Rail Vikas Nigam Limited (RVNL) — Financial Results Announcement

Rail Vikas Nigam Limited reported Q4 FY26 revenue growth of 47.6% QoQ and 0.72% YoY, with standalone turnover reaching INR 4,644 crores in Q4. The company ended FY26 with a total order book of INR 99,262 crores, up from INR 6,000 crores the prior year. EBITDA margin declined to 5.83% in Q4 due to margin pressure from onerous contracts and reconciliation adjustments, though PAT showed improvement after adjustments. The firm declared an interim dividend of INR 208 crores and proposed a final dividend of INR 148.03 crores. Management highlighted progress on key projects including BharatNet (15% physical completion), Rishikesh Karnaprayag Rail (74% progress), and Vande Bharat sleeper trains (prototype targeted for December 2026). They emphasized disciplined execution, margin improvement plans, and diversification into new infrastructure segments, while noting cash flow challenges from delayed recoveries of INR 3,400 crores from Ministry of Railways.