RAILTEL CORP OF IND LTD

Operates a telecom services and project execution business serving Indian Railways, central and state government bodies, PSUs, law enforcement agencies and civic bodies. Telecom Services generated INR 1,500.69 crore in FY26 (35.1% of segment revenue) at an EBIT of INR 400.25 crore, covering data centre services, network connectivity, video surveillance, and Aadhaar-based biometric authentication for clients including Standard Chartered; data centre revenue specifically was INR 202 crore, up 59% YoY, with capacity rising from ~3 MW currently to 5 MW by May 2027. Project Work Services generated INR 2,776.79 crore (64.9% of segment revenue) at an EBIT of INR 109.47 crore, executing turnkey orders such as MPLS VPN networks for Coal India subsidiaries, railway signaling works for North Central Railway, the DigiThane citizen engagement platform, and cyber-forensic staffing for Odisha police, with margins targeted at 4-5%. The combined order book stood at INR 11,466 crore as of April 30, 2026, with railway projects down to ~21% of the book. FY27 capex is guided at INR 300 crore, predominantly for data centre and telecom network build-out. The cost base is dominated by other operating expenses at 80.1% of revenue, with employee cost at 5% and depreciation at 4.4%, reflecting spend on network infrastructure and project sub-contracting.