IRCTC Q2 Results FY27: Profit Down 23%, Rail Neer Hit

Results analysis · Railways PSU

Looking for the IRCTC Q2 results FY27? IRCTC reported on 12 November 2026: revenue up 16.3% but profit down 22.9%, because of a Rs 116.3 crore provision tied to a GST tribunal order on Rail Neer. This page ties the numbers to the base and the previous quarter, shows where sources conflict and lists what to check in the filing.

Updated: Thursday, 12 November 2026, 8:35 PM IST  |  Reading time: 22 min  |  Next update: after the filing is read or the next quarterly results

Latest update (Thursday, 12 November 2026, 8:35 PM IST): IRCTC reported Q2 FY27 results on Thursday, 12 November 2026. Upstox carried the profit at 6:01 PM IST, Free Press Journal updated its report at 6:17 PM and Univest at 6:44 PM. I did not find a dividend, an analyst estimate or a post-result price, and I have not opened the exchange filing.

In plain words: IRCTC is the railways’ catering, online ticketing and tourism company, and it also sells Rail Neer packaged water. Its profit moves with ticket volumes, catering contracts, Rail Neer sales and one-off items such as legal provisions.

Data note: Figures are as of 12 November 2026, 8:35 PM IST. Revenue, profit and the exceptional item come from Free Press Journal and Univest; the Upstox live blog carried the headline figures. Earlier figures come from my IRCTC preview, which used Business Standard and Cofacto. I could not open the exchange filings. Derived numbers are my calculation.

What did the company report in the IRCTC Q2 results FY27, and how big was the change?

In the IRCTC Q2 results FY27, consolidated revenue from operations was Rs 1,333.07 crore, up 16.3% from Rs 1,145.99 crore, and consolidated net profit was Rs 263.56 crore, down 22.9% from Rs 342.02 crore, per Univest, updated 12 November 2026 at 6:44 PM IST. A Rs 116.3 crore exceptional provision for Rail Neer explains much of the fall, per Free Press Journal.

The results covered the quarter and half-year ended 30 September 2026. The Upstox live blog items are stamped 6:01 PM and 6:10 PM IST, Free Press Journal updated its report at 6:17 PM and Univest at 6:44 PM, so the result came after the 3:30 PM close; I did not find the exact filing time. Companies must report within 45 days of the quarter-end, which made 14 November the limit, so this was day 43 (my calculation). Every number below is as reported by the sources named, and I have not opened the filing.

Cite this table: IRCTC Q2 FY27 per Univest and Free Press Journal; Q2 FY26 per my earlier preview (Business Standard) and Free Press Journal; derived changes calculated by PositionalCalls.

The headline growth rates check against their bases: Rs 1,145.99 crore multiplied by 1.163 is Rs 1,333 crore, and Rs 342.02 crore multiplied by 0.771 is Rs 263.56 crore (my calculation). The Upstox article headline says profit “surges 23%” while its body gives a 22.9% fall from Rs 342 crore; arithmetic supports the fall, so I use the body. Both Univest and Free Press Journal say the figures are consolidated.

Is the IRCTC Q2 results FY27 profit on a consolidated basis?

Yes. Free Press Journal refers to consolidated net profit and Univest says the figures are on a consolidated basis. I did not find standalone figures, so this page does not compare them. The year-ago marks in my preview were also consolidated, which is why the changes above are like for like.

What was the Q2 FY26 base, and does it tie to the IRCTC Q2 results FY27?

The consolidated base was revenue of Rs 1,145.99 crore, profit before tax of Rs 457.21 crore and net profit of Rs 342.02 crore, up 11.09% on Rs 307.87 crore, per my preview. The Q2 FY27 changes tie to that base, with one exception in the segment data covered below.

Cite this table: IRCTC Q2 FY26 base per my earlier preview (Business Standard), Univest and Free Press Journal; ties calculated by PositionalCalls.

Two things do not tie. Free Press Journal says profit before exceptional items rose 4.6%, but Rs 472.3 crore over Rs 457.21 crore is 3.3%; a 4.6% rise would imply a base of about Rs 451.5 crore, which I did not find. Catering revenue of Rs 655 crore over the Rs 481.95 crore in my preview is 35.9%, not the 26% reported, which would imply a base of about Rs 520 crore. The base may have been restated or the segment may be defined differently; I cannot tell without the filing.

How do the IRCTC Q2 results FY27 compare with Q1 FY27?

Q2 FY27 revenue of Rs 1,333.07 crore was 2.7% below Q1 FY27’s Rs 1,369.53 crore, and net profit of Rs 263.56 crore was 20.1% below Rs 329.86 crore. Profit before exceptional items rose 6.9% from Rs 441.7 crore to Rs 472.3 crore, so the fall came from the provision.

Cite this table: IRCTC Q1 FY27 figures per Cofacto via my earlier preview and Free Press Journal; Q2 FY27 per Univest and Free Press Journal; calculations by PositionalCalls.

Revenue slipped 2.7% from Q1, but profit before the one-off rose 6.9%, so the underlying quarter was not weaker than Q1 on this line (my reading). Q1 FY27 profit of Rs 329.86 crore in my preview is Rs 330.2 crore in Free Press Journal; the Rs 0.3 crore gap is small and I use the preview figure for the calculations. Q1 FY27 also had an operating margin of 28.17% per Cofacto, and Q2 has no comparable margin reported.

What is the Rail Neer provision in the IRCTC Q2 results FY27?

IRCTC booked a Rs 116.3 crore exceptional provision after a GST Appellate Tribunal order directed it to deposit Rs 50.4 crore in consumer welfare funds, with 18% annual interest, over alleged profiteering on Rail Neer water. IRCTC said it is appealing, per Free Press Journal.

Cite this table: IRCTC Rail Neer provision per Free Press Journal; implied components calculated by PositionalCalls.

The provision covers the amount and interest up to 30 September 2026, per Free Press Journal. If Rs 50.4 crore is the principal, the remaining Rs 65.9 crore is 131% of it, which at 18% simple interest would be about 7.3 years (my calculation). The sources do not give the period or say whether the 10% penalty is included, so I cannot check how the Rs 116.3 crore is built. Whether the provision is tax-deductible is also not stated; the implied tax rate on the lower pre-tax profit was about 26.0%.

The Rail Neer segment loss of Rs 106.1 crore is about Rs 10.2 crore of operating profit before the provision (my calculation: a loss of 106.1 plus 116.3), against Rs 8.7 crore a year earlier. This is my reading of the segment line, not a company figure.

What does segment revenue show in the IRCTC Q2 results FY27?

Catering revenue was Rs 655 crore, internet ticketing Rs 389.8 crore, tourism Rs 192 crore and Rail Neer Rs 101.1 crore, per Free Press Journal. Tourism grew about 28% and ticketing 1%. The four segments add to Rs 1,337.9 crore, above total revenue of Rs 1,333.07 crore.

Cite this table: IRCTC segment revenue per Free Press Journal; Q2 FY26 per my earlier preview (Business Standard); growth calculated by PositionalCalls. State teams were not reported.

Three of the four segments tie to the preview base, and catering does not. The sum of the segments exceeds reported revenue by Rs 4.8 crore, which may reflect inter-segment eliminations or the state-teams line, which was not reported (my reading). Catering is nearly half of revenue, so its growth figure matters most, and I would take it from the filing, not from a news report. Catering services expenses were Rs 511.5 crore, which is 78.1% of catering revenue (my calculation; the expense line may not map exactly to the segment).

What do the reports not show about the IRCTC Q2 results FY27?

The reports I read do not show a dividend, the exact filing time, EBITDA, segment profit other than Rail Neer, other income, depreciation, the tax treatment of the provision or any analyst estimate. Each would help explain why profit fell 22.9% while revenue rose 16.3%.

Cite this table: IRCTC items not found in Q2 FY27 reports; earlier marks per my preview; PositionalCalls.

These gaps matter in the IRCTC Q2 results FY27 because a one-off provision can hide the trend or exaggerate it, and the answer depends on the tax treatment and the segment margins. If the provision is a single event, the next quarter would not repeat it; if the appeal fails, there may be a penalty or more interest. The reports do not say, and I make no forecast.

What does the first half show in the IRCTC Q2 results FY27?

Adding Q1 and Q2, first-half revenue is about Rs 2,703 crore, up about 17%, and net profit about Rs 593 crore, down about 12% from roughly Rs 672 crore (my calculation). Free Press Journal gives Rs 593.7 crore, a Rs 0.3 crore difference from my sum.

Cite this table: IRCTC H1 figures calculated by PositionalCalls by adding reported quarters; H1 FY26 derived from Q1 FY27 growth of 18.09% and -0.18%, and is approximate.

In the IRCTC Q2 results FY27 half-year, profit sits 11.8% below last year even though revenue grew 17.2%, so the net margin fell by 7 points (my calculation). The provision is the main reason in Q2, but Q1 FY27 profit was already flat on its own year-ago level. H1 FY26 is derived from growth rates in my preview, so the filing’s half-year column will give the exact figure.

What did the preview say, and how did the IRCTC Q2 results FY27 compare?

The IRCTC Q2 results date FY27 preview named Rs 342.02 crore profit and Rs 1,145.99 crore revenue as the base, Q1 FY27 profit of Rs 329.86 crore and revenue of Rs 1,369.53 crore as the sequential marks, and a Rs 5 dividend a year earlier. Revenue beat the base, profit fell below both marks.

Cite this table: Preview marks against reported figures; outcomes calculated by PositionalCalls.

The preview raised the dividend and the margin questions without a view, and this page records what the reports show without one. The preview carried no mention of the Rail Neer tribunal order, so the provision is new information in this quarter, not a miss against a preview mark.

What do the share price, dividend and estimates say after the IRCTC Q2 results FY27?

I found no dividend, no post-result share price and no analyst estimate. The latest price in my preview is Rs 457.0 on 7 November 2026, before the result. The first trading reaction would be the next session, Friday, 13 November 2026 (my reading from the timestamps).

Cite this table: IRCTC price, dividend and estimate items as of the time stated; not verified against filings.

Without an estimate I cannot say whether the IRCTC Q2 results FY27 beat or missed expectations. The comparison that can be made from reported figures is against the base and the previous quarter, done above. For other railway names, see RVNL Q2 results date FY27 and for the dividend rules see dividend tax in India.

What would profit look like before the one-off in the IRCTC Q2 results FY27?

Applying the year-ago effective tax rate of about 25.2% to profit before exceptional items of Rs 472.3 crore gives about Rs 353 crore, roughly 3% above last year’s Rs 342.02 crore. This is my illustration, not a company figure, and it assumes the provision would not have changed the tax rate.

Cite this table: IRCTC profit before the exceptional item, illustrated by PositionalCalls; assumes the year-ago tax rate and about 80 crore shares (Rs 263.56 crore divided by EPS Rs 3.29). Not a company figure or a forecast.

The share count of about 80 crore comes from profit divided by earnings per share, which gives 80.1 crore (my calculation). On that count a Rs 5 dividend, the level of last year, would cost about Rs 400 crore, about 67% of first-half profit; no dividend has been found, so this is arithmetic only. The illustration is not a forecast and the tax treatment of the provision may differ.

How do I read the next IRCTC results after the IRCTC Q2 results FY27?

On the next results read, in this order: any exceptional items, profit before exceptional items against Rs 472.3 crore, catering and ticketing segment profit, the Rail Neer segment, revenue against Rs 1,333.07 crore, net profit against Rs 263.56 crore and any dividend.

Cite this table: IRCTC reading order, PositionalCalls.

For any summary or target you read elsewhere, compare its assumptions with these lines: whether it adds back the provision, how it treats tax and how it explains the catering growth. If it does not state them, you cannot check it.

How do I read the IRCTC filing and avoid fake tips?

Open the NSE or BSE announcement for Indian Railway Catering and Tourism Corporation Limited, not a link in a message, and read the consolidated results with the notes. Treat any tip that asks for an OTP, payment or login, or promises a target, as fake.

1. Open the exchange announcement page for IRCTC.
2. Read the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026.
3. Note revenue, other income, expenses, exceptional items, profit before tax and profit.
4. Compare with Rs 1,333.07 crore, Rs 472.3 crore, Rs 356.0 crore and Rs 263.56 crore.
5. Read the note on the Rail Neer provision, the tax treatment and the appeal.
6. Read the segment note for catering, ticketing, tourism and Rail Neer, and check any dividend notice.

PositionalCalls is not SEBI-registered, gives no buy or sell calls and never asks for payment. Nothing here is investment advice.

What do most people miss in the IRCTC Q2 results FY27?

Most readers see profit down 22.9% and miss that it includes a Rs 116.3 crore one-off, that profit before the one-off rose about 3%, that the Upstox headline contradicts its own body, and that the catering growth figure does not tie to the year-ago base.

IRCTC Q2 results FY27: frequently asked questions

Sources

• NSE India: corporate announcements: results notices.
• BSE India: corporate announcements: the results filing.
• Upstox: Q2 results live blog, IRCTC entries, 12 November 2026, 6:01 PM and 6:10 PM IST.
• Free Press Journal: IRCTC Q2 profit falls 23%, Rail Neer provision, updated 12 November 2026, 6:17 PM IST.
• Univest: IRCTC Q2 results FY27, PAT Rs 263.56 crore, updated 12 November 2026, 6:44 PM IST.
• PositionalCalls: IRCTC Q2 results date FY27 preview, 12 November 2026.

Disclosure: PositionalCalls.com is not a SEBI-registered research analyst or investment adviser. Investments in securities markets are subject to market risks. Read all related documents carefully before investing. Returns are never guaranteed. PositionalCalls is an independent research and education site founded by Shubham Chaudhary. Nothing here is a recommendation, target or investment advice. How I researched this: for this page on the IRCTC Q2 results FY27 I read Upstox, Free Press Journal and Univest, noted where sources differ, and marked every derived number as my calculation. I did not open any company filing or exchange document. Figures are as of 12 November 2026, 8:35 PM IST.