RVNL

Rail Vikas share price & financials

Price
₹243.99
Market cap
₹47.0k Cr
Sector
Construction
Calls analysed
5
Latest concall · Q1 FY27 · call held 13 Aug 2026

Rail Vikas Q1 FY27

Consolidated Revenue ₹4,321 cr +11%Consolidated EBITDA ₹190 cr +193%Consolidated EBITDA Margin 4.41% Consolidated PAT ₹159.52 cr +19%

What went well

  • Consolidated revenue grew by 10.55% YoY to ₹4,321 crores, reflecting steady execution momentum.
  • Consolidated EBITDA increased significantly to ₹190 crores, with margin improving to 4.41% from 1.66% in Q1 FY26.
  • Consolidated PAT rose by 18.73% YoY to ₹159.52 crores, indicating robust execution and good revenue visibility.

What to watch

  • Geopolitical situation in target international markets (Middle East, Israel) poses a challenge.
  • Labor availability from the market is a challenge, requiring extra effort for project execution.
Read the full call →

What Rail Vikas does

Rail Vikas Nigam Limited (RVNL) is a Ministry of Railways public sector undertaking that executes railway infrastructure projects across India on a turnkey, concept-to-commissioning basis, spanning new line construction, doubling of existing lines, gauge conversion, railway electrification, metropolitan transport/metro systems and workshop or production-unit construction. It earns a consolidated management and supervision fee calculated on total project expenditure (project debt is raised from Indian Railway Finance Corporation but serviced by the Ministry of Railways rather than RVNL). RVNL also promotes project-specific special purpose vehicles with railway administrations and private partners to develop railway infrastructure, and undertakes projects both directly assigned by the Ministry of Railways and won through competitive bidding, including select overseas assignments.

Segments

  • New Lines
  • Doubling of Lines
  • Gauge Conversion
  • Railway Electrification
  • Metropolitan Transport Projects
  • Workshops
  • Other Services
Railway infrastructure commissioned
15,120+ km
Indian Railway projects commissioned
121 (as of Sep 30, 2022)
Projects in order book
79 projects (66 Ministry of Railways-assigned + 13 won via bidding)
Project Implementation Units
38 units across 26 locations
Railway workshop/production units built
15, across the country
Wholly-owned subsidiary
HSRC Infra Services Limited
Founded 2003Headquarters New Delhi, IndiaEmployees 515 (September 30, 2022) Company website

Guidance record · Q1 FY27

what the last two calls moved 17 tracked 1 delivered 5 missed 11 open
  • FY26 Full Year Revenue delivered said Q1 FY26 Promised: exceed last year's revenue Q1 FY27: Promise concluded in Q4 FY26 with an 'achieved' verdict.
  • Vande Bharat Trains Produced in FY27 went quiet said Q1 FY26 Promised: at least 6-8 Vande Bharat trains Q1 FY27: No new update on the volume for FY27. The guidance from Q4 FY26 for 5 sets in the first year post-prototype (Dec 2026) remains the latest information.
  • FY27 Revenue Growth diluted said Q2 FY26 Promised: at least 10% Q1 FY27: Guidance narrowed to 'around 15%' from the previous '15-20%' range provided in Q4 FY26.

All 17 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 9.6%, net profit up 21.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue4,869 4,591 6,345 3,925 4,935 +1%4,504 −2%6,648 +5%4,303 +10%
EBITDA273 263 390 79 211 −23%230 −13%220 −44%172 +118%
Net profit303 295 373 128 196 −35%264 −11%212 −43%156 +22%
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 −38.6% 1Y

₹200₹250₹300₹350₹400Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 12 Nov 2025Q3 FY26 — 6 Feb 2026Q4 FY26 — 26 May 2026Q1 FY27 — 13 Aug 2026

1Y: ₹333.45 on 10 Sept 2025 → ₹204.9. High ₹387.95 (26 Dec 2025), low ₹204.9 (11 Sept 2026).

How the price took the results

close before → close after

Q1 FY27
−0.8%
13 Aug
Q4 FY26
−4.7%
26 May
Q3 FY26
−0.8%
6 Feb
Q2 FY26
−0.4%
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 0.4% a year over 3 years, FY23 to FY26. Operating margin narrowed to 3.7%.

Year endingFY23FY24FY25FY26
Revenue₹20.3k Cr₹21.7k Cr₹19.9k Cr₹20.0k Cr
Operating profit₹1.2k Cr₹1.3k Cr₹1.1k Cr₹740 Cr
Operating margin6.1%6.2%5.5%3.7%
Interest₹581 Cr₹569 Cr₹540 Cr₹409 Cr
Depreciation₹23 Cr₹20 Cr₹30 Cr₹37 Cr
Net profit₹1.4k Cr₹1.5k Cr₹1.2k Cr₹800 Cr
Net margin7.0%6.7%6.0%4.0%
Cash from operations₹-4.0k Cr₹2.9k Cr₹1.9k Cr₹-1.9k Cr
Free cash flow₹-4.1k Cr₹2.6k Cr₹1.5k Cr₹-2.0k Cr
ROCE18.0%19.0%15.0%11.0%
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 endingFY21FY22FY23FY24FY25FY26
Equity capital₹2.1k Cr₹2.1k Cr₹2.1k Cr₹2.1k Cr₹2.1k Cr₹2.1k Cr
Reserves₹2.9k Cr₹3.5k Cr₹4.4k Cr₹5.8k Cr₹7.5k Cr₹6.8k Cr
Borrowings₹5.9k Cr₹6.6k Cr₹6.4k Cr₹6.0k Cr₹5.0k Cr₹4.8k Cr
Other liabilities₹2.7k Cr₹7.1k Cr₹4.7k Cr₹4.8k Cr₹5.2k Cr₹6.9k Cr
Total liabilities₹13.6k Cr₹19.4k Cr₹17.6k Cr₹18.7k Cr₹19.8k Cr₹20.6k Cr
Fixed assets₹292 Cr₹379 Cr₹355 Cr₹366 Cr₹1.0k Cr₹1.0k Cr
Capital work in progress₹53 Cr₹1 Cr₹1 Cr₹94 Cr₹5 Cr₹0 Cr
Investments₹1.1k Cr₹1.2k Cr₹1.2k Cr₹1.6k Cr₹2.6k Cr₹1.9k Cr
Other assets₹12.1k Cr₹17.8k Cr₹16.0k Cr₹16.7k Cr₹16.1k Cr₹17.7k Cr
Total assets₹13.6k Cr₹19.4k Cr₹17.6k Cr₹18.7k Cr₹19.8k Cr₹20.6k 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, FIIs trimmed −2.48 pp while the public added +2.26 pp. The shareholder count shrank 3% to 22,10,914.

Promoters
72.8%
FIIs
2.4%
DIIs
6.6%
Government
0.0%
Public
18.1%

Since Jun 2025

  • FIIs −2.48 pp
  • Public +2.26 pp
  • DIIs +0.22 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 72.8%, FIIs 2.3%, DIIs 5.8%, Public 19.0%.Dec '23: Promoters 72.8%, FIIs 2.6%, DIIs 6.1%, Public 18.5%.Mar '24: Promoters 72.8%, FIIs 2.3%, DIIs 6.2%, Public 18.7%.Jun '24: Promoters 72.8%, FIIs 3.1%, DIIs 6.8%, Public 17.3%.Sep '24: Promoters 72.8%, FIIs 5.0%, DIIs 6.3%, Public 15.8%.Dec '24: Promoters 72.8%, FIIs 5.1%, DIIs 6.2%, Government 0.0%, Public 15.9%.Mar '25: Promoters 72.8%, FIIs 5.1%, DIIs 6.2%, Government 0.0%, Public 15.9%.Jun '25: Promoters 72.8%, FIIs 4.9%, DIIs 6.4%, Government 0.0%, Public 15.9%.Sep '25: Promoters 72.8%, FIIs 4.7%, DIIs 6.4%, Government 0.0%, Public 16.1%.Dec '25: Promoters 72.8%, FIIs 5.0%, DIIs 6.4%, Government 0.0%, Public 15.8%.Mar '26: Promoters 72.8%, FIIs 4.9%, DIIs 6.4%, Government 0.0%, Public 15.9%.Jun '26: Promoters 72.8%, FIIs 2.4%, DIIs 6.6%, Government 0.0%, Public 18.1%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Rail Vikas above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
President Of India 72.84%unchanged
Life Insurance Corporation Of India Insurer6.12%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 RVNL

Filings to Aug 2026

2 new, 6 added, 1 trimmed, 0 sold out — net +9.83 L shares (+41.8%).

Held by funds
₹71 Cr
9 schemes
Biggest holder
SBI Arbitrage Fund
₹29 Cr · 0.1% of that fund
SchemeHoldingLast month
SBI Arbitrage Fund SBI Mutual Fund₹29 Cr+1.39 L
HDFC Arbitrage Fund HDFC Mutual Fund₹15 Crnew
Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund₹11 Cr+0.32 L
Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund₹8 Cr+0.07 L
SBI Nifty Midcap 150 Index Fund SBI Mutual Fund₹4 Cr+0.07 L
Nippon India Arbitrage Fund Nippon India Mutual Fund₹2 Crnew
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.00 L

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

6 added, 1 trimmed — net +9.83 L shares (+41.8%)

Funds are sitting on
+1%
vs est. average cost
Held by funds
₹71 Cr
9 schemes · ≈ 0.17% of the company
Biggest holder
SBI Arbitrage Fund
₹29 Cr · 0.1% of that fund
Longest holder
Nippon India ETF Nifty Midcap 150
3y · since Sep '23

Shares held by these funds +730%

Aug '23 30.38 L shares Jul '26

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse Rail Vikas

Guides on how to read this kind of business and the numbers that matter.