Rail Vikas Nigam Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Railways: 84.3% • Others: 15.7%
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 generates healthy free cash flow
- Stock looks reasonably valued - P/E of 51.6 is below its historical median
- Company has a consistent dividend-paying track record
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 (73.2% of PBT)
- Recent results are weak - TTM profit is down 23.6% versus prior year
- Contingent liabilities are large at 65.3% of net worth
- Company has delivered a poor profit growth of -3.2% over past five years
* 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
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 5,446 | 4,910 | 4,676 | 6,701 | 4,064 | 4,869 | 4,591 | 6,345 | 3,925 | 4,935 | 4,504 | 6,648 | 4,303 | |
| 5,099 | 4,613 | 4,430 | 6,246 | 3,888 | 4,597 | 4,328 | 5,955 | 3,846 | 4,723 | 4,274 | 6,428 | 4,238 | |
| Operating Profit | 348 | 297 | 246 | 455 | 176 | 273 | 263 | 390 | 79 | 211 | 230 | 220 | 64 |
| OPM % | 6.38% | 6.05% | 5.27% | 6.79% | 4.33% | 5.60% | 5.73% | 6.15% | 2.01% | 4.28% | 5.11% | 3.31% | 1.50% |
| 280 | 296 | 326 | 279 | 262 | 280 | 284 | 193 | 201 | 203 | 235 | 167 | 152 | |
| Interest | 146 | 133 | 139 | 151 | 137 | 141 | 145 | 117 | 108 | 100 | 104 | 97 | 97 |
| Depreciation | 5 | 6 | 5 | 4 | 7 | 7 | 7 | 9 | 9 | 9 | 9 | 10 | 10 |
| Profit before Tax | 477 | 455 | 429 | 579 | 294 | 405 | 395 | 457 | 163 | 306 | 352 | 281 | 217 |
| Tax % | 30.00% | 18.60% | 24.00% | 25.20% | 25.90% | 25.22% | 25.23% | 18.34% | 21.66% | 35.87% | 24.96% | 24.49% | 28.24% |
| Net Profit | 334 | 370 | 326 | 433 | 218 | 303 | 295 | 373 | 128 | 196 | 264 | 212 | 156 |
| 1.60 | 1.77 | 1.56 | 2.08 | 1.04 | 1.45 | 1.41 | 1.79 | 0.61 | 0.94 | 1.27 | 1.02 | 0.75 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 5,920 | 7,557 | 10,060 | 14,531 | 15,404 | 19,382 | 20,282 | 21,733 | 19,869 | 20,012 | 20,390 | |
| 5,645 | 7,174 | 9,529 | 13,744 | 14,524 | 18,200 | 19,037 | 20,386 | 18,765 | 19,263 | 19,664 | |
| Operating Profit | 274 | 383 | 531 | 787 | 880 | 1,182 | 1,244 | 1,346 | 1,104 | 749 | 726 |
| OPM % | 4.63% | 5.06% | 5.28% | 5.41% | 5.71% | 6.10% | 6.13% | 6.19% | 5.56% | 3.74% | 3.56% |
| 248 | 332 | 364 | 324 | 757 | 809 | 1,004 | 1,183 | 1,019 | 806 | 758 | |
| Interest | 35 | 145 | 131 | 100 | 458 | 564 | 581 | 568 | 542 | 417 | 397 |
| Depreciation | 5 | 5 | 6 | 20 | 23 | 21 | 22 | 21 | 31 | 36 | 38 |
| Profit before Tax | 481 | 564 | 758 | 991 | 1,156 | 1,406 | 1,644 | 1,939 | 1,550 | 1,102 | 1,156 |
| Tax % | 20.73% | 16.75% | 20.01% | 20.28% | 18.62% | 22.68% | 22.89% | 24.57% | 23.32% | 27.38% | 28.35% |
| Net Profit | 382 | 470 | 607 | 790 | 941 | 1,087 | 1,268 | 1,463 | 1,189 | 800 | 828 |
| EPS | 0.00 | 0.00 | 0.00 | 3.79 | 4.51 | 5.22 | 6.08 | 7.02 | 5.70 | 3.84 | — |
| Dividend Payout % | 67.37% | 32.85% | 30.59% | 30.09% | 35.03% | 35.09% | 35.03% | 30.07% | 30.17% | 18.49% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 16%
- 5 Years:
- 5%
- 3 Years:
- 0%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 11%
- 5 Years:
- -3%
- 3 Years:
- -14%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 46%
- 3 Years:
- 6%
- 1 Year:
- -39%
RETURN ON EQUITY
- 10 Years:
- 17%
- 5 Years:
- 17%
- 3 Years:
- 15%
- Last Year:
- 9%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 998 | 1,266 | 1,654 | 2,415 | 2,881 | 3,546 | 4,394 | 5,782 | 6,539 | 6,778 | |
| 2,437 | 2,674 | 3,225 | 4,557 | 6,280 | 6,888 | 7,001 | 6,756 | 5,741 | 5,123 | |
| Trade Payables | 110 | 68 | 168 | 699 | 271 | 230 | 626 | 252 | 345 | 1,666 |
| 2,686 | 1,658 | 4,376 | 2,146 | 2,188 | 6,916 | 3,843 | 4,315 | 5,125 | 5,203 | |
| Total Liabilities | 8,316 | 7,752 | 11,508 | 11,902 | 13,704 | 19,666 | 17,949 | 19,191 | 19,835 | 20,855 |
| 8 | 249 | 279 | 305 | 292 | 379 | 355 | 366 | 887 | 888 | |
| Capital Work in Progress | 0 | 0 | 9 | 18 | 47 | 1 | 1 | 94 | 0 | 0 |
| 615 | 659 | 929 | 969 | 1,060 | 1,163 | 1,187 | 1,611 | 1,764 | 1,898 | |
| 741 | 2 | 4 | 9 | 23 | 50 | 59 | 65 | 0 | 118 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,106 | 1,786 | 5,416 | |
| Cash & Bank | 2,699 | 1,401 | 942 | 980 | 2,042 | 6,785 | 1,809 | 2,997 | 3,763 | 784 |
| 4,254 | 5,442 | 9,344 | 9,620 | 10,240 | 11,287 | 14,538 | 12,951 | 11,634 | 11,749 | |
| Total Assets | 8,316 | 7,752 | 11,508 | 11,902 | 13,704 | 19,666 | 17,949 | 19,191 | 19,835 | 20,855 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 383 | -256 | -537 | -815 | 569 | 5,104 | -3,640 | 2,939 | 1,923 | -1,918 | |
| Cash from Investing | 20 | 36 | 320 | 124 | 310 | -1,463 | 1,314 | -1,431 | 1,582 | 973 |
| Cash from Financing | -421 | -581 | 319 | 827 | 416 | -189 | -1,048 | -1,287 | -1,487 | -1,652 |
| -127 | -910 | -56 | -11 | 1,144 | 3,154 | -3,762 | 221 | 2,017 | -2,597 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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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