Revenue by Indian Railways from 2017 to 2025

In FY 2017-18, the Indian railways recorded a modest net revenue of ₹1,666 crores, which improved significantly to ₹3,774 crores in FY 2018-19, marking the highest net revenue in the pre-pandemic period. This improvement was primarily driven by strong net traffic receipts of ₹5,126 crores in FY 2018-19, despite persistent negative miscellaneous receipts. In FY 2021-22, the railways recorded its largest deficit of ₹15,025 crores. This unprecedented negative performance was primarily attributed to negative net traffic receipts of ₹13,400 crores, combined with negative miscellaneous receipts of ₹1,625 crores. This dramatic downturn can be understood in the context of the COVID-19 pandemic’s lingering effects on railway operations, including reduced passenger services and increased operational costs. However, what’s particularly interesting is the railways’ remarkable recovery from this setback. In FY 2022-23, the organization bounced back to profitability with a net revenue of ₹2,518 crores, supported by net traffic receipts of ₹4,327 crores. This recovery continued into FY 2023-24, with net revenue improving further to ₹3,260 crores, demonstrating the railways’ resilience and adaptive capacity in the face of challenges.

A consistent pattern has emerged throughout the period with persistent negative miscellaneous receipts, ranging from ₹1,119 crores to ₹2,300 crores. This ongoing negative balance in miscellaneous receipts suggests structural issues in non-core revenue streams that might benefit from strategic review and optimization. The projected increase in negative miscellaneous receipts to ₹2,300 crores in FY 2024-25 (BE) indicates that this challenge is expected to continue. Looking forward, the budgetary estimates for FY 2024-25 project a net revenue of ₹2,800 crores, slightly lower than FY 2023-24 despite higher projected net traffic receipts of ₹5,100 crores. This conservative estimate possibley reflects awareness of potential challenges ahead, including increased operational costs and the larger negative miscellaneous receipts forecast. The overall trend shows that while Indian Railways has demonstrated strong recovery capabilities and operational resilience, its financial performance remains sensitive to external shocks. The consistent negative miscellaneous receipts alongside fluctuating traffic receipts suggest opportunities for revenue diversification and operational optimization to build greater financial stability.