IRCTC's performance was in-line with estimates, but catering division struggled due to kitchen closures and train cancellations. Sales and PAT are expected to grow 8.4% and 7.5% CAGR over FY25E-FY27E, driven by catering and Rail Neer divisions. With a target price of Rs833, the stock is upgraded to "HOLD" from "REDUCE" due to a 19% correction in stock price.