At the upper end of the price band, IRCTC demands PE multiple of 18.8x of FY19 EPS. Recent tax reduction by Government to 25.2% and increase in revenue from service charge for online ticketing will improve profitability substantially going forward. There is also significant opportunity for the Company to ramp up the catering business given a very large captive audience which is currently being underserved. Increasing business volumes from catering and Packaged drinking water businesses, along with service charge for online ticket booking will drive earnings growth for the company between FY19-21. We would therefore recommend to Subscribe to the issue.
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