Key strengths > Fourth-largest public offering from Railways



> Operates one of the largest websites with a transaction volume of more than 2.5 crore per month, and with approximately 0.72 crore logins per day.



> 72.60 per cent of the total Indian Railways' ticket bookings were done online through the company’s website/mobile application during the five months ended August 31, 2019.



> Diversification into other businesses including non-railway catering and services such as e-catering, executive lounges, and budget hotels.

Key Risks > Business and revenues are substantially dependent on Indian Railways. Any adverse change in the policy of the Ministry of Railways may adversely affect profitability.



> Does not have the ability to pass on any increase in raw ingredient costs due to price regulation by Indian Railways.



> Uses PET bottles and other plastic items for its packaged drinking water and food, which is subject to various regulatory requirements and increasing public scrutiny.



> Indian foodservice industry and packaged water industry have both historically been fragmented and unorganized, lacking sufficient reliable industry data.