IRCTC

IRCTC reported 18% YoY revenue growth in Q1 FY26, driven by catering and tourism segments. Internet ticketing remains the core, contributing ~35% of revenue. The company is expanding into hotel and travel packages, diversifying its portfolio. With debt-free balance sheet and strong brand recall, IRCTC remains a monopolistic digital play. Valuations at ~45x FY26 EPS are rich but justified by steady growth and dominance.