RITES LIMITED

RITES Limited operates as a transport infrastructure consultancy and engineering PSU. The largest revenue stream is domestic consultancy (49.1% of FY26 segment revenue at Rs 1,117.81 crore), which provides project management, design, and quality assurance services to Indian Railways, metro rail corporations and other government clients — visible in recent wins such as a Rs 79.22 crore PMC order from Patna Metro and a Rs 175.41 crore PMC order from Babasaheb Bhimrao Ambedkar University. Turnkey construction projects (26.5%, Rs 602.40 crore) covers domestic EPC execution, though margins are thin (EBIT of Rs 9.73 crore on this segment). Export sales (13.9%, Rs 316.25 crore) covers overseas supply of locomotives, coaches and railway equipment, including a USD 35.82 million South African order for 4,000 HP Cape Gauge diesel-electric locomotives and upcoming Bangladesh coach deliveries. Leasing (7.6%, Rs 172.07 crore) rents locomotives and operates railway sidings, such as the NUPPL-GTPP wet-lease. Abroad consultancy (3.0%, Rs 67.21 crore) provides overseas PMC work. The order book stood at an all-time high Rs 9,416 crore at end-FY26 — roughly 3.9x FY26 revenue — with more than 50% in the early 12–18 month execution window. The Government of India holds 72.20% of the equity, and the company is virtually debt-free.