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RailTel Corporation of India Ltd.
NSE: RAILTELCommunication ServicesTelecom Services
- Last close
- ₹223.95
- Day change
- −₹5.05 (−2.21%)vs
- Market cap
- ₹7,187 crIndian rupees
- Research updated
- 4 reports
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About RailTel Corporation of India
RailTel Corporation of India Ltd. is a Navratna public sector enterprise that provides telecom infrastructure, broadband connectivity, and integrated ICT services across India. The company operates one of the country’s largest neutral optic fiber networks, laid along railway corridors, and supports a wide range of services including leased lines, internet connectivity, VPN solutions, data center services, cloud services, and managed network operations. RailTel also delivers project-based IT and telecom solutions for government institutions, enterprises, and railway systems, alongside passenger-facing digital services such as Wi‑Fi at stations. With its focus on essential communications infrastructure and digital public services, RailTel Corporation of India Ltd. plays an important role in supporting enterprise connectivity, public-sector digitalization, and nationwide telecommunications access.
- Sector
- Communication Services
- Industry
- Telecom Services
- Listing
- NSE: RAILTEL
- Employees
- 595
- Headquarters
- New Delhi, India
- ISIN
- INE0DD101019
- Website
- railtel.in
Public research · Report of
Business model & financial foundation
RailTel (NSE: RAILTEL), Enterprise telecom infrastructure and government ICT integration: revenue of ₹4,277 crore in FY26 (+23.0% on FY25), an EBITDA margin of 14.9%, net profit of ₹346.3 crore and net cash of ₹699.9 crore.
- Revenue, FY26 (₹ crore)
- 4,277
- standalone
- Revenue growth, FY26
- +23.0%
- on FY25
- EBITDA margin, FY26
- 14.9%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 346.3
- to owners
- Return on equity, FY26
- 16.3%
- on average equity
- Net debt, FY26 (₹ crore)
- -699.9
- Lease-inclusive debt less unrestricted liquidity
- Market capitalisation (₹ crore)
- 7,349
- at the close of 27 Oct 2026
Company profile
RailTel earns recurring enterprise connectivity, broadband and data-centre revenue over railway right-of-way infrastructure, alongside government ICT and railway integration projects. Project execution drives top-line growth but carries lower margins than telecom services. The business has no loan borrowings; lease obligations and government receivable collection matter for equity cash flow.
| Item | Value |
|---|---|
| Legal name | RailTel Corporation of India Limited |
| Exchange and ticker | NSE: RAILTEL; BSE: 543265 |
| ISIN | INE0DD101019 |
| CIN | L64202DL2000GOI107905 |
| Sector | Communication Services |
| Industry | Enterprise telecom infrastructure and government ICT integration |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | Lunawat & Co. |
| Market capitalisation | ₹7,349 crore (27 Oct 2026) |
| Shares outstanding | 32.09 crore shares (FY26) |
| Price | ₹224.0 (close, 27 Oct 2026) |
| 52-week range | ₹221.5 - ₹391.0 (to 27 Oct 2026) |
| Website | https://www.railtel.in |
Corporate structure and shareholding
Parent: Government of India, Ministry of Railways.
No subsidiary is recorded.
No subsidiaries in FY26 annual report.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 72.84% | 72.84% | 72.84% | 72.84% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 3.68% | 3.72% | 3.98% | 3.98% |
| Domestic institutions | 0.84% | 0.99% | 0.99% | 1.03% |
| of which mutual funds | 0.30% | 0.34% | 0.29% | 0.31% |
| Retail | 22.63% | 22.45% | 22.19% | 19.21% |
| Other | 2.94% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
RailTel is the Ministry of Railways-controlled telecom and ICT execution company, earning Telecom Services revenue over its railway right-of-way infrastructure and Project Work Services revenue from government and railway ICT integration. Project services are larger but structurally lower margin; Telecom Services has the higher segment contribution. The listed company has no subsidiaries, so standalone statements represent the operating business.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Telecom Services | 1,501 | 35.1% | 400.3 | 78.5% |
| Project Work Services | 2,777 | 64.9% | 109.5 | 21.5% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Tata Communications (TATACOMM) | Enterprise connectivity and data services; global mix differs. |
| Bharti Airtel (BHARTIARTL) | Enterprise telecom reference; consumer wireless dominates. |
| HFCL (HFCL) | Telecom equipment and ICT project execution. |
| ITI (ITI) | Government telecom projects; weaker operating comparability. |
| Sterlite Technologies (STLTECH) | Optical infrastructure and execution; manufacturing mix differs. |
| Tejas Networks (TEJASNET) | Telecom equipment and government procurement; loss-making reference. |
| Rail Vikas Nigam (RVNL) | Railway execution and government customer reference. |
| IRCON International (IRCON) | Railway EPC execution and working-capital reference. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,543 | 1,951 | 2,568 | 3,478 | 4,277 |
| Cost of revenue (vendor classification) * | 958.9 | 1,343 | 1,859 | 2,690 | 3,363 |
| Other operating costs (vendor classification) * | -23.0 | 31.1 | 53.5 | 29.5 | 48.6 |
| EBITDA (vendor classification) * | 448.3 | 426.4 | 495.1 | 602.5 | 689.6 |
| Operating EBIT excluding other income and exceptional items | 288.7 | 264.0 | 306.2 | 353.1 | 447.6 |
| Finance costs | 5.71 | 3.11 | 3.78 | ||
| Profit before tax | 280.6 | 253.9 | 328.1 | 401.8 | 469.6 |
| Total tax expense | 71.7 | 65.7 | 81.9 | 102.0 | 123.3 |
| Profit for the year | 208.9 | 188.3 | 246.2 | 299.8 | 346.3 |
| Basic & diluted earnings per equity share (₹) | 6.51 | 5.87 | 7.67 | 9.34 | 10.79 |
| Direct operating expenses | 1,859 | 2,690 | 3,363 | ||
| Employee benefits expenses | 204.5 | 209.7 | 215.7 | ||
| Other expenses | 40.8 | 43.9 | 62.2 | ||
| Other income | 54.4 | 73.5 | 50.2 | ||
| Depreciation, amortisation & impairment expense | 157.7 | 180.4 | 188.9 | ||
| Exceptional items (expense positive) | 26.7 | 21.7 | 24.4 | ||
| Operating EBITDA excluding other income | 463.9 | 533.5 | 636.5 | ||
| Basic EPS (₹) | 7.67 | 9.34 | 10.79 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 1,527 | 1,649 | 1,827 | 2,000 | 2,262 |
| Interest-bearing debt including lease liabilities | 31.5 | 41.8 | 45.6 | 44.5 | 63.7 |
| Cash and cash equivalents | 187.1 | 187.8 | 247.7 | 308.0 | 397.5 |
| Trade receivables | 684.8 | 1,048 | 1,268 | 1,581 | 2,053 |
| Inventories | 0.94 | 0.92 | 3.01 | 0.01 | 0.00 |
| Trade payables | 770.5 | 1,430 | 1,674 | ||
| Net property, plant and equipment | 740.3 | 898.6 | 1,006 | ||
| Capital work in progress | 129.6 | 123.7 | 81.4 | ||
| Total assets | 2,858 | 3,349 | 4,050 | 5,161 | 5,830 |
| Free term deposits original maturity 3-12 months | 235.3 | 183.6 | 243.0 | ||
| Free term deposits residual maturity over 12 months | 362.0 | 77.7 | 0.00 | ||
| Free deposits original >12m residual <12m | 70.7 | 267.2 | 123.2 | ||
| Liquidity investments in mutual funds | 90.3 | 39.2 | 0.00 | ||
| Total unbilled revenue net of loss allowance | 233.8 | 814.4 | 898.0 | ||
| Ind AS115 contract-note unbilled revenue subset | 97.7 | 654.4 | 707.4 | ||
| Contract note reported aggregate including billed receivables | 1,112 | 2,025 | 2,320 | ||
| Lease-inclusive debt less unrestricted liquidity | -960.2 | -831.2 | -699.9 | ||
| Cash free deposits and liquidity mutual funds | 1,006 | 875.7 | 763.6 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after exceptional items | 556.3 | 255.3 | 316.5 | ||
| Free cash flow (vendor definition) * | 133.9 | 107.4 | 346.7 | -69.7 | 44.1 |
| Dividends paid (an outflow is negative) | -94.7 | -69.0 | -65.8 | -91.5 | -91.5 |
| Purchase of tangible & intangible assets including CWIP | -115.8 | -176.4 | -209.7 | -325.1 | -272.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity shares outstanding | 32.09 | 32.09 | 32.09 | 32.09 | 32.09 |
| Gross trade receivables before ECL | 2,196 | ||||
| Gross trade receivables aged over one year | 626.2 | ||||
| Trade receivable ECL allowance | 142.6 | ||||
| Undiscounted lease maturities less than one year | 11.6 | ||||
| Undiscounted lease maturities one to five years | 45.0 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 767.6 | 1,308 | 743.8 | 951.4 | 913.5 | 1,669 | 893.3 | 1,146 |
| Cost of revenue (vendor classification) * | 577.4 | 1,074 | 553.2 | 708.3 | 1,377 | 689.2 | ||
| Other operating costs (vendor classification) * | 12.7 | 6.82 | 18.3 | 13.2 | -11.6 | 12.3 | ||
| EBITDA (vendor classification) * | 135.8 | 173.8 | 130.2 | 144.0 | 246.5 | 147.9 | ||
| EBIT * | 90.2 | 150.3 | 89.9 | 85.9 | 197.2 | 90.5 | ||
| Finance costs | 0.56 | 1.03 | 0.58 | 0.56 | 0.93 | 1.71 | 1.03 | 1.48 |
| Profit before tax | 89.7 | 151.2 | 89.3 | 105.3 | 85.0 | 190.0 | 89.4 | 92.3 |
| Total tax expense | 24.6 | 37.7 | 23.2 | 29.2 | 22.6 | 48.2 | 23.7 | 23.7 |
| Profit for the period | 65.1 | 113.5 | 66.1 | 76.1 | 62.4 | 141.8 | 65.8 | 68.6 |
| Basic & diluted earnings per equity share (₹) | 2.03 | 3.53 | 2.06 | 2.37 | 1.94 | 4.42 | 2.05 | 2.14 |
| Direct project, access and DoT costs | 577.4 | 1,074 | 553.2 | 724.3 | 708.3 | 1,377 | 689.2 | 893.8 |
| Employee benefits expenses | 56.4 | 43.9 | 56.5 | 54.8 | 58.6 | 45.8 | 60.2 | 60.1 |
| Other expenses | 12.7 | 11.0 | 18.3 | 17.8 | 13.2 | 13.0 | 12.3 | 16.3 |
| Other income | 14.7 | 20.4 | 14.4 | 14.4 | 10.6 | 10.8 | 16.3 | 2.92 |
| Depreciation, amortisation & impairment expense | 43.2 | 59.8 | 43.7 | 46.9 | 48.9 | 49.4 | 50.4 | 53.0 |
| Exceptional items | 2.36 | -11.9 | -3.42 | 16.1 | 9.18 | 2.47 | 7.04 | 32.2 |
| EBITDA before other income | 121.2 | 179.6 | 115.9 | 154.5 | 133.4 | 232.7 | 131.6 | 176.0 |
| Basic EPS (₹) | 2.03 | 3.53 | 2.06 | 1.94 | 4.42 | 2.05 | 2.14 |
Standalone, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 12.5% | 26.5% | 31.6% | 35.4% | 23.0% |
| EBITDA margin | 18.1% | 15.3% | 14.9% | ||
| Net margin | 13.5% | 9.6% | 9.6% | 8.6% | 8.1% |
| Return on equity | 14.2% | 11.9% | 14.2% | 15.7% | 16.3% |
| Return on capital employed | 19.2% | 16.3% | 17.2% | 18.0% | 20.5% |
| Return on assets | 7.5% | 6.1% | 6.7% | 6.5% | 6.3% |
| Net debt (₹ crore) | -960.2 | -831.2 | -699.9 | ||
| Net debt / EBITDA | -2.07x | -1.56x | -1.10x | ||
| Interest cover | 53.6x | 113.5x | 118.4x | ||
| Asset turnover | 0.55x | 0.63x | 0.69x | 0.76x | 0.78x |
| Receivable days | 162 | 196 | 180 | 166 | 175 |
| Inventory days (on revenue) | 0 | 0 | 0 | 0 | 0 |
| Payable days (on revenue) | 110 | 150 | 143 | ||
| Cash conversion | 2.26x | 0.85x | 0.91x | ||
| Capex intensity | 7.5% | 9.0% | 8.2% | 9.3% | 6.4% |
| Free cash flow (₹ crore) | 346.7 | -69.7 | 44.1 | ||
| Dividend payout | 45.3% | 36.7% | 26.7% | 30.5% | 26.4% |
| EPS, diluted (₹) | 6.51 | 5.87 | 7.67 | 9.34 | 10.79 |
| Book value per share (₹) | 47.57 | 51.38 | 56.93 | 62.31 | 70.47 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Lease-inclusive debt less unrestricted liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Basic & diluted earnings per equity share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 4, information to 27 Oct 2026); market data at the close of 27 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on RailTel Corporation of India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
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- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on RailTel Corporation of India
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Prices are the last close on the NSE, 26 Oct 2026. Research from Mool’s report of 27 Oct 2026; page updated 27 Oct 2026.
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