New Delhi: In a significant development for India’s railway sector, the government has granted Navratna status to Indian Railway Catering and Tourism Corporation (IRCTC) and Indian Railway Finance Corporation (IRFC), according to an official statement released Monday. With this upgrade, all seven listed railway Public Sector Undertakings (PSUs) now hold Navratna designation. Railway Minister Ashwini Vaishnaw shared the news on social media platform X, stating, “Congratulations to team IRCTC and team IRFC on being upgraded to Navratna status.” IRCTC, which serves as the exclusive provider of online railway ticket booking and catering services for Indian Railways, reported impressive financial performance with an annual turnover of Rs 4,270.18 crore and profit after tax of Rs 1,111.26 crore for the 2023-24 fiscal year. The company maintains a net worth of Rs 3,229.97 crore.
Meanwhile, IRFC, responsible for securing Extra Budgetary Resources for Indian Railways through market borrowings, posted even stronger numbers with an annual turnover of Rs 26,644 crore, profit after tax of Rs 6,412 crore, and a net worth of Rs 49,178 crore for FY 2023-24.
The Railway Ministry noted that all 12 of its Central Public Sector Enterprises are profitable, with their combined profits growing from Rs 7,015 crore in FY 2020-21 to Rs 11,780 crore in FY 2023-24—a 68 per cent increase over three years.
“The market capitalisation of all listed Railway CPSEs has increased in the past 3 years from approximately Rs 1.15 lakh crore in March 2021 to Rs 4.4 lakh crore in December 2024. It is an increase of 282 per cent,” the Ministry stated, adding that all listed CPSEs distribute dividends according to government guidelines.
Officials say that under the tenure of current Railway Minister Ashwini Vaishnaw, six CPSEs such as RVNL, IRCON, RITES, RailTel, IRCTC and IRFC were granted the Navratna status. While RVNL got Navratna status in May 2023, IRCON and RITES achieved a similar status in October 2023. The telecom infra company RailTel was granted Navratna status in August 2024. The Navratna status confers greater operational and financial autonomy to these enterprises. “The status will now empower IRCTC and IRFC with faster decision-making, increased efficiency, and greater empowerment,” the Ministry explained in its statement.