in full queue?
Convenience fee for Q4 was INR 2.42 billion. As against INR 2.24 billion last year.
Sure. Sir, the EC and non-EC mix and share of UPI, if you can give the quantum for the full year, that will be very helpful.
The UPI is around 64%. Just a moment. This UPI for the whole year is 46.27%.
The EC quantum, EC ticketing quantum, in percentage terms?
EC in this quarter, you want the complete year or the?
The full year. No, sir. Full year will be helpful.
It is INR 2,525 lakhs. EC and non-EC is INR 1,952.7.
1952.7.
Second is 586.7. Total ticket is 5,065 lakhs.
Okay, sir. Thank you. Thank you so much.
Thank you. The next participant is Hardik, an individual investor. Please go ahead.
Yeah. Thank you for providing the opportunity, sir. My first question was regarding the payment aggregator license, which you have already answered. My second question is regarding the Tejas Trains. I remember with the commentary from management when Tejas Trains was first launched, we were anticipating a break-even in the first year. Surprisingly, we got the break-even in the first quarter itself. If you can give some numbers on how Tejas is performing and if you can give some kind of bifurcation in the internet ticketing business, that would be helpful. Thank you.
Tejas occupancy in this quarter, we are running two Tejas Express. The average occupancy in this quarter is 93.2%, as against Q4 last year, 85%.
Okay. Sir, can you give some bifurcation of revenue or profits in the internet ticketing segment of Tejas Trains? How is the percentage of the Tejas in the overall segment result or profit result?
I can give you revenue and this profit. Just a moment. Okay. Both the Tejas two put together, we have around INR 9.74 crore of profit.
Okay. Okay. Thank you, sir. Thank you so much.
On a revenue of INR 177 crore.
Okay.
Thank you. The next question is from the line of Navani Naredi from Naredi Investments, please go ahead.
Hello?
Yes, ma'am.
Yes. Thank you for taking my question again. I just wanted to know which all trains work in the tourism sector. I did not get there is an increase in current as well. What is the reason behind it?
Yes. We are running Bharat Gaurav trains. We are also running Maharajas' Express and Golden Chariot.
Okay. And.
Current assets has increased because of increase in data.
All right. Okay. That's all from him. Thank you.
Thank you. All right. All participants seem to be present in one to ask question. The next question is from the line of Hitesh, an individual investor. Please go ahead.
Yeah. Hi. Good evening. First of all, congratulations on this set of numbers. I have a couple of questions. My first one has two parts to it. There was a news sometime back that earlier, I guess IRCTC was taking reservations on a six-month basis, advance ticketing reservations, which was changed to two-month reservation instead of six months. I would like to know the reason behind that and any near-term or short-term challenges that you might see related to the change in government policies or something that might affect your business.
Thank you, Hitesh. First of all, let me clear you that changing the number of days will not make any difference on our business. That we cleared through stock exchange also. We have submitted information to that. How many days prior ARN should be made for booking a reserve ticket is a purely decision of Government of India, Ministry of Railways. I have citizen no role into this. I can assure you that this will not be any concern for us. Thank you.
there any near-term challenges or roadblocks that you see related to the government policies for its impact or something on our business?
Related to what?
A news article thought sometime back.
Just a moment. Relating to what?
I think the speaker was shared Manoj Kumar Sharma 21. I think it is related to financial year 2021. Government convenience ticket share demand committee IRCTC, which was opposed shareholders then. So the government rolled back. Yeah.
Matter was already resolved. We are getting stronger and better business. That's much I can say. Thank you.
Okay. Okay. I'll come back to you.
Thank you. The next question is from the line of Shrinarayan Mishra from BNP Paribas. Please go ahead.
Thank you for the opportunity. Sir, can you highlight if there will be additional monetization features with the launch of new app with SwaRail? Hello? Am I audible? Hello?
Yes, sir. You're audible.
Should I repeat?
Yeah. You want to know the SwaRail feature?
Yes. SwaRail, will there be any additional monetization for us for any new feature which will be coming in? Additional source of revenue.
SwaRail provides tickets for reservation, UTS, parcel, goods, and any business related to railway. We are dealing only with one part of it, that is reservation. So, reserve ticketing. As far as ticketing is concerned, it will continue like that. We are not entering into other ventures. Thank you.
Okay. Okay. Sir, any update on the RBI payment aggregator license? Is there any timeline to it or no update?
We are likely to get this in principle approval in this quarter, I believe, or next two months, three months.
This will help us to improve margins, right?
No, no. Then we'll have to go for final approval. That will take around a year.
Okay. Okay. So after a year, the effect will be visible.
Yeah.
Okay. Okay. Got it. Thank you. Thank you. I'll get back in the.
Thank you. A reminder to all the participants, if you seem to be present and want to ask questions. The next question is from the line of Hardik, an individual investor. Please go ahead.
Yes. Thank you, sir. Sir, can you give us some of the Zomato EV? How are they performing?
Thank you, Mr. Kopali. Can you speak very loudly, please?
Am I audible now?
Yeah. Now it's better.
Yeah. So can you give on the Zomato and EV, how are they performing and how many live with Zomato and Swiggy in IRCTC?
Yeah. I will not be able to provide you with basic to Zomato or Swiggy, but I can give you a picture of our e-catering business, which will clearly indicate to you how they are performing. Right? Annually, we grew from INR 33 crore last year to INR 54 crore this year. That is a growth of 63%. In Q4 itself, we have grown from INR 9 crore to INR 15 crore. That is a 53% increase. Thank you very much in the revenue.
Yeah. Thank you, sir. Thank you, sir.
Thank you. A reminder to all the participants, if you seem to be present and want to ask questions. The next question is from the line of Rahul Dean from Dollar Capital. Please go ahead.
Yeah. Hi. Thanks for the opportunity. I hope my line is fine. My first question pertains to the business of catering. We had in past some of the repricing opportunity available to us because there was some litigation pending in some of the vendors who did not come back to the pricing, which was suggested after the COVID situation. Any clarity on what is the status for that vendor and what is the percentage of total vendors which are still not on the revised pricing, whichever?
The matter of self-reassessment is under disposal and under litigation.
Thank you.
Okay. Is there any timelines that one could possibly consider? I understand matter is subdued, so very difficult to quantify. Anything that bases the situation of the current proceeding that when one should expect it to happen?
It depends on the wisdom of who and the whole group, which we cannot challenge. It is an ongoing process. Thank you.
Right. On the tourism side, like we got a good split from one another festival in the previous quarter. Similarly, are there any bigger events lined up for this year, which are typically the driver for us in this business, be it in terms of any election-related movement or any other?
Dollar, there is a noise from behind, and I'm not able to listen to what you want to say. Please ask others to keep silent, and then you can narrate.
Yeah. Is this any better, sir? Hello?
Yes. Yes. Yes.
Yeah. Sorry for that. Sorry for that. I was saying that in the tourism business, are we seeing any upcoming trigger which could possibly drive the growth like what we saw with Mahakum in the previous quarter? Is there any major upcoming event that should be a driver for growth for us in the tourism segment?
You see, you must be listening to government policy nowadays that government is all up increasing the employment because of tourism. As it is in the radar of government, we are the arm to execute that. We can see it hopefully in the best possible. Thank you.
Right. Just from the newer initiative, a couple of years back, we have in one of our annual reports, we have articulated the strategy around growing the non-railway part of the revenue for the business. Are there any new initiatives that we are contemplating which is beyond the railway ecosystem or any new revenue stream within the railway ecosystem that we could be chasing other than the current line of businesses?
Yes. Basically, you have two questions. One is what is the non-railway revenue? We have around 30% we are going in the non-railway revenue also. We are planning to merge all the OTA platforms for improving our hotel bookings and MICE activities and air booking. We are planning to have a unified portal, and this will be a good trigger to give a good business going forward non-railway. Thank you.
Right. Right. So on the 30% part, which you just said, you are saying the eventual goal is to make it 30% outside railway, or you're saying the current revenue stream also includes a lot of non-railway revenue?
No. No. This is what at present scenario. This 28% is the air packages we are booking.
Oh, you mean to say within the tourism revenue, 28% is coming from air packages?
No. No. 28% is the growth in our non-railway tourism, particularly air packages. Our air packages last financial year was INR 680 million. This year, it is INR 870 million. We have revenue growth of 28% over to last year. This segment is also growing. That is what I wanted to say.
Understood. Understood. That's very helpful. Thank you, and I'll join back. Thank you.
Thank you. The next question is from the line of Sreenivasan Mishra from BNP Paribas. Please go ahead.
Thanks again for the follow-up. Sir, you just highlighted that we have three trains for tourism. Can you give out the revenue and profit contribution from them?
Bharat Gaurav Train, this financial year, we have achieved INR 277 crore as revenue. Maharajas' Express, it is INR 92 crore. Golden Chariot, it is INR 2.83 crore.
Profit here?
Nearly 8% in the Bharat Gaurav and Maharajas' Express, 18%-20%. Golden Chariot just we started.
We would be near to break even in the Golden Chariot?
No. It is just starting last year. Before last year, there was no train run, Golden Chariot could run. Last year, we could operate three to four Golden Chariot. This year, we have a good booking.
Okay. Okay. So on similar lines, are we trying to add a few more trains in this segment for growth, or this is how, I mean, it will look like for FY 2026 as well?
Actually, Bharat Gaurav is not one train. We are running 10 rakes of Bharat Gaurav. We are adding one more rake to this Bharat Gaurav. This Bharat Gaurav, as a brand, it runs. It runs on a different itinerary. We have 16-17 itineraries on which it runs. It is very popular itineraries which we run.
Okay. Thank you. Okay. So additional rakes across three trains, if you can give how many additional trains will be run this year?
One rake, one rake we are planning under discussion.
Thank you. Thank you. Sir, with this, second question was on Amrit Bharat and Vande Bharat sleeper trains. As more and more of these trains operationalize, what kind of revenue growth or growth outlook for catering business should we expect?
Yeah. All the Bharat Gaurav trains are prepaid trains. Similarly, Amrit Bharat trains are having pantry cars. Both the things will lead to enhancement in our catering business and, of course, IT business. Thank you.
Okay. Okay. Thank you, Prathan.
Thank you. A reminder to all participants, if you seem to be present and want to ask questions. Is there any further questions from the participants? I now hand the conference over to the management for closing comments. Over to you, sir.
Good evening to all of you. Thank you for joining us in this con call. This motivates us to perform better, and we will continue to deliver and ensure all the stakeholders and shareholders are happy. Thank you.
Thank you. On behalf of Edelweiss Capital Markets Pvt. Ltd., that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.