All the passenger trains are loss making just because
(1) they normally have only non ac coaches which have the most subsidised fares.
(2) Substantial passengers in these trains are pass holders which pay even lesser.
(3) the revenue of a passenger train is very low as compared to revenue of express trains due to many factors going against it like:
-...
more... very low fare per passenger,
- the lesser number of coaches in passenger trains means lesser no. of paxs. per train
- Lesser distance travelled per day by passenger train means lesser fare
- Instances of ticket less travel is also high in passenger trains leading to lesser revenue in spite of more apparent crowd.
(4) Frequent stops/ acceleration/ deceleration lead to very high hauling (energy) costs, maintenance costs, poor rake utilisation etc. So the operational costs per passenger of a passenger train is no significantly less than the Express train, where as revenue is much lesser. So losses are higher.
(5) Several years before, it was reported in a news paper that a rly official had informed them about losses incurred by IR in passenger business and surprisingly a well patronised train Karnataka Express was not giving profits!
(6) When a large number of the well patronised express trains are giving losses, the passenger trains are definitely giving even more losses! Presently well patronised, full length and fully ac trains like Mumbai Raj, BPL Shatabdi are amongst top profit making trains.