IRCTC Share Price: Profit badha, par stock kyun gira? Kya hai game?

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AuthorKavya Nair|Published at:
IRCTC Share Price: Profit badha, par stock kyun gira? Kya hai game?
Overview

IRCTC ke investors ke liye mixed news hai. Company ne Q3 FY26 mein **₹394 crore** ka profit report kiya hai, jo pichhle saal se **15.61%** zyada hai. Revenue bhi **18.36%** bhaga hai. Par stock thoda thanda dikh raha hai.

Dekho, IRCTC ne Q3 FY26 mein kamaal kar dikhaya hai! Unka consolidated net profit 15.61% badh kar ₹394 crore tak pahunch gaya hai. Revenue bhi 18.36% tez hokar ₹1,449.47 crore ho gaya. EBITDA bhi 11.73% upar ₹465 crore tak pahuncha.

Lekin, asli picture thodi alag hai. Company ke EBITDA margins gir gaye hain 32.11% par, jo pichhle saal 34.02% the. Yeh 191 basis points ka dip aaya hai kyunki company apna catering aur tourism business badha rahi hai, jahan profit kam milta hai, unke high-margin internet ticketing business ke comparison mein.

Segment wise dekhein toh, internet ticketing revenue 19.22% badha hai, aur tourism segment sabse tez bhaga hai, 29.29% upar gaya hai ₹289.27 crore tak. Railneer ne bhi 6.63% ka growth dikhaya hai.

Plus, company ko ₹10.90 crore ka exceptional income bhi mila hai ek write-back se. Aur ek badi khabar yeh hai ki Supreme Court ne catering licenses wale ek purane arbitration case mein IRCTC ke favour mein faisla suna diya hai, jisse unka ₹74.71 crore ka contingent liability khatam ho gaya hai. Shareholders ke liye bhi khushkhabri hai, board ne ₹3.50 per share ka interim dividend bhi declare kiya hai.

Ab sawaal yeh hai ki itne acche results ke bawajood stock 1.01% neeche kyun band hua? Pichhle ek saal mein toh IRCTC ka stock 18% gira hai, jabki Nifty 11% bhaga hai. Market ko shayad margin compression ki zyada chinta hai. Company ka current P/E ratio bhi 36-38x ke aas paas hai, jo kafi high mana ja raha hai.

Analysts ka kehna hai ki tourism sector toh grow kar raha hai, lekin IRCTC ko apne costs manage karne honge. Unka price target ₹800.25 se ₹820.95 ke beech mein hai, jo current levels se potential upside dikhata hai. Par jab tak margins improve nahi hote, stock mein bada bounce aana mushkil lag raha hai.

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