Rail Vikas Nigam Ltd
Rail Vikas Nigam Ltd
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BetaAI-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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Technical Indicators
Key Insights
Strengths
1- Company has been maintaining a healthy dividend payout of 32.4%
Weaknesses
7- Stock is trading at 4.83 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
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 1d agoRail 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.
- 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
- 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 claude-opus-4.6 3h ago- 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 process as the constraint.
- Rising emissions from new offices Aug 1
FY26 BRSR filing reveals significant rise in energy consumption and Scope 2 emissions due to new office operations, potentially flagging ESG concerns.
- SA subsidiary closure Jul 28
Board approved closure of wholly owned subsidiary RVNL Infra South Africa, signaling retreat from international expansion in that market.
- 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 form Chatra Expressways (49% stake) for a 6-lane Bharatmala highway in Jharkhand worth ₹1,272 crore.
- Q1 FY24 PAT up 17.8% Jul 27
Net profit rose 17.8% to ₹333.57 crore in Q1 FY24, driven by strong execution and order book exceeding ₹65,000 crore.
- ₹0.36 dividend declared at AGM Jul 27
Shareholders approved ₹0.36 per share final dividend at 20th AGM held Sep 27, 2023, along with reappointment of CFO and new directors.
- 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.
- Q1 FY27 earnings call Aug 13 Aug 6
Investor conference call scheduled for August 13, 2026 at 4:00 PM IST to discuss quarter ended June 30, 2026.
- AGM set for Aug 25, 2026 Jul 28
23rd AGM scheduled August 25, 2026 with record date August 18 for final dividend and e-voting August 22-24.
- Senior management departures Jul 30
ED (Civil) Vegi Ramu Naidu retired Aug 1 on superannuation; Pr. ED (Mechanical) Manish Agarwal repatriated Jul 30 to GM role at ICF Chennai.
- Insider trading code updated Jul 27
Board approved amendments to Code of Conduct enforcing SEBI PIT Regulations including Form-C disclosures for trades over ₹10 lakh and trading window rules.
- CAG appoints statutory auditor Jul 27
V. K. Dhingra & Co. (FRN 000250N) appointed as statutory auditor for FY24, disclosed September 29, 2023.
- RPT and materiality policies amended Jul 27
Board noted amendments to Related Party Transactions Policy and Corporate Policy on Materiality for Disclosure on November 13, 2023.
- New government director appointed Jul 27
Vivek Kumar Gupta, Principal Executive Director at Railway Board, appointed as Additional Director effective December 12, 2023.
TL;DR: RVNL continues to build momentum with meaningful order wins (₹358.97 Cr railway, ₹1,272 Cr highway JV) and the strategically significant Vande Bharat manufacturing JV. Profit growth remains solid at 17.8% in Q1 FY24 with a robust ₹65,000 Cr+ order book. Key risks are governance-related — board composition fines and senior management turnover — rather than operational. The trend is constructive as diversification into highways and high-speed trains positions the company for multi-year growth, with Q1 FY27 results on Aug 13 as the next catalyst.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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% |
Documents
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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]