BSE: 514360
K&R RAIL ENGINEERING LIMITED
Operates in the civil construction industry under a rail-engineering focus, executing infrastructure projects through the parent and a wholly-owned subsidiary, Robsons Engineering & Constructions Private Limited (REC). Materials account for 97% of revenue, while employee costs, other operating expenses and depreciation each run well under 1%, leaving EBITDA margins around 1.8% in FY25. Quarterly performance is uneven — Q3 FY26 standalone revenue fell to Rs 1,177.62 lakhs from Rs 3,386.06 lakhs in the previous quarter, with a standalone loss of Rs 84.65 lakhs attributed partly to the sale of old equipment and unused assets on completion of a project. The parent and REC together generated FY25 revenue of Rs 696.39 crore and a net profit of Rs 6.20 crore, against total assets of Rs 289.87 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Civil / rail construction. Asset-heavy civil construction with very thin margins and lumpy, project-driven revenue
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 390 | 662 | 696 | 149 |
| EBITDA (ex other income) | 13 | 12 | 12 | (18) |
| margin % | 3.4 | 1.9 | 1.7 | (12.0) |
| Owners' profit | 0 | 8 | 6 | 0 |
| EPS, as reported (₹) | 4.01 | 4.62 | 2.46 | 4.46 |
| ROE % · ROCE % | 6.5 · 9.6 | 10.6 · 16.9 | 6.0 · 9.0 | (22.8) · (20.8) |
| Debt / equity (x) | 0.15 | 0.04 | 0.00 | 0.00 |
| Cash from operations | (43) | 7 | (19) | (5) |
| Capex | (22) | 0 | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 142 | 161 | 152 | 241 | 88 | 34 | 12 | 15 |
| Profit before tax | 4 | 8 | 10 | (13) | 1 | (0) | (1) | (19) |
| Net profit | 3 | 5 | 6 | (8) | 1 | (0) | (1) | (19) |
| EPS (₹) | 1.50 | 2.27 | 2.65 | 3.31 | 0.22 | (0.07) | (0.23) | 2.26 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,04,226 | 30.4 | 3.92 | 18.4 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 37,739 | 42.0 | 3.84 | 27.2 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,629 | 19.9 | 2.93 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 20,566 | 34.2 | 8.57 | 17.5 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,228 | 14.7 | 0.92 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,035 | 25.7 | 5.92 | 15.5 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,062 | 17.9 | 4.47 | 15.7 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,758 | 22.6 | 2.35 | 16.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.0 | 13.5 | 22 of 101 | 79% |
| P/B | 0.8 | 1.2 | 23 of 85 | 73% |
| ROCE | (23.1) | 10.0 | 106 of 107 | 1% |
| ROE | (22.8) | 9.1 | 85 of 87 | 2% |
| Debt / Equity | 0.0 | 0.4 | 10 of 87 | 90% |
| EBITDA margin | (111.7) | 12.4 | 85 of 88 | 3% |
| Revenue growth | (93.7) | 6.2 | 84 of 86 | 2% |
| Profit growth | (121.6) | 2.7 | 76 of 84 | 10% |
| Market cap | 64 | 465 | 81 of 107 | 25% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · K&R Rail Engineering Q1 FY27 results show net loss | compliance | minimal | — | — |
| 13 Oct 2026 · Compliance certificate under SEBI DP Regulations for Q2 FY27 | compliance | minimal | — | — |
| 8 Oct 2026 · Q1 FY27 results revenue collapses to Rs 1.69 cr, auditor flags going concern | results | high | — | — |
| 8 Oct 2026 · Q1 FY27 results: revenue crashes 98% YoY, going concern doubt flagged | results | high | — | — |
| 5 Oct 2026 · Board meeting on 08 Oct 2026 to consider Q1 FY27 results | results | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 19 Sept 2026 · AGM Extension Approved for FY 2025-26 | board shareholder meetings | low | — | — |
| 20 Aug 2026 · K&R Rail Engineering: New CEO appointed, former CEO Amit Bansal resigns | management changes | high | — | — |
| 20 Aug 2026 · CEO Amit Bansal resigns for health reasons; Manoj Kumar Jha named new CEO | management changes | critical | — | — |
| 20 Aug 2026 · CEO Amit Bansal resigns on health grounds; Manoj Kumar Jha appointed new CEO | management changes | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.