Established in 1974, RITES Limited is a public sector enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. The company is the only export arm of Indian Railways for providing rolling stock overseas (other than Thailand, Malaysia and Indonesia).[1]
Business Segments1) Consultancy (47% in 9M FY25 vs 40% in FY22):[1][2]The company offers transport consultancy services, including techno-economic and feasibility studies, detailed project reports, design engineering, procurement assistance, and project management, etc. It operates in 55+ countries across Asia, Africa, Latin America, South America, and the Middle East.[3]The segment revenue declined by 8% YoY in 9M FY25, due to a significant dip in Quality Assurance revenue.[4][5]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Larsen & Toubro | 4140.60 | 35.43 | 569573.02 | 0.82 | 4678.01 | 15.63 | 67983.53 | 10.44 | 14.49 | 270722.51 | 12.67 | 16074.88 | 3926.09 | 5.62 | 4.98 | 1.32 |
| 2. | Rail Vikas | 358.30 | 65.80 | 74706.27 | 0.48 | 230.52 | -19.73 | 5122.97 | 5.52 | 14.72 | 20026.00 | 4.70 | 1135.41 | 230.29 | 7.82 | 6.40 | 0.52 |
| 3. | NBCC | 118.54 | 47.93 | 32005.80 | 0.57 | 156.69 | 25.71 | 2910.20 | 18.99 | 33.17 | 12751.71 | 5.04 | 667.83 | 153.52 | 11.98 | 4.68 | 0.00 |
| 4. | IRB Infra.Devl. | 41.89 | 28.90 | 25297.37 | 0.72 | 140.82 | 41.00 | 1751.02 | 10.42 | 7.82 | 8024.67 | 48.08 | 875.41 | 140.82 | 1.24 | 2.01 | 1.02 |
| 5. | Kalpataru Proj. | 1194.50 | 24.85 | 20398.78 | 0.75 | 237.39 | 91.27 | 6528.57 | 32.43 | 15.95 | 25498.99 | 8.25 | 821.04 | 240.05 | 2.93 | 2.36 | 0.69 |
| 6. | KEC International | 727.80 | 28.36 | 19374.04 | 0.76 | 160.75 | 88.21 | 6091.56 | 19.13 | 17.98 | 23335.94 | 7.26 | 683.11 | 160.75 | 3.43 | 2.75 | 0.94 |
| 7. | Ircon Intl. | 177.26 | 27.76 | 16671.58 | 1.49 | 136.51 | -32.68 | 1976.75 | -19.23 | 11.60 | 9787.96 | 7.43 | 600.65 | 138.65 | 2.58 | 3.74 | 0.80 |
| 8. | Rites | 242.53 | 29.27 | 11656.08 | 3.11 | 102.22 | 18.92 | 514.00 | 0.71 | 19.96 | 2100.87 | 20.75 | 398.27 | 102.22 | 4.63 | 6.70 | 0.00 |
| – | Median: 116 Co. | 130.2 | 18.88 | 536.58 | 0.0 | 9.21 | 20.68 | 149.57 | 10.73 | 18.3 | 510.67 | 12.79 | 31.74 | 9.16 | 2.26 | 6.77 | 0.44 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 651 | 653 | 545 | 504 | 454 | 456 | 659 | 606 | 587 | 632 | 549 | 510 | 514 |
Expenses | 480 | 509 | 454 | 377 | 376 | 372 | 489 | 461 | 425 | 474 | 439 | 430 | 414 |
Operating Profit | 171 | 144 | 90 | 126 | 78 | 84 | 170 | 145 | 162 | 158 | 111 | 80 | 100 |
Other Income | 25 | 25 | 47 | 18 | 21 | 20 | 31 | 33 | 36 | 31 | 51 | 43 | 47 |
Profit before tax | 178 | 155 | 123 | 129 | 86 | 90 | 184 | 164 | 182 | 173 | 149 | 108 | 132 |
Tax % | 26% | 23% | 23% | 26% | 25% | 26% | 25% | 25% | 26% | 24% | 22% | 20% | 22% |
Net Profit | 132 | 119 | 95 | 96 | 65 | 67 | 138 | 123 | 134 | 131 | 117 | 86 | 102 |
EPS in Rs | 2.74 | 2.47 | 1.98 | 2.00 | 1.35 | 1.39 | 2.88 | 2.56 | 2.80 | 2.73 | 2.43 | 1.79 | 2.13 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,011 | 1,075 | 1,299 | 1,434 | 1,969 | 2,401 | 1,843 | 2,575 | 2,520 | 2,312 | 2,095 | 2,101 |
Expenses | 662 | 729 | 985 | 1,067 | 1,452 | 1,798 | 1,337 | 1,923 | 1,864 | 1,786 | 1,685 | 1,665 |
Operating Profit | 349 | 346 | 315 | 367 | 517 | 602 | 506 | 652 | 655 | 526 | 410 | 436 |
Other Income | 145 | 135 | 207 | 152 | 195 | 264 | 104 | 86 | 119 | 127 | 148 | 151 |
Interest | 2 | 1 | 2 | 5 | 4 | 3 | 3 | 5 | 7 | 5 | 6 | 4 |
Depreciation | 26 | 32 | 32 | 30 | 32 | 41 | 45 | 58 | 59 | 51 | 53 | 56 |
Profit before tax | 467 | 448 | 488 | 485 | 677 | 823 | 562 | 675 | 709 | 597 | 499 | 526 |
Net Profit | 311 | 282 | 331 | 332 | 445 | 596 | 424 | 497 | 531 | 454 | 380 | 398 |
EPS in Rs | 12.43 | 11.28 | 6.62 | 6.63 | 8.89 | 11.93 | 8.83 | 10.34 | 11.04 | 9.45 | 7.91 | 8.30 |
Dividend Payout % | 20% | 48% | 24% | 33% | 57% | 67% | 74% | 82% | 93% | 95% | 95% | – |
Standalone figures in ₹ crores
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 100 | 100 | 200 | 200 | 200 | 250 | 240 | 240 | 240 | 240 | 481 | 481 |
Reserves | 1,570 | 1,758 | 1,835 | 1,999 | 2,184 | 2,327 | 2,082 | 2,159 | 2,263 | 2,267 | 2,053 | 2,037 |
Borrowings | -0 | -0 | -0 | -0 | -0 | 7 | 4 | 3 | 5 | 8 | 9 | 8 |
Other Liabilities | 1,898 | 2,386 | 2,625 | 2,838 | 2,866 | 3,163 | 3,309 | 3,215 | 3,262 | 2,925 | 3,357 | 3,302 |
Total Liabilities | 3,568 | 4,244 | 4,661 | 5,037 | 5,250 | 5,747 | 5,635 | 5,617 | 5,771 | 5,440 | 5,899 | 5,827 |
Fixed Assets | 207 | 264 | 262 | 264 | 340 | 412 | 413 | 393 | 392 | 374 | 733 | 724 |
Gross Block | 337.80 | 422.99 | 326.00 | 357.79 | 465.51 | 576.69 | 617.76 | 652.63 | 709.38 | 732.68 | 1,135.39 | – |
Accumulated Depreciation | 130.43 | 159.38 | 63.91 | 93.89 | 125.84 | 164.74 | 204.80 | 260.11 | 317.54 | 358.36 | 402.82 | – |
CWIP | 10 | 8 | 5 | 2 | 4 | 4 | 15 | 58 | 95 | 174 | 48 | 70 |
Investments | 236 | 274 | 373 | 180 | 180 | 292 | 314 | 229 | 153 | 128 | 128 | 108 |
Other Assets | 3,114 | 3,698 | 4,021 | 4,592 | 4,726 | 5,039 | 4,893 | 4,938 | 5,132 | 4,764 | 4,991 | 4,925 |
Total Assets | 3,568 | 4,244 | 4,661 | 5,037 | 5,250 | 5,747 | 5,635 | 5,617 | 5,771 | 5,440 | 5,899 | 5,827 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | -92 | 468 | 531 | 380 | 134 | 267 | 468 | 291 | 471 | 315 | 558 |
Cash from Investing Activity | 315 | -393 | -81 | -454 | 140 | 89 | 210 | 79 | 183 | -221 | -183 |
Cash from Financing Activity | -63 | -93 | -176 | -178 | -260 | -399 | -692 | -362 | -438 | -461 | -363 |
Net Cash Flow | 160 | -18 | 274 | -252 | 14 | -43 | -14 | 8 | 216 | -367 | 13 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 137 | 180 | 127 | 117 | 109 | 125 | 112 | 97 | 126 | 139 | 127 |
Inventory Days | 32 | 35 | – | – | – | – | – | 336 | – | – | – |
Days Payable | 404 | 235 | – | – | – | – | – | 430 | – | – | – |
Cash Conversion Cycle | -235 | -20 | 127 | 117 | 109 | 125 | 112 | 3 | 126 | 139 | 127 |
Working Capital Days | -421 | -450 | -463 | -475 | -310 | -248 | -348 | -249 | -237 | -219 | -299 |
ROCE % | – | 25% | 22% | 23% | 30% | 33% | 23% | 29% | 29% | 24% | 20% |
Direct from BSE filings, auto-summarised
External media mentions & references
Editorial & research coverage
Nov 2025
Aug 2025
May 2025
Mar 2025
Nov 2024
Aug 2024
Jun 2024
Feb 2024
Feb 2024
Nov 2023
Aug 2023
May 2023
Feb 2023
Nov 2022
Nov 2022
Aug 2022
Jun 2022
Mar 2022
Feb 2022
Dec 2021
Aug 2021
Jul 2021
Jun 2021
Mar 2021
Mar 2021
Dec 2020
Dec 2020
Nov 2020
Sep 2020
Sep 2020
Aug 2020
Jun 2020
Mar 2020
Feb 2020
Dec 2019
Sep 2019
Jun 2019
Mar 2019
Nov 2018
Sep 2018
Aug 2018
Stock Analysis
Corporate Announcements
