Rail Vikas Nigam
Rail Vikas Nigam
Construction F&OKey Fundamentals
MidcapCivil ConstructionConstructionTapetide Score
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Key Insights
Strengths
1- Company has been maintaining a healthy dividend payout of 32.4%
Weaknesses
6- Stock is trading at 4.18 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.
- Working capital days have increased from 57.1 days to 98.0 days
Growth Rate
AI Analysis — Bull vs Bear
Rail Vikas Nigam Ltd has a market capitalisation of about Rs 42,484 Cr and trades at a P/E of 48.1x and 4.39x book value. Growth has slowed: sales grew at a 0% CAGR over 3 years and 5% on a TTM basis, while profit fell 24% TTM and at a 13% CAGR over 3 years. Return on equity dropped to 9% last year from a 10-year average of 16%. The stock is down 39% over one year but still shows a 47% CAGR over five years, and the company keeps a 32.4% dividend payout.
- The company has a long record of growth, with sales compounding at 16% annually over 10 years and profit at 7% over the same period. This shows it has scaled up its railway project execution over time.
- Dividend payout has stayed steady at 32.4%, giving a dividend yield of 0.83%. Shareholders have received regular cash returns even while profits declined.
- ROE has averaged 16% over both 5 and 10 years. That suggests the business can earn mid-teen returns in a normal operating cycle, well above last year's 9%.
- TTM sales growth of 5% is better than the flat 0% CAGR over 3 years. This may be an early sign that revenue is picking up again.
- The stock has fallen 39% over the past year, which has taken some of the excess out of its valuation. Even so, it still shows a 5-year CAGR of 47%, reflecting its long-term re-rating as a railway infrastructure play.
- Other income of Rs 779 Cr points to sizeable treasury or interest income. This gives the company a financial cushion alongside its core execution earnings.
- Even after promoter holding fell by 5.36% over 3 years, the Government of India remains the majority promoter. That anchors the company's role in state-funded railway capex.
- Profit is falling across several timeframes: down 24% TTM, down at a 13% CAGR over 3 years, and down at a 2% CAGR over 5 years. This points to steady margin or execution pressure.
- A P/E of 48.1x and P/B of 4.39x are high multiples for a company whose 3-year sales CAGR is 0% and whose profits are shrinking.
- ROE fell to 9% last year, compared with a 3-year average of 13.8% and a 10-year average of 16%. The company is earning less on its shareholders' capital.
- Debtor days nearly doubled from 48.8 to 96.0. Payments are coming in more slowly, which could strain cash flow.
- Working capital days rose from 57.1 to 98.0. More capital is now tied up in running operations.
- Other income of Rs 779 Cr makes up a meaningful share of earnings. That makes core operating profit weaker than headline net profit suggests.
- Sales grew at only about 5.8% a year over five years, a sharp slowdown from the 16% 10-year CAGR.
- Promoter holding fell by 5.36% over 3 years. More government stake sales could put supply pressure on the stock.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Finance director role held interim Sep 29
The Ministry of Railways gave Neeti Sarkar additional charge of Director (Finance) from September 29, 2026. There is still no full-time finance head, which leaves a gap in financial leadership.
- ₹404.88 cr East Coast Railway win Sep 3
RVNL was the lowest bidder (Sep 4) and then received the Letter of Acceptance for a ₹404.88 crore East Coast Railway contract. The work covers roadbed, bridges and electrification, with 30 months to complete it.
- ₹903 cr Buxar project funding Sep 7
RVNL secured ₹903 crore of funding linked to SJVN Thermal for the Buxar Power Project in Bihar. The deal adds to its work outside railways, but the reports don't make clear what kind of financing it is.
- Statutory and internal auditors changed Sep 30
The CAG appointed Gandhi Minocha & Co. as statutory auditor for FY27, effective September 8, 2026. RVNL also named AMAA & Associates internal auditor for one year from July 1, 2026, replacing Ravi Rajan & Co. LLP.
- Analyst and investor meet held Sep 22
RVNL scheduled a meeting with analysts and investors for September 28, 2026. This is part of its regular communication with investors.
TL;DR: RVNL kept winning railway contracts, mainly the ₹404.88 crore East Coast Railway order, and secured ₹903 crore for the Buxar power project, which adds to its non-railway work. The main risks are that this order is small next to the company's size and that the finance director post is only filled on an interim basis. The auditor changes are routine for a government-owned company. Overall the trend is steady but not speeding up, and the stock's next moves will likely depend on larger order wins and quarterly results. The Sep 20 roundup also mentioned Welspun Michigan's ₹351.24 crore sewer contracts and a ₹500 crore fundraise, but these were left out because Welspun Michigan belongs to Welspun Enterprises, not RVNL, and the fundraise wasn't clearly RVNL's.
Quarterly Results
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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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]
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