Indian Railway Catering And Tourism Corporation Limited (IRCTC) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Indian Railway Catering And Tourism Corporation Limited ₹517, price ₹464, upside +11.4%, quality 72 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range ₹367.16 – ₹1,124 · fair‑value band ₹318.22 – ₹808.53 · the ₹463.80 price screens below the ₹516.62 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Indian Railway Catering & Tourism Corporation Limited engages in the provision of catering and hospitality, Internet ticketing, travel and tourism, and packaged drinking water services in India. The company operates through four segments: Catering & Hospitality, Travel & Tourism, Internet Ticketing, and Packaged Drinking Water.
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Indian Railway Catering & Tourism Corporation Limited engages in the provision of catering and hospitality, Internet ticketing, travel and tourism, and packaged drinking water services in India. The company operates through four segments: Catering & Hospitality, Travel & Tourism, Internet Ticketing, and Packaged Drinking Water. It provides mobile catering services for Vande Bharat, Rajdhani, Shatabdi, Duronto, Gatiman, Tejas, and mail/express trains as well as engages in the side vending and e-catering activities; and operates and maintains food plazas, fast food units, food courts, refreshment rooms, mini stores, base kitchens, executive lounges, retiring rooms, Rail Yatri Niwas/BNR hotels, and non-railway catering units. The company also offers tourism products and services comprising domestic tour packages, inbound tourist targeted tours, mass tourism, outbound tour packages, and air ticket and corporate travel; and other tourism activities, such as event management, booking of charter trains and coaches, hill and heritage charters, saloon tours and charters, online reservation and accommodation facilities, and adventure tourism. In addition, it offers packaged drinking water under the Rail Neer name; and train ticket booking and travel insurance services, as well as operates irctctourism.com, a tourism portal. The company was incorporated in 1999 and is based in New Delhi, India.
Stock analysis
Indian Railway Catering And Tourism Corporation Limited (IRCTC) currently trades at ₹463.80, while our model-based Fair Value estimate is ₹516.62, implying the stock looks roughly 10.2% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ₹525.30 per share, and 8 of the 26 models we run sit above the ₹463.80 price.
Bear case: the Economic Profit group reads lowest at ₹152.18, and 18 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹318.22 (bear) to ₹808.53 (bull), the price of ₹463.80 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 72/100 (solid quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Indian Railway Catering And Tourism Corporation Limited reported revenue of ₹52.1B in FY2026 versus ₹18.8B in FY2022, a compound +29.1%/yr. Reported net income was ₹13.9B in FY2026, compounding +20.6%/yr from FY2022.
Key figures
Market cap ₹371B (≈ $3.9B) · P/E ratio 26.6 · P/S ratio 7.12 · EPS (TTM) ₹17.41 · Dividend yield 2.0% · Net margin 26.7% · Return on equity 35.0% · Return on assets (EBIT) 22.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (medium confidence).
What moves the price
The share trades about 36% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 10% fair-value upside, at 11%, IRCTC screens cheaper than that median.
Fair Value models
Bear ₹318.22Fair Value ₹516.62Bull ₹808.53
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹3.84 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+11.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+46.4%
Start year 2021 (pandemic). Over 10 years: +14.3% a year
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.1%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+24.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+22.1%
Dividend (yield on the price)2.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.22% vs 22%, steady
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.22% → 31%
Start year 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+14.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+9.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +10.0% a year for the price and +5.4% for the forecasts.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Travel Services · 89 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score72 · Top 25%
Fair Value upside+11% · Above median
Profitability
Return on equity (TTM)35% · Top 25%
Return on assets14% · Top 25%
Net margin (TTM)27% · Top 25%
Operating margin (TTM)26% · Top 25%
Growth and dividend
Revenue growth15% · Top 25%
Dividend yield (TTM)2.0% · Below median
Balance sheet
Debt / equity0.01× · Lowest 25%
Valuation Multiplesvs Travel Services median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Indian Railway Catering And Tourism Corporation Limited Fair Value". https://www.fairvalue-calculator.com/stock/IRCTC
Frequently asked questions
Is Indian Railway Catering And Tourism Corporation Limited (IRCTC) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹516.62 versus a price of ₹463.80, about +11% upside (undervalued).
What is the fair value of IRCTC?
Our model-based fair value for Indian Railway Catering And Tourism Corporation Limited is ₹516.62 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹463.80.
What is the quality score of IRCTC?
Indian Railway Catering And Tourism Corporation Limited has a Quality Score of 72/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Indian Railway Catering And Tourism Corporation Limited (IRCTC)?
Our model-based price target is the fair value of ₹516.62 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario ₹318.22, optimistic scenario ₹808.53. It is a calculation from audited fundamentals, not an analyst target.
What is the Indian Railway Catering And Tourism Corporation Limited stock forecast for 2026?
Our models put fair value at ₹516.62, about +11% upside versus a price of ₹463.80 (undervalued). Cautious scenario ₹318.22, optimistic scenario ₹808.53. The calculation is refreshed regularly with new filings.
What is the revenue of Indian Railway Catering And Tourism Corporation Limited (IRCTC)?
Indian Railway Catering And Tourism Corporation Limited reported trailing-twelve-month revenue of about ₹52.1B (latest available figure, as of Sep 24, 2026).
Does Indian Railway Catering And Tourism Corporation Limited pay a dividend?
Indian Railway Catering And Tourism Corporation Limited currently shows a dividend yield of about 2.05% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Indian Railway Catering And Tourism Corporation Limited (IRCTC)?
For today's price to be fair in a discounted-cash-flow model, Indian Railway Catering And Tourism Corporation Limited would have to grow free cash flow by +14.6 % per year for five years (discount rate 9.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +46.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of IRCTC use?
Our models discount Indian Railway Catering And Tourism Corporation Limited at 9.9 %: a base by market capitalisation (mega), damped by beta 0.12, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Indian Railway Catering And Tourism Corporation Limited that is +14.6 % per year a year over ten years, using the same discount rate (9.9 %) and the same formula as our fair value.
How much growth has Indian Railway Catering And Tourism Corporation Limited (IRCTC) delivered so far?
Over the past 5 years revenue at Indian Railway Catering And Tourism Corporation Limited grew +46.4 % a year. The price currently implies +14.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Indian Railway Catering And Tourism Corporation Limited (IRCTC) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Indian Railway Catering And Tourism Corporation Limited (+14.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Indian Railway Catering And Tourism Corporation Limited (IRCTC)?
The free-cash-flow yield on the price is 3.63 %: that much free cash flow Indian Railway Catering And Tourism Corporation Limited produces per unit of market value. When it exceeds the discount rate of our models (9.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Indian Railway Catering And Tourism Corporation Limited (IRCTC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Indian Railway Catering And Tourism Corporation Limited it is ₹516.62 per share (as of Sep 24, 2026), against a price of ₹463.80. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Indian Railway Catering And Tourism Corporation Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, IRCTC trades below its calculated fair value: price ₹463.80, fair value ₹516.62, a gap of about +11% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of IRCTC?
No. The price is what the market pays today (₹463.80); the fair value is what the company's own numbers justify (₹516.62). For Indian Railway Catering And Tourism Corporation Limited the two are ₹52.82 per share apart. That gap is exactly why we show both numbers side by side.
How much is Indian Railway Catering And Tourism Corporation Limited worth?
The market values Indian Railway Catering And Tourism Corporation Limited at about ₹371B (market capitalisation, as of Sep 24, 2026). Per share that is ₹463.80; our models calculate a fair value of ₹516.62 per share.
What do the bullish and bearish scenarios say about IRCTC?
Our models span a range for Indian Railway Catering And Tourism Corporation Limited: cautious scenario ₹318.22, base ₹516.62, optimistic ₹808.53 per share (as of Sep 24, 2026, price ₹463.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IRCTC?
Indian Railway Catering And Tourism Corporation Limited trades at a price-to-earnings ratio of 26.6 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹516.62 is built from several models across several years. Other multiples: P/B 8.6, P/S 7.1, EV/EBITDA 20.6.
How solid is the balance sheet of Indian Railway Catering And Tourism Corporation Limited (IRCTC)?
Balance-sheet figures for Indian Railway Catering And Tourism Corporation Limited (as of Sep 24, 2026): return on equity 35.0%, debt of 0.01 per unit of equity. They feed the Quality Score of 72/100, which measures business quality independently of the share price.
How far is IRCTC from its 52-week high?
Indian Railway Catering And Tourism Corporation Limited trades at ₹463.80, about 36% below its 52-week high of ₹721.42 and 2% above the low of ₹452.95 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of ₹516.62 is for.
Which stocks are comparable to Indian Railway Catering And Tourism Corporation Limited?
From the same area (Consumer Cyclical) we also value Booking Holdings, Airbnb, Inc, Royal Caribbean Cruises Ltd, Viking Holdings, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Indian Railway Catering And Tourism Corporation Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹463.80, calculated fair value ₹516.62 (+11%), Quality Score 72/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of IRCTC calculated?
We run Indian Railway Catering And Tourism Corporation Limited through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹516.62, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Indian Railway Catering And Tourism Corporation Limited currently trades 11 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Indian Railway Catering And Tourism Corporation Limited (IRCTC)?
The closing price on Sep 23, 2026 was ₹463.80. Our model-based fair value is ₹516.62, about +11% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Indian Railway Catering And Tourism Corporation Limited right now?
A fairly wide model range (₹318.22 to ₹808.53) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Indian Railway Catering And Tourism Corporation Limited (IRCTC) come from?
Earnings per share at Indian Railway Catering And Tourism Corporation Limited grew +23.9 % a year from 2015 to 2026. Broken into its drivers: revenue per share +15.3 %, EBIT margin +6.8 %, tax rate +1.8 %, residual (interest, one-offs) −1.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Indian Railway Catering And Tourism Corporation Limited
How large is the market capitalisation of Indian Railway Catering And Tourism Corporation Limited (IRCTC)?
The market capitalisation of Indian Railway Catering And Tourism Corporation Limited is ₹371B (≈ $3.9B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Indian Railway Catering And Tourism Corporation Limited (IRCTC)?
The price-to-sales ratio of Indian Railway Catering And Tourism Corporation Limited is 7.12 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Indian Railway Catering And Tourism Corporation Limited (IRCTC)?
Earnings per share at Indian Railway Catering And Tourism Corporation Limited are ₹17.41 (price ÷ EPS = P/E 26.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Indian Railway Catering And Tourism Corporation Limited (IRCTC)?
The dividend yield of Indian Railway Catering And Tourism Corporation Limited is 2.0% (payout 54.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Indian Railway Catering And Tourism Corporation Limited (IRCTC)?
The net margin of Indian Railway Catering And Tourism Corporation Limited is 26.7% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Indian Railway Catering And Tourism Corporation Limited (IRCTC)?
The return on equity (ROE) of Indian Railway Catering And Tourism Corporation Limited is 35.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Indian Railway Catering And Tourism Corporation Limited (IRCTC)?
On an EBIT basis the return on assets of Indian Railway Catering And Tourism Corporation Limited is 22.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Indian Railway Catering And Tourism Corporation Limited (IRCTC)?
The operating margin of Indian Railway Catering And Tourism Corporation Limited is 26.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Indian Railway Catering And Tourism Corporation Limited (IRCTC)?
Revenue at Indian Railway Catering And Tourism Corporation Limited is growing +15.1% versus a year earlier (3y avg +13.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Indian Railway Catering And Tourism Corporation Limited (IRCTC)?
Earnings per share at Indian Railway Catering And Tourism Corporation Limited are growing −8.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Indian Railway Catering And Tourism Corporation Limited (IRCTC) hold?
Indian Railway Catering And Tourism Corporation Limited holds more cash than debt, ₹27.9B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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