Executes railway and infrastructure projects on an EPC basis, primarily as a Project Executing Agency for Indian Railways and other central-government entities. Railway work contributed 84% of FY26 revenue, with the order mix now diversifying into metro, telecom (BharatNet), rolling-stock manufacturing (Vande Bharat) and renewable energy. New orders announced in 2026 include a Rs 2,977 crore 10 MTPA Buffer Stockpile and Blending Yard at Vizag from NMDC, a Rs 967.93 crore bridge package on the 385 km Bhadrak-Vizianagaram section from East Coast Railway, and a Rs 358.97 crore doubling contract on the 41.04 km Sitamarhi-Raxaul stretch from East Central Railway. Materials and sub-contracted work absorb 94% of revenue, with employees at 1% and other opex at 1.3%. The order book stood at a record Rs 99,262 crore, with competitive-bidding projects now matching nomination work, executed by 964 employees across 23 national and 9 international offices. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Railway infrastructure projects, Non-railway diversification. Order-driven, asset-light EPC railway and infrastructure contractor
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 19,382 | 20,282 | 21,889 | 19,923 | 20,412 |
| EBITDA (ex other income) | 1,183 | 1,247 | 1,353 | 1,125 | 767 |
| margin % | 6.1 | 6.1 | 6.2 | 5.6 | 3.8 |
| Owners' profit | 1,183 | 1,421 | 1,574 | 1,281 | 875 |
| EPS, as reported (₹) | 5.67 | 6.81 | 7.55 | 6.15 | 4.20 |
| ROE % · ROCE % | 18.5 · 15.1 | 19.4 · 15.9 | 18.0 · 16.7 | 13.4 · 14.1 | 8.9 · 10.3 |
| Debt / equity (x) | 1.03 | 0.87 | 0.68 | 0.56 | 0.49 |
| Cash from operations | 4,800 | (4,076) | 2,954 | 1,878 | (1,894) |
| Capex | (14) | (10) | (116) | (432) | (61) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,855 | 4,567 | 6,427 | 3,909 | 5,123 | 4,684 | 6,696 | 4,321 |
| Profit before tax | 405 | 356 | 494 | 164 | 318 | 359 | 246 | 217 |
| Net profit | 287 | 312 | 459 | 134 | 231 | 324 | 182 | 160 |
| EPS (₹) | 1.38 | 1.49 | 2.20 | 0.65 | 1.10 | 1.55 | 0.90 | 0.76 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,40,766 | 32.6 | 4.21 | 19.5 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED ◆ | 42,722 | 47.5 | 4.35 | 30.4 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 24,541 | 21.6 | 3.17 | 11.1 | 13.3 | 15.0 | 16.0 | 10.0 |
| IRB INFRA DEV LTD. | 23,770 | 18.2 | 1.13 | 10.5 | 4.1 | 2.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · RVNL appoints Gandhi Minocha & Co as statutory auditor for FY27 | management changes | medium | — | — |
| 4 Sept 2026 · RVNL wins Rs 903 cr order from SJVN Thermal for Buxar power project | business updates | high | — | — |
| 3 Sept 2026 · RVNL wins L1 status for East Coast Railway order worth Rs 404.88 crore | business updates | high | — | — |
| 31 Aug 2026 · RVNL: Senior Management Personnel retires on superannuation | management changes | medium | — | — |
| 27 Aug 2026 · RVNL re-appoints Rakesh Bhalla as Independent Director | management changes | medium | — | — |
| 26 Aug 2026 · NSE imposes fine on RVNL for board composition non-compliance | regulatory legal | high | — | — |
| 25 Aug 2026 · BSE fines RVNL for board composition non-compliance in Q1 FY27 | regulatory legal | high | — | — |
| 25 Aug 2026 · RVNL AGM: all 9 resolutions approved, Rs 0.71 dividend declared | board shareholder meetings | low | — | — |
| 25 Aug 2026 · RVNL 23rd AGM held on 25 Aug 2026; final dividend of Re 0.71 per share declared | board shareholder meetings | medium | — | — |
| 25 Aug 2026 · RVNL 23rd AGM: Rs 0.71 dividend declared, new CMD appointed | board shareholder meetings | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 7.6 |
| 55.6 |
| NBCC (INDIA) LIMITED | 22,383 | 30.3 | 6.96 | 18.8 | 23.1 | 29.7 | 13.5 | 9.6 |
| CEMINDIA PROJECTS LIMITED | 21,472 | 35.7 | 8.95 | 18.2 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 15,144 | 19.3 | 4.81 | 16.9 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 11,339 | 26.3 | 2.73 | 18.6 | 11.4 | 12.4 | 29.6 | 20.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 47.5 | 14.9 | 94 of 107 | 12% |
| P/B | 4.3 | 1.4 | 77 of 86 | 11% |
| ROCE | 7.5 | 10.0 | 63 of 109 | 43% |
| ROE | 8.9 | 9.2 | 50 of 91 | 46% |
| Debt / Equity | 0.5 | 0.3 | 58 of 91 | 36% |
| EBITDA margin | 7.5 | 12.4 | 67 of 88 | 24% |
| Revenue growth | 10.6 | 6.2 | 36 of 86 | 59% |
| Profit growth | 18.7 | 2.7 | 29 of 84 | 66% |
| Market cap | 42722 | 485 | 2 of 108 | 99% |
| 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 |
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.
