NSE: RVNL · BSE: 542649
RAIL VIKAS NIGAM LIMITED
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
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) | 42.0 | 13.5 | 84 of 101 | 17% |
| P/B | 3.8 | 1.2 | 75 of 85 | 12% |
| ROCE | 7.5 | 10.0 | 62 of 107 | 43% |
| ROE | 8.9 | 9.1 | 47 of 87 | 47% |
| Debt / Equity | 0.5 | 0.4 | 54 of 87 | 37% |
| 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 | 37739 | 465 | 2 of 107 | 99% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · RVNL Executive Director (Highway) relieved; moves to NBCC as Director (Projects) | management changes | medium | — | — |
| 15 Oct 2026 · RVNL signs MoU with DVC for rail infra at power plants and coal mines | strategic transactions | medium | — | — |
| 12 Oct 2026 · RVNL appoints Deepak Mohanty as Independent Director | management changes | medium | — | — |
| 7 Oct 2026 · RVNL files quarterly compliance certificate from registrar | compliance | minimal | — | — |
| 6 Oct 2026 · Deepak Mohanty appointed Independent Director on RVNL board | management changes | medium | — | — |
| 5 Oct 2026 · RVNL board comments on exchange fine for director composition gap | regulatory legal | high | — | — |
| 1 Oct 2026 · RVNL: East Coast Railway cancels video surveillance LOA | business updates | high | — | — |
| 30 Sept 2026 · Smt. Neeti Sarkar appointed as Director (Finance) at RVNL | management changes | high | — | — |
| 30 Sept 2026 · RVNL appoints AMAA and Associates as new internal auditor for one year | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · Additional charge of Director Finance given to Ms Neeti Sarkar at RVNL | 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.