Indian Railway Catering & Tourism Corporation Limited (IRCTC.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+128.4%

₹1,023.91

vs ₹448.35 price

Levered DCF

₹793.09

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	28.39×	44.05×	69.85×	45.57×	94.02×	150.17×	30.66×	37.71×
P/B	9.18×	15.81×	24.03×	18.49×	33.14×	19.31×	11.97×	10.87×
P/S	7.59×	12.39×	18.22×	12.94×	33×	36.2×	6.94×	6.23×
EV / EBITDA	20.19×	31.55×	48.96×	31.94×	65.28×	89.21×	19.5×	21.95×
Gross margin	35.7%	37.1%	37.9%	39.7%	51.1%	33.1%	65.1%	47.6%
Operating margin	31.2%	32.2%	33.3%	35.3%	45.1%	22.2%	29.5%	19.0%
Net margin	26.7%	28.1%	26.1%	28.4%	35.1%	24.1%	22.7%	16.5%
Current ratio	2.15×	2.03×	1.95×	1.82×	1.88×	1.76×	1.61×	1.55×
Debt / equity	0.02×	0.02×	0.02×	0.03×	0.06×	0.05×	0.06×	0×
Interest coverage	89.29×	264.66×	75.99×	77.59×	76.68×	21.16×	68.45×	151.48×
Dividend yield	1.9%	1.5%	0.5%	0.9%	0.4%	0.1%	1.7%	1.3%
Payout ratio	54.5%	66.9%	32.4%	39.8%	36.4%	21.4%	52.2%	48.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	32.3%	35.9%	34.4%	40.6%	35.3%	12.8%	39.1%	28.8%
Return on invested capital	26.2%	28.0%	30.3%	34.1%	29.9%	7.7%	31.4%	20.3%
Return on assets	18.4%	19.3%	18.2%	19.8%	17.0%	5.9%	15.8%	11.9%
Free cash flow yield	3.4%	1.3%	0.8%	1.6%	0.8%	0.6%	2.4%	3.8%
Earnings yield	3.5%	2.3%	1.4%	2.2%	1.1%	0.7%	3.3%	2.6%
Enterprise value	₹392.2B	₹576.4B	₹769.6B	₹454.8B	₹617.1B	₹278.5B	₹152B	₹111.8B
Net debt / EBITDA	-0.17×	-0.16×	-0.41×	-0.24×	-0.28×	-0.85×	-0.67×	-0.9×
Cash conversion cycle (days)	50	9	7	-26	-160	-78	51	52