Rail Vikas Nigam Ltd.

•

rvnl.orgBSE: 542649NSE: RVNL

Market Cap₹ 42,743 Cr.

Current Price

High / Low₹ 401 / 202

Stock P/E47.5

Book Value₹ 48

Price to Book5.30

Dividend Yield0.35 %

ROCE10.8 %

ROE9.0 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Railways: 82.6% • Others: 17.4%

AI Sector View

AI GENERATED

Construction

Buy

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.

Confidence

80%

View full sector analysis →

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

ConstructionInfrastructureEngineering - Construction

Part ofNIFTYLARGEMIDCAP250 NIFTYMIDCAP150 NIFTY MIDCAP 100 NIFTY MIDCAP 150 NIFTY TOTAL MKT

S.No.	Name
1.	LT	3915.00	32.47	538651.57	0.97	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	205.00	47.52	42742.91	0.35	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1435.05	21.56	24506.71	0.77	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.64	24.86	23721.19	1.32	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1244.10	35.53	21372.09	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	269.20	19.30	15130.18	1.86	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	972.50	26.24	11310.13	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	WELENT	782.75	35.45	10834.34	0.38	56.36	-44.29	773.72	-8.44	16.44	19.49
9.	KEC	406.45	19.54	10819.70	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
10.	IRCON	113.20	20.33	10646.64	1.68	92.03	-43.92	1955.83	9.49	10.15	9.81
11.	AFCONS	253.95	64.55	9339.89	0.79	30.30	-77.95	2671.00	-20.75	12.88	9.42
12.	NCC	141.00	12.65	8852.64	1.56	228.90	11.85	5811.83	12.22	16.77	9.43

Detailed Comparison with:

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

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
72.84	72.84	72.84	72.84	72.84	72.84	72.84	72.84	72.84
3.13	5.05	5.10	5.07	4.89	4.66	4.98	4.86	2.41
6.77	6.33	6.16	6.21	6.38	6.39	6.37	6.42	6.60
0.00	0.00	0.01	0.01	0.01	0.01	0.01	0.01	0.01
17.26	15.79	15.89	15.88	15.88	16.09	15.79	15.87	18.14

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-09

Change in Auditors

2026-09-09 - Rail Vikas Nigam Limited has informed the Exchange regarding Change in Auditors of the company.

2026-09-04

Bagging/Receiving of orders/contracts

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

Updates

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

Cessation

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

Change in Director(s)

2026-08-27 - Rail Vikas Nigam Limited has informed the Exchange regarding Change in Director(s) of the company.

2026-08-26

Action(s) taken or orders passed

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

Action(s) taken or orders passed

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

Shareholders meeting

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

Shareholders meeting

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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Rail Vikas Nigam Ltd.

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Name

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

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

217

221

269

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

141

Interest

146

133

139

150

137

141

145

120

108

100

105

Depreciation

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

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

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%

248

332

346

305

739

800

996

1,185

1,000

775

688

Interest

145

131

100

458

564

581

568

545

419

400

Depreciation

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%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

2,085

Minority Interest

-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

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

249

279

305

292

380

355

367

887

888

Capital Work in Progress

1,094

1,231

1,586

1,588

1,730

1,810

1,904

2,381

2,555

2,645

766

118

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

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

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

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

72.84

3.13

5.05

5.10

5.07

4.89

4.66

4.98

4.86

2.41

6.77

6.33

6.16

6.21

6.38

6.39

6.37

6.42

6.60

0.00

0.01

17.26

15.79

15.89

15.88

16.09

15.79

15.87

18.14

Rail Vikas Nigam Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Rail Vikas Nigam Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI