Cancellation has nothing to do with IRCTC and the amount goes to IR. The service charge leived at the time of booking only goes to IRCTC. In otherwords its like platform fee charged by Swiggy Zomato and ride hailing apps Ola Rapido.
Regarding IRCTC stock price it quotes has a high PE ratio of above 50 which in general is about 25-30 and any multiple over and above 30 is overvaluation which is because it's debt free and another reason for high valuation is being treated as tech platform. so it's...
more... does increase beyond a certain PE ratio