RITES
RITES share price & financials
- Price
- ₹213.32
- Market cap
- ₹10.9k Cr
- Sector
- Construction
- Calls analysed
- 7
RITES Limited Q1 FY27
What went well
- YoY revenue growth of 9-10% in Q1 FY27, indicating strong execution from the order book.
- Bottom line (PAT) grew by about 8% YoY.
- EBITDA margin maintained at 22% and PAT margin at 17% on a consolidated basis, despite competitive pressures.
What to watch
- Overall margins are under pressure due to a higher proportion of competitive bids (70% of fresh orders), increased travel costs, and impending pay revision.
- Turnkey projects, which constitute about 50% of the order book, have significantly lower margins of 1.5-2% compared to consultancy.
What RITES Limited does
RITES Limited is a Navratna public sector engineering and consultancy company under India's Ministry of Railways, providing transport-infrastructure consultancy, design, project management, quality assurance/third-party inspection, and turnkey execution across railways, metros, airports and land ports, ports and harbours, highways, ropeways, tunnels, bridges, institutional buildings, renewable energy, and urban infrastructure. It earns through four reported segments: consultancy services, turnkey/EPC project execution, leasing of locomotives and rolling stock, and export of rolling stock and equipment with associated maintenance services. RITES also holds stakes in REMC Limited (power procurement and renewable-energy consultancy), RITES (Afrika) Proprietary Limited (overseas transport-infrastructure consultancy), and SAIL RITES Bengal Wagon Industry Private Limited (wagon manufacturing). The company has delivered consultancy and project services in more than 55 countries.
Segments
- Consultancy
- Turnkey/EPC
- Leasing
- Export
- Countries where RITES has delivered projects
- 55+
- Consultancy verticals
- 13
- Sectors of operation
- Railways, metros, airports & land ports, ports & harbours, highways, ropeways, tunnels, bridges, institutional buildings & logistic parks, renewable energy, urban planning & infrastructure, and sustainability & green mobility
- Reported operating segments
- 4 (Consultancy, Turnkey/EPC, Leasing, Export)
- Subsidiaries and joint ventures
- REMC Limited (power procurement & renewable energy), RITES (Afrika) Proprietary Limited (overseas consultancy), SAIL RITES Bengal Wagon Industry Private Limited (wagon manufacturing)
- Ownership status
- Navratna Central Public Sector Enterprise under the Ministry of Railways
Guidance record · Q1 FY27
what the last two calls moved 24 tracked 5 delivered 5 missed 14 open- FY26 Top Line Growth delivered said Q3 FY25 Promised: at least a 20% growth Q1 FY27: Promise period (FY26) has passed. Status remains achieved.
- FY26 Export Revenue Realization missed said Q3 FY25 Promised: 40% of ₹1300cr order book (approx. ₹520cr) Q1 FY27: Promise period (FY26) has passed. Status remains missed.
- Export Order Inflow Frequency on track said Q4 FY25 Promised: 1 per quarter Q1 FY27: I'm sure that we are targeting to maintain at least the export orders of one order a quarter.
All 24 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 8.6%, net profit up 7.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 541 | 576 | 602 | 490 | 549 +1% | 609 +6% | 768 +28% | 532 +9% |
| EBITDA | 106 | 117 | 186 | 114 | 130 +23% | 142 +21% | 168 −10% | 115 +1% |
| Net profit | 82 | 109 | 141 | 91 | 109 +33% | 115 +6% | 139 −1% | 98 +8% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −22.3% 1Y
1Y: ₹269.23 on 10 Sept 2025 → ₹209.15. High ₹275.14 (15 Sept 2025), low ₹175.63 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +5.2%
- 5 Aug
- Q4 FY26
- −0.4%
- 20 May
- Q3 FY26
- −1.3%
- 5 Feb
- Q2 FY26
- +0.5%
- 12 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 2.8% a year over 3 years, FY23 to FY26. Operating margin narrowed to 22.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.6k Cr | ₹2.5k Cr | ₹2.2k Cr | ₹2.4k Cr |
| Operating profit | ₹744 Cr | ₹644 Cr | ₹515 Cr | ₹554 Cr |
| Operating margin | 28.3% | 26.3% | 23.4% | 22.9% |
| Interest | ₹6 Cr | ₹4 Cr | ₹5 Cr | ₹4 Cr |
| Depreciation | ₹68 Cr | ₹61 Cr | ₹62 Cr | ₹65 Cr |
| Net profit | ₹571 Cr | ₹496 Cr | ₹422 Cr | ₹454 Cr |
| Net margin | 21.7% | 20.2% | 19.1% | 18.8% |
| Cash from operations | ₹560 Cr | ₹432 Cr | ₹637 Cr | ₹327 Cr |
| Free cash flow | ₹424 Cr | ₹295 Cr | ₹505 Cr | ₹266 Cr |
| ROCE | 30.0% | 25.0% | 22.0% | 22.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹240 Cr | ₹240 Cr | ₹240 Cr | ₹240 Cr | ₹481 Cr | ₹481 Cr |
| Reserves | ₹2.2k Cr | ₹2.2k Cr | ₹2.4k Cr | ₹2.4k Cr | ₹2.2k Cr | ₹2.2k Cr |
| Borrowings | ₹37 Cr | ₹28 Cr | ₹5 Cr | ₹8 Cr | ₹8 Cr | ₹7 Cr |
| Other liabilities | ₹3.4k Cr | ₹3.3k Cr | ₹3.4k Cr | ₹3.0k Cr | ₹3.4k Cr | ₹3.2k Cr |
| Total liabilities | ₹5.8k Cr | ₹5.8k Cr | ₹6.0k Cr | ₹5.7k Cr | ₹6.1k Cr | ₹5.9k Cr |
| Fixed assets | ₹584 Cr | ₹560 Cr | ₹552 Cr | ₹535 Cr | ₹871 Cr | ₹868 Cr |
| Capital work in progress | ₹15 Cr | ₹58 Cr | ₹101 Cr | ₹174 Cr | ₹70 Cr | ₹88 Cr |
| Investments | ₹289 Cr | ₹205 Cr | ₹130 Cr | ₹109 Cr | ₹103 Cr | ₹104 Cr |
| Other assets | ₹4.9k Cr | ₹5.0k Cr | ₹5.2k Cr | ₹4.8k Cr | ₹5.0k Cr | ₹4.9k Cr |
| Total assets | ₹5.8k Cr | ₹5.8k Cr | ₹6.0k Cr | ₹5.7k Cr | ₹6.1k Cr | ₹5.9k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +0.10 pp. The shareholder count shrank 6% to 3,79,928.
- Promoters
- 72.2%
- FIIs
- 3.4%
- DIIs
- 8.7%
- Public
- 15.6%
Since Jun 2025
- DIIs +0.10 pp
- Public −0.06 pp
- FIIs −0.04 pp
How it drifted, 12 quarters
Over this window the public went from 11.1% to 15.6% — +4.5 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 72.2%, FIIs 4.0%, DIIs 12.7%, Public 11.1%.Dec '23: Promoters 72.2%, FIIs 3.2%, DIIs 12.3%, Public 12.3%.Mar '24: Promoters 72.2%, FIIs 4.2%, DIIs 11.1%, Public 12.5%.Jun '24: Promoters 72.2%, FIIs 3.5%, DIIs 10.8%, Public 13.5%.Sep '24: Promoters 72.2%, FIIs 3.2%, DIIs 9.6%, Public 14.9%.Dec '24: Promoters 72.2%, FIIs 3.3%, DIIs 8.8%, Public 15.6%.Mar '25: Promoters 72.2%, FIIs 3.3%, DIIs 8.7%, Public 15.8%.Jun '25: Promoters 72.2%, FIIs 3.5%, DIIs 8.6%, Public 15.7%.Sep '25: Promoters 72.2%, FIIs 3.5%, DIIs 8.7%, Public 15.6%.Dec '25: Promoters 72.2%, FIIs 3.5%, DIIs 8.6%, Public 15.7%.Mar '26: Promoters 72.2%, FIIs 3.5%, DIIs 8.7%, Public 15.6%.Jun '26: Promoters 72.2%, FIIs 3.4%, DIIs 8.7%, Public 15.6%.
Who is on the register
Named in the Jun 2026 filing
Every holder of RITES Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| President Of India | 72.20% | unchanged |
| Life Insurance Corporation Of India Insurer | 5.52% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund | 1.97% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in RITES
Filings to Aug 2026
0 new, 4 added, 1 trimmed, 0 sold out — net +0.04 L shares (+0.0%).
- Held by funds
- ₹222 Cr
- 7 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹201 Cr · 0.2% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹201 Cr | held | Jul '22 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹13 Cr | held | Dec '22 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹5 Cr | +0.03 L | Oct '20 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹2 Cr | +0.01 L | Oct '22 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | −0.00 L | Sep '24 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | +0.00 L | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
4 added, 1 trimmed — net +3,844 shares (+0.0%)
- Funds are sitting on
- +46%
- vs est. average cost
- Held by funds
- ₹222 Cr
- 7 schemes · ≈ 2.0% of the company
- Biggest holder
- Nippon India Small Cap Fund
- ₹201 Cr · 0.2% of that fund
- Longest holder
- Nippon India Nifty Smallcap 250 Index Fund
- 5y 11m · since Oct '20
Shares held by these funds −57%
Aug '23 1.02 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse RITES Limited
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