Rail Vikas Nigam Ltd.

NSE: RVNL · Civil Construction

52W Range₹220 ₹401

Snapshot

Unlock Rail Vikas Nigam Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Rail Vikas Nigam Limited is a public sector undertaking engaged in the development and implementation of rail infrastructure projects across India. Its portfolio encompasses new lines, doubling, gauge conversion, railway electrification, and metro construction.

Business Model

The company operates as a project execution agency for Indian Railways and other government bodies, generating revenue through the delivery of large-scale civil engineering and infrastructure projects. It also provides financial resource mobilisation services to support its infrastructure mandates.

Growth Outlook

Growth is driven by the sustained capital expenditure of the Indian government on railway modernisation and the expansion of metro rail networks. The company continues to leverage its expertise to secure complex infrastructure contracts across the country.

Key Risks

  • Project Execution Delays. The company faces risks related to land acquisition, regulatory clearances, and site access which can lead to significant project delays.
  • Concentration Risk. A high dependency on Indian Railways as the primary client exposes the company to changes in government infrastructure spending priorities.
  • Cost Overruns. Fluctuations in the prices of raw materials like steel and cement can impact profit margins on fixed-price infrastructure contracts.

Price

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Key Metrics

REVENUE

₹20,412 Cr

TTM · consolidated

+2.5%YoY

NET PROFIT

₹871 Cr

TTM · consolidated

-32.1%YoY

EPS

₹4.20

TTM · consolidated

-31.6%YoY

RETURN ON EQUITY

9.0%

TTM · consolidated

-5.3 ppYoY

RETURN ON CAPITAL EMPLOYED

10.1%

TTM · consolidated

-3.9 ppYoY

P/E

53.9x

Q4 FY26 · consolidated

53.9 vs 39.3x5Y avg

EV/EBITDA

33.5x

Q4 FY26 · consolidated

33.5 vs 26.9x5Y avg

EBITDA MARGIN

7.5%

TTM · consolidated

-3.2 ppYoY

NET PROFIT MARGIN

2.7%

Q4 FY26 · consolidated

-4.4 ppYoY

DEBT TO EQUITY

0.5x

Q4 FY26 · consolidated

-0.07xYoY

Peers · Civil Construction

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Rail Vikas Nigam Ltd.RVNL
54,12753.9033.542.5%7.5%9.0%10.1%-40.9%
IRB Infrastructure Developers Ltd.IRB
24,69917.1810.490.5%54.8%4.2%6.0%-58.8%
NBCC (India) Ltd.NBCC
22,19636.5824.666.7%7.2%28.4%33.1%-15.4%
Kalpataru Projects International Ltd.KPIL
17,94121.6810.3821.6%8.6%15.1%20.8%+10.3%
Kec International Ltd.KEC
14,22821.9010.517.6%7.3%10.9%23.2%-43.5%
Techno Electric & Engineering Company Ltd.TECHNOE
12,18826.7819.6943.3%18.8%12.3%14.0%-33.7%

As of Q4 FY26

Financials