Rail Vikas Nigam Limited (RVNL)

Construction · Construction · NSE · Updated 2 August 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹225.48 ↓ 35.23% (1Y)

🎯 Key Takeaways

Rail Vikas Nigam Limited (RVNL) is transitioning from a traditional railway-focused entity to a diversified infrastructure platform with recurring revenue streams from SPVs and strategic projects in metros, highways, telecom, and renewable energy. Management emphasizes long-term project execution, including Vande Bharat Sleeper trains and BharatNet Phase II, while maintaining government-backed stability with 72.
Revenue declined 5.9% QoQ to ₹4,567 in Q3FY25.
⚠️ Execution delays in flagship projects like Vande Bharat Sleeper and Rishikesh-Karnaprayag could impact revenue visibility. Margin pressure from lower

Market Cap

₹59,006

P/E Ratio

45.4

Div Yield

0.00%

Promoter

0.0%

✨ Ask AI About RVNL 📊 Interactive Charts

📖 The Story

Rail Vikas Nigam Limited (RVNL) is transitioning from a traditional railway-focused entity to a diversified infrastructure platform with recurring revenue streams from SPVs and strategic projects in metros, highways, telecom, and renewable energy. Management emphasizes long-term project execution, including Vande Bharat Sleeper trains and BharatNet Phase II, while maintaining government-backed stability with 72.84% public ownership.

📰 What's Happening

In FY26, RVNL reported standalone revenue of ₹20,012.26 crore and PAT of ₹800.48 crore, up from prior year, driven by project execution across 29 PIs. Key developments include the Rishikesh-Karnaprayag rail line (target completion Dec 2028), 120 Vande Bharat Sleeper trainsets (first delivery Dec 2026), and BharatNet Phase II progress at 15% completion. Management highlighted reclassification of ₹63.76 crore onerous contract loss and updated interest accounting for KRCL in the latest annual filing.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	5,720	5,572	4,914	4,689	6,714	4,074	4,855	4,567
Operating Profit	630	631	594	577	737	444	553	508
OPM %	6.5%	6.3%	6.1%	5.3%	6.8%	4.5%	5.6%	5.2%
Net Profit	359	343	394	359	478	224	287	312
EPS	₹1.72	₹1.65	₹1.89	₹1.72	₹2.29	₹1.07	₹1.38	₹1.49

Quarterly trends show revenue volatility but improving profitability in recent quarters, with Q3FY25 revenue of ₹4,567 crore and OPM of 5.2% reflecting margin pressure from lower execution pace compared to Q4FY24's 6.8% OPM. The sequential decline in revenue and margins from FY24 peaks suggests execution headwinds, though PAT growth in FY26 indicates improved cost control and project monetization from SPVs and recurring streams.

🔮 Management Outlook & What's Next

Management projects first Vande Bharat Sleeper prototype delivery by December 2026, second by February 2027, and Rishikesh-Karnaprayag completion by December 2028. BharatNet Phase II progress is at 15.01% physical completion, with emphasis on scaling SPV-based recurring revenue and strategic diversification into energy and highways as key growth levers.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Construction

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Larsen & Toubro Limited	5.38 L Cr	33.1	—	—	—
Rail Vikas Nigam Limited	59,006	45.4	—	—	—
NBCC (India) Limited	25,331	49.1	—	—	—
IRB Infrastructure Developers Limited	24,518	3.8	—	—	—
Kalpataru Projects International Limited	21,476	39.0	—	—	—
Cemindia Projects Limited	15,453	44.3	—	—	—
KEC International Limited	14,602	31.4	—	—	—
Techno Electric & Engineering Company Limited	13,909	36.5	—	—	—
Engineers India Limited	13,868	33.4	—	—	—
Ircon International Limited	13,416	17.6	—	—	—

🔗 Peer Stock Analyses

LT NBCC IRB KPIL CEMPRO

⚠️ Risk Factors

Execution delays in flagship projects like Vande Bharat Sleeper and Rishikesh-Karnaprayag could impact revenue visibility. Margin pressure from lower OPM in recent quarters may persist if project timelines slip. Dependence on government contracts and regulatory approvals introduces policy-related execution risks. Onerous contract losses and foreign project exposure add operational complexity.

📋 Recent Filings

🧠 Analyst's Read

RVNL's transformation into a diversified infrastructure platform with recurring revenue streams is underway, supported by strong government backing and strategic project milestones. Investors should monitor Vande Bharat Sleeper delivery timelines, BharatNet Phase II progress, and quarterly margin trends to assess execution momentum and recurring revenue scalability.

Based on filing content and financial data. Not a recommendation.

Read the full analysis

Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.

2 free AI queries per day.

✨ Deep Dive with AI on RVNL

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-08-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

📡 Get AI alerts when RVNL files new disclosures

Track RVNL filings, board meetings, and corporate actions. Free email alerts at 5 PM.

Track RVNL — Free

Free account · 2 AI queries/day