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Rail Vikas Nigam Ltd.

•
rvnl.orgBSE: 542649NSE: RVNL
Market Cap₹ 42,743 Cr.
Current Price
High / Low₹ 401 / 202
Stock P/E51.6
Book Value₹ 43
Price to Book5.87
Dividend Yield0.35 %
ROCE11.0 %
ROE9.2 %
Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Railways: 84.3% • Others: 15.7%

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 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

ConstructionInfrastructureEngineering - Construction
Part ofNIFTYLARGEMIDCAP250NIFTYMIDCAP150NIFTY MIDCAP 100NIFTY MIDCAP 150NIFTY TOTAL MKT
S.No.Name
1.LT3915.0032.47538651.570.974988.0315.5167941.746.6915.9812.00
2.RVNL205.0047.5242742.910.35159.5218.734321.2310.5510.814.41
3.KPIL1435.0521.5624506.710.77311.5345.856407.973.8418.958.77
4.IRB19.6424.8623721.191.323062.701412.5821372.72918.257.7253.93
5.CEMPRO1244.1035.5321372.090.24140.832.642720.927.0233.5310.09
6.ENGINERSIN269.2019.3015130.181.86157.94141.49819.84-5.8030.9420.61
7.TECHNOE972.5026.2411310.130.7293.33-31.44630.3419.8414.8615.79
8.WELENT782.7535.4510834.340.3856.36-44.29773.72-8.4416.4419.49
9.KEC406.4519.5410819.701.3572.62-41.725023.540.0116.355.79
10.IRCON113.2020.3310646.641.6892.03-43.921955.839.4910.159.81
11.AFCONS253.9564.559339.890.7930.30-77.952671.00-20.7512.889.42
12.NCC141.0012.658852.641.56228.9011.855811.8312.2216.779.43
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
5,4464,9104,6766,7014,0644,8694,5916,3453,9254,9354,5046,6484,303
5,0994,6134,4306,2463,8884,5974,3285,9553,8464,7234,2746,4284,238
Operating Profit3482972464551762732633907921123022064
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%
280296326279262280284193201203235167152
Interest1461331391511371411451171081001049797
Depreciation565477799991010
Profit before Tax477455429579294405395457163306352281217
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 Profit334370326433218303295373128196264212156
1.601.771.562.081.041.451.411.790.610.941.271.020.75

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
5,9207,55710,06014,53115,40419,38220,28221,73319,86920,01220,390
5,6457,1749,52913,74414,52418,20019,03720,38618,76519,26319,664
Operating Profit2743835317878801,1821,2441,3461,104749726
OPM %4.63%5.06%5.28%5.41%5.71%6.10%6.13%6.19%5.56%3.74%3.56%
2483323643247578091,0041,1831,019806758
Interest35145131100458564581568542417397
Depreciation5562023212221313638
Profit before Tax4815647589911,1561,4061,6441,9391,5501,1021,156
Tax %20.73%16.75%20.01%20.28%18.62%22.68%22.89%24.57%23.32%27.38%28.35%
Net Profit3824706077909411,0871,2681,4631,189800828
EPS0.000.000.003.794.515.226.087.025.703.84—
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

Corporate actions

2026

Aug 18

₹ 0.07

Rs.0.7100 per share(7.1%)Final Dividend

2026

Feb 11

₹ 0.10

Rs.1.0000 per share(10%)Interim Dividend

2025

Aug 21

₹ 0.17

Rs.1.7200 per share(17.2%)Final Dividend

2024

Sep 23

₹ 0.21

Rs.2.1100 per share(21.1%)Final Dividend

2023

Sep 20

₹ 0.03

Rs.0.3600 per share(3.6%)Final Dividend

2023

Apr 6

₹ 0.17

Rs.1.7700 per share(17.7%)Interim Dividend

2022

Sep 22

₹ 0.02

Rs.0.2500 per share(2.5%)Final Dividend

2022

Mar 24

₹ 0.15

Interim Dividend

2021

Nov 30

₹ 0.04

Rs.0.4400 per share(4.4%)Final Dividend

2021

Apr 8

₹ 0.11

Interim Dividend

2020

Dec 8

₹ 0.11

Rs.1.1400 per share(11.4%)Dividend

2019

Sep 6

Rs.0.0900 per share(0.9%)Final Dividend

2026

Jul 28

₹ 0.07

Rs.0.7100 per share(7.1%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital2,0852,0852,0852,0852,0852,0852,0852,0852,0852,085
9981,2661,6542,4152,8813,5464,3945,7826,5396,778
2,4372,6743,2254,5576,2806,8887,0016,7565,7415,123
Trade Payables110681686992712306262523451,666
2,6861,6584,3762,1462,1886,9163,8434,3155,1255,203
Total Liabilities8,3167,75211,50811,90213,70419,66617,94919,19119,83520,855
8249279305292379355366887888
Capital Work in Progress0091847119400
6156599299691,0601,1631,1871,6111,7641,898
741249235059650118
00000001,1061,7865,416
Cash & Bank2,6991,4019429802,0426,7851,8092,9973,763784
4,2545,4429,3449,62010,24011,28714,53812,95111,63411,749
Total Assets8,3167,75211,50811,90213,70419,66617,94919,19119,83520,855

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
383-256-537-8155695,104-3,6402,9391,923-1,918
Cash from Investing2036320124310-1,4631,314-1,4311,582973
Cash from Financing-421-581319827416-189-1,048-1,287-1,487-1,652
-127-910-56-111,1443,154-3,7622212,017-2,597

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
72.8472.8472.8472.8472.8472.8472.8472.8472.84
3.135.055.105.074.894.664.984.862.41
6.776.336.166.216.386.396.376.426.60
0.000.000.010.010.010.010.010.010.01
17.2615.7915.8915.8815.8816.0915.7915.8718.14

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

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