Macquarie has maintained its Outperform rating on IRCTC, setting a target price of ₹900, citing a solid boost from rising demand in spiritual tourism and continued business resilience.
The brokerage highlighted that the company’s recent performance beat estimates, driven by a surge in spiritual tourism activity. Looking ahead, Macquarie expects IRCTC to post low teens growth while maintaining robust financial metrics, including a 30% free cash flow (FCF) margin and 30% return on invested capital (ROIC).
Macquarie also pointed to multiple upside triggers, including a higher share of AC rail supply, growing spiritual tourism packages, and the ongoing modernisation of railway platforms. These factors, the firm noted, could unlock incremental growth potential beyond the current base projections.
Disclaimer: The views expressed are those of the brokerage firm and do not constitute investment advice by Business Upturn.
