NSE: RITES · BSE: 541556
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Consultancy - Domestic (49%), Turnkey Construction Projects - Domestic (27%), Export Sale (14%), Leasing - Domestic (8%), Consultancy - Abroad (3%). Consultancy-led, asset-light PSU with episodic export execution and low-margin turnkey construction
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,662 | 2,628 | 2,453 | 2,218 | 2,415 |
| EBITDA (ex other income) | 725 | 825 | 650 | 515 | 554 |
| margin % | 27.2 | 31.4 | 26.5 | 23.2 | 22.9 |
| Owners' profit | 516 | 542 | 455 | 385 | 410 |
| EPS, as reported (₹) | 21.49 | 22.56 | 18.95 | 8.01 | 8.54 |
| ROE % · ROCE % | 20.8 · 26.4 | 21.0 · 25.9 | 18.2 · 23.1 | 15.4 · 19.1 | 16.3 · 18.3 |
| Debt / equity (x) | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 310 | 735 | 106 | 651 | 166 |
| Capex | (142) | (136) | (137) | (133) | (62) |
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 | 541 | 576 | 615 | 490 | 549 | 609 | 768 | 532 |
| Profit before tax | 111 | 139 | 191 | 119 | 142 | 151 | 182 | 126 |
| Net profit | 84 | 109 | 141 | 91 | 109 | 115 | 139 | 98 |
| EPS (₹) | 1.52 | 2.08 | 2.76 | 1.67 | 2.04 | 2.12 | 2.70 | 1.81 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Consultancy - Domestic | 970 | 40.1 |
| Consultancy -Abroad | 50 | 2.1 |
| Export Sale | 316 | 13.1 |
| Leasing -Domestic | 129 | 5.4 |
| Turnkey Construction Projects | 489 | 20.3 |
| Power Generation | 15 | 0.6 |
| Turnkey Construction Projects - Domestic | 113 | 4.7 |
| Consultancy-Domestic | 272 | 11.3 |
| Consultancy-Abroad | 18 | 0.7 |
| Leasing-Domestic | 43 | 1.8 |
| Total, before eliminations | 2,415 | 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. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,22,964 | 31.5 | 4.07 | 19.0 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 38,385 | 42.7 | 3.91 | 27.6 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,786 | 20.1 | 2.95 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 21,114 | 35.1 | 8.80 | 17.9 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,421 | 14.9 | 0.93 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 18,857 | 25.5 | 5.86 | 15.3 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,470 | 18.5 | 4.60 | 16.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,873 | 22.9 | 2.38 | 16.2 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.6 | 13.5 | 70 of 101 | 31% |
| P/B | 3.4 | 1.3 | 73 of 85 | 14% |
| ROCE | 18.2 | 10.0 | 25 of 107 | 77% |
| ROE | 16.3 | 9.1 | 17 of 87 | 81% |
| Debt / Equity | 0.0 | 0.4 | 1 of 87 | 92% |
| EBITDA margin | 26.9 | 12.4 | 10 of 88 | 90% |
| Revenue growth | 8.7 | 6.2 | 39 of 86 | 55% |
| Profit growth | 7.6 | 2.7 | 36 of 84 | 58% |
| Market cap | 9421 | 456 | 10 of 107 | 92% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Newspaper notice on mandatory share transfer to IEPF | compliance | minimal | — | — |
| 16 Oct 2026 · RITES clarifies NSE query on unusual share volume | compliance | low | — | — |
| 15 Oct 2026 · NSE seeks clarification from RITES on unusual trading volume | general | medium | — | — |
| 9 Oct 2026 · CRISIL assigns ESG rating of 63 and core ESG rating of 79 to RITES | credit debt | medium | — | — |
| 9 Oct 2026 · RITES Board Meet on Nov 4, 2026 for Q2 Results and Possible Interim Dividend | results | low | — | — |
| 7 Oct 2026 · Routine RTA submission of the SEBI regulation 74(5) certificate | compliance | minimal | — | — |
| 6 Oct 2026 · RITES appoints Dr. Sandeepa Malhotra as Independent Director | management changes | medium | — | — |
| 4 Oct 2026 · RITES wins tax appeal, gets relief of about Rs 38.30 crore for FY20 demand | general | medium | — | — |
| 1 Oct 2026 · RITES clarifies no undisclosed info behind share volume movement | compliance | low | — | — |
| 1 Oct 2026 · BSE seeks clarification from RITES on unusual volume; reply awaited | compliance | minimal | — | — |
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.