NSE: RAILTEL · BSE: 543265
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Project Work Services (65%), Telecom Services (35%). Dual-segment: high-margin recurring telecom services (data centre, connectivity, authentication) alongside low-margin order-driven project execution
Exhibit 1: Financial summary, FY21–FY23 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY22 | FY23 |
|---|---|---|---|
| Revenue | 1,378 | 1,548 | 1,964 |
| EBITDA (ex other income) | 327 | 367 | 376 |
| margin % | 23.7 | 23.7 | 19.2 |
| Owners' profit | 142 | 209 | 189 |
| EPS, as reported (₹) | 4.44 | 6.51 | 5.89 |
| ROE % · ROCE % | 10.1 · 12.7 | 13.7 · 17.1 | 11.5 · 14.3 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 |
| Cash from operations | 349 | 264 | 230 |
| Capex | (80) | (116) | (177) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY22 | Q3 FY22 | Q4 FY22 | Q1 FY23 | Q2 FY23 | Q3 FY23 | Q4 FY23 | Q1 FY24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 358 | 418 | 466 | 377 | 429 | 454 | 704 | 468 |
| Profit before tax | 91 | 88 | 74 | 35 | 74 | 43 | 103 | 51 |
| Net profit | 68 | 66 | 54 | 26 | 55 | 32 | 76 | 38 |
| EPS (₹) | 2.10 | 2.06 | 1.69 | 0.81 | 1.72 | 1.00 | 2.37 | 1.20 |
Exhibit 3: Segment revenue, FY23
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Project Work Services | 794 | 40.4 |
| Telecom Services | 1,169 | 59.6 |
| Total, before eliminations | 1,964 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| RAILTEL CORP OF IND LTD ◆ | 7,350 | 36.4 | 4.46 | 17.3 | 11.5 | 13.9 | — | 19.1 |
| ROUTE MOBILE LIMITED | 2,754 | 11.1 | 0.98 | 4.1 | 9.1 | 12.2 | 25.7 | 10.1 |
| GTL LTD | 95 | 0.1 | — | 3.1 | (4.7) | 0.2 | — | 934.3 |
| STEELMAN TELECOM LIMITED | 67 | 13.8 | — | — | — | (21.5) | — | — |
| NETTLINX LTD. | 28 | — | 0.46 | — | (8.5) | (8.3) | (9.9) | 22.3 |
| UNIINFO TELECOM SERVI LTD | 11 | — | 0.36 | — | (3.8) | (4.4) | — | 5.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 36.4 | 13.8 | 10 of 15 | 36% |
| P/B | 4.5 | 3.4 | 8 of 12 | 36% |
| ROCE | 13.9 | 11.0 | 7 of 18 | 65% |
| ROE | 11.5 | 13.3 | 8 of 12 | 36% |
| Debt / Equity | 0.0 | 0.3 | 1 of 12 | 91% |
| EBITDA margin | 19.1 | 23.3 | 14 of 19 | 28% |
| Revenue growth | 24.1 | 6.1 | 5 of 20 | 79% |
| Profit growth | 48.5 | 45.9 | 9 of 18 | 53% |
| Market cap | 7350 | 2916 | 8 of 20 | 63% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · RailTel secures Rs 132 crore five-year Department of Posts order | business updates | high | — | — |
| 27 Oct 2026 · RailTel secures Rs 27.38 crore Cotton Corporation work order | business updates | high | — | — |
| 26 Oct 2026 · RailTel Q2 revenue rises 20%, profit after tax falls 10%; Rs 1 dividend | compliance | minimal | — | — |
| 26 Oct 2026 · RailTel schedules Q2 FY27 analyst and investor conference call | board shareholder meetings | low | — | — |
| 25 Oct 2026 · RailTel declares Rs 1 interim dividend with October 30 record date | corporate actions | high | — | — |
| 25 Oct 2026 · RailTel declares Rs 1 interim dividend; Q2 profit dips | corporate actions | high | — | — |
| 25 Oct 2026 · September quarter revenue rises 20%, profit falls; Rs 1 interim dividend | results | high | — | — |
| 24 Oct 2026 · RailTel secures Rs 20.04 crore order from Munitions India | business updates | high | — | — |
| 21 Oct 2026 · RailTel board meeting on 25 Oct 2026 to consider Q2 FY27 results and interim dividend | results | low | — | — |
| 20 Oct 2026 · RailTel wins Rs 47.4 cr LAN contract from Haryana State govt | business updates | 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.