Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,647.00 last close on 23 Oct 2026 +0.24%
Research updated
Rail Vikas Nigam Ltd.
NSE: RVNLIndustrialsEngineering & Construction
- Last close
- ₹181.31
- Day change
- −₹5.87 (−3.14%)vs
- Market cap
- ₹41,050 crIndian rupees
- Research updated
- 1 report
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About Rail Vikas Nigam
Rail Vikas Nigam Ltd. is an Indian rail infrastructure company and a central public sector enterprise under the Ministry of Railways, headquartered in New Delhi. The company functions as the construction and project-implementation arm of Indian Railways, focusing on the development and upgrading of transportation infrastructure. Rail Vikas Nigam Ltd. undertakes end-to-end execution of projects such as new railway lines, track doubling, gauge conversion, electrification, major bridges, signaling, workshops, metro rail projects, and station-related works. It also participates in broader infrastructure segments including urban transit, highways, and select telecom and power-related assignments. Operating primarily on an engineering, procurement, and construction and project management basis, the company’s clients are mainly Indian Railways and other government or public sector entities that require complex rail and transport connectivity solutions. Rail Vikas Nigam Ltd. plays a significant role in enhancing capacity, connectivity, and modernization across India’s rail network by managing large, technically intensive projects from conceptualization to commissioning.
- Sector
- Industrials
- Industry
- Engineering & Construction
- Listing
- NSE: RVNL
- Employees
- 250
- Headquarters
- New Delhi, India
- ISIN
- INE415G01027
- Website
- rvnl.org
Public research · Report of
Business model & financial foundation
RVNL (NSE: RVNL), Civil construction - railway and infrastructure EPC/project execution: revenue of ₹20,412 crore in FY26 (+2.5% on FY25), an EBITDA margin of 3.8%, net profit of ₹874.7 crore and net debt of ₹3,845 crore.
- Revenue, FY26 (₹ crore)
- 20,412
- consolidated
- Revenue growth, FY26
- +2.5%
- on FY25
- EBITDA margin, FY26
- 3.8%
- EBITDA (Operating EBITDA excluding other income and associates) / revenue
- Net profit, FY26 (₹ crore)
- 874.7
- to owners
- Return on equity, FY26
- 9.0%
- on average equity
- Net debt, FY26 (₹ crore)
- 3,845
- Borrowings less cash equivalents and other banks
- Market capitalisation (₹ crore)
- 41,179
- at the close of 14 Oct 2026
Company profile
Rail Vikas Nigam is a Navratna PSU of the Ministry of Railways that executes railway projects (new lines, doubling, electrification, metros, workshops) on a cost-plus management fee basis for MoR, and increasingly wins competitively bid EPC work across rail, signalling, highways, ports, power transmission and overseas markets. Its order book was INR 93,492 cr at 30 June 2026. It holds stakes in rail SPVs and in Kinet, the Vande Bharat sleeper manufacturer.
| Item | Value |
|---|---|
| Legal name | Rail Vikas Nigam Limited |
| Exchange and ticker | NSE: RVNL; BSE: 542649 |
| ISIN | INE415G01027 |
| Sector | Industrials |
| Industry | Civil construction - railway and infrastructure EPC/project execution |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Gandhi Minocha & Co. (statutory auditor appointed by C&AG; reappointed for FY27 on 8 Sep 2026) |
| Market capitalisation | ₹41,179 crore (14 Oct 2026) |
| Shares outstanding | 208.50 crore shares (FY26) |
| Price | ₹197.3 (close, 14 Oct 2026) |
| 52-week range | ₹186.9 - ₹400.7 (to 14 Oct 2026) |
| Website | https://rvnl.org |
Corporate structure and shareholding
Parent: President of India acting through the Ministry of Railways (72.84%).
| Entity | Holding | Business |
|---|---|---|
| Kinet Railway Solutions Ltd (associate) | 25% | Vande Bharat sleeper trainset manufacture and 35-year maintenance (INR 14,400 cr programme) |
| Krishnapatnam Railway Company Ltd (JV) | 49.76% | Port rail line SPV; owes RVNL INR 1,116 cr incl. delayed-payment interest |
| Kutch Railway Company Ltd (JV) | 50% | Rail line SPV in Gujarat |
| Haridaspur Paradip Railway Company Ltd (JV) | 30% | Port rail line SPV in Odisha |
| Angul Sukinda Railway Ltd (JV) | 35.71% | Rail line SPV in Odisha |
| Bharuch Dahej Railway Company Ltd (JV) | 35.46% | Rail line SPV in Gujarat |
| Chatra Expressways Pvt Ltd (JV) | 49% | Highway SPV |
| Kyrgyzindustry-RVNL Closed JSC (JV) | 50% | Overseas JV, Kyrgyzstan |
Wholly owned subsidiaries (including a Saudi Arabian OPC) are 100% held; consolidated revenue contribution of JVs/subsidiaries was INR 399.86 cr in FY26.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 72.84% | 72.84% | 72.84% | 72.84% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 4.66% | 4.98% | 4.86% | 2.41% |
| Domestic institutions | 6.40% | 6.38% | 6.42% | 6.60% |
| of which mutual funds | 0.15% | 0.13% | 0.18% | 0.36% |
| Other | 16.10% | 15.80% | 15.88% | 18.15% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
RVNL manages and executes railway infrastructure for the Ministry of Railways (MoR), subcontracting much of the physical construction. Legacy nomination contracts provide cost-plus management fees; replacement business increasingly comes through competitive EPC tenders. The opportunity set extends to signalling, telecom, metros, roads, ports, power and overseas projects. Technical qualifications, procurement and project management are within RVNL's influence; client funding, clearances, access to sites, acceptance and certification are not. A tender win is consequently neither immediate revenue nor assured cash conversion.
The consolidated perimeter also includes subsidiaries and equity-accounted rail SPVs/JVs and associates. Their project balances, interest accruals, profits and capital commitments affect equity economics without necessarily contributing consolidated project revenue. Gross related-party disclosures must not be mistaken for external consolidated sales: subsidiary transactions are eliminated. Government-related revenue was INR 13,415.85 crore in FY26, versus INR 16,352.72 crore in FY25, demonstrating continued public-buyer dependence.
The order book was INR 99,262 crore at 31 March 2026 and INR 93,492 crore at 30 June 2026. Management described approximately INR 40,000 crore of active works on the 13 August 2026 call; that is a call-date observation, not an audited June-end balance. Long-duration maintenance, JV programmes and unmobilised work prevent treating the headline backlog as annual executable sales. Historical book observations also vary in date and perimeter.
| Peer | Why the dossier compares them |
|---|---|
| IRCON International (IRCON) | Railway EPC PSU under MoR, similar nomination-to-bidding transition |
| NBCC (India) (NBCC) | PSU project management/EPC on fee model, comparable asset-light construction PSU |
| RITES (RITES) | MoR consultancy/PMC PSU, overlapping client base |
| RailTel Corporation (RAILTEL) | MoR PSU executing telecom/signalling and BharatNet-type projects |
| KEC International (KEC) | Private EPC competing in railway and transmission bids |
| Larsen & Toubro (LT) | |
| Texmaco Rail & Engineering (TEXRAIL) | Rail infrastructure and rolling stock contractor |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 19,382 | 20,282 | 21,879 | 19,923 | 20,412 |
| Cost of revenue (vendor classification) * | 17,903 | 18,720 | 20,182 | 18,406 | 19,187 |
| Other operating costs (vendor classification) * | 84.0 | 115.1 | 130.2 | 192.3 | 245.6 |
| EBITDA (vendor classification) * | 1,501 | 1,813 | 2,156 | 1,779 | 1,244 |
| Operating EBIT excluding other income and associates | 1,993 | 2,301 | 1,333 | 1,100 | 731.1 |
| Finance costs including IRFC pass-through | 563.7 | 581.4 | 568.5 | 544.9 | 419.0 |
| Profit before tax including JV associates | 1,430 | 1,719 | 2,030 | 1,646 | 1,181 |
| Total tax expense | 319.5 | 377.5 | 479.2 | 368.6 | 310.6 |
| Total PAT before NCI allocation | 1,110 | 1,342 | 1,551 | 1,278 | 870.7 |
| Diluted EPS (₹) | 5.32 | 6.81 | 7.44 | 6.13 | 4.20 |
| Expenditure on operations | 20,171 | 18,434 | 18,937 | ||
| Employee benefits expense | 189.6 | 187.7 | 199.4 | ||
| Other expenses | 164.5 | 170.8 | 258.0 | ||
| Other income | 1,185 | 1,000 | 775.2 | ||
| Depreciation amortisation impairment | 20.9 | 30.7 | 36.4 | ||
| Share JV associate profit loss signed | 80.7 | 91.2 | 93.9 | ||
| Cost of material store consumed | n.a. | 0.00 | 249.7 | ||
| Project expense plus materials | 20,171 | 18,434 | 19,187 | ||
| Operating EBITDA excluding other income and associates | 1,354 | 1,131 | 767.5 | ||
| Exceptional items signed | 0.00 | 0.00 | 0.00 | ||
| PAT attributable to parent owners | 1,551 | 1,278 | 874.7 | ||
| PAT attributable to NCI signed | 0.17 | 0.13 | -4.04 | ||
| Basic EPS (₹) | 7.44 | 6.13 | 4.20 | ||
| Total income | 23,064 | 20,923 | 21,187 | ||
| Total expenses | 21,114 | 19,368 | 20,100 | ||
| Profit before exceptional associates and tax | 1,949 | 1,555 | 1,087 | ||
| Current tax | 484.9 | 402.5 | 295.8 | ||
| Tax relating to earlier periods | -5.35 | 0.05 | -7.90 | ||
| Deferred tax | -0.41 | -33.9 | 22.7 | ||
| Other comprehensive income net of tax | 0.20 | 7.75 | -0.16 | ||
| Total comprehensive income | 1,551 | 1,286 | 870.5 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 6,325 | 7,246 | 8,722 | 9,567 | 9,818 |
| Current plus noncurrent borrowings excluding leases | n.r. | n.r. | 5,988 | 5,389 | 4,814 |
| Cash equivalents plus other bank balances | n.r. | n.r. | 3,113 | 3,886 | 968.3 |
| Trade receivables | 938.2 | 969.3 | 1,067 | 1,782 | 5,371 |
| Inventories including historical project WIP | 49.9 | 58.9 | 64.7 | 0.00 | 118.5 |
| Trade payables MSME plus other creditors | n.r. | n.r. | 238.4 | 379.8 | 1,682 |
| Property plant and equipment excluding ROU | n.r. | n.r. | 28.9 | 537.5 | 574.3 |
| Capital work in progress | n.r. | n.r. | 93.8 | 0.32 | 0.00 |
| Total assets | 20,066 | 18,344 | 19,577 | 20,478 | 21,702 |
| Right of use assets | 328.9 | 346.1 | 311.8 | ||
| Investment property | 0.00 | 140.1 | 136.7 | ||
| Other intangible assets | 8.86 | 3.33 | 2.17 | ||
| JV associate equity method investments | 2,371 | 2,532 | 2,618 | ||
| Other noncurrent investments not liquidity | 10.0 | 23.0 | 27.0 | ||
| Noncurrent lease receivables | 4,492 | 3,993 | 3,502 | ||
| Noncurrent loans | 4.07 | 4.72 | 4.67 | ||
| Other noncurrent financial assets | 2,011 | 1,184 | 929.2 | ||
| Deferred tax assets net | 14.2 | 45.5 | 20.9 | ||
| Other noncurrent assets | 479.6 | 1.13 | 0.50 | ||
| Total noncurrent assets | 9,842 | 8,811 | 8,127 | ||
| Current lease receivables | 472.0 | 499.5 | 491.2 | ||
| Cash and cash equivalents | 1,104 | 3,127 | 556.3 | ||
| Bank balances other than cash equivalents | 2,009 | 758.8 | 411.9 | ||
| Current loans | 4.15 | 2.27 | 2.38 | ||
| Other current financial assets | 1,959 | 2,298 | 3,696 | ||
| Current tax assets net | 0.00 | 58.5 | 70.0 | ||
| Other current assets | 3,055 | 3,141 | 2,859 | ||
| Total current assets including held for sale | 9,735 | 11,667 | 13,575 | ||
| Equity share capital | 2,085 | 2,085 | 2,085 | ||
| Other equity | 6,637 | 7,482 | 7,737 | ||
| Noncontrolling interests equity signed | 0.17 | 0.30 | -3.74 | ||
| Noncurrent borrowings excluding leases | 5,516 | 4,890 | 4,321 | ||
| Noncurrent lease liabilities | 27.9 | 12.0 | 1.35 | ||
| Other noncurrent financial liabilities | 710.5 | 327.8 | 347.1 | ||
| Noncurrent provisions | 15.7 | 29.1 | 87.9 | ||
| Other noncurrent liabilities | 17.2 | 0.00 | 0.83 | ||
| Total noncurrent liabilities | 6,287 | 5,259 | 4,758 | ||
| Current borrowings excluding leases | 472.0 | 499.5 | 492.7 | ||
| Current lease liabilities | 16.9 | 18.3 | 3.42 | ||
| Trade payables MSME | 9.52 | 9.10 | 23.1 | ||
| Trade payables other creditors | 228.8 | 370.7 | 1,658 | ||
| Other current financial liabilities | 1,423 | 2,229 | 2,494 | ||
| Other current liabilities | 2,322 | 2,425 | 2,285 | ||
| Current provisions | 89.2 | 100.9 | 169.7 | ||
| Current tax liability net | 6.72 | 0.00 | 0.00 | ||
| Total current liabilities | 4,568 | 5,652 | 7,126 | ||
| Total equity and liabilities as printed | 19,577 | 20,478 | 21,702 | ||
| Assets held for sale | n.a. | 0.00 | 0.01 | ||
| Borrowings less cash equivalents and other banks | 2,875 | 1,503 | 3,845 | ||
| Current investments separately reported | n.d. | n.d. | n.d. |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash flow operating activities after cash tax | 5,128 | -4,038 | 2,956 | 1,881 | -1,889 |
| Free cash flow (vendor definition) * | 4,677 | -4,125 | 2,614 | 1,446 | -1,950 |
| Cash dividends paid negative outflow | -421.2 | -433.5 | -443.9 | -439.9 | -573.4 |
| Cash PPE intangibles CWIP acquisition positive | -101.7 | -50.6 | 116.4 | 431.8 | 61.0 |
| CFO less positive capex | 2,839 | 1,449 | -1,950 | ||
| Net cash flow investing activities | -1,401 | 1,629 | 941.9 | ||
| Net cash flow financing activities | -1,287 | -1,487 | -1,624 | ||
| Cash income taxes paid net refund negative | -460.7 | -465.1 | -291.8 | ||
| Cash generated before cash taxes | 3,417 | 2,346 | -1,598 | ||
| Operating profit before working capital changes | 1,378 | 1,214 | 907.1 | ||
| CF depreciation including allocated project amount | 37.8 | 47.2 | 50.2 | ||
| CF elimination JV associate profit | -80.7 | -91.2 | -93.9 | ||
| CF interest income adjustment signed | -1,066 | -880.3 | -651.1 | ||
| CF interest expense adjustment | 504.0 | 460.5 | 410.6 | ||
| Cash proceeds PPE intangibles sale | 14.7 | 0.38 | 1.60 | ||
| Investments JV subsidiary associate signed | -396.5 | -73.3 | -131.2 | ||
| Cash interest received | 313.6 | 884.3 | 785.7 | ||
| Investing flow other bank balances | -992.0 | 1,250 | 346.8 | ||
| Net proceeds repayments long term borrowings | -377.3 | -472.0 | -464.5 | ||
| Cash interest paid negative | -441.5 | -552.9 | -574.7 | ||
| Lease principal cash payments negative | -19.8 | -17.8 | -8.94 | ||
| Cash lease interest paid negative | -4.02 | -4.25 | -2.03 | ||
| Exchange translation effect on cash | -1.40 | -0.01 | -0.19 | ||
| Net change cash equivalents | 267.4 | 2,023 | -2,571 | ||
| Opening cash equivalents | 836.7 | 1,104 | 3,127 | ||
| Closing cash equivalents | 1,104 | 3,127 | 556.3 | ||
| WC change trade receivables signed cash impact | -97.2 | -715.7 | -3,588 | ||
| WC change trade payables signed cash impact | -382.0 | 140.3 | 1,302 | ||
| WC current lease receivables | -94.7 | -27.5 | 8.33 | ||
| WC noncurrent lease receivables | 472.0 | 499.5 | 491.2 | ||
| WC other current financial assets | 1,429 | -566.3 | -1,308 | ||
| WC other current assets | 120.4 | 209.9 | 281.6 | ||
| WC other noncurrent financial assets | -214.5 | 836.8 | 255.9 | ||
| WC other noncurrent assets | -0.07 | 298.4 | 0.07 | ||
| Total WC operating asset adjustments | 1,609 | 599.8 | -3,978 | ||
| Total WC operating liability adjustments | 429.9 | 532.0 | 1,473 | ||
| WC other current financial liabilities | -13.6 | 283.7 | 331.9 | ||
| WC other current liabilities | 838.3 | 190.8 | -140.6 | ||
| WC security deposit accepted net | -8.09 | -81.3 | -147.9 | ||
| WC short term provisions | 11.2 | -15.0 | 66.8 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Exact shares outstanding | 208.50 | 208.50 | 208.50 | 208.50 | 208.50 |
| CF capital asset advances signed | -224.1 | n.a. | n.a. | ||
| CF working capital inventory change | n.a. | 0.00 | -118.5 | ||
| CF project work in progress change | -5.79 | 64.7 | 0.00 | ||
| CF noncurrent financial liability change | n.a. | 0.00 | 19.2 | ||
| CF long term provision change | -15.9 | 13.5 | 42.3 | ||
| CF lease interest unwinding adjustment | 4.02 | 4.25 | 2.03 | ||
| CF retention interest unwinding net | -2.03 | 0.02 | 0.09 | ||
| CF security deposit interest unwinding net | -14.5 | 1.12 | 0.02 | ||
| CF doubtful debt allowance | 0.00 | 0.05 | 0.00 | ||
| CF loss profit asset sale net | -0.23 | 0.57 | 0.36 | ||
| CF gain loss lease modification | -9.24 | n.a. | n.a. | ||
| CF provisions written back | -25.8 | n.a. | n.a. | ||
| CF provisions adjustment | n.a. | 24.8 | 17.2 | ||
| CF unrealised forex loss gain | -0.19 | 0.68 | -4.00 | ||
| CF currency cash translation adjustment | 1.40 | 0.01 | -5.72 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 4,855 | 4,567 | 6,427 | 3,909 | 5,123 | 4,684 | 6,696 | 4,321 |
| Cost of revenue (vendor classification) * | 4,499 | 4,219 | 5,893 | 3,696 | 4,767 | 4,354 | 6,319 | 4,046 |
| Other operating costs (vendor classification) * | 38.6 | 58.1 | 2.71 | 110.2 | 86.5 | 58.8 | 62.7 | 36.4 |
| EBITDA (vendor classification) * | 537.4 | 564.9 | 214.4 | 290.4 | 451.3 | 528.8 | 357.6 | 331.8 |
| Operating EBIT excluding other income and associates | 264.0 | 231.9 | 427.1 | 46.7 | 208.0 | 213.6 | 258.8 | 174.2 |
| Finance costs including IRFC | 140.6 | 144.6 | 120.1 | 110.8 | 104.0 | 106.6 | 97.6 | 97.9 |
| PBT including JV associates | 389.3 | 412.9 | 542.6 | 173.4 | 342.4 | 415.1 | 250.3 | 223.5 |
| Total tax expense | 102.4 | 101.3 | 87.2 | 39.1 | 111.9 | 91.0 | 68.7 | 64.0 |
| Total PAT before NCI allocation | 286.9 | 311.6 | 455.4 | 134.4 | 230.5 | 324.1 | 181.7 | 159.5 |
| Diluted EPS (₹) | 1.38 | 1.49 | 2.18 | 0.65 | 1.10 | 1.55 | 0.90 | 0.76 |
| Expense of operation | 4,499 | 4,219 | 5,921 | 3,737 | 4,778 | 4,281 | 6,143 | 3,983 |
| Employee benefits expense | 45.4 | 50.7 | 44.8 | 50.1 | 52.6 | 50.8 | 46.0 | 54.3 |
| Other expenses | 38.6 | 58.1 | 25.3 | 66.4 | 72.0 | 57.0 | 62.7 | 36.4 |
| Other income excludes JV associates | 281.1 | 268.7 | 187.4 | 228.2 | 210.4 | 251.7 | 85.0 | 141.1 |
| Depreciation amortisation impairment | 7.43 | 7.42 | 9.00 | 8.86 | 8.92 | 8.90 | 9.69 | 10.4 |
| Share JV associate profit loss signed | -15.2 | 56.9 | 48.2 | 9.37 | 24.0 | 56.4 | 4.07 | 6.16 |
| PAT attributable to parent owners | 286.9 | 311.4 | 455.4 | 134.5 | 230.3 | 322.8 | 187.1 | 159.4 |
| PAT attributable to NCI signed | 0.02 | 0.14 | -0.03 | -0.17 | 0.23 | 1.31 | -5.41 | 0.16 |
| Separately disclosed material store consumption | n.a. | n.a. | n.a. | 0.00 | n.r. | 73.6 | 176.2 | 62.8 |
| Project expense plus separately presented materials | 4,499 | 4,219 | 5,921 | 3,737 | 4,778 | 4,354 | 6,319 | 4,046 |
| Operating EBITDA excluding other income and associates | 271.5 | 239.3 | 436.1 | 55.5 | 220.9 | 222.5 | 268.5 | 184.6 |
| Exceptional items signed confirmed dashes | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total income | 5,136 | 4,836 | 6,614 | 4,137 | 5,333 | 4,936 | 6,781 | 4,462 |
| Total expenses | 4,732 | 4,480 | 6,120 | 3,973 | 5,015 | 4,577 | 6,535 | 4,245 |
| Profit before associates exceptional and tax | 404.6 | 356.0 | 494.4 | 164.0 | 318.4 | 358.7 | 246.3 | 217.4 |
| Current tax | 102.7 | 101.5 | 122.2 | 44.7 | 81.8 | 97.3 | 72.1 | 59.1 |
| Tax relating to earlier periods | n.r. | -0.12 | 0.16 | 0.00 | 0.00 | -7.88 | -0.02 | 1.80 |
| Deferred tax | -0.29 | -0.02 | -35.2 | -5.64 | 30.1 | 1.59 | -3.35 | 3.14 |
| Other comprehensive income net of tax | -0.09 | -0.09 | 8.01 | -0.56 | -14.3 | 3.55 | 11.1 | -5.07 |
| Total comprehensive income | 286.8 | 311.5 | 463.4 | 133.8 | 216.3 | 327.7 | 192.8 | 154.5 |
| Basic EPS (₹) | 1.38 | 1.49 | 2.18 | 0.65 | 1.10 | 1.55 | 0.90 | 0.76 |
Consolidated, restated. 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 | 25.8% | 4.6% | 7.9% | -8.9% | 2.5% |
| EBITDA margin | 6.2% | 5.7% | 3.8% | ||
| Net margin | 7.1% | 6.4% | 4.3% | ||
| Return on equity | 19.4% | 14.0% | 9.0% | ||
| Return on capital employed | 9.1% | 7.4% | 4.9% | ||
| Return on assets | 8.2% | 6.4% | 4.1% | ||
| Net debt (₹ crore) | 2,875 | 1,503 | 3,845 | ||
| Net debt / EBITDA | 2.12x | 1.33x | 5.01x | ||
| Interest cover | 3.54x | 3.96x | 2.34x | 2.02x | 1.74x |
| Asset turnover | 1.13x | 1.06x | 1.15x | 0.99x | 0.97x |
| Receivable days | 18 | 17 | 18 | 33 | 96 |
| Inventory days (on revenue) | 1 | 1 | 1 | 0 | 2 |
| Payable days (on revenue) | 4 | 7 | 30 | ||
| Cash conversion | 1.91x | 1.47x | -2.16x | ||
| Capex intensity | 0.5% | 0.2% | 0.5% | 2.2% | 0.3% |
| Free cash flow (₹ crore) | 5,026 | -4,089 | 2,839 | 1,449 | -1,950 |
| Dividend payout | 28.6% | 34.4% | 65.5% | ||
| EPS, diluted (₹) | 5.32 | 6.81 | 7.44 | 6.13 | 4.20 |
| Book value per share (₹) | 30.33 | 34.75 | 41.83 | 45.89 | 47.09 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income and associates) / 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): Borrowings less cash equivalents and other banks; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income and associates).
- 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 (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 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.
With Individual or above
What the full research on Rail Vikas Nigam 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
- Mool's estimates beside the street's
- 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 Rail Vikas Nigam
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.