Rail Vikas Nigam Ltd logo

Rail Vikas Nigam Ltd

RVNL NSE

Key Fundamentals

MidcapCivil ConstructionConstruction
Market Cap
₹47,159 Cr
Volatility
Moderate
P/E Ratio
52.34
EBITDA
₹1,543 Cr
Return on Equity
8.87%
Debt to Equity
0.49
Book Value
₹47.11
EPS
₹6.98
52W High
₹400.7
52W Low
₹220.16

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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36 extracted metrics + investor summaries across FY03–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 32.4%

Weaknesses

7
  • Stock is trading at 4.85 times its book value
  • The company has delivered a poor sales growth of 5.79% over past five years.
  • Company has a low return on equity of 13.8% over last 3 years.
  • Earnings include an other income of Rs.779 Cr.
  • Debtor days have increased from 48.8 to 96.0 days.
  • Promoter holding has decreased over last 3 years: -5.36%
  • Working capital days have increased from 57.1 days to 98.0 days

Growth Rate

Revenue Growth
1.26% ↗
Net Income Growth
-31.86% ↘
Cash Flow Change
-200.45% ↘
ROE
-33.61% ↘
ROCE
-25.71% ↘
EBITDA Margin (Avg.)
-28.49% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
AI opinion · based on fundamentals
Risk high

Rail Vikas Nigam Ltd is a government-owned railway infrastructure company with a market cap of ₹47,224 crore trading at a PE of 53x. Its order book stands at approximately ₹99,262 crore providing multi-year revenue visibility, but profitability has declined with FY25 standalone net profit falling to ₹1,189 crore from ₹1,463 crore in FY24, a 19% drop, while revenue growth has been stagnant at around 5% TTM.

Bull Case 8
  • Massive order book of ~₹99,262 crore as of March 2026 provides approximately 5 years of revenue visibility at current run-rates
  • Indian Railways capex allocation rose 10.25% to ₹2.77 lakh crore for FY27, ensuring sustained government spending on rail infrastructure where RVNL is a key execution agency
  • Company has maintained a healthy dividend payout ratio of 32.4%, offering income stability with a 0.75% dividend yield
  • Stock CAGR of 50% over 5 years and 22% over 3 years reflects strong long-term wealth creation track record
  • 10-year compounded sales growth of 16% demonstrates ability to scale revenue over longer business cycles
  • 5-year average ROE of 16% indicates historically efficient capital utilisation by the company
  • Diversification into bidding projects (non-railway) showed a threefold increase in Q1 FY26 revenue, reducing dependence on a single client
  • Q1 FY27 net profit rose 18.7% YoY to ₹159.5 crore with EBITDA more than doubling, signalling a potential earnings recovery
Bear Case 8
  • PE ratio of 53x is expensive for a company whose compounded profit growth is negative at -13% over 3 years and -24% TTM
  • FY25 standalone net profit fell 19% YoY to ₹1,189 crore from ₹1,463 crore, and FY26 profit further declined 33% to ~₹800 crore, showing accelerating earnings deterioration
  • Debtor days nearly doubled from 48.8 to 96.0 days, indicating significant working capital stress and potential collection issues from government clients
  • Stock is trading at 4.84x book value which is elevated for a government contracting company with thin margins and limited pricing power
  • Five-year compounded sales growth of only 5.79% is poor relative to valuation, with 3-year sales CAGR flat at 0%
  • Working capital days increased sharply from 57.1 to 98.0 days, tying up more capital and increasing funding requirements
  • Promoter holding has decreased by 5.36% over the last 3 years through government stake dilution
  • Earnings include other income of ₹779 crore, suggesting core operating profitability is weaker than headline numbers indicate

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 17h ago
Headwinds 3
  • NSE/BSE fines for board gaps Jul 27

    RVNL fined ₹5.42 lakh each by NSE and BSE for failing to maintain required independent directors in Q2FY24. Company cites government appointment powers as the constraint.

  • Rising emissions from new offices Aug 1

    FY26 BRSR filing highlights significant rise in energy consumption and Scope 2 emissions due to new office operations, flagging ESG concerns.

  • South Africa subsidiary closed Jul 28

    Board approved closure of wholly owned subsidiary RVNL Infra South Africa, signaling retreat from international expansion in that market.

Positives 6
  • Vande Bharat JV signed Jul 27

    RVNL signed shareholders' agreement with Metrowagonmash and Locomotive Electronic Systems to form Kinet Railway Solutions for manufacturing and maintaining Vande Bharat trainsets.

  • ₹358.97 Cr East Central Railway order Jul 28

    Secured confirmed work order worth ₹358.97 crore from East Central Railway, adding to disclosed backlog of ₹4,188.57 crore (0.79 quarters revenue coverage).

  • ₹1,272 Cr highway JV in Jharkhand Jul 27

    Partnered with Tracks & Towers Infratech to build a 6-lane Bharatmala highway in Jharkhand at ₹1,272 crore cost; RVNL holds 49% stake in Chatra Expressways.

  • Q1 FY24 PAT up 17.8% Jul 27

    Net profit rose 17.8% to ₹333.57 crore in Q1 FY24, supported by strong execution and order book exceeding ₹65,000 crore.

  • ₹0.36 dividend approved at AGM Jul 27

    Shareholders approved ₹0.36 per share final dividend at 20th AGM held September 27, 2023, along with reappointment of CFO and new director appointments.

  • New ED Civil appointed Jul 29

    BRSLN Murty promoted to Executive Director (Civil) effective July 29, 2026, filling a key leadership role via Departmental Promotion Committee selection.

Neutral 8
  • Q1 FY27 earnings call Aug 13 Aug 6

    RVNL will host investor conference call on August 13, 2026 at 4:00 PM IST to discuss June 2026 quarter results.

  • AGM set for Aug 25, 2026 Jul 28

    23rd AGM scheduled for August 25, 2026; record date for final dividend is August 18, with e-voting open August 22-24.

  • Two senior executives depart Jul 30

    ED Civil Vegi Ramu Naidu retired on Aug 1 due to superannuation; Pr. ED Mechanical Manish Agarwal relieved Jul 30 and repatriated to GM role at ICF Chennai.

  • Insider trading code updated Jul 27

    Board approved amended Code of Conduct enforcing SEBI PIT Regulations with trading window closures, Form-C disclosures for trades above ₹10 lakh, and violation penalties.

  • RPT and materiality policies amended Jul 27

    Board noted amendments to Related Party Transactions Policy and Corporate Policy on Materiality for Disclosure of Events on November 13, 2023.

  • CAG appoints statutory auditor Jul 27

    V. K. Dhingra & Co. appointed by CAG as statutory auditor for FY24, disclosed September 29, 2023 under SEBI LODR.

  • New government director appointed Jul 27

    Vivek Kumar Gupta, Principal Executive Director at Railway Board, appointed as Additional Director effective December 12, 2023.

  • FY26 BRSR filed with CSR details Aug 1

    Submitted Business Responsibility & Sustainability Report for FY26 highlighting robust CSR initiatives alongside increased energy consumption.

TL;DR: RVNL continues to secure meaningful orders (₹358.97 Cr railway, ₹1,272 Cr highway JV) and has entered a strategic Vande Bharat manufacturing partnership, signaling strong execution pipeline. Governance gaps (board composition fines) and rising ESG footprint are minor but recurring risks. The order book remains healthy at ₹65,000+ crore and profit growth is steady. With the Q1 FY27 earnings call on Aug 13 and AGM on Aug 25, near-term catalysts could reinforce the positive trajectory if execution momentum holds.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
5,572
4,914
4,689
6,714
4,074
4,855
4,567
6,427
3,909
5,123
4,684
6,696
4,321
Expenses
5,222
4,616
4,440
6,258
3,892
4,599
4,328
5,994
3,856
4,906
4,464
6,427
4,137
Operating Profit
349
298
249
456
182
256
239
433
53
217
221
269
185
OPM %
6%
6%
5%
7%
4.5%
5%
5%
7%
1.4%
4.2%
4.7%
4%
4.3%
Other Income
289
320
358
323
264
281
326
236
238
234
308
89
147
Interest
146
133
139
150
137
141
145
117
108
100
105
98
98
Depreciation
6
6
5
4
7
7
7
9
9
9
9
10
10
PBT
487
480
463
625
302
389
413
543
173
342
415
250
224
Tax %
30%
18%
22%
23%
26%
26%
25%
16%
23%
33%
22%
27%
29%
Net Profit
343
394
359
478
224
287
312
455
134
231
324
182
160
EPS in Rs
1.64
1.89
1.72
2.3
1.07
1.38
1.49
2.18
0.65
1.1
1.55
0.9
0.76
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
3,147
4,540
5,915
7,597
10,069
14,531
15,404
19,382
20,282
21,879
19,923
20,412
20,825
Expenses
3,001
4,323
5,688
7,215
9,538
13,757
14,524
18,199
19,035
20,525
18,793
19,645
19,934
Operating Profit
146
217
228
382
531
773
880
1,183
1,246
1,354
1,131
767
891
OPM %
4.6%
4.8%
3.9%
5%
5%
5%
6%
6%
6%
6%
6%
3.8%
4.3%
Other Income
123
180
356
331
366
246
808
831
1,077
1,266
1,091
869
779
Interest
15
23
35
45
52
41
458
564
581
568
545
419
400
Depreciation
5
5
5
5
6
20
23
21
22
21
31
36
38
PBT
248
370
543
664
839
958
1,207
1,430
1,719
2,030
1,646
1,181
1,231
Tax %
16%
19%
18%
14%
18%
21%
18%
22%
22%
24%
22%
26%
—
Net Profit
337
429
443
570
688
757
992
1,110
1,342
1,551
1,278
871
896
EPS in Rs
1.62
2.06
2.13
2.73
3.3
3.63
4.76
5.32
6.44
7.44
6.13
4.2
4.31
Div. Payout %
11%
9%
58%
29%
27%
31%
33%
34%
33%
28%
28%
41%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
2,085
2,085
2,085
2,085
2,085
2,085
2,085
2,085
2,085
2,085
2,085
2,085
Reserves
975
1,337
1,472
1,839
2,311
3,034
3,551
4,240
5,161
6,637
7,482
7,737
Borrowings
2,514
2,624
2,437
2,259
3,024
4,257
5,931
6,643
6,441
6,033
5,419
4,818
Other Liabilities
10,561
16,169
2,866
2,101
4,669
3,019
2,654
7,097
4,656
4,822
5,492
7,062
Total Liabilities
16,135
22,216
8,860
8,284
12,089
12,395
14,221
20,066
18,344
19,577
20,478
21,702
Fixed Assets
6
6
8
249
279
305
292
380
355
367
1,027
1,025
CWIP
2
6
13
21
11
25
53
1
1
94
0
0
Investments
896
1,024
1,089
1,231
1,586
1,588
1,730
1,810
1,904
2,381
2,555
2,645
Other Assets
15,232
21,180
7,751
6,783
10,212
10,476
12,145
17,875
16,084
16,735
16,896
18,032
Total Assets
16,135
22,216
8,860
8,284
12,089
12,395
14,221
20,066
18,344
19,577
20,478
21,702
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
113
652
571
-363
-695
-962
419
4,793
-4,064
2,956
1,881
-1,889
Investing
-29
100
-25
36
320
124
312
-1,431
1,355
-1,402
1,629
942
Financing
-152
-182
-668
-581
319
827
416
-189
-1,048
-1,287
-1,487
-1,624
Net Cash Flow
-68
570
-123
-908
-56
-11
1,148
3,173
-3,757
267
2,023
-2,571
Free Cash Flow
104
634
385
-454
-721
-983
277
4,678
-4,125
2,630
1,450
-1,949
CFO/OP
112
543
372
-66
-101
-105
65
430
-295
252
207
-208
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
22
39
30
34
23
21
23
18
17
18
33
96
Cash Conversion Cycle
22
39
30
34
23
21
23
18
17
18
33
96
Working Capital Days
267
50
21
70
99
122
129
15
49
34
39
98
ROCE %
—
7%
9%
12%
13%
12%
16%
16%
17%
18%
15%
11%

Shareholding Pattern

As of Jun 2026
Promoters 72.84%
Public 16.78%
DIIs 6.60%
FIIs 2.41%
Others 1.36%
Government 0.01%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Jul 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
78.21%
78.20%
78.20%
78.20%
78.20%
78.20%
78.20%
78.20%
78.20%
78.20%
72.84%
72.84%
72.84%
72.84%
72.84%
72.84%
72.84%
72.84%
72.84%
72.84%
72.84%
72.84%
72.84%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
2.32%
0.00%
2.32%
3.13%
5.05%
5.10%
5.07%
4.89%
4.66%
4.98%
4.86%
2.41%
DIIs
9.43%
9.27%
9.09%
8.62%
8.33%
8.30%
7.43%
6.45%
6.51%
5.76%
5.45%
5.83%
6.07%
6.18%
6.77%
6.33%
6.16%
6.21%
6.38%
6.40%
6.38%
6.42%
6.60%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
Public
10.57%
10.84%
11.27%
11.26%
11.52%
11.43%
11.33%
11.64%
12.38%
13.14%
14.85%
17.50%
17.03%
17.27%
16.00%
14.78%
14.90%
14.94%
14.94%
15.13%
14.70%
14.74%
16.78%
Others
1.79%
1.69%
1.44%
1.92%
1.95%
2.08%
3.04%
3.71%
2.91%
2.90%
6.86%
1.51%
4.05%
1.39%
1.26%
1.00%
0.99%
0.94%
0.94%
0.96%
1.09%
1.14%
1.36%
No. of Shareholders
3,66,354
3,10,866
4,37,074
5,31,174
5,63,523
5,79,899
5,66,880
6,60,435
7,20,323
8,86,922
9,53,483
13,41,100
13,97,700
18,44,550
20,74,710
22,96,190
23,17,900
23,71,570
22,90,740
22,79,950
22,07,490
21,90,490
22,10,910

Documents

Frequently Asked Questions about Rail Vikas Nigam Ltd

What does Rail Vikas Nigam Ltd do?
Rail Vikas Nigam Ltd was Incorporated in 2003 by the Govt. of India, it is engaged in the business of implementing various types of Rail infrastructure projects assigned by MoR including doubling, gauge conversion, new lines, railway electrification, major bridges, workshops, Production Units and...
Where is Rail Vikas Nigam Ltd (RVNL) listed?
Rail Vikas Nigam Ltd is listed on the Indian stock exchanges. It is listed on NSE: RVNL and BSE: 542649. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Rail Vikas Nigam Ltd belong to?
Rail Vikas Nigam Ltd operates in the Industrials sector within the Construction industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Rail Vikas Nigam Ltd?
Rail Vikas Nigam Ltd has a market capitalisation of approximately ₹47158.98 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Rail Vikas Nigam Ltd?
The Price-to-Earnings (PE) ratio of Rail Vikas Nigam Ltd is 52.34. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Rail Vikas Nigam Ltd?
Over the past 52 weeks, Rail Vikas Nigam Ltd has traded between a low of ₹220.16 and a high of ₹400.7. This range helps investors understand the stock's price volatility and recent trading levels.
Does Rail Vikas Nigam Ltd pay dividends?
Yes, Rail Vikas Nigam Ltd has a dividend yield of 0.75%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Rail Vikas Nigam Ltd?
Rail Vikas Nigam Ltd has a Return on Equity (ROE) of 8.87%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Rail Vikas Nigam Ltd on Tapetide?
On Tapetide, you can view Rail Vikas Nigam Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Rail Vikas Nigam Ltd was Incorporated in 2003 by the Govt. of India, it is engaged in the business of implementing various types of Rail infrastructure projects assigned by MoR including doubling, gauge conversion, new lines, railway electrification, major bridges, workshops, Production Units and sharing of freight revenue with Railways as per the concession agreement entered into with Ministry of Railway. [1] [2]

Website rvnl.org
CEO Ms. Kalpana Dubey
Employees 329
Listed 2019-04-11
Face Value ₹ 10
Issued Size 2,08,50,20,100

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