1. NGET capacity - more than 1 lakh tickets per minute On track - At the Q1 FY27 call, management committed to raising ticket booking capacity from \~37,000 tickets per minute to more than 1 lakh, with \~INR 150 crores infused. In Q1 FY27 the platform handled \~37,410 tickets per minute, with INR 10 crores booked for maintenance.
2. Tourism revenue - cross Rs. 1,000 crores next year On track - At the Q1 FY27 call, management said tourism revenue grew from INR 745 crores to INR 890 crores and "next year it may cross INR 1,000 plus crores". Q1 FY27 tourism revenue was Rs. 168 crores, up 13.5% YoY, against FY26's Rs. 890 crores.
3. Non-convenience fee revenue - return to Rs. 150 crores On track - At the Q1 FY27 call, management said "we will try to come back to INR 150 crores in this segment" from the current INR 113 crores, via iPay, e-wallet loyalty and agent business. Q1 FY27 non-convenience fee revenue was Rs. 113 crores; Q3 FY26 had reached Rs. 150 crores.
4. Four new Rail Neer plants - Prayagraj, Mysore, Ranchi, Bhagalpur On track - At the Q1 FY27 call, management said four new Rail Neer plants are upcoming, with the timeline able to "easily extend to the financial year beyond '26, '27" and focus on Prayagraj, Mysore and Ranchi first. By Q1 FY27, land was allotted for Prayagraj and Mysore and Ranchi allotment confirmation received; Bhagalpur land had been rejected in Q4 FY26.
5. Rail Neer brownfield expansion - Ambernath and Danapur finalized in FY27 On track - At the Q1 FY27 call, management committed to augmenting Ambernath from 2 lakh to 3 lakh bottles/day and Danapur from 1 lakh to 2 lakh bottles/day - "that should be finalized this year". Both plants were tendered with a partner tied up in Q4 FY26, and work was continuing in Q1 FY27.
6. IT business revenue growth - around 10% On track - At the Q4 FY26 call, management guided IT business revenue growth of around 10%, wanting to increase the non-convenience fee and "maintain that". FY26 internet ticketing revenue grew 7.71%, and Q1 FY27 grew \~0.5% YoY.
7. Tourism revenue growth - around 20% On track - At the Q4 FY26 call, management guided tourism revenue growth of "around 20%", saying 19% "should continue to be around 20%". FY26 tourism revenue grew 19.46%; Q1 FY27 grew 13.5% YoY.
8. Catering revenue growth - maintain around 15% On track - At the Q4 FY26 call, management guided catering revenue to "continue to maintain around 15%" growth as the primary growth driver. FY26 catering revenue grew 12.89%; Q1 FY27 catering revenue grew 33.82% YoY.
9. EBITDA margin - maintain 30% long term On track - At the Q4 FY26 call, management said they have "regularly told" investors "we will maintain 30%" EBITDA margin and reiterated "we are aspiring to maintain 30%". FY26 EBITDA margin was 31.95%, while Q4 FY26 came in at 27.33% and Q1 FY27 at 28.17%.
10. FY26 revenue growth - 15% sustainable Missed - At the Q3 FY26 call, management targeted "15% sustainable growth this year", reiterating "overall, this year, we'll be able to achieve 15%". FY26 revenue from operations was Rs. 5,215 crores, up 11.55% from Rs. 4,675 crores in FY25.
11. Payment aggregator final application - by August 2026 Delivered - At the Q4 FY26 call, management committed to submitting the payment aggregator license final application by the RBI deadline of August '26: "we will be able to do it by that time". The final application with SAR and MVP was submitted to RBI in Q1 FY27, ahead of the 4 August 2026 deadline.
12. Payment aggregator in-principle approval - by Q4 FY25 Delivered - At the Q4 FY25 call, management expected the RBI payment aggregator in-principle approval "in this quarter, I believe, or next 2 months, 3 months". In-principle approval was received on 4th August 2025, and was already in hand by the Q1 FY26 call.
13. Luxury train revenue - more than Rs. 95 crores in FY25 Delivered - At the Q3 FY25 call, management expected luxury train revenue "to come up to more than INR 95 crores" in FY25 versus INR 65 crores last year, at "around 30% operating margin". FY25 Maharajas' Express revenue was Rs. 92 crores at 18-20% margin and Golden Chariot Rs. 2.83 crores, combining to \~Rs. 94.83 crores.
14. Three new Rail Neer plants in FY26 - \~2 lakh bottles/day added Partial - At the Q3 FY25 call, management said 3 new Rail Neer plants were planned for FY26, adding "around 1,50,000 bottles and more, I think it's 2 lakhs bottles" per day. Later updates moved to brownfield expansion of Danapur and Ambernath and four greenfield plants; by Q1 FY27 land was allotted for Prayagraj and Mysore with Ranchi confirmed, but no new plant was commissioned in FY26.
15. E-catering expansion - internal target 1.5 lakh bookings/day Delivered - At the Q4 FY24 call, management said e-catering coverage (then 407 stations) would expand "slowly", citing an internal target of around INR 1.5 lakh bookings per day. E-catering crossed 1 lakh bookings/day in May 2024 and reached more than 1.6 lakh meals per day by Q1 FY27, with coverage at 437 stations.
16. Tourism margin - 8-9% sustainable Delivered - At the Q4 FY24 call, management guided a sustainable tourism segment margin of "8% to 9%". Tourism segment EBIT margins were 12.58% in FY25, 14.29% in FY26 and 11.31% in Q1 FY27.
17. Internet ticketing margin - 80-83% going forward Delivered - At the Q4 FY24 call, management indicated internet ticketing margin should be "something between 80%, 83%" going forward, with aspiration to improve to 85%. Segment EBIT margins were 82.41% in FY24, 82.69% in FY25, 82.54% in FY26 and 80.33% in Q1 FY27.
18. Catering margin - \~15% for FY25 Missed - At the Q4 FY24 call, management guided catering segment margin of \~15% for FY25. FY25 catering segment EBIT margin was 12.78%, with quarterly prints of 13.94% in Q1, 12.19% in Q3 and 12.2% in Q4.
19. Rail Neer - 80% of railway water requirement by FY25 Missed - At the Q4 FY23 call, management guided that by '25, with all plants operational or upgraded, Rail Neer would meet nearly 80% of the railway's water requirement and serve nearly 18.5 lakh litres per day. Capacity reached 18.4 lakh bottles/day in October 2024, but by Q3 FY26 Rail Neer served around 50%-60% of total demand depending on season.
20. Catering payment software - start in the coming month Partial - At the Q4 FY23 call, management said the new catering payment software was under testing and, if testing went well, "likely to be started in the coming month", with \~68.5% of catering revenue received directly the next day. At Q4 FY23, receivable days stood at about 118 with the change not yet in effect; HST-linked billing automation was slated for piloting and full rollout by end of FY27 as of Q2 FY26.
21. WhatsApp booking two-way - live within 15 days Partial - At the Q3 FY23 call, management guided that WhatsApp booking two-way communication would go live "within 15 days". The first phase of WhatsApp booking was launched in Q3 FY23, with no specific disclosure of two-way communication going live.
22. iPay revenue - nearly Rs. 80 crores by end of FY23 Partial - At the Q3 FY23 call, management guided that iPay revenue contribution would reach "nearly 80" crores "by the end of this year" with a net profitability margin of 12 crores. FY23 payment gateway revenue was Rs. 67.37 crores with net profit of Rs. 38.09 crores.
23. Tourism train operations - double to nearly 300 trains/year Partial - At the Q3 FY23 call, management guided that tourism train operations would double from \~150 trains/year to "nearly 300 trains" a year, with new Bharat Gaurav trains in operation by March-end or early April of FY24. Ten rakes were leased, customized and put into operations in Q4 FY23, and Bharat Gaurav ran with 10 rakes across 16-17 itineraries by Q4 FY25; no 300-trains/year count was disclosed.
24. Bharat Gaurav rakes - nearly Rs. 200 crores additional tourism revenue Delivered - At the Q3 FY23 call, management guided that the 10 Bharat Gaurav rakes would generate additional tourism revenue of "nearly 200 Cr" "if everything goes right", later projecting "INR 250 crores to INR 300 crores" for FY24. FY25 Bharat Gaurav revenue was Rs. 277 crores, including Rs. 65 crores in Q3 FY25 alone.
25. Non-convenience fee - nearly 50% of internet ticketing in two years Missed - At the Q3 FY23 call, management guided that non-convenience fee revenue would rise from the current 33% of internet ticketing revenue to "nearly 50%" "in the next two years". By Q3 FY26 the share was \~37% (Rs. 150 crores vs Rs. 251 crores), and in Q4 FY26 and Q1 FY27 it was \~31% (Rs. 113 crores each quarter).
26. New office capex - INR 250 crores to NBCC in phases Delivered - At the Q2 FY23 call, management guided capex of INR 250 crores to be paid to NBCC "in the phased manner" for the new office, with the first two installments already gone. FY24 CWIP jumped to \~Rs. 440 crores from Rs. 33 crores, capitalization was slated for Q4 FY25, and \~Rs. 400 crores was capitalized with only \~Rs. 40 crores depreciated by Q1 FY26.
27. iPay revenue - more than INR 60-70 crores Delivered - At the Q2 FY23 call, management said iPay revenue "may go up to, may go up more than INR 60 crores, INR 70 crores". FY23 payment gateway revenue was Rs. 67.37 crores with net profit of Rs. 38.09 crores, and FY24 i-Pay revenue reached Rs. 114.54 crores.
28. Internet ticketing penetration - 1-2% growth per year Delivered - At the Q1 FY23 call, management guided that internet ticketing penetration, already \~81-82%, would keep growing at roughly one to two percent each year. Online share moved from 80.99% in FY23 to 82.68% in FY24, 86.38% in FY25, 88.74% in FY26 and 88.92% in Q1 FY27.
29. State teertha MoUs - seven states signed soon Delivered - At the Q1 FY23 call, management said MoUs with seven states for state teertha trains were at a conclusive stage and "going to be signed soon", with a series of trains to run this year. Nineteen Madhya Pradesh trains ran in October 2022, \~20 trains for the Delhi government, the Uttarakhand MoU was signed in Q3 FY24, and MoUs covered 6-7 states by Q4 FY24.
30. Retiring room upgradation - commissioning in Q3 FY23 Delivered - At the Q1 FY23 call, management said retiring-room upgradation tenders would open after August 18 with results that quarter, but actual commissioning only in Q3 FY23. Twenty-three upgradation contracts were awarded across all zones in Q1 FY23, and retiring rooms at 14 stations were upgraded under PPP with online booking live in 2023-24.
31. Rail Neer capacity - nearly 19 lakh litres/day by end of FY24 Partial - At the Q1 FY23 call, management guided that Bhubaneswar, Vijayawada and Kota plants would add \~3 lakh litres/day, taking capacity to nearly 19 lakh litres/day by end of FY2024, later revised to 18.4 lakh bottles/day "by 2025". Capacity was 17.68 lakh bottles/day in Q1 FY25 and reached 18.4 lakh with the Vijayawada inauguration on 7th October 2024.
32. Rail Neer capacity - \~16.8 lakh litres/day before December 2022 Missed - At the Q1 FY23 call, management guided Rail Neer capacity would ramp up from 14.82 lakh litres/day to \~16.8 lakh litres/day before December 2022. Capacity was \~15 lakh bottles/day in Q2 FY23 and 15,52,000 litres/day in Q1 FY24, crossing the target only in Q3 FY24 at 16.96 lakh bottles/day.
33. Simhadri and Bhusawal Rail Neer plants - open before December 2022 Partial - At the Q1 FY23 call, management guided that the Simhadri plant (+1.2 lakh litre capacity) would be commissioned "anytime" pending one license and Bhusawal should be ready near October - two plants before December 2022. Una and Simhadri opened in Q2 FY23, but Bhusawal slipped; Kota, Bhubaneswar and Simhadri were commissioned during FY24.
34. Catering revenue - more than Rs. 1,500 crores in FY23 Partial - At the Q1 FY23 call, management reiterated that catering revenue could touch "even more than Rs. 1500 Crores also in a year" in FY23 if nothing goes wrong. FY23 catering revenue was Rs. 1,476 crores, just short; FY24 catering revenue was Rs. 1,947 crores.
35. Tourism margins - never less than 10% Partial - At the Q4 FY22 call, management stated tourism margins will "never catch less than 10%", typically \~13%, later guiding "at least 7% to 8%" in Q2 FY23 and "8% to 9%" in Q4 FY24. Tourism segment EBIT margins were 1.48% in FY24, then 12.58% in FY25 and 14.29% in FY26.
36. Tejas Q4 operating loss recovery - in FY23 Delivered - At the Q4 FY22 call, management committed that the Tejas train's Q4 operating loss of nearly Rs. 4 crores "would be recovering this financial year" (FY23) as bookings had gone up. Tejas achieved break-even with profit of more than Rs. 5 crores in Q1 FY23 and delivered Rs. 24.3 crores net profit for FY23.
37. IT modernization capex - nearly Rs. 80-90 crores in FY23 Delivered - At the Q4 FY22 call, management revised the IT modernization capex plan to "nearly Rs. 80 to Rs. 90 Crores this year" (FY23), with DR-side testing already initiated. FY23 total capex was Rs. 135.4 crores, and Rs. 78 crores for hardware/software procurement was confirmed in Q1 FY24 as part of the communicated plan.
38. Rail Neer - 15% PBT share with Railways as a regular feature Delivered - At the Q4 FY22 call, management committed that henceforth IRCTC will share 15% of Rail Neer segment PBT with Indian Railways as a "regular feature" per the 2007 MoU. Rs. 27.13 crores was remitted in Q4 FY22 for the previous year's share, and PPP plants were clarified in Q3 FY24 to share 40% of profits.
39. TSV tenders - closed by February, licensees from January/February Partial - At the Q3 FY22 call, management expected TSV tenders to be closed in February, with licensees starting catering from January/February onwards, later moving completion to June-end or early July. More than 70 trains were brought under contracting with 596 tenders placed in Q4 FY22, and 610 TSV trains plus 436 pantry-car trains were awarded by Q1 FY23.
40. Catering margins - return to 10-12% pre-COVID levels Delivered - At the Q3 FY22 call, management anticipated catering margins returning toward the 10-12% level seen in 2019-20, later reaffirming a "10% to 12%" steady-state range. Catering segment EBIT margins were 11.38% in FY23, 13.80% in FY24, 12.78% in FY25 and 10.38% in FY26, with Q1 FY27 at 9.29%.
41. Non-convenience fee revenue - \~Rs. 370 crores annualized in FY23 Delivered - At the Q2 FY22 call, management endorsed an analyst's suggestion that annualized non-service charge revenue of \~Rs. 370 crores was achievable in FY23 - "I feel that will happen". FY23 non-convenience fee revenue grew to almost Rs. 400 crores, with Q4 FY24 alone at Rs. 118 crores.
42. Bharat Darshan - around 22 trains up to December Partial - At the Q1 FY22 call, management said IRCTC "would be operating around 22 trains" (Bharat Darshan) up to December, versus 25 in the whole of last year. The first post-second-wave train returned successfully with two running in Q2 FY22, and two Maharajas' Express departures ran in Q3 FY22; no count of 22 trains by December 2021 was disclosed.
43. E-catering own brand launch - with B2C partner Partial - At the Q1 FY22 call, management said IRCTC was "coming up with another brand" - its own brand with a B2C partner acting as delivery aggregator - with talks in discussion and no firm date. A Zomato collaboration began in October 2023 at INR 40 per order, and Swiggy and Zomato were onboarded as e-catering crossed 1 lakh bookings/day; no own-brand launch was disclosed.
44. iPay payment gateway - open-market launch in Q3 FY22 Partial - At the Q1 FY22 call, management said the iPay payment gateway would launch in the open market "maybe in the third quarter" (Q3 FY22), once RBI approvals and MoA changes were in place. The process extended over four years - subsidiary formation in Q1 FY24, in-principle approval on 4th August 2025, and the final application with SAR and MVP submitted to RBI in Q1 FY27, with the license not yet received.
45. Loyalty program launch - within FY21 Partial - At the Q3 FY21 call, management said the miles/loyalty program was "expected to be launched within this financial year" (FY21), with technical integration underway. The existing loyalty program (SBI card since 2007-08, later Bank of Baroda too) earned nearly Rs. 37 crores in FY22 and membership reached 15.35 crores by Q2 FY26; no new program launch in FY21 was disclosed.
46. Tejas trains restart - both from February 14 Delivered - At the Q3 FY21 call, management committed to restart both Tejas trains (Lucknow-Delhi and Mumbai-Ahmedabad) from February 14. The trains had run in the festive season but without viable occupancy due to peak COVID, and operated from 07.08.2021 per the FY22 annual report, achieving break-even with more than Rs. 5 crores profit by Q1 FY23.
47. Bharat Darshan - about 14 tours by end of FY21 Partial - At the Q3 FY21 call, management committed to complete about 14 Bharat Darshan tours "till end of the financial year" (FY21), each carrying \~700-800 passengers for 10-14 days. Two trains ran at almost 90% occupancy in December 2020 with about three done by January, and 25 Bharat Darshan/pilgrim special trains operated in the whole of FY21; no confirmation of 14 tours by March 2021 was disclosed.
48. Rail Neer capacity - about 18 lakh litres/day by March 2021 Partial - At the Q3 FY21 call, management committed that Rail Neer capacity would reach "about 18 lakhs" litres per day "by March end" (FY21), up from \~14 lakh litres/day, through new plants at Una and Bhusawal. Capacity stood at \~14.8 lakh litres/day in Q1 FY22 with Una commissioned and Bhusawal not ready, and the 18.4 lakh bottles/day level was reached only with the Vijayawada inauguration on 7th October 2024.