Guidance ledger · Q4 FY26

Indian Railway Catering and Tourism Corporation IRCTC

3 revisions on record · 1 lowered · 2 raised — the strikethrough is what management used to say

directional guidance only · shifted across quarters

Holding view → · latest concall · The pulse

↑ raised Payment aggregator license filing timeline Q3 FY26 → Q4 FY26

~~Q3FY26: Slipped — RBI extended submission from January to August 2026; tech partner engaged but filing incomplete~~ → Q4FY26: Confirmed August deadline will be met; partner already engaged and ready to file

“August is the deadline and I am happy to tell that we will be able to do it by that time. And we have already engaged our partner.”

↑ raised Tourism segment annual growth target Q3 FY26 → Q4 FY26

~~Q3FY26: 15% full-company sustainable growth target; tourism delivered 29% YoY in Q3 but no segment-specific forward rate given~~ → Q4FY26: ~20% tourism-specific annual forward target explicitly guided for FY27

“tourism we are eyeing to continue with around this year we are looking to 19% should continue to be around 20%.”

↓ lowered Non-convenience fee growth trajectory Q3 FY26 → Q4 FY26

~~Q3FY26: 26% YoY growth delivered; three-stream breakout (marketing +87%, B2B +19%, loyalty +43%)~~ → Q4FY26: ~10% IT non-convenience target guided via unified portal + iPay — explicitly reset below Q3 actuals

“We want to increase the non -convenience fee. And for that we are already working on unified portal and iPay. So, that will be around 10%.”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.