Rail Vikas Nigam Ltd(RVNL)

NSE: RVNLBSE: 542649

₹ 182+1.05%refreshed 26 Oct, 03:50 pm ISTMarket cap: ₹ 37,947 crWebsite: www.rvnl.orgUpdated: 27 Oct 2026

About

Rail Vikas Nigam Ltd (RVNL) was established in 2003 as the dedicated executing arm of the Ministry of Railways. It is now a multi-sector infrastructure enterprise working across railways, metros, highways, ports, power transmission and distribution, telecommunications and solar energy. It reported revenue of Rs 20,412.12 Cr in FY26, and its order book stood at ₹93,492 crore as of June 30, 2026. It was elevated to Navratna status in 2023 and ranked 137th in the Fortune India 500 list for 2025.^[1][2]

Order book and composition

Total order book was ₹93,492 crore as of June 30, 2026: railways ₹58,000 crore, metros ₹9,900 crore, ports/roads/highways ₹10,400 crore, power & transmission ₹4,000 crore, hydro & irrigation ₹2,000 crore.^[3]
Competitive-bidding projects make up half of the order book as of FY26, alongside legacy railway nomination work.^[1][4]
The nomination portfolio of about ₹45,000 crore has a three-year execution window, giving revenue visibility of ₹10,000-₹11,000 crore a year (FY26 annual report).^[1]
Order book under active execution was approximately ₹40,000 crore in Q1 FY27.^[3]
International order book stood at ₹3,500 crore as of Q3 FY26, compared with ₹3,200 crore as of Q2 FY26.^[5]

Order inflows and bidding

Order inflow was ₹5,417 crore in Q1 FY27; full-year FY26 standalone order inflow was ₹5,875 crore.^[3]
Order inflows were approximately ₹2,000 crore in H1 FY26, compared with ₹18,000 crore for all of FY25. Road tendering was deferred over land availability and clearances.^[6]
In 9M FY26, RVNL secured ₹1,528 crore of awarded works and was lowest bidder (L1) for a further ₹3,667 crore.^[5]
According to the FY26 annual report, RVNL bid for more than ₹3 lakh crore of work and won, was awarded or was declared L1 for about ₹60,000 crore.^[1]

Revenue mix: nomination vs bidding

In Q1 FY27, about 63% of standalone revenue came from railway nomination works and about 37% from competitively bid or PMC projects.^[3]
Bidding works contributed 31.40% of FY26 revenue from operations, at ₹6,283 crore, compared with ₹2,737 crore in FY25.^[4]
About 30% of turnover in H1 FY26 came from competitively bid projects, which carry lower margins than nomination works.^[6]

Key projects and operations

In August 2025 RVNL commissioned the 4.4 km Hemanta Mukhopadhyay - Beleghata metro section, taking the Kolkata metro network it has delivered to 17.5 km.^[1]
RVNL is executing a ₹13,236 crore BharatNet project for BSNL covering 8,206 km of optical fibre. It is the company's largest non-railway contract, and physical progress was 15.01% as of Q4 FY26.^[4][1]
As of Q1 FY27, BharatNet work in UP West and UP East was progressing after earlier execution and payment challenges with BSNL.^[3]
Solar installations in Uzbekistan (250 MW with battery storage) and Saudi Arabia (450 MW) are operational as of FY26.^[1]
Revenue per employee rose to ₹4.97 crore in Q1 FY27 from ₹4.29 crore in the previous quarter. FY26 productivity was ₹22.46 crore per employee, compared with ₹21.23 crore the year before.^[3]

Vande Bharat sleeper programme

Kinet Railway Solutions is executing a ₹14,400 crore contract for 120 Vande Bharat sleeper trainsets (16-coach), with a 35-year maintenance arrangement.^[4]
Kinet Railway Solutions is owned 25% by RVNL, 35% by Metrowagonmash and 40% by LES (FY26).^[1]
First prototype delivery was moved from June/July 2026 to December 2026; two prototypes are planned before regular production begins.^[4]
After certification, the plan is 12 trainsets in FY27, followed by 25 per year for five years.^[6]

Customers and receivables

The Ministry of Railways is the dominant client for nomination works. ₹3,400 crore due from MoR at end-FY26 was received in April 2026.^[4]
Trade receivables were ₹5,371 crore at end-FY26, compared with ₹1,486 crore a year earlier. Railway receivables were about ₹2,500 crore in Q1 FY27.^[3]
The FY26 annual report flags large outstanding project dues from state and union governments, including AP, Telangana, HP and Maharashtra.^[1]
₹1,116 crore is outstanding from Krishnapatnam Railway Company (including ₹890 crore of interest); ₹290 crore was received in FY26.^[4]
RVNL signed an MoU with Visakha Port Authorities for infrastructure development (Q3 FY26).^[5]

Subsidiaries and expansion

RVNL has wholly owned subsidiaries in Dubai, Uzbekistan, Saudi Arabia, Oman and South Africa, plus HSRC Infra Services and two road SPVs in India (FY26).^[1]
RVNL plans to expand, directly and through subsidiaries, into sidings, O&M, solar, transmission, wagon/coach exports and metro (FY26 annual report).^[1]
Four multimodal logistics parks being developed with National Highway Logistics Management Limited were in the process of operationalisation as of Q2 FY26.^[6]
RVNL is bidding for hybrid annuity model road projects with 20-25 year concessions (Q2 FY26).^[6]
As of Q1 FY27, RVNL had submitted bids or expressions of interest in Africa, Nepal, Israel (Tel Aviv Metro), Georgia and Serbia.^[3]
RVNL is seeking Ministry of Railways permission to leverage its equity base to raise funds from the market (FY26 annual report).^[1]

Recent developments

Saleem Ahmad became CMD around November 2025; he previously worked at Delhi Metro Rail Corporation and NBCC India.^[5]
All major provisioning for onerous contracts was completed by Q1 FY27, and management said it expects no further loss provisions.^[3]
Kinet Railway Solutions received the Bronze Air Design Award 2026 in Italy during FY26.^[4]

Market Cap

₹37,947 Cr

High / Low

₹401 / 180

Stock P/E

41.8

Price / Book

3.8

Book Value

₹47

EPS

₹4.2

No. of Shares

208.5 Cr

ROCE

10.6%

ROE

9.0%

OPM

7.1%

Debt / Equity

0.49

Sales

₹20,412 Cr

Net Profit

₹871 Cr

Promoter holding

72.8%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials