Rail Vikas Nigam Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Railways: 82.6% • Others: 17.4%
AI Sector View
AI GENERATEDConstruction
Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.
PROS
- Company has consistently been profitable over the last 5 years
- Company generates healthy free cash flow
- Stock looks reasonably valued - P/E of 47.5 is below its historical median
- Company has a consistent dividend-paying track record
- Company maintains a comfortable, low leverage position
CONS
- Operating cash flow has been negative in recent years
- Receivables are growing faster than sales - a possible quality concern
- A large part of profit comes from other income (65.6% of PBT)
- Recent results are weak - TTM profit is down 24.3% versus prior year
- Company has delivered a poor profit growth of -2.6% over past five years
- Contingent liabilities are large at 59.0% of net worth
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3915.00 | 32.47 | 538651.57 | 0.97 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 205.00 | 47.52 | 42742.91 | 0.35 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1435.05 | 21.56 | 24506.71 | 0.77 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.64 | 24.86 | 23721.19 | 1.32 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1244.10 | 35.53 | 21372.09 | 0.24 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 269.20 | 19.30 | 15130.18 | 1.86 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 972.50 | 26.24 | 11310.13 | 0.72 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| WELENT | 782.75 | 35.45 | 10834.34 | 0.38 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| KEC | 406.45 | 19.54 | 10819.70 | 1.35 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| IRCON | 113.20 | 20.33 | 10646.64 | 1.68 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| AFCONS | 253.95 | 64.55 | 9339.89 | 0.79 | 30.30 | -77.95 | 2671.00 | -20.75 | 12.88 | 9.42 |
| NCC | 141.00 | 12.65 | 8852.64 | 1.56 | 228.90 | 11.85 | 5811.83 | 12.22 | 16.77 | 9.43 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | |
| 5,222 | 4,616 | 4,440 | 6,258 | 3,892 | 4,583 | 4,328 | 5,991 | 3,856 | 4,906 | 4,464 | 6,427 | 4,245 | |
| Operating Profit | 349 | 298 | 249 | 456 | 182 | 271 | 239 | 436 | 53 | 217 | 221 | 269 | 76 |
| OPM % | 6.27% | 6.07% | 5.31% | 6.80% | 4.46% | 5.59% | 5.24% | 6.79% | 1.35% | 4.23% | 4.71% | 4.01% | 1.77% |
| 282 | 296 | 328 | 280 | 263 | 281 | 269 | 187 | 228 | 210 | 252 | 85 | 141 | |
| Interest | 146 | 133 | 139 | 150 | 137 | 141 | 145 | 120 | 108 | 100 | 105 | 98 | 98 |
| Depreciation | 6 | 6 | 5 | 4 | 7 | 7 | 7 | 9 | 9 | 9 | 9 | 10 | 10 |
| Profit before Tax | 479 | 455 | 433 | 582 | 300 | 405 | 356 | 494 | 164 | 318 | 359 | 246 | 224 |
| Tax % | 29.99% | 18.71% | 24.04% | 25.19% | 25.88% | 25.31% | 28.46% | 17.63% | 23.81% | 35.14% | 25.36% | 27.89% | 28.64% |
| Net Profit | 0 | 0 | 0 | 0 | 224 | 287 | 312 | 459 | 134 | 231 | 324 | 182 | 160 |
| 1.65 | 1.89 | 1.72 | 2.29 | 1.07 | 1.38 | 1.49 | 2.18 | 0.65 | 1.10 | 1.55 | 0.90 | 0.76 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 5,920 | 7,597 | 10,069 | 14,531 | 15,404 | 19,382 | 20,282 | 21,879 | 19,923 | 20,412 | 20,825 | |
| 5,645 | 7,215 | 9,538 | 13,744 | 14,524 | 18,199 | 19,035 | 20,525 | 18,793 | 19,645 | 20,042 | |
| Operating Profit | 274 | 382 | 531 | 786 | 880 | 1,183 | 1,246 | 1,354 | 1,131 | 767 | 782 |
| OPM % | 4.63% | 5.03% | 5.27% | 5.41% | 5.71% | 6.10% | 6.15% | 6.19% | 5.68% | 3.76% | 3.76% |
| 248 | 332 | 346 | 305 | 739 | 800 | 996 | 1,185 | 1,000 | 775 | 688 | |
| Interest | 35 | 145 | 131 | 100 | 458 | 564 | 581 | 568 | 545 | 419 | 400 |
| Depreciation | 5 | 5 | 6 | 20 | 23 | 21 | 22 | 21 | 31 | 36 | 38 |
| Profit before Tax | 482 | 664 | 839 | 958 | 1,207 | 1,430 | 1,719 | 2,030 | 1,646 | 1,181 | 1,147 |
| Tax % | 20.73% | 14.23% | 18.08% | 20.99% | 17.83% | 22.35% | 21.96% | 23.60% | 22.39% | 26.29% | 29.26% |
| Net Profit | 382 | 570 | 688 | 757 | 992 | 1,110 | 1,342 | 1,551 | 1,278 | 871 | 811 |
| EPS | 0.00 | 2.73 | 3.30 | 3.63 | 4.76 | 5.32 | 6.81 | 7.44 | 6.13 | 4.20 | — |
| Dividend Payout % | 58.60% | 27.09% | 26.98% | 31.41% | 33.22% | 34.37% | 33.10% | 28.37% | 28.07% | 16.92% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 16%
- 5 Years:
- 6%
- 3 Years:
- 0%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 8%
- 5 Years:
- -2%
- 3 Years:
- -13%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 46%
- 3 Years:
- 6%
- 1 Year:
- -39%
RETURN ON EQUITY
- 10 Years:
- 16%
- 5 Years:
- 16%
- 3 Years:
- 14%
- Last Year:
- 9%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4 |
| 1,478 | 1,839 | 2,311 | 3,034 | 3,551 | 4,240 | 5,161 | 6,637 | 7,482 | 7,737 | |
| 2,437 | 2,674 | 3,225 | 4,557 | 6,280 | 6,888 | 7,001 | 6,760 | 5,747 | 5,166 | |
| Trade Payables | 110 | 68 | 168 | 699 | 272 | 223 | 621 | 238 | 380 | 1,682 |
| 2,715 | 1,658 | 4,376 | 2,146 | 2,188 | 6,917 | 3,845 | 4,320 | 5,141 | 5,311 | |
| Total Liabilities | 8,825 | 8,325 | 12,165 | 12,521 | 14,376 | 20,353 | 18,713 | 20,041 | 20,835 | 21,977 |
| 8 | 249 | 279 | 305 | 292 | 380 | 355 | 367 | 887 | 888 | |
| Capital Work in Progress | 0 | 0 | 9 | 18 | 47 | 1 | 1 | 94 | 0 | 0 |
| 1,094 | 1,231 | 1,586 | 1,588 | 1,730 | 1,810 | 1,904 | 2,381 | 2,555 | 2,645 | |
| 766 | 2 | 4 | 9 | 23 | 50 | 59 | 65 | 0 | 118 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,067 | 1,782 | 5,371 | |
| Cash & Bank | 2,705 | 1,403 | 944 | 982 | 2,047 | 6,824 | 1,853 | 3,113 | 3,886 | 968 |
| 4,252 | 5,440 | 9,342 | 9,618 | 10,236 | 11,289 | 14,541 | 12,955 | 11,724 | 11,987 | |
| Total Assets | 8,825 | 8,325 | 12,165 | 12,521 | 14,376 | 20,353 | 18,713 | 20,041 | 20,835 | 21,977 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 386 | -254 | -537 | -815 | 570 | 5,093 | -3,676 | 2,956 | 1,881 | -1,889 | |
| Cash from Investing | 20 | 36 | 320 | 124 | 312 | -1,431 | 1,355 | -1,401 | 1,629 | 942 |
| Cash from Financing | -421 | -581 | 319 | 827 | 416 | -189 | -1,048 | -1,287 | -1,487 | -1,624 |
| -123 | -908 | -56 | -11 | 1,148 | 3,173 | -3,757 | 269 | 2,023 | -2,571 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Rail Vikas Nigam Limited has informed the Exchange regarding Change in Auditors of the company.
2026-09-04 - Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015- Letter of Award from SJVN Thermal Private Limited (a wholly owned subsidiary of SJVN Limited)
2026-09-03 - Rail Vikas Nigam Limited emerges as the Lowest Bidder (L1) from East Coast Railway - Normal course of business of the Company.
2026-08-31 - Rail Vikas Nigam Limited has informed the Exchange regarding Cessation of Mr Ajit Singh as Other of the company w.e.f. September 01, 2026.
2026-08-27 - Rail Vikas Nigam Limited has informed the Exchange regarding Change in Director(s) of the company.
2026-08-26 - Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015-Imposition of fine by NSE for the quarter ended 30th June, 2026
2026-08-25 - Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015-Imposition of fine by BSE for the quarter ended 30th June, 2026
2026-08-25 - Rail Vikas Nigam Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 25, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-25 - Proceeding of 23rd Annual General Meeting of RVNL held on 25.08.2026.
News
Recent coverage and analyst commentary for RVNL
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