IRCTC runs the online ticketing platform for Indian Railways, which handles the bulk of the country's rail bookings, alongside catering on trains and stations, tourism packages, and the mobile and web apps that bundle them. The moat is the government-granted monopoly on e-ticketing and a convenience fee model that earns on high-volume, low-ticket transactions with little capital tied up. Revenue growth of 18.1% and an operating margin of 27.3% reflect that asset-light structure, and the stock trades at 25.9 times trailing earnings against 20.1 times forward, implying the market expects earnings to keep compounding. The interesting question is whether railway passenger growth and the rise in digital booking can keep feeding that fee base without regulatory pressure on convenience charges, which is the risk a PM should test first. A 35.1% gross margin on this kind of revenue is worth stress-testing against any change in the fee schedule.
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| Date | Type | New | Previous | Price |
|---|---|---|---|---|
| 23 Oct 2026, 01:52 CEST | ACCE price target | ₹472 | first publication | ₹451 |
Answered from Indian Railway Catering & Tourism Corporation Limited fundamentals + recent valuations. Every number shows its source and date.
| Company | Price | Fair value | vs fair value | P/E | ROE | Quality | Score |
|---|---|---|---|---|---|---|---|
| IRCTC.NS Indian Railway Catering & Tourism Corporation Limited | ₹441.40 | - | - | 25.9x | - | 89 | 52 |
| TUI1.DE TUI AG | €6.58 | €12 | 45% below | 6.0x | 35.7% | 44 | 50 |
| MMYT MakeMyTrip Limited Ordinary Shares | $42.09 | $13 | 221% above | 210.4x | 28.7% | 65 | 36 |
| TNL Travel Leisure Co. Common Stock | $64.93 | $65 | At fair value | 17.7x | 0.0% | 45 | 55 |
| GBTG Global Business Travel Group Inc. Class A Common Stock | $9.50 | $6 | 59% above | 59.4x | 6.3% | 55 | 68 |
| LIND Lindblad Expeditions Holdings Inc. Common Stock | $34.24 | - | - | - | -1946.9% | 30 | 61 |
| HBX.MC Hbx Group International | €7.84 | €15 | 47% below | 8.2x | 24.5% | 81 | 55 |
Where IRCTC.NS ranks against its sector peers on each metric.