IRCTC shares touched a low of Rs 456.80 on 13 November, below Thursday’s close, as Q2 net profit fell 22.9% even as revenue rose 16.3%.

In its 12 November exchange filing, Indian Railway Catering and Tourism Corporation Ltd reported a consolidated net profit of Rs 263.56 crore for the September quarter, down from Rs 342.02 crore a year earlier.

Revenue went the other way. It climbed to Rs 1,333.07 crore from Rs 1,145.99 crore. The drop traces back to one tribunal order.

On 14 October, the GST Appellate Tribunal ruled that the railway PSU had not passed on to buyers the benefit of lower tax on its Rail Neer bottled water after GST was introduced.

It told the company to deposit Rs 50.41 crore in consumer welfare funds, plus interest at 18% a year.

IRCTC has set aside Rs 116.30 crore this quarter to cover that amount and the interest up to 30 September. It says it is pursuing an appeal.

As a result, the Rail Neer unit swung to a loss of Rs 106.12 crore, against a profit of Rs 8.68 crore a year ago.

Before that one-off charge, pre-tax profit rose 4.6% to about Rs 472 crore. Other businesses were mixed.

Catering, the biggest by sales, grew about 26% to Rs 655.01 crore, yet its profit slipped 3.7% to Rs 64.48 crore.

Internet ticketing brought in Rs 389.77 crore, up 1%, and stayed the largest profit earner at Rs 328.56 crore.

Tourism sales rose about 28% to Rs 192.03 crore, and its profit gained 31% to Rs 13.42 crore. Rail Neer sales added 7.5% to Rs 101.11 crore.

In the June quarter, IRCTC had reported a net profit of Rs 330 crore on revenue of Rs 1,370 crore.

Over the first six months of the financial year, revenue grew 17% to Rs 2,703 crore, while net profit fell 12% to Rs 593.7 crore.

At 11:28 am, IRCTC shares were down by 2.69% at Rs 458.30 on NSE, Rs 12.65 below the previous close of Rs 470.95.

The day’s low so far is Rs 456.80, and NSE data shows the stock is down 33.16% in 2026.

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