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Rail Vikas Nigam

RVNL NSE
₹191.23 No trade today
P/E
44.37
View as Markdown
MCP
Close 4 Nov 2026 ₹191.23 −126.57 −39.8% 1Y
Start ₹317.80

Key Fundamentals

MidcapConstructionIndustrials

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
10.80%
Debt to Equity
0.49
EPS (TTM)
₹4.31
Book Value
₹47.11
Market Cap
—
P/E (TTM)
44.37
P/B
4.06
ROE
9.02%
Dividend Yield
0.93%
EBITDA
₹1,543 Cr
52W High
₹400.70
52W Low
₹177.86
Volume
0

Peer Comparison

Industrials › Construction › Civil Construction

Rail Vikas Nigam peer comparison
L&T
₹3,944.4030.37₹5,47,193 Cr4.800.96%15.90%14.60%₹3,00,904 Cr₹20,895 Cr
Rail Vikas Nigam (this company)
₹191.2344.37₹39,292 Cr4.060.93%9.02%10.80%₹20,825 Cr₹897 Cr
Cemindia Projects
₹1,310.1037.40₹23,549 Cr6.360.24%27.80%32.80%₹10,205 Cr₹602 Cr
Kalpataru Projects International
₹1,366.1020.52₹22,726 Cr3.000.83%13.70%18.30%₹27,380 Cr₹1,129 Cr
NBCC
₹77.7428.37₹20,666 Cr6.950.20%20.40%29.30%₹12,756 Cr₹766 Cr
IRB Infrastructure Developers
₹16.7921.25₹19,929 Cr0.940.31%4.29%7.47%₹7,686 Cr₹954 Cr
Engineers India
₹300.8521.55₹16,653 Cr5.060.52%23.40%30.40%₹3,878 Cr₹784 Cr
Median 7 companies₹300.8528.37₹22,726 Cr4.800.52%15.90%18.30%₹12,756 Cr₹897 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

32 Poor

Data confidence 100/100

Category scores

Quality
22
Poor
Returns, margins, earnings quality 22% weight
Valuation
56
Good
Cheap vs sector & own history 24% weight
Growth
18
Poor
Sales & profit trajectory 9% weight
Financial Health
13
Poor
Solvency, leverage, coverage 9% weight
Momentum
12
Poor
Trend strength, vol-adjusted 12% weight
Ownership
43
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 32.4%

Weaknesses

6
  • Stock is trading at 4.08 times its book value
  • The company has delivered a poor sales growth of 5.79% over past five years.
  • Company has a low return on equity of 13.8% over last 3 years.
  • Earnings include an other income of Rs.779 Cr.
  • Debtor days have increased from 48.8 to 96.0 days.
  • Working capital days have increased from 57.1 days to 98.0 days

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish865
OscillatorsBearish261
Moving AveragesStrong Bearish604

Key readings

RSI (14)
49.06
Neutral
MACD (12,26,9)
−4.68
Bullish
SMA (50)
200.19
Bearish
SMA (200)
252.79
Bearish

As of

Analyst Rating

Based on 1 analysts
SELL100%

0 of 1 analyst rates Buy, 0 Hold, 1 Sell.

As of

BUY
0
0%
HOLD
0
0%
SELL
1
100%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+16.22%
5Y+5.79%
3Y+0.21%
1Y+2.45%
TTM+5.40%

Net profit

Net profit growth by window
10Y+7.34%
5Y−2.57%
3Y−13.42%
1Y−31.85%
TTM−24.49%

Operating cash flow

Operating cash flow growth by window
10YTurned negative
5YTurned negative
3YOutflow narrowed by ₹2,175 Cr
1YTurned negative
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−1.02 pp
5Y−1.95 pp
3Y−2.38 pp
1Y−1.92 pp
TTM−0.69 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹5,915 Cr
Mar 2018₹7,597 Cr
Mar 2019₹10,069 Cr
Mar 2020₹14,531 Cr
Mar 2021₹15,404 Cr
Mar 2022₹19,382 Cr
Mar 2023₹20,282 Cr
Mar 2024₹21,879 Cr
Mar 2025₹19,923 Cr
Mar 2026₹20,412 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹443 Cr
Mar 2018₹570 Cr
Mar 2019₹688 Cr
Mar 2020₹757 Cr
Mar 2021₹992 Cr
Mar 2022₹1,110 Cr
Mar 2023₹1,342 Cr
Mar 2024₹1,551 Cr
Mar 2025₹1,278 Cr
Mar 2026₹871 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹232 Cr −30.2% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk high

Rail Vikas Nigam Ltd trades at ₹186.11 as of 2026-11-02 with a market cap of ₹38,931.5 Cr, a P/E of 43.18x and a P/B of 3.95x. The stock has declined roughly 53.6% from its 52-week high of ₹400.70, while trailing twelve-month profit has contracted 24% and debtor days have nearly doubled, reflecting pressure on both earnings quality and working capital.

Bull Case 7
  • Long-term revenue track record: compounded sales growth over 10 years stands at 16%, indicating sustained top-line expansion driven by India's railway infrastructure pipeline.
  • Healthy dividend payout of 32.4% provides a degree of shareholder return discipline, translating into a dividend yield of 0.95% at the current price of ₹186.11.
  • Manageable leverage with a debt-to-equity ratio of 0.49x, keeping the balance sheet relatively comfortable for a construction-sector PSU.
  • Five-year stock CAGR of 35% reflects significant long-term wealth creation for investors who entered earlier, suggesting market recognition of the company's execution capability over business cycles.
  • ROCE of 10.98% remains above the cost of debt for most PSU borrowers, indicating that deployed capital is still generating positive economic value.
  • TTM revenue growth of 5% shows the top line is still expanding even as profits have come under pressure, suggesting the order book continues to convert into billing.
  • 10-year average ROE of 16% demonstrates that over a full cycle the company has historically generated reasonable returns on shareholders' equity.
Bear Case 8
  • TTM profit has contracted 24%, and the 3-year compounded profit growth is -13%, signalling a sustained earnings decline rather than a one-off dip.
  • P/E of 43.18x is elevated for a construction PSU whose earnings are shrinking, implying the stock still prices in meaningful growth that has yet to materialise.
  • Debtor days have nearly doubled from 48.8 to 96.0 days, indicating significant deterioration in receivable collection and potential cash-flow stress.
  • Working capital days have expanded from 57.1 to 98.0 days, tying up more capital in operations and increasing the funding requirement for ongoing projects.
  • Earnings include other income of ₹779 Cr, meaning core operating profit is materially lower than the reported bottom line, weakening earnings quality.
  • P/B of 3.95x — roughly 4 times book value — is steep for a company whose last-year ROE has fallen to 9%, well below the 16% five-year average.
  • Five-year compounded sales growth of only about 6% and the most recent three-year sales CAGR at 0% suggest order inflow or execution momentum has stalled.
  • The stock has fallen 53.6% from its 52-week high of ₹400.70 to ₹186.11, and the 1-year stock return of -41% reflects a sharp de-rating that may or may not be complete.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Recent RVNL news flow is limited to routine board-level changes with no material operational or financial developments. The departure of an Executive Director to NBCC and the onboarding of a new independent director are standard governance events. No bullish catalysts or notable risks have emerged in this period. Investors should watch for upcoming order wins or quarterly results for directional cues.

Neutral 2
  • ED Gautam exits to NBCC Oct 19

    Executive Director (Highway) Ashutosh Gautam ceased his role at RVNL on October 19, 2026, moving to NBCC as Director (Projects).

  • New independent director appointed Oct 6

    Deepak Mohanty was appointed as Non-Official (Independent) Director on RVNL's Board effective October 6, 2026.

Quarterly Results

₹ Cr
RVNL quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
5,572
4,914
4,689
6,714
4,074
4,855
4,567
6,427
3,909
5,123
4,684
6,696
4,321
Expenses
5,222
4,616
4,440
6,258
3,892
4,599
4,328
5,994
3,856
4,906
4,464
6,427
4,137
Operating Profit
349
298
249
456
182
256
239
433
53
217
221
269
185
OPM %
6%
6%
5%
7%
4.5%
5%
5%
7%
1.4%
4.2%
4.7%
4%
4.3%
Other Income
289
320
358
323
263
281
326
236
238
234
308
89
147
Interest
146
133
139
150
137
141
145
117
108
100
105
98
98
Depreciation
6
6
5
4
7
7
7
9
9
9
9
10
10
PBT
487
480
463
625
300
389
413
543
173
342
415
250
224
Tax %
30%
18%
22%
23%
26%
26%
25%
16%
23%
33%
22%
27%
29%
Net Profit
343
394
359
478
224
287
312
459
134
231
324
182
160
EPS (₹)
1.64
1.89
1.72
2.3
1.07
1.38
1.49
2.18
0.65
1.1
1.55
0.9
0.76

Profit & Loss

₹ Cr
RVNL profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
3,147
4,540
5,915
7,597
10,069
14,531
15,404
19,382
20,282
21,879
19,923
20,412
20,825
Expenses
3,001
4,323
5,688
7,215
9,538
13,757
14,524
18,199
19,035
20,525
18,793
19,645
19,934
Operating Profit
146
217
228
382
531
773
880
1,183
1,246
1,354
1,131
767
891
OPM %
4.6%
4.8%
3.9%
5%
5%
5%
6%
6%
6%
6%
6%
3.8%
4.3%
Other Income
123
180
356
331
366
246
808
831
1,077
1,266
1,091
869
779
Interest
15
23
35
45
52
41
458
564
581
568
545
419
400
Depreciation
5
5
5
5
6
20
23
21
22
21
31
36
38
PBT
248
370
543
664
839
958
1,207
1,430
1,719
2,030
1,646
1,181
1,231
Tax %
16%
19%
18%
14%
18%
21%
18%
22%
22%
24%
22%
26%
—
Net Profit
337
429
443
570
688
757
992
1,110
1,342
1,551
1,282
871
896
EPS (₹)
1.62
2.06
2.13
2.73
3.3
3.63
4.76
5.32
6.44
7.44
6.13
4.2
4.31
Div. Payout %
11%
9%
58%
29%
27%
31%
33%
34%
33%
28%
28%
41%
—

Balance Sheet

₹ Cr
RVNL balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
2,085
2,085
2,085
2,085
2,085
2,085
2,085
2,085
2,085
2,085
2,085
2,085
Reserves
975
1,337
1,472
1,839
2,311
3,034
3,551
4,240
5,161
6,637
7,482
7,737
Borrowings
2,514
2,624
2,437
2,259
3,024
4,257
5,931
6,643
6,441
6,033
5,419
4,818
Other Liabilities
10,561
16,169
2,866
2,101
4,669
3,019
2,654
7,097
4,656
4,822
5,492
7,062
Total Liabilities
16,135
22,216
8,860
8,284
12,089
12,395
14,221
20,066
18,344
19,577
20,478
21,702
Fixed Assets
6
6
8
249
279
305
292
380
355
367
1,027
1,025
CWIP
2
6
13
21
11
25
53
1
1
94
0
0
Investments
896
1,024
1,089
1,231
1,586
1,588
1,730
1,810
1,904
2,381
2,555
2,645
Other Assets
15,232
21,180
7,751
6,783
10,212
10,476
12,145
17,875
16,084
16,735
16,896
18,032
Total Assets
16,135
22,216
8,860
8,284
12,089
12,395
14,221
20,066
18,344
19,577
20,478
21,702

Cash Flow

₹ Cr
RVNL cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
113
652
571
−363
−695
−962
419
4,793
−4,064
2,956
1,881
−1,889
Investing
−29
100
−25
36
320
124
312
−1,431
1,355
−1,402
1,629
942
Financing
−152
−182
−668
−581
319
827
416
−189
−1,048
−1,287
−1,487
−1,624
Net Cash Flow
−68
570
−123
−908
−56
−11
1,148
3,173
−3,757
267
2,023
−2,571
Free Cash Flow
104
634
385
−454
−721
−983
277
4,678
−4,125
2,630
1,450
−1,949
CFO/EBITDA
112
543
372
−66
−101
−105
65
430
−295
252
207
−208

Ratios

RVNL financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
22
39
30
34
23
21
23
18
17
18
33
96
Cash Conversion Cycle
22
39
30
34
23
21
23
18
17
18
33
96
Working Capital Days
267
50
21
70
99
122
129
15
49
34
39
98
ROCE %
—
7%
9%
12%
13%
12%
16%
16%
17%
18%
15%
11%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Rail Vikas Nigam insights

63 extracted metrics across FY03–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 72.84%
  • Public 17.48%
  • DIIs 6.21%
  • FIIs 2.37%
  • Others 1.09%
  • Government 0.01%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Rail Vikas Nigam

What does Rail Vikas Nigam Ltd do?
Rail Vikas Nigam Ltd was Incorporated in 2003 by the Govt. of India, it is engaged in the business of implementing various types of Rail infrastructure projects assigned by MoR including doubling, gauge conversion, new lines, railway electrification, major bridges, workshops, Production Units and…
Where is Rail Vikas Nigam Ltd (RVNL) listed?
Rail Vikas Nigam Ltd trades as RVNL on the NSE and under code 542649 on the BSE.
Which sector does Rail Vikas Nigam Ltd belong to?
Rail Vikas Nigam Ltd is classified under the Construction sector, in the Civil Construction industry.
What is the PE ratio of Rail Vikas Nigam Ltd?
Rail Vikas Nigam Ltd trades at a PE ratio of 44.37 as of 4 Nov 2026, on earnings per share of ₹4.31, against a book value of ₹47.11 per share.
What is the 52-week high and low of Rail Vikas Nigam Ltd?
Over the last 52 weeks Rail Vikas Nigam Ltd has traded between ₹177.86 and ₹400.7 as of 4 Nov 2026.
Does Rail Vikas Nigam Ltd pay dividends?
Rail Vikas Nigam Ltd has a dividend yield of 0.93%.
What is the Return on Equity (ROE) of Rail Vikas Nigam Ltd?
Rail Vikas Nigam Ltd reported a return on equity of 9.02%. Its debt-to-equity ratio is 0.49.

Company Information

Rail Vikas Nigam Ltd was Incorporated in 2003 by the Govt. of India, it is engaged in the business of implementing various types of Rail infrastructure projects assigned by MoR including doubling, gauge conversion, new lines, railway electrification, major bridges, workshops, Production Units and sharing of freight revenue with Railways as per the concession agreement entered into with Ministry of Railway.

Website rvnl.org
CEO Ms. Kalpana Dubey
Employees 329
Listed 11 Apr 2019
Face Value ₹10

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