Rail Vikas Nigam
Rail Vikas Nigam
Construction F&OKey Fundamentals
MidcapCivil ConstructionConstructionTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company has been maintaining a healthy dividend payout of 32.4%
Weaknesses
7- Stock is trading at 4.35 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.
- Promoter holding has decreased over last 3 years: -5.36%
- Working capital days have increased from 57.1 days to 98.0 days
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2h agoRail Vikas Nigam Ltd (RVNL) is a government-backed railway infrastructure company with a market cap of ₹42,345 Cr trading at a PE of 47.8x. The company delivered strong long-term stock returns (5-year CAGR of 47%) but faces near-term headwinds with TTM profit declining 24% and sales growth slowing to 5% TTM. Working capital efficiency has deteriorated significantly with debtor days nearly doubling from 48.8 to 96.0 days.
- Government-backed entity (Navratna PSU) with steady access to Indian Railways' large capital expenditure pipeline, providing long-term order book visibility
- 5-year stock CAGR of 47% reflects strong re-rating driven by India's infrastructure spending push
- Healthy dividend payout ratio of 32.4%, translating to a current dividend yield of 0.83%, providing some income cushion
- 10-year compounded sales growth of 16% demonstrates the company's ability to scale revenue over longer periods
- 10-year compounded profit growth of 7% shows the company has been able to grow earnings over a full business cycle
- 5-year average ROE of 16% indicates reasonable capital efficiency over a medium-term horizon despite recent decline
- India's multi-year railway modernisation programme (Vande Bharat, dedicated freight corridors, station redevelopment) positions RVNL as a direct execution agency for large projects
- PE of 47.8x is elevated for a construction-sector PSU, implying significant growth expectations already priced in
- TTM profit has declined 24% year-on-year, with 3-year compounded profit growth at -13%, signalling a clear earnings deterioration trend
- Debtor days have nearly doubled from 48.8 to 96.0 days, indicating serious cash collection delays and rising receivables risk
- Working capital days expanded from 57.1 to 98.0 days, putting pressure on cash flows and increasing reliance on external funding
- 5-year compounded sales growth of only 5.79% is underwhelming for a company trading at 4.36x book value
- Last year ROE dropped to 9% versus the 3-year average of 14% and 5-year average of 16%, showing declining return on shareholder capital
- Promoter holding has decreased by 5.36% over the last 3 years, reflecting government dilution that reduces promoter alignment
- Earnings quality is a concern as other income of ₹779 Cr forms a material portion of total profits, masking weaker operating performance
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- BSE fine for board non-compliance Aug 25
RVNL was fined ₹9,66,420 by BSE for failing to meet board composition norms for Q4FY26. The company cites government appointment delays and is seeking a waiver.
- Stock down ~36% year-to-date Aug 20
RVNL remains down about 35.62% YTD, having fallen from a 52-week high of ₹400.70 (Dec 29, 2025) to a year's low of ₹220.16 (Jul 28, 2026).
- Strong Q1FY27 profit and margins Aug 18
Net profit rose 19% YoY to ₹159.52 crore in Q1FY27, revenue grew 10.6% to ₹4,321.23 crore, and EBITDA surged 232% YoY to ₹185.4 crore with margins expanding 285 bps to 4.3%.
- Massive ₹93,492 crore order book Aug 20
Outstanding order book stood at ₹93,492 crore as of June 30, 2026, with ₹5,417 crore in order inflows during Q1FY27 alone. Management guided for 15-20% annual profit growth.
- ₹405 crore East Coast Railway win Sep 3
RVNL secured a ₹404.88 crore contract from East Coast Railway for roadbed construction, bridge works, and electrification with a 30-month execution timeline.
- ₹161 crore signalling contract Aug 20
Received LOA for ₹161.02 crore MSDAC signalling project in Khurda Road division of East Coast Railway, to be executed within 18 months.
- ₹903 crore loan for Buxar project Sep 7
Secured ₹903 crore loan from SJVN Thermal for the Buxar Power Project in Bihar, highlighting institutional support for infrastructure expansion.
- New statutory auditor appointed Sep 9
CAG appointed M/s Gandhi Minocha & Co. as statutory auditor for FY27, effective September 8, 2026, for a one-year term.
- AGM approves dividend, directors Aug 25
23rd AGM approved ₹0.71 per share final dividend (record date Aug 18, 2026) and reappointed key directors including the CMD.
- Senior executive Ajit Singh retires Aug 31
Resignation of Ajit Singh as Pr. Executive Director/CC & BD accepted due to superannuation, effective September 1, 2026.
- Rakesh Bhalla re-appointed as director Aug 27
Board re-appointed Rakesh Bhalla as independent director via circulation on August 27, 2026, effective August 25, 2026.
- FY26 annual report filed with C&AG Aug 21
Updated FY26 annual report incorporating Comptroller and Auditor General comments uploaded to the company website.
TL;DR: RVNL delivered a solid Q1FY27 with 19% profit growth and a dramatic margin expansion, backed by a robust ₹93,492 crore order book and steady new contract wins totalling over ₹1,400 crore in recent weeks. The key risk is a regulatory fine for board composition non-compliance and a steep 36% YTD stock decline suggesting valuation correction from elevated levels. The operational trend is clearly improving with strong order inflows, margin expansion, and management guiding 15-20% profit growth, though governance issues need resolution to sustain investor confidence.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 | 264 | 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 | 302 | 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 | 455 | 134 | 231 | 324 | 182 | 160 |
| EPS in Rs | 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 1,278 | 871 | 896 |
| EPS in Rs | 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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/OP | 112 | 543 | 372 | -66 | -101 | -105 | 65 | 430 | -295 | 252 | 207 | -208 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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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. [1] [2]
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