Logo
Whalesbook
HomeNewsCorporate NewsPremiumStocks
HomeNewsCorporate NewsPremiumStocks

Rail Vikas Nigam Ltd

₹ 358-0.75%
06 Jan – close price
🔗rvnl.org•BSE: 542649•NSE: RVNL
Market Cap₹ 74,706 Cr.
Current Price₹ 358
High / Low₹ 502
Stock P/E75.3
Book Value₹ 41.2
Dividend Yield0.48 %
ROCE15.0 %
ROE14.4 %
Face Value₹ 10.0
Sales₹ 19,796 Cr.
OPM4.76 %
Mar Cap₹ 74,706 Cr.

ABOUT

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]

KEY POINTS

Business OverviewCompany and its subsidiaries are engaged in the business of implementing various types of Rail infrastructure projects assigned by the Ministry of Railways (MoR) including doubling (including 3rd/4th lines), gauge conversion, new lines, railway electrification, major bridges, workshops and production units.[1]

Also present in buckets:
Aggressive Growth TriggersRevenue GuidanceAsset Base ExpansionCapacity Expansion And ProductsOrder Book PositionLarge Order ReceiptsJv Partnerships AcquisitionsJv Partnerships AcquisitionsCredit Rating UpdatesRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket 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 valueReturn on assets (%)Debt to equity
1.Larsen & Toubro4140.6035.43569573.020.824678.0115.6367983.5310.4414.49270722.5112.6716074.883926.095.624.981.32
2.Rail Vikas358.3075.2974706.270.48196.11-35.174934.591.3414.9619795.754.76992.29196.118.706.220.56
3.NBCC118.5447.9332005.800.57156.6925.712910.2018.9933.1712751.715.04667.83153.5211.984.680.00
4.IRB Infra.Devl.41.8928.9025297.370.72140.8241.001751.0210.427.828024.6748.08875.41140.821.242.011.02
5.Kalpataru Proj.1194.5024.8520398.780.75237.3991.276528.5732.4315.9525498.998.25821.04240.052.932.360.69
6.KEC International727.8028.3619374.040.76160.7588.216091.5619.1317.9823335.947.26683.11160.753.432.750.94
7.Ircon Intl.177.2627.7616671.581.49136.51-32.681976.75-19.2311.609787.967.43600.65138.652.583.740.80
–Median: 116 Co.130.218.88536.580.09.2123.05149.5710.7318.3510.6712.7931.749.162.266.930.44

Quarterly Results

Standalone figures in ₹ crores

Dec 2022Dec 2023Dec 2024Jun 2023Jun 2024Jun 2025Mar 2023Mar 2024Mar 2025Sep 2022Sep 2023Sep 2024Sep 2025
Sales
5,0114,6764,5915,4464,0643,9255,7216,7016,3454,9094,9104,8694,935
Expenses
4,7364,4304,3285,0993,8883,8465,3496,2465,9554,5934,6134,5974,723
Operating Profit
27524626334817679372455390316297273211
Other Income
284326284280262201261279193218296280203
Profit before tax
406429395477294163482579457398455405306
Tax %
16%24%25%30%26%22%28%25%18%25%19%25%36%
Net Profit
341326295334218128345433373299370303196
EPS in Rs
1.641.561.411.601.040.611.662.081.791.431.771.450.94

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
2,4943,1474,5405,9157,55710,06014,53115,40419,38220,28221,73319,86919,796
Expenses
2,4023,0014,3225,6337,1749,52913,74414,52418,20019,03720,38618,76818,853
Operating Profit
921462172823835317878801,1821,2441,3461,101943
Other Income
1051231802482312852667578091,0041,1831,019881
Interest
0152335455241458564581568540469
Depreciation
65555620232122213134
Profit before tax
1922483704895647589911,1561,4061,6441,9391,5501,321
Net Profit
1622093003894706077909411,0871,2681,4631,189992
EPS in Rs
0.781.001.441.872.252.913.794.515.226.087.025.704.75
Dividend Payout %
19%15%12%76%36%31%30%35%35%35%30%30%–

Compounded Profit Growth

10 Years:19%
5 Years:9%
3 Years:3%
TTM:-22%

Compounded Sales Growth

10 Years:20%
5 Years:6%
3 Years:1%
TTM:-3%

Return on Equity

10 Years:18%
5 Years:19%
3 Years:18%
Last Year:14%

Stock Price CAGR

10 Years:%
5 Years:61%
3 Years:70%
1 Year:-14%

Balance Sheet

Standalone figures in ₹ crores

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
2,0852,0852,0852,0852,0852,0852,0852,0852,0852,0852,0852,0852,085
Reserves
4676759199981,2661,6542,4152,8813,5464,3945,7826,5396,503
Borrowings
9,2182,5142,6242,4372,2593,0244,2575,9316,6436,4416,0335,4194,799
Other Liabilities
1,42510,55816,1532,8372,1014,6693,0192,6547,1044,6614,8345,4415,001
Total Liabilities
13,19515,83221,7818,3577,71211,43211,77513,55019,37917,58118,73419,48518,388
Fixed Assets
76682492793052923793553661,0271,002
Gross Block
30.0533.5736.8439.56285.09321.06384.27406.98504.17520.08564.451,260.28–
Accumulated Depreciation
23.1127.7830.8731.9936.2241.8378.97114.83124.79165.48198.09233.48–
CWIP
1261321112553119405
Investments
4875956056156599299691,0601,1631,1871,6111,7641,861
Other Assets
12,70115,22921,1647,7226,78310,21210,47612,14517,83516,03916,66316,69315,520
Total Assets
13,19515,83221,7818,3577,71211,43211,77513,55019,37917,58118,73419,48518,388

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
-762124666519-365-695-9624194,806-4,0282,9391,920
Cash from Investing Activity
25-40882336320124310-1,4631,314-1,4331,582
Cash from Financing Activity
1,337-152-182-668-581319827416-189-1,048-1,287-1,484
Net Cash Flow
600-68571-126-910-56-111,1443,154-3,7622202,017

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
92238303523212318171927
Inventory Days
––––––––––––
Days Payable
––––––––––––
Cash Conversion Cycle
92238303523212318171927
Working Capital Days
1,37527365217010012212915493539
ROCE %
–3%7%9%11%13%13%16%17%18%19%15%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
78.20%78.20%78.20%72.84%72.84%72.84%72.84%72.84%72.84%72.84%72.84%72.84%
FIIs
2.45%1.53%1.75%2.32%2.59%2.32%3.13%5.05%5.10%5.07%4.89%4.66%
DIIs
6.45%6.51%5.75%5.83%6.08%6.18%6.77%6.33%6.16%6.21%6.38%6.39%
Public
12.92%13.76%14.30%19.01%18.50%18.66%17.25%15.78%15.89%15.87%15.89%16.08%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

Rail Vikas Nigam Appoints Ashutosh Gautam as Executive Director (Civil)

17th April 2026, 11:26 pm

Rail Vikas Nigam Limited emerges Lowest Bidder for ₹967.93 Crore East Coast Railway Project

16th April 2026, 11:42 pm

RailTel Secures Major Tunnel Communication Systems Order Worth Over ₹309 Crore from RVNL

14th April 2026, 11:50 pm

RVNL Submits SEBI Compliance Certificate for Quarter Ended March 31, 2026

8th April 2026, 6:05 pm

Rail Vikas Nigam (RVNL) receives ₹242.50 crore order from South Central Railway for OHE upgradation

3rd April 2026, 12:02 am

Published by Other Websites

External media mentions & references

Indian Markets Surge: Suzlon, Railtel Lead Breakout Rally

15th April 2026, 5:35 pm

RailTel Surges 14% on ₹255 Cr RVNL Tunnel Order

15th April 2026, 12:56 pm

RailTel Wins Rs 564 Cr Orders; LIC Bonus, Ujjivan RBI Rejection Drive Trade

15th April 2026, 7:17 am

India Rail Sector Rockets on New Contracts, Faces Growth Pains

15th April 2026, 7:11 am

₹1.53 Lakh Cr Indian Railways Budget Fuels Stock Rally

15th April 2026, 6:37 am

News Articles

Editorial & research coverage

Indian Earnings Mixed Amid Global Tech Jitters; NSDL Lock-in Expiry Looms
Indian Earnings Mixed Amid Global Tech Jitters; NSDL Lock-in Expiry Looms

5th February 2026, 7:44 am

Railway Stocks Tumble Despite Budget Allocation Hike
Railway Stocks Tumble Despite Budget Allocation Hike

1st February 2026, 2:50 pm

Budget 2026: Railway Stocks Split on Infra Push
Budget 2026: Railway Stocks Split on Infra Push

1st February 2026, 12:31 pm

GPT Infraprojects Lands Mega Orders, Surges on Growth Potential
GPT Infraprojects Lands Mega Orders, Surges on Growth Potential

29th January 2026, 5:10 pm

Provisions Skew Earnings: L&T, Maruti Beat Estimates Amidst Labor Code Costs
Provisions Skew Earnings: L&T, Maruti Beat Estimates Amidst Labor Code Costs

29th January 2026, 6:42 am

Documents

Announcements

Announcement under Regulation 30 (LODR)-Cessation

1d - Shri Prem Sagar Gupta ceased as RVNL Part-time Official Director effective 05.01.2026 due to transfer.

Announcement under Regulation 30 (LODR)-Change in Directorate

2 Jan - Shri Amit Tandon appointed Director (Projects) on 02.01.2026, tenure until 31.01.2030.

Clarification On Price Movement

30 Dec - RVNL informed BSE on 30-Dec-2025 there is no price-sensitive information.

Clarification sought from Rail Vikas Nigam Ltd

29 Dec - Exchange has sought clarification from Rail Vikas Nigam Ltd on December 29, 2025 with reference to significant movement in price, in order to ensure that …

Rail Vikas Nigam Limited Emerges As The Lowest Bidder (L1) From East Coast Railway- Normal Course Of Business Of The Company.

29 Dec - RVNL L1 for Kantabanji Wagon POH workshop; Rs201.23 crore; 18-month completion.

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Financial Year 2023

(from bse)

Financial Year 2022

(from bse)

Financial Year 2021

(from bse)

Financial Year 2020

(from bse)

Financial Year 2019

(from bse)

Financial Year 2018

(from bse)

Financial Year 2017

(from bse)

Financial Year 2016

(from bse)

Financial Year 2015

(from bse)

Financial Year 2014

(from bse)

Financial Year 2013

(from bse)

Financial Year 2012

(from bse)

Financial Year 2011

(from bse)

Credit Ratings

Rating update

28 Mar 2025 from care

Rating update

5 Apr 2024 from care

Rating update

1 Nov 2023 from care

Rating update

26 Dec 2022 from care

Rating update

3 Oct 2022 from care

Concalls

Nov 2025

TranscriptRecording

Aug 2025

TranscriptRecording

May 2025

Transcript

Feb 2025

Transcript

Aug 2024

TranscriptRecording

May 2024

TranscriptRecording

Feb 2024

Transcript

Jan 2024

Transcript

Nov 2023

Transcript

Aug 2023

Transcript

Jun 2023

TranscriptRecording

Feb 2023

Transcript

Nov 2022

TranscriptPPT

Stock Analysis

Description

  1. Rail Vikas Nigam Limited (RVNL) is an Indian public sector undertaking under the Ministry of Railways, engaged in implementing various railway infrastructure projects including doubling, gauge conversion, new lines, electrification, and major bridges.

Key Growth Triggers

  1. Consistent emergence as L1 bidder for railway projects, adding to its order book.
  2. Focus on expanding into new segments and international orders.
  3. Strategic joint ventures to enhance capabilities in the rail and infrastructure sectors.

Order Book

  1. Order Book: Q2 FY26 = ₹90,000+ Cr order book. New order from South Eastern Railway ₹87.55 Cr (Excl. GST).

Key Red Flags

  1. Receivable issues with Krishnapatnam Railway Company Limited (KRCL).
  2. Past regulatory fines from exchanges for board composition non-compliance.
  3. Negative operating cash flow reported in H1 FY26.

Key Dates To Watch

  1. Q2 FY26 Investor Conference Call: November 12, 2025.
  2. Relocation of Registered Office to World Trade Center, New Delhi: Effective January 15, 2026.

Corporate Announcements

17th Apr 26
Impact Rating: 3
RVNL announced the appointment of Ashutosh Gautam as Executive Director (Civil), effective April 17, 2026. He brings extensive experience in highways, ports, and water transport projects.
16th Apr 26
Impact Rating: 8
RVNL is L1 bidder for ₹967.93 Crore East Coast Railway project for 3rd/4th line construction and bridges via EPC mode, with a 3-year execution timeline.
14th Apr 26
Impact Rating: 9
RailTel Corporation of India Ltd. announced a significant order win from Rail Vikas Nigam Limited for integrated tunnel communication systems, valued at ₹309.28 crore, to be executed by April 2028.
8th Apr 26
Impact Rating: 6
Rail Vikas Nigam Limited has submitted its SEBI Regulation 74(5) certificate for the quarter ended March 31, 2026. The filing confirms securities dematerialization, listing, and cancellation of old certificates.
2nd Apr 26
Impact Rating: 9
RVNL announced it received a Letter of Acceptance (LOA) from South Central Railway for OHE upgradation works costing ₹24250.00 lakh (₹242.50 cr). The project will take 24 months to complete.